Category: Finance

MIL-OSI: Stack Capital Group Inc. Reports Q1-2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Stack Capital Group Inc., (“Stack Capital” or the “Company”) (TSX:STCK; TSX:STCK.WT.A) today announced its financial results for the quarter ended March 31, 2025. Stack Capital reports all amounts in Canadian Dollars unless otherwise stated.

Company Commentary:

As at March 31, 2025, Book Value per Share (BVpS) of the Company was $12.06, compared with $12.29 as at December 31, 2024.
Stack Capital had its first portfolio investment, CoreWeave (an AI hyper-scaler) go public on March 28, 2025, an exciting milestone for both the Company and CoreWeave. During the quarter, and prior to the IPO, Stack invested an additional US$2.2 million into CoreWeave.
As of March 31, 2025, the Company wrote down its investment in CoreWeave by US$2.4 million to reflect its closing price of US$37.08. Since then, however, CoreWeave’s share price has increased to US$53.60 (as of close on May 7, 2025), representing a 45% gain from March 31, 2025, equating to an estimated $0.45 increase to Stack Capital’s BVpS since quarter end. The Company believes that CoreWeave’s share price has the potential to increase over the next several months as it reports its initial quarterly results, announces potential new business deals, and general market sentiment improves with anticipated resolutions to global trade/tariffs and other geo-political issues.
During Q1, Shield AI raised US$240 million at a US$5.3 billion valuation, resulting in an increase to the position value within the portfolio. Shield AI also recently announced significant strategic partnerships with both Boeing (March 2025) and Airbus U.S. Space & Defense (April 2025). Shield AI’s Hivemind solution will be used to improve and expand unmanned capabilities across the aerial programs at both companies, serving to further validate Shield AI’s leadership position in AI pilot technology.
Following quarter-end, SpaceX received approval from the Federal Aviation Administration (FAA) to increase the number of its Starship launches to 25 times per year, up from 5 times per annum under its previous license. This increase in launch cadence for future Starship test flights is significant and will eventually benefit Starlink (SpaceX’ satellite communications business) through the faster deployment of its next generation satellites, once Starship becomes fully operational.
In March, Locus Robotics unveiled its brand new ‘Array’ autonomous mobile robot at LogiMat in Stuttgart, Germany, and at ProMat in Chicago. As the industry’s most advanced AI-powered, zero-touch fulfillment system, Array eliminates 90% of manual labour for picking, putaway, and returns of merchandise within warehouse and third-party logistics facilities. Leveraging the latest advances in AI vision technology, Array delivers ultra-efficient order picking, unmatched cost per pick, along with the unique ability to pick and consolidate multiple orders simultaneously.
Following quarter-end, Omio, a leading multi-modal travel booking platform, announced its expansion into Southeast Asia, unlocking over 14,000 bus routes from over 1,800 transportation providers across Singapore, Vietnam, Thailand, Malaysia, Indonesia, and Cambodia, adding to its existing flight options in the region. Omio also plans to add ferry and rail services over the coming months and is aiming to be a comprehensive multi-modal travel provider by Q4-2025, in time for peak season of Southeast Asian travel. Following the announcement, the Omio app now unifies transportation across 3 continents and 45 countries.
As at March 31, 2025, the Book Value of the Company was $129.7 million, and the Book Value per Share was $12.06. A detailed summary of Book Value per Share is as follows:

Breakdown of Book Value per Share as at March 31, 2025:
SpaceXⁱ(space exploration & satellite communications)	$	2.18
Locus Robotics, Inc. (autonomous robots)		1.32
Canva, Inc. (graphic design)		1.29
Omio, Inc.ⁱⁱ(travel & leisure)		1.11
Hopper, Inc. (travel & leisure)		1.07
Newfront Insurance, Inc. (insurance & benefits)		1.07
Prove Identity, Inc.ⁱⁱⁱ(cyber-security)		1.02
CoreWeave, Inc. (AI hyper-scaler)		1.01
Bolt Financial, Inc. (e-commerce)		0.50
Shield AI, Inc.^iv(military defence)		0.39
Varo Money, Inc. (neo-banking)		0.13
Cash		1.00
Net other assets		(0.03	)
Book Value per Share	$	12.06

ⁱ the Company is invested in Space Exploration Technologies Corp. (“SpaceX”) through a Special Purpose Vehicle, Space LP.
ⁱⁱ the Company invested in shares of GoEuro Corp. which carries on business as Omio.
ⁱⁱⁱ the fair value of Prove Identity Inc. includes an unrealized deferred gain of $1,021,025
ⁱ^v the Company is invested in Shield AI through a Special Purpose Vehicle, Defence AI LP

About Stack Capital

Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to a diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares & Warrants on the TSX. At the same time, the public structure also allows the Company to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. acts as the Company’s administrator and is responsible to source and advise with respect to all investments for the Company.

For more information, please visit our website at www.stackcapitalgroup.com or contact:
Brian Viveiros
VP, Corporate Development, and Investor Relations
647.280.3307
brian@stackcapitalgroup.com

Non-IFRS Financial Measures

This press release may make reference to the following financial measures which are not recognized under International Financial Reporting Standards (“IFRS”), and which do not have a standard meaning prescribed by IFRS:

Book Value – the aggregate fair value of the assets of the Company on the referenced date, less the aggregate carrying value of the liabilities, excluding any deferred taxes or unrealized deferred gains or losses if applicable, of the Company; and
Book Value per Share (BVpS) – the Book Value on the referenced day divided by the aggregate number of Common Shares that are outstanding on such day.

The Company’s Book Value and Book Value per Share is a measure of the performance of the Company as a whole. The Company’s method of determining this financial measure may differ from other issuers’ methods and, accordingly, this amount may not be comparable to measures used by other issuers. This financial measure is not a performance measure as defined under IFRS and should not be considered either in isolation of, or as a substitute for, net earnings per share prepared in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. Forward-looking information contained or referred to in this press release includes but may not be limited to the business of Stack Capital and the risks associated therewith, including those identified in the Annual Information Filing under the heading “Risk Factors”.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although Stack Capital believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Stack Capital can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the ability to capitalize on investment opportunities. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of Stack Capital based on information currently available to Stack Capital.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Stack Capital disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events, or results or otherwise. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.

The MIL Network –

May 9, 2025

MIL-OSI: Royalty Pharma Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Portfolio Receipts growth of 17% to $839 million; Royalty Receipts growth of 12%
Net cash provided by operating activities of $596 million
Raised full year 2025 guidance: Portfolio Receipts expected to be $2,975 to $3,125 million

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the first quarter of 2025 and raised full year 2025 guidance for Portfolio Receipts.

“Our business momentum continued in the first quarter of 2025 as we delivered double-digit growth in Portfolio Receipts and raised our financial guidance,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “Guided by our dynamic capital allocation framework, we repurchased over $700 million of our Class A ordinary shares given our attractive outlook, we expanded our development-stage portfolio with an R&D funding partnership with Biogen and we again increased our quarterly dividend. Looking ahead, we have strong fundamental tailwinds underpinning our business with a robust deal pipeline and we remain on track to acquire our external manager in the second quarter. We plan to share further details on our attractive long-term outlook at our upcoming Investor Day in September.”

Double-digit growth in Royalty Receipts and Portfolio Receipts

Royalty Receipts grew 12% to $788 million, primarily driven by strong performance from the cystic fibrosis franchise, Trelegy and Xtandi.
Portfolio Receipts increased by 17% to $839 million.

Significant repurchase activity under recently announced $3 billion authorization

Repurchased 23 million Class A ordinary shares for $723 million guided by dynamic capital allocation framework.
Capital Deployment of $101 million; entered into Phase 3 R&D funding collaboration for Biogen’s litifilimab.
Increased quarterly dividend by approximately 5%.

Positive clinical and regulatory updates across royalty portfolio

Johnson & Johnson’s Tremfya received FDA and EC approval in Crohn’s disease, EC approval in ulcerative colitis.
Positive Phase 3 results for Emalex’s ecopipam in Tourette syndrome.
Roche to initiate a Phase 3 program for trontinemab in Alzheimer’s disease later this year.

Raised financial guidance for full year 2025 (excludes contribution from future transactions)

Royalty Pharma expects 2025 Portfolio Receipts to be between $2,975 million and $3,125 million, representing expected growth of 6% to 12%.
The company expects to update 2025 guidance for payments and operating and professional costs and interest paid after the closing of the internalization transaction, which is expected in the second quarter of 2025.

Financial & Liquidity Summary

	Three Months Ended March 31,
	(unaudited)
*($ and shares in millions)*	2025	2024	Change
Portfolio Receipts	839	717	17%
Net cash provided by operating activities	596	665	(10)%
Adjusted EBITDA (non-GAAP)*	738	656	12%
Portfolio Cash Flow (non-GAAP)*	611	584	5%
Weighted average Class A ordinary shares outstanding – diluted	578	597	(3)%

*See “Liquidity and Capital Resources” section. Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures calculated in accordance with the credit agreement.

Portfolio Receipts Highlights

			Three Months Ended March 31,
			(unaudited)
*($ in millions)*			2025	2024	Change
Products:	Marketers:	Therapeutic Area:
Cystic fibrosis franchise	Vertex	Rare disease	250	218	14%
Trelegy	GSK	Respiratory	85	71	21%
Tysabri	Biogen	Neuroscience	61	69	(12)%
Evrysdi	Roche	Rare disease	53	45	17%
Xtandi	Pfizer, Astellas	Cancer	52	41	28%
Imbruvica	AbbVie, J&J	Cancer	46	50	(8)%
Promacta	Novartis	Hematology	44	43	4%
Tremfya	Johnson & Johnson	Immunology	36	36	(1)%
Cabometyx/Cometriq	Exelixis, Ipsen, Takeda	Cancer	21	18	16%
Spinraza	Biogen	Rare disease	13	7	95%
Trodelvy	Gilead	Cancer	13	10	23%
Erleada	Johnson & Johnson	Cancer	11	9	21%
Other products⁽⁵⁾			105	88	19%
Royalty Receipts			788	705	12%
Milestones and other contractual receipts			51	12	309%
Portfolio Receipts			839	717	17%

Amounts shown in the table may not add due to rounding.

Royalty Receipts was $788 million in the first quarter of 2025, an increase of 12% compared to $705 million in the first quarter of 2024. The increase was primarily driven by strong growth from the cystic fibrosis franchise, Trelegy and Xtandi, as well as royalties from the 2024 launch of Voranigo.

Portfolio Receipts was $839 million in the first quarter of 2025, an increase of 17% compared to $717 million in the first quarter of 2024, primarily driven by the same Royalty Receipts increases noted above and a milestone payment of $27 million related to Airsupra.

Liquidity and Capital Resources

Royalty Pharma’s liquidity and capital resources are summarized below:

As of March 31, 2025, Royalty Pharma had cash and cash equivalents of $1.1 billion and total debt with principal value of $7.8 billion.

In January 2025, Royalty Pharma completed the sale of the MorphoSys Development Funding Bonds for $511 million in upfront cash. This payment, combined with quarterly repayments received prior to the sale, resulted in total cash proceeds of $530 million on the $300 million investment that was made in September 2022. The proceeds provide added flexibility to pursue the company’s dynamic capital allocation strategy.

In January 2025, Royalty Pharma announced a new share repurchase program under which it may repurchase up to $3.0 billion of its Class A ordinary shares. During the first quarter of 2025, Royalty Pharma repurchased approximately 23 million Class A ordinary shares for $723 million. During the first quarter of 2024, Royalty Pharma did not repurchase any Class A ordinary shares. The weighted-average number of diluted Class A ordinary shares outstanding for the first quarter of 2025 was 578 million as compared to 597 million for the first quarter of 2024.

Liquidity Summary

	Three Months Ended March 31,
	(unaudited)
*($ in millions)*	2025	2024
Portfolio Receipts	839	717
Payments for operating and professional costs	(102)	(61)
Adjusted EBITDA (non-GAAP)	738	656
Interest paid, net	(127)	(73)
Portfolio Cash Flow (non-GAAP)	611	584

Amounts may not add due to rounding.

Adjusted EBITDA (non-GAAP) was $738 million in the first quarter of 2025. Adjusted EBITDA is calculated as Portfolio Receipts minus payments for operating and professional costs. Payments for operating and professional costs for the first quarter of 2025 included a $33 million one-time payment related to the management fee on the sale of the MorphoSys Development Funding Bonds.
Portfolio Cash Flow (non-GAAP) was $611 million in the first quarter of 2025. Portfolio Cash Flow is calculated as Adjusted EBITDA minus interest paid or received, net. This measure reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases, or utilized for other discretionary investments.

Refer to Table 4 for Royalty Pharma’s reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure, net cash provided by operating activities.

Capital Deployment reflects cash payments during the period for new and previously announced transactions. Capital Deployment was $101 million in the first quarter of 2025, consisting primarily of the upfront research and development (“R&D”) funding for litifilimab (discussed further below) and a milestone payment related to Trelegy.

In April 2025, Ferring Pharmaceuticals announced U.S. Food and Drug Administration (“FDA”) approval of a new manufacturing hub in Parsippany, NJ for Adstiladrin, its novel gene therapy for bladder cancer. The approval triggered a $200 million milestone payment that was paid in the second quarter of 2025 as part of the royalty agreement announced in 2023.

The table below details Capital Deployment by category:

Capital Deployment

	Three Months Ended March 31,
	(unaudited)
*($ in millions)*	2025	2024
Acquisitions of financial royalty assets	(1)	(86)
Development-stage funding payments	(51)	(1)
Milestone payments	(50)	—
Investments in equity method investees	—	(7)
Contributions from legacy non-controlling interests – R&D	0	0
Capital Deployment	(101)	(93)

Amounts may not add due to rounding.

Royalty Transactions

In February 2025, Royalty Pharma entered into an R&D funding arrangement with Biogen to provide up to $250 million over six quarters, including $50 million upfront for the development of litifilimab. Litifilimab is in Phase 3 development for the treatment of lupus. The announced transaction amount reflects the entire amount of capital committed for new transactions during the year, including potential future milestones.

The information in this section should be read together with Royalty Pharma’s reports and documents filed with the SEC at www.sec.gov and the reader is also encouraged to review all other press releases and information available in the Investors section of Royalty Pharma’s website at www.royaltypharma.com.

Internalization Transaction

In January 2025, Royalty Pharma agreed to acquire its external manager, RP Management, LLC (the “Manager”) (press release). This transaction to simplify Royalty Pharma’s corporate structure is expected to result in multiple benefits for shareholders. On a financial basis, the acquisition is expected to reduce costs and enhance economic returns on investments. Specifically, the acquisition will generate cash savings of greater than $100 million in 2026, rising to greater than $175 million in 2030 and driving cumulative savings of greater than $1.6 billion over ten years. The acquisition also increases shareholder alignment, enhances corporate governance, ensures management continuity and simplifies Royalty Pharma’s corporate structure.

The total transaction value of approximately $1.1 billion⁽⁷⁾ consists of approximately 24.5 million shares of Royalty Pharma equity that will vest over five to nine years, approximately $100 million in cash⁽⁸⁾, and the assumption of $380 million of the Manager’s existing debt.

The closing of the internalization transaction is subject to shareholders’ approval of the issuance of the share consideration and other customary closing conditions, including required regulatory approvals. The shareholder meeting will take place on May 12, 2025 and the transaction is estimated to close during the second quarter of 2025.

Key Developments Relating to the Portfolio

The key developments related to Royalty Pharma’s royalty interests are discussed below based on disclosures from the marketers of the products.

Tremfya	In May 2025, Johnson & Johnson announced that the European Commission (“EC”) approved Tremfya for the treatment of adult patients with moderately to severely active Crohn’s disease. In April 2025, Johnson & Johnson announced that the EC approved Tremfya for the treatment of adult patients with moderately to severely active ulcerative colitis. In March 2025, Johnson & Johnson announced that the FDA approved Tremfya, which is now the first and only IL-23 offering both subcutaneous and intravenous induction options for the treatment of adults with moderately to severely active Crohn’s disease.
aficamten	In May 2025, Cytokinetics announced that the FDA has extended the Prescription Drug User Fee Act (PDUFA) action date for the New Drug Application for aficamten to December 26, 2025. The FDA notified Cytokinetics that additional time is required to conduct a full review of the company’s proposed Risk Evaluation and Mitigation Strategy (REMS). No additional clinical data or studies have been requested of Cytokinetics by the FDA.
Cobenfy	In April 2025, Bristol Myers Squibb announced that topline results from the Phase 3 ARISE trial evaluating Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with schizophrenia did not reach the threshold for a statistically significant difference compared to placebo with an atypical antipsychotic for the primary endpoint of the change from baseline to Week 6 in the Positive and Negative Syndrome Scale (PANSS) total score.
Trodelvy	In April 2025, Gilead announced positive topline results from the Phase 3 Ascent-04/Keynote-D19 study, demonstrating that Trodelvy plus Keytruda significantly improved progression-free survival (“PFS”) compared to Keytruda and chemotherapy in patients with previously untreated PD-L1+ metastatic triple-negative breast cancer. Overall survival (“OS”), a key secondary endpoint, was not mature at the time of the PFS primary analysis. However, there was an early trend in improvement for OS with Trodelvy plus Keytruda. Gilead will continue to monitor OS outcomes, with ongoing patient follow-up and further analyses.
trontinemab	In April 2025, Roche announced that new trontinemab data continue to support rapid and deep, dose-dependent reduction of amyloid plaques in Phase 1b/2a Brainshuttle AD study. Roche expects to initiate a Phase 3 program for trontinemab later this year.
ecopipam	In February 2025, Emalex announced positive Phase 3 results for ecopipam in patients with Tourette syndrome. The study showed statistical significance between ecopipam and placebo for both the primary efficacy endpoint in pediatrics and the secondary efficacy endpoint in pediatrics and adults. Emalex will meet with the FDA and other global health authorities to discuss submission later this year of a New Drug Application (“NDA”).
Spinraza	In January 2025, Biogen announced that the FDA accepted the supplemental NDA and the European Medicines Agency validated the application for a higher dose regimen of Spinraza for spinal muscular atrophy.
TEV-‘749	In January 2025, Teva announced that TEV-’749 (olanzapine LAI) achieved Phase 3 targeted injections without PDSS (post-injection delirium/sedation syndrome), and the full safety presentation is expected in the second quarter of 2025.

2025 Financial Outlook

Royalty Pharma has provided guidance for full year 2025, excluding new transactions and borrowings announced after the date of this release, as follows:

	Provided May 8th, 2025	Previous
Portfolio Receipts	$2,975 million to $3,125 million (Growth of ~+6% to 12% year/year)	$2,900 million to $3,050 million (Growth of ~+4% to 9% year/year)
Payments for operating and professional costs	Approximately 10% of Portfolio Receipts	Approximately 10% of Portfolio Receipts
Interest paid	$260 million	$260 million

The above Portfolio Receipts guidance represents expected growth of 6% to 12% in 2025. Royalty Pharma’s full year 2025 guidance reflects a negligible estimated foreign exchange impact to Portfolio Receipts, assuming current foreign exchange rates prevail for the rest of 2025.

2025 guidance for payments for operating and professional costs and interest paid does not reflect the impact of the internalization transaction announced on January 10, 2025 and will be updated following the closing of the internalization transaction, which is expected in the second quarter of 2025.

Total interest paid is based on the semi-annual interest payment schedule of Royalty Pharma’s existing notes and is anticipated to be approximately $260 million in 2025. Interest paid in the third quarter of 2025 is anticipated to be $119 million. De minimis amounts are anticipated in the second and fourth quarter of 2025. These projections assume no additional debt financing in 2025, including no drawdown on the revolving credit facility. In the first quarter of 2025, Royalty Pharma collected interest of $12 million on its cash and cash equivalents, which partially offset interest paid.

Royalty Pharma today provides this guidance based on its most up-to-date view of its prospects. This guidance assumes no major unforeseen adverse events or changes in foreign exchange rates and excludes the contributions from transactions announced subsequent to the date of this press release.

Financial Results Call

Royalty Pharma will host a conference call and simultaneous webcast to discuss its first quarter 2025 results today at 8:30 a.m., Eastern Time. Please visit the “Investors” page of the company’s website at https://www.royaltypharma.com/investors/events to obtain conference call information and to view the live webcast. A replay of the conference call and webcast will be archived on the company’s website for at least 30 days.

About Royalty Pharma plc

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates.

Forward-Looking Statements

The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.

This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth and plans for capital deployment, plus the benefits of the internalization transaction, including expected accretion, enhanced alignment with shareholders, increased investment returns, expectations regarding management continuity, transparency and governance, and the benefits of simplification to its structure. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. The company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.
Certain information contained in this document relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this document, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this document involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any independent source.

For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

Portfolio Receipts

Portfolio Receipts is a key performance metric that represents Royalty Pharma’s ability to generate cash from Royalty Pharma’s portfolio investments, the primary source of capital that is deployed to make new portfolio investments. Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. Royalty Receipts includes variable payments based on sales of products, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma.

Milestones and other contractual receipts include sales-based or regulatory milestone payments and other fixed contractual receipts, net of contractual payments to legacy non-controlling interests, that are attributed to Royalty Pharma. Portfolio Receipts does not include royalty receipts and milestones and other contractual receipts that were received on an accelerated basis under the terms of the agreement governing the receipt or payment. Portfolio Receipts also does not include proceeds from equity securities or proceeds from purchases and sales of marketable securities, both of which are not central to Royalty Pharma’s fundamental business strategy.

Portfolio Receipts is calculated as the sum of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securities and Distributions from equity method investees less Distributions to legacy non-controlling interests – Portfolio Receipts, which represent contractual distributions of Royalty Receipts, milestones and other contractual receipts to the Legacy Investors Partnerships.

Use of Non-GAAP Measures

Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures that exclude the impact of certain items and therefore have not been calculated in accordance with GAAP. Management believes that Adjusted EBITDA and Portfolio Cash Flow are important non-GAAP measures used to analyze liquidity because they are key components of certain material covenants contained within Royalty Pharma’s credit agreement. Royalty Pharma cautions readers that amounts presented in accordance with the definitions of Adjusted EBITDA and Portfolio Cash Flow may not be the same as similar measures used by other companies or analysts. These non-GAAP liquidity measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for the analysis of Royalty Pharma’s results as reported under GAAP.

The definitions of Adjusted EBITDA and Portfolio Cash Flow used by Royalty Pharma are the same as the definitions in the credit agreement. Noncompliance with the interest coverage ratio, leverage ratio and Portfolio Cash Flow ratio covenants under the credit agreement could result in lenders requiring the company to immediately repay all amounts borrowed. If Royalty Pharma cannot satisfy these covenants, it would be prohibited under the credit agreement from engaging in certain activities, such as incurring additional indebtedness, paying dividends, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA and Portfolio Cash Flow are critical to the assessment of Royalty Pharma’s liquidity.

Adjusted EBITDA and Portfolio Cash Flow are used by management as key liquidity measures in the evaluation of the company’s ability to generate cash from operations. Management uses Adjusted EBITDA and Portfolio Cash Flow when considering available cash, including for decision-making purposes related to funding of acquisitions, debt repayments, dividends and other discretionary investments. Further, these non-GAAP liquidity measures help management, the audit committee and investors evaluate the company’s ability to generate liquidity from operating activities.

The company has provided reconciliations of these non-GAAP liquidity measures to the most directly comparable GAAP financial measure, being net cash provided by operating activities in Table 4.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6772
ir@royaltypharma.com


Royalty Pharma plc Condensed Consolidated Statements of Operations (unaudited) Table 1

	Three Months Ended March 31,
*($ in millions)*	2025	2024
Income and other revenues
Income from financial royalty assets	539	542
Other royalty income and revenues	29	26
Total income and other revenues	568	568
Operating (income)/expense
Provision for changes in expected cash flows from financial royalty assets	(127)	584
Research and development funding expense	51	1
General and administrative expenses	111	58
Total operating expense, net	34	642
Operating income/(loss)	534	(74)
Other (income)/expense
Equity in (earnings)/losses of equity method investees	(6)	14
Interest expense	65	44
Other expense/(income), net	42	(128)
Total other expense/(income), net	101	(70)
Consolidated net income/(loss) before tax	433	(4)
Income tax expense	—	—
Consolidated net income/(loss)	433	(4)
Net income/(loss) attributable to non-controlling interests	195	(9)
Net income attributable to Royalty Pharma plc	238	5

Amounts may not add due to rounding.


Royalty Pharma plc Selected Balance Sheet Data (unaudited) Table 2

*($ in millions)*	As of March 31, 2025	As of December 31, 2024
Cash and cash equivalents	1,088	929
Total current and non-current financial royalty assets, net	15,749	15,911
Total assets	17,608	18,223
Current portion of long-term debt	999	998
Long-term debt, net of current portion	6,619	6,615
Total liabilities	7,820	7,880
Total shareholders’ equity	9,789	10,342


Royalty Pharma plc Condensed Consolidated Statements of Cash Flows (unaudited) Table 3


	Three Months Ended March 31,
*($ in millions)*	2025	2024
Cash flows from operating activities:
Cash collections from financial royalty assets	830	745
Cash collections from intangible royalty assets	0	14
Other royalty cash collections	32	26
Distributions from equity method investees	13	13
Interest received	12	6
Development-stage funding payments	(51)	(1)
Payments for operating and professional costs	(102)	(61)
Interest paid	(139)	(79)
Net cash provided by operating activities	596	665
Cash flows from investing activities:
Distributions from equity method investees	36	5
Investments in equity method investees	—	(7)
Purchases of equity securities	(4)	—
Proceeds from available for sale debt securities	13	1
Proceeds from sales of available for sale debt securities	511	—
Acquisitions of financial royalty assets	(1)	(86)
Milestone payments	(50)	—
Net cash provided by/(used in) investing activities	504	(87)
Cash flows from financing activities:
Distributions to legacy non-controlling interests – Portfolio Receipts	(85)	(88)
Distributions to continuing non-controlling interests	(54)	(32)
Dividends to shareholders	(95)	(94)
Repurchases of Class A ordinary shares	(709)	—
Contributions from legacy non-controlling interests – R&D	0	0
Contributions from non-controlling interests – other	1	1
Net cash used in financing activities	(941)	(212)
Net change in cash and cash equivalents	159	366
Cash and cash equivalents, beginning of period	929	477
Cash and cash equivalents, end of period	1,088	843

Amounts may not add due to rounding.


Royalty Pharma plc GAAP to Non-GAAP Reconciliation (unaudited) Table 4

	Three Months Ended March 31,
*($ in millions)*	2025	2024
Net cash provided by operating activities (GAAP)	596	665
Adjustments:
Proceeds from available for sale debt securities⁽⁶⁾	13	1
Distributions from equity method investees⁽⁶⁾	36	5
Interest paid, net⁽⁶⁾	127	73
Development-stage funding payments	51	1
Distributions to legacy non-controlling interests – Portfolio Receipts⁽⁶⁾	(85)	(88)
Adjusted EBITDA (non-GAAP)	738	656
Interest paid, net⁽⁶⁾	(127)	(73)
Portfolio Cash Flow (non-GAAP)	611	584

Amounts may not add due to rounding.


Royalty Pharma plc Description of Approved Indications for Select Portfolio Therapies Table 5

Cystic fibrosis franchise	Cystic fibrosis
Trelegy	Chronic obstructive pulmonary disease and asthma
Tysabri	Relapsing forms of multiple sclerosis
Evrysdi	Spinal muscular atrophy
Xtandi	Prostate cancer
Imbruvica	Hematological malignancies and chronic graft versus host disease
Promacta	Chronic immune thrombocytopenia purpura and aplastic anemia
Tremfya	Plaque psoriasis, psoriatic arthritis, ulcerative colitis and Crohn’s disease
Cabometyx/Cometriq	Kidney, liver and thyroid cancer
Spinraza	Spinal muscular atrophy
Trodelvy	Breast and bladder cancer
Erleada	Prostate cancer

Notes

(1) Portfolio Receipts is a key performance metric that represents our ability to generate cash from Royalty Pharma’s portfolio investments, the primary source of capital that Royalty Pharma can deploy to make new portfolio investments. Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. Royalty Receipts includes variable payments based on sales of products, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma (“Royalty Receipts”). Milestones and other contractual receipts include sales-based or regulatory milestone payments and other fixed contractual receipts, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma. Portfolio Receipts does not include royalty receipts and milestones and other contractual receipts that were received on an accelerated basis under the terms of the agreement governing the receipt or payment. Portfolio Receipts also does not include proceeds from equity securities or marketable securities, both of which are not central to Royalty Pharma’s fundamental business strategy.

(2) Adjusted EBITDA is defined under the credit agreement as Portfolio Receipts minus payments for operating and professional costs. Operating and professional costs reflect Payments for operating and professional costs from the GAAP statements of cash flows. See GAAP to Non-GAAP reconciliation in Table 4.

(3) Portfolio Cash Flow is defined under the credit agreement as Adjusted EBITDA minus interest paid or received, net. See GAAP to Non-GAAP reconciliation in Table 4. Portfolio Cash Flow reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases or utilized for other discretionary investments.

(4) Capital Deployment is calculated as the summation of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Investments in equity method investees, Purchases of available for sale debt securities, Acquisitions of financial royalty assets, Acquisitions of other financial assets, Milestone payments, Development-stage funding payments less Contributions from legacy non-controlling interests – R&D.

(5) Other products primarily include Royalty Receipts on the following products: Cimzia, Crysvita, Emgality, Entyvio, Farxiga/Onglyza, IDHIFA, Nesina, Nurtec ODT, Orladeyo, Rytelo, Soliqua, Voranigo and distributions from the Legacy SLP Interest, which is presented as Distributions from equity method investees on the GAAP condensed consolidated statements of cash flows.

(6) The table below shows the line item for each adjustment and the direct location for such line item on the GAAP condensed consolidated statements of cash flows.

Reconciling Adjustment	Statements of Cash Flows Classification
Interest paid, net	Operating activities (Interest paid less Interest received)
Distributions from equity method investees	Investing activities
Proceeds from available for sale debt securities	Investing activities
Distributions to legacy non-controlling interests – Portfolio Receipts	Financing activities

(7) The total transaction value of approximately $1.1 billion is based on the closing price of Royalty Pharma plc common stock of $26.20 on January 8, 2025.

(8) Consists of $200 million in cash less the amount of the management fees paid to the Manager from January 1, 2025 through the closing of the transaction.

The MIL Network –

May 8, 2025

MIL-OSI: Caliber Announces First Quarter 2025 Earnings Release & Conference Call

Source: GlobeNewswire (MIL-OSI)

SCOTTSDALE, Ariz., May 08, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced that it will release its first quarter 2025 financial results after the close of the market on Thursday, May 15, 2025. Management invites all interested parties to its webcast/conference call the same day at 5:00 pm ET to discuss the results.

Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 8746759.

To listen to the call online, investors can visit the investor relations page of Caliber’s website at https://ir.caliberco.com/. The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

Additional details:
The news release and presentation materials will also be available on the Investor Relations site under “Financial Results”.

About Caliber (CaliberCos Inc.)

With over $2.9 billion in Managed Assets, Caliber’s 16-year track record of managing and developing real estate is built on a singular goal: to make money in all market conditions, specializing in hospitality, multi-family residential, and multi-tenant industrial. Our growth is fueled by performance and a key competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions often overlook. Integral to this advantage is our in-house shared services group, which gives Caliber greater control over our real estate and enhanced visibility into future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

CONTACTS:
Caliber Investor Relations:
Ilya Grozovsky
+1 480-214-1915
Ilya@CaliberCo.com

The MIL Network –

May 8, 2025

MIL-OSI: CoreCard Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NORCROSS, Ga., May 08, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD) (“CoreCard” or the “Company”), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended March 31, 2025.

“Overall revenue of $16.7 million in the first quarter exceeded our expectations, reflecting year-over-year total revenue growth of 28%, primarily driven by higher professional services rates from our largest customer and continued growth from our other customers,” said Leland Strange, CEO of CoreCard. “We continue to see encouraging results from the ongoing investment in our platform and processing capabilities, and we continue to onboard new customers that value the features and functionality offered by the CoreCard platform.”

Financial Highlights for the three months ended March 31, 2025

Total revenues in the three-month period ended March 31, 2025, was $16.7 million compared to $13.1 million in the comparable period in 2024.

In the following table, revenue is disaggregated by type of revenue for the three months ended March 31, 2025, and 2024:

	Three Months Ended
	March 31,
(in thousands)	2025			2024
License	$	—	$	—
Professional services		8,702		5,826
Processing and maintenance		6,343		6,152
Third party		1,643		1,098
Total	$	16,688	$	13,076

Income from operations was $2.8 million for the first quarter compared to income from operations of $0.5 million in the comparable prior year quarter.

Net income was $1.9 million for the first quarter compared to net income of $0.4 million in the comparable prior year quarter.

Earnings per diluted share was $0.24 for the first quarter compared to $0.05 in the comparable prior year quarter.

Adjusted earnings per diluted share was $0.28 for the first quarter compared to $0.07 in the comparable prior year quarter.

Adjusted EBITDA was $4.0 million for the first quarter compared to $1.7 million in the comparable prior year quarter.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “Information Regarding Non-GAAP Financial Measures”.

Investor Conference Call
The company is holding an investor conference call today, May 8, 2025, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecardq12025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

The company will file its Form 10-Q for the period ended March 31, 2025, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.

About CoreCard

CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

Forward-Looking Statements

The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

CoreCard Corporation CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share amounts)

	Three Months Ended March 31,
		2025			2024
Revenue
Services	$	16,688		$	13,076
Products		—			—
Total net revenue		16,688			13,076
Cost of revenue
Services		9,380			9,500
Products		—			—
Total cost of revenue		9,380			9,500
Expenses
Marketing		136			114
General and administrative		1,794			1,427
Development		2,571			1,508
Income from operations		2,807			527
Investment loss		(435	)		(204	)
Other income, net		137			256
Income before income taxes		2,509			579
Income taxes		603			149
Net income	$	1,906		$	430
Earnings per share:
Basic	$	0.24		$	0.05
Diluted	$	0.24		$	0.05
Basic weighted average common shares outstanding		7,786,679			8,236,135
Diluted weighted average common shares outstanding		8,086,423			8,247,788

CoreCard Corporation CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

As of	March 31, 2025			December 31, 2024
ASSETS	(unaudited)			(audited)
Current assets:
Cash	$	22,068		$	19,481
Marketable securities		5,575			5,410
Accounts receivable, net		8,527			10,235
Other current assets		5,145			5,048
Total current assets		41,315			40,174
Investments		3,344			3,776
Property and equipment, at cost less accumulated depreciation		13,605			12,282
Other long-term assets		6,130			6,106
Total assets	$	64,394		$	62,338
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,514		$	823
Deferred revenue, current portion		1,927			2,033
Accrued payroll		2,341			2,856
Accrued expenses		821			723
Other current liabilities		1,731			2,017
Total current liabilities		8,334			8,452
Noncurrent liabilities:
Deferred revenue, net of current portion		82			118
Long-term lease obligation		1,599			1,816
Other long-term liabilities		321			255
Total noncurrent liabilities		2,002			2,189
Stockholders’ equity:
Common stock, $0.01 par value: Authorized shares – 20,000,000;
Issued shares – 9,026,940 at March 31, 2025 and December 31, 2024
Outstanding shares – 7,786,679 at March 31, 2025 and December 31, 2024		92			91
Additional paid-in capital		18,400			17,928
Treasury stock, 1,240,261 shares at March 31, 2025 and December 31, 2024, at cost		(27,997	)		(27,997	)
Accumulated other comprehensive loss		(111	)		(93	)
Accumulated income		63,674			61,768
Total stockholders’ equity		54,058			51,697
Total liabilities and stockholders’ equity	$	64,394		$	62,338

For further information, call
Matt White, 770-564-5504 or
email to matt@corecard.com

Reconciliation of GAAP to NON-GAAP Measures

Information Regarding Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. CoreCard considers Adjusted EBITDA and Adjusted earnings per diluted share (“Adjusted EPS”) as supplemental measures of the company’s performance that is not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; income tax expense (benefit); investment income (loss); and other income (expense), net. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

We define Adjusted EPS as diluted earnings per share adjusted to exclude the impact of share-based compensation expense. We believe that Adjusted EPS is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

Adjusted EPS and Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company’s liquidity. In addition, other companies may calculate Adjusted EPS and Adjusted EBITDA differently than CoreCard, which limits its usefulness in comparing CoreCard’s financial results with those of other companies.

The following table shows CoreCard’s GAAP results reconciled to non-GAAP results included in this release:

	Three Months Ended
	March 31,
(in thousands)		2025		2024
GAAP net income	$	1,906		$	430
Share-based compensation		473			160
Income tax benefit		(118	)		(40	)
Adjusted net income	$	2,261		$	550
Adjusted EPS	$	0.28		$	0.07
Weighted-average shares		8,086			8,248

	Three Months Ended
	March 31,
(in thousands)		2025		2024
GAAP net income	$	1,906		$	430
Depreciation and amortization		745			1,025
Share-based compensation		473			160
Investment loss		435			204
Other income, net		(137	)		(256	)
Income tax expense		603			149
Adjusted EBITDA	$	4,025		$	1,712
Total Revenue	$	16,688		$	13,076
Adjusted EBITDA Margin		24.1	%		13.1	%

The MIL Network –

May 8, 2025

MIL-OSI Europe: France: EIB and Groupe BPCE sign an agreement to provide €200 million in support for French agricultural businesses
Source: European Investment Bank
- Through an intermediated loan to the BPCE banking group, this operation will help to finance investments made by small businesses and mid-caps in the farming and bioeconomy sectors in France.
- It will provide special support to young farmers, helping to address one of the most urgent challenges facing the French farming sector.
- This is the first operation signed by the EIB in France as part of the €3 billion package set up in 2024 to support agricultural businesses.
The European Investment Bank (EIB) and the BPCE banking group have signed an agreement to mobilise €200 million in loans for small and medium-sized enterprises (SMEs) and mid-caps in the French farming and bioeconomy sectors. This is the first operation that the EIB has signed in France as part of the €3 billion package it approved in 2024 to support businesses in the farming sector.

The particular focus of this operation is to meet the specific needs of young farmers, thus facilitating the creation of new holdings and the takeover of existing ones. It will help to sustain and create jobs in rural communities by encouraging people to stay in those areas. The operation will help residents to purchase and modernise farms and to invest in sustainable technologies.

“We are delighted to sign this agreement with Groupe BPCE. It is the first in France as part of the EIB’s €3 billion package to support agricultural businesses, with an emphasis on young farmers. The aim of this operation is to provide affordable and tailored financing to support the agricultural sector on its path to a more sustainable and resilient future,” said EIB Vice-President Gelsomina Vigliotti, who is responsible for operations in the agricultural sector.

“Thanks to our long-standing partnership with the EIB, we have a credit envelope of €200 million dedicated to the farming and winegrowing sectors. The Banques Populaires and the Caisses d’Epargne will thus be stepping up their support for young farmers, winegrowers and new entrants, encouraging the renewal of generations, which is essential to the vitality of our regions. At the same time, we are committed to supporting projects aimed at accelerating the transition to sustainable agriculture”, added Cédric Glorieux, Director of Products and Solutions, Banque Populaire and Caisse d’Epargne.

Present at the signing of the agreement in Brussels, as part of the conference on the vision for Agriculture and Food organised by the European Commission the european commissioner for agriculture and food Christophe Hansen welcomed the agreement : “”When launching the €3 billion package last December, the European Commission and the EIB set a clear aim: to support the EU’s agricultural priorities by facilitating generational renewal in a sector that encounters various hurdles in access to finance, and driving the ecological transition in rural areas. Today’s signature is a testament to the essential role these funds play in the agriculture and bioeconomy sectors. We remain committed to meeting the needs of our farmers.”

Almost all of this finance will be allocated to projects in regions that fall within the scope of European cohesion and transition programmes. In addition, 30% of the funds will be dedicated to projects helping to promote climate action, efficient water use and biodiversity protection. These projects will involve energy-efficient irrigation systems, solar panel installation, low-carbon machinery, soil regeneration, and sustainable resource management. Thanks to the EIB’s operation, SMEs and mid-caps will be able to access loans with more favourable financing conditions and repayment deadlines that are adapted to the business cycle of their investments.

Background information

EIB

The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to 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 (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed more than 100 operations in France in 2024 for a total amount of €12.6 billion, mobilising €62 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and unlocked €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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

Groupe BPCE

Groupe BPCE is the second-largest banking group in France. It employs 100 000 staff serving 35 million customers worldwide – individuals, professionals, companies, investors and local government. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset and wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The group’s financial strength is recognised by four rating agencies with the following preferred senior long-term ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).
MIL OSI Europe News –
May 8, 2025
MIL-OSI Europe: Portugal: EIB provides €400 million loan to Santander to boost financing for SMEs and mid-caps and the agricultural sector
Source: European Investment Bank
- €75 million will go exclusively to the agricultural sector, while €325 million will support small businesses and mid-caps.
The European Investment Bank (EIB) and Santander have signed a €400 million financing operation to boost investment in small and medium-sized enterprises (SMEs) and mid-caps, as well as to support the agricultural sector in Portugal. The operation aims to improve access to finance for companies operating in strategic sectors, with a view to accelerating development in the agricultural sector and to supporting cohesion regions.

The operation includes €75 million to be allocated specifically to the agricultural sector under the Pan-European Agricultural Programme. An EIB initiative, this programme aims to strengthen farming and the bioeconomy in Europe, which is one of the EIB’s eight core priorities.

At least 10% of this amount will support young and newly established farmers. The financing will also be available for the purchase of agricultural land. This is the first operation that the EIB has signed under the €3 billion package launched in 2024 to support businesses in the agricultural sector, with a particular focus on companies led by young entrepreneurs.

The remaining €325 million will be used to finance SMEs and mid-caps in Portugal. It is expected that around 60% of this figure will be allocated to cohesion regions, promoting economic development in areas where credit is less accessible, and encouraging businesses to modernise.

“This financing agreement reinforces the EIB’s commitment to sustainable economic growth, ensuring that SMEs and the agricultural sector have access to favourable financing conditions,” said EIB Director-General and Head of Operations Jean-Christophe Laloux. “By supporting young farmers and innovative projects, we are helping to make the Portuguese economy more resilient and competitive.”

Santander Portugal Executive Board Member Amílcar Lourenço added: “It is with great commitment to our companies that we have concluded yet another agreement with the EIB. Every day we work to provide the best solutions for our clients, and we are aware that sustainable investment decisions are crucial for business growth and for Portugal’s development.”

This agreement reinforces the EIB’s commitment to supporting the agricultural sector and economic development, promoting financial inclusion and sustainable growth in Portugal.

To carry out the operation, Santander is issuing debt securities in the form of premium European covered bonds subscribed exclusively by the EIB. In this way, the EIB will provide financing directly to Santander, which in turn will use these resources to support SMEs and mid-caps – including young farmers – thus ensuring better financing conditions.

Background information

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, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union and the capital markets union.

The EIB Group, which includes the European Investment Fund (EIF), signed almost €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 Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Around half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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

About Santander Portugal

Santander Portugal is a leading bank in the Portuguese financial system, whose mission is to contribute to the development of people and companies. Serving around 3 million customers, Santander’s vision is to be the best open financial services platform, all while acting responsibly and earning the trust of partners, clients, shareholders and society.

Santander is the largest private bank in Portugal in terms of credit granted, with a privileged position in segments such as mortgage and corporate credit, and also in profitability and efficiency, with a return on equity of 32.2% in March 2025. The strength of its balance sheet is reflected in high capital ratios (CET1 of 14.2% in March 2025, above the SREP requirement of 8.4%) and high credit portfolio quality (non-performing exposure ratio of 1.5%).

The bank has been implementing a comprehensive digitalisation strategy, geared towards simplifying processes and innovation, thus providing its clients with a more attentive and personalised service to ensure they have the best possible experience.
MIL OSI Europe News –
May 8, 2025
MIL-OSI Europe: A breath of fresh air powered by science

Source: European Investment Bank

“As scientists, we have a strong commitment to creating practical solutions that can contribute to a better future for all people,” says Aleksandar Rodić, head of the Centre for Robotics at the institute and one of the purifier’s designers. “This is why we’ve developed an ad-hoc technical solution aimed at mitigating pollution in large urban areas.”

Pollution in Belgrade is exacerbated by a nearby coal-fired power plant, which provides close to half the country’s electricity. The city also has many industrial plants and dense road traffic. Air pollution is a leading cause of mortality, diseases and respiratory illnesses in the country. According to estimates, around 7,000 residents in Serbia are diagnosed with lung cancer annually, mainly because of smoking and the air pollution.

Addressing the causes of a city’s air pollution requires substantial long-term investments in cleaner power generation and road traffic. The new air purifier, however, offers immediate improvements at a much lower cost, Rodić says. “Such solutions are also scalable, allowing for replication throughout the region and beyond,” he says.

The purifier was supported by the EU for Green Agenda in Serbia initiative. It received technical and financial assistance from the European Union, with additional funding from Sweden, Switzerland and Serbia. The initiative is implemented by United Nations Development Programme and the Serbian Ministry of Environmental Protection, in cooperation with Sweden and the European Investment Bank. The EIB is providing technical assistance to banks and businesses for many green innovations like this one.

Under the Green Agenda initiative, the air purifier project received €44 000 from the European Union to build a pilot filtration system at the Ušće Shopping Center in Belgrade. The system includes two air purifiers and the wind and kinetic energy devices that generate green electricity to run the filtration systems.

MIL OSI Europe News –

May 8, 2025

MIL-OSI: Brookfield Wealth Solutions Announces First Quarter Results and Declares Quarterly Distribution

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months ended March 31, 2025.

Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business is off to a strong start in 2025. We have entered the U.K. market and begun offering new products that expand our asset base while maintaining our fundamental objective of generating high-quality earnings and durable risk-adjusted returns within our business.”

Unaudited As of and for the periods ended March 31 (US$ millions, except per share amounts)	Three Months Ended
		*2025*			2024
Total assets	$	141,612		$	63,113
Distributable operating earnings¹		437			279
Net income (loss)		(282	)		337
Net income per each class A share	$	0.09		$	0.08

_{1. See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income on page 5.}

First Quarter Highlights

Launched our U.K. pension risk transfer business under Blumont Annuity UK in late March, following a comprehensive authorization process and expect to be active in the market in 2025

Deployed $3 billion into Brookfield originated strategies across our investment portfolio at returns greater than 8%

Completed our first funding agreement-backed note (“FABN”) issuance at American National for $500 million

Originated $4 billion of annuity sales during the quarter across our retail, PRT and FABN channels

Our Property and Casualty float remained stable at approximately $8 billion, providing us with investment flexibility and risk diversification

Operating Update
We recognized $437 million of distributable operating earnings (“DOE”) for the three months ended March 31, 2025, compared to $279 million in the prior year period. The increase in earnings for the current period reflects contributions from AEL, which we acquired in May 2024, as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies.

We recorded a net loss of $282 million for the three months ended March 31, 2025, compared to net income of $337 million in the prior year period. The net loss in the current period is primarily the result of unrealized movements on reserves due to interest rate and equity market movements, which more than offset our strong operating performance. Net income in the prior year period resulted from our DOE and favorable mark-to-market on derivatives.

Today, we are in a strong liquidity position, with approximately $25 billion of cash and short-term liquid investments across our investment portfolios, and another $22 billion of long-term liquid investments. These liquid assets position us well to mitigate current market volatility and support the ongoing rotation of our portfolio into higher yielding investment strategies.

Regular Distribution Declaration
The Board declared a quarterly return of capital of $0.09 per class A share and class B share payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

Brookfield Corporation Operating Results
An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s first quarter operating results is provided below:

Unaudited For the periods ended March 31 (US$ millions, except per share amounts)	Three Months Ended				Last Twelve Months Ended
		*2025*		2024		*2025*		2024
Net income of consolidated business¹	$	215	$	519	$	1,549	$	5,200
Net income attributable to Brookfield shareholders²		73		102		612		1,112
Distributable earnings before realizations³		1,301		1,001		5,171		4,279
– Per Brookfield class A share³		0.82		0.63		3.26		2.70
Distributable earnings³		1,549		1,216		6,607		4,865
– Per Brookfield class A share³		0.98		0.77		4.17		3.07

_{1. Consolidated basis – includes amounts attributable to non-controlling interests.}
_{2. Excludes amounts attributable to non-controlling interests.}
_{3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated May 8, 2025.}

Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

CONSOLIDATED BALANCE SHEETS


Unaudited			March 31				December 31
(US$ millions)				2025				2024
Assets

Insurance invested assets
Cash, cash equivalents and short-term investments	$	16,686			$	16,643
Investments		90,184				88,566
Reinsurance funds withheld		1,492				1,517
Accrued investment income		841		109,203		860		107,586
Deferred policy acquisition costs				10,848				10,696
Reinsurance recoverables and deposit assets				12,957				13,195
				133,008				131,477

Other assets				8,604				8,476
Total assets				141,612				139,953

Liabilities and equity

Policy and contract claims				7,588				7,659
Future policy benefits				14,582				14,088
Policyholders’ account balances				84,606				83,079
Deposit liabilities				1,483				1,502
Market risk benefits				4,066				3,655
Unearned premium reserve				1,674				1,843
Funds withheld for reinsurance liabilities				3,266				3,392
				117,265				115,218

Corporate borrowings				1,004				1,022
Subsidiary borrowings				3,332				3,329
Other liabilities				7,001				7,308

Non-controlling interest		771				850
Class A and class B		1,469				1,470
Class C		10,770		13,010		10,756		13,076
Total liabilities and equity			$	141,612			$	139,953

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited For the periods ended March 31 US$ millions	Three Months Ended
		2025			2024
Net premiums and other policy revenue	$	1,301		$	1,643
Net investment income, including funds withheld		1,429			670
Net investment gains (losses), including funds withheld		(112	)		172
Total revenues		2,618			2,485

Benefits and claims paid on insurance contracts		(1,107	)		(1,414	)
Interest sensitive contract benefits		(524	)		(185	)
Amortization of deferred policy acquisition costs		(339	)		(225	)
Change in fair value of insurance-related derivatives and embedded derivatives		(200	)		44
Change in fair value of market risk benefits		(361	)		(31	)
Other reinsurance expenses		(1	)		(7	)
Operating expenses		(382	)		(233	)
Interest expense		(73	)		(72	)
Total benefits and expenses		(2,987	)		(2,123	)
Net income (loss) before income taxes		(369	)		362
Income tax recovery (expense)		87			(25	)
Net income (loss)	$	(282	)	$	337

Attributable to:
Class A and class B shareholders¹	$	4		$	3
Class C shareholder		(330	)		332
Non-controlling interest		44			2
	$	(282	)	$	337

_{1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.}

SUMMARIZED FINANCIAL RESULTS

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

Unaudited For the periods ended March 31 US$ millions	Three Months Ended
		2025			2024
Net income (loss)	$	(282	)	$	337
Unrealized net investment losses (gains), including funds withheld		112			(172	)
Mark-to-market losses (gains) on insurance contracts and other net assets		685			65
		515			230
Deferred income tax expense (recovery)		(183	)		15
Transaction costs		41			12
Depreciation		64			22
Distributable operating earnings¹	$	437		$	279

_{1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.}

Additional Information

The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2025, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

Non-GAAP and Performance Measures

This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results.

We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

Notice to Readers

Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

The MIL Network –

May 8, 2025

MIL-OSI: YieldMax™ Introduces Option Income Strategy ETF on Robinhood Markets, Inc. (HOOD)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ HOOD Option Income Strategy ETF (NYSE Arca: HOOY)

HOOY seeks to generate current income by pursuing options-based strategies on Robinhood Markets, Inc. (HOOD). HOOY is managed by Tidal Financial Group. HOOY does not invest directly in HOOD.

HOOY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, HOOY will be a Group C ETF, and its first distribution is expected to be announced on May 28, 2025. Please see the table below for distribution information for all outstanding YieldMax™ ETFs.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵
CHPY	YieldMax™ Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3767	–	–	97.94%
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2738	35.61%	0.00%	100.00%
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.7511	105.48%	0.00%	100.00%
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF	*Weekly*	$0.2841	36.92%	0.00%	100.00%
RDTY	YieldMax™ R2000 0DTE Covered Call Strategy ETF	*Weekly*	$0.4634	55.54%	0.00%	100.00%
SDTY	YieldMax™ S&P 500 0DTE Covered Call Strategy ETF	*Weekly*	$0.2714	33.51%	0.00%	100.00%
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.1181	103.33%	0.00%	100.00%
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1059	36.97%	70.00%	94.72%
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1679	66.24%	95.10%	89.73%
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Monthly	$0.4609	12.17%	0.18%	66.89%
RNTY*	YieldMax™ Target 12™ Real Estate Option Income ETF	Monthly	–	–	–	–
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Monthly	$0.4384	11.99%	0.12%	100.00%
ABNY	YieldMax™ ABNB Option Income Strategy ETF	Every 4 weeks	$0.6020	67.26%	3.22%	94.97%
AIYY	YieldMax™ AI Option Income Strategy ETF	Every 4 weeks	$0.3245	87.29%	3.75%	96.09%
AMDY	YieldMax™ AMD Option Income Strategy ETF	Every 4 weeks	$0.3365	62.11%	3.31%	94.47%
AMZY	YieldMax™ AMZN Option Income Strategy ETF	Every 4 weeks	$0.7963	65.77%	3.68%	94.99%
APLY	YieldMax™ AAPL Option Income Strategy ETF	Every 4 weeks	$0.6512	63.24%	3.13%	94.81%
BABO	YieldMax™ BABA Option Income Strategy ETF	Every 4 weeks	$0.6587	49.99%	4.01%	91.80%
CONY	YieldMax™ COIN Option Income Strategy ETF	Every 4 weeks	$0.6510	115.53%	3.39%	96.77%
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.5616	116.94%	1.81%	0.00%
CVNY	YieldMax™ CVNA Option Income Strategy ETF	Every 4 weeks	$2.6816	88.82%	2.37%	68.30%
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	Every 4 weeks	$0.6186	76.30%	2.19%	0.00%
DISO	YieldMax™ DIS Option Income Strategy ETF	Every 4 weeks	$0.5291	49.63%	3.72%	94.23%
FBY	YieldMax™ META Option Income Strategy ETF	Every 4 weeks	$0.5216	43.30%	3.86%	91.40%
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.6435	59.38%	55.86%	0.00%
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	Every 4 weeks	$0.5618	105.46%	1.14%	0.00%
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$1.0283	35.56%	38.10%	0.00%
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	Every 4 weeks	$0.7284	60.35%	2.66%	0.00%
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3729	41.63%	3.52%	90.74%
JPMO	YieldMax™ JPM Option Income Strategy ETF	Every 4 weeks	$0.5612	46.19%	3.39%	92.60%
MARO	YieldMax™ MARA Option Income Strategy ETF	Every 4 weeks	$1.8468	110.67%	3.33%	97.16%
MRNY	YieldMax™ MRNA Option Income Strategy ETF	Every 4 weeks	$0.1261	71.18%	4.27%	0.00%
MSFO	YieldMax™ MSFT Option Income Strategy ETF	Every 4 weeks	$0.5255	40.57%	3.26%	92.04%
MSTY	YieldMax™ MSTR Option Income Strategy ETF	Every 4 weeks	$2.3734	123.15%	1.00%	98.39%
NFLY	YieldMax™ NFLX Option Income Strategy ETF	Every 4 weeks	$0.9230	65.94%	2.79%	95.72%
NVDY	YieldMax™ NVDA Option Income Strategy ETF	Every 4 weeks	$0.6734	57.41%	3.56%	85.30%
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.2923	51.00%	3.10%	93.61%
PLTY	YieldMax™ PLTR Option Income Strategy ETF	Every 4 weeks	$4.6556	95.97%	2.36%	98.08%
PYPY	YieldMax™ PYPL Option Income Strategy ETF	Every 4 weeks	$0.5519	56.42%	3.54%	94.52%
SMCY	YieldMax™ SMCI Option Income Strategy ETF	Every 4 weeks	$1.4128	100.24%	3.85%	97.08%
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.6864	56.07%	2.87%	94.51%
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.6598	103.22%	3.27%	96.85%
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.5635	49.99%	3.43%	16.38%
WNTR	YieldMax™ Short MSTR Option Income Strategy ETF	Every 4 weeks	$2.7190	85.90%	3.26%	95.65%
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.3500	35.44%	3.42%	90.74%
XYZY	YieldMax™ XYZ Option Income Strategy ETF	Every 4 weeks	$0.4140	59.93%	3.80%	95.54%
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.4110	49.16%	1.20%	30.49%
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	Every 4 weeks	$0.4357	34.61%	2.97%	91.77%

Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for RNTY is April 16, 2025.

¹All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

²The Distribution Rate shown is as of close on May 7, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended April 30, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

May 8, 2025

MIL-OSI: Willis Lease Finance Corporation Moves its Consultancy and Advisory Arm to Willis Mitsui & Co. Engine Support Limited

Source: GlobeNewswire (MIL-OSI)

COCONUT CREEK, Fla., May 08, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced it has entered into an agreement to sell Bridgend Asset Management Limited, the consultancy and advisory arm of WLFC, to Willis Mitsui & Co. Engine Support Limited (“WMES”), its longstanding joint venture with Mitsui & Co., Ltd (“Mitsui”). This strategic move reflects WLFC’s commitment to strengthening collaboration with its partners and enhancing this joint venture’s capabilities in aviation services. Together, WLFC and Mitsui will focus on significantly expanding WMES’s services offerings and aviation asset portfolio. The completion of the transaction is subject to customary regulatory approvals and closing conditions.

Established in 2011 and headquartered in Dublin, WMES currently owns and manages assets totaling approximately $360 million. The integration of WLFC’s technical consultancy and record management services will further expand the joint venture’s service offerings, leveraging the combined expertise, global reach and operational efficiencies of both partners. As a 50% owner of WMES, WLFC plans to continue utilizing WMES for its services and to leverage synergistic benefits.

“We think this transaction is a real win for our shareholders,” said Austin C. Willis, Chief Executive Officer of WLFC. “Not only does the expansion of WMES allow for a premium return on equity when considering earnings plus fees, but the transaction itself unlocks fresh capital that can be reinvested to accelerate WLFC’s portfolio growth.

“We see tremendous opportunity in the commercial aviation space, and this transaction provides us the substance to drive growth for our global platform,” said Yuichi Nagata, General Manager of Aerospace Business Division of Mitsui & Co. “This transaction will continue to strengthen Mitsui’s and WLFC’s long-term relationship.”

Willis Lease Finance Corporation

Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

CONTACT: Lynn Mailliard Kohler

Director, Global Corporate Communications

(415) 328-4798

The MIL Network –

May 8, 2025

MIL-OSI: BigCommerce Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, May 08, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands, retailers, manufacturers and distributors, today announced financial results for its first quarter ended March 31, 2025.

“Our transformation efforts are leading to encouraging signs of progress, including positive increases in pipeline and leads in the three months ended March 31, 2025,” said Travis Hess, CEO of BigCommerce. “We have acted decisively to transform the Company, brought in top leaders with SaaS and commerce expertise, and invested strategically to strengthen our core offerings for B2B and B2C businesses across all three of our products, BigCommerce, Feedonomics and Makeswift. Reaccelerating growth remains our top priority for the remainder of this year.”

First Quarter Financial Highlights:

Total revenue was $82.4 million, up 3% compared to the first quarter of 2024.
Total annual revenue run-rate (“ARR”) as of March 31, 2025 was $350.8 million, up 3% compared to March 31, 2024.
Subscription solutions revenue was $62.1 million, up 2% compared to the first quarter of 2024.
ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $263.8 million as of March 31, 2025, up 6% from March 31, 2024.
ARR from Enterprise Accounts as a percent of total ARR was 75% as of March 31, 2025, compared to 73% as of March 31, 2024.
GAAP gross margin was 79%, compared to 77% in the first quarter of 2024. Non-GAAP gross margin was 80%, compared to 78% in the first quarter of 2024.

Other Key Business Metrics

Number of enterprise accounts was 5,825, down 2% compared to the first quarter of 2024.
Average revenue per account (“ARPA”) of enterprise accounts was $45,290, up 9% compared to the first quarter of 2024.
Revenue in the United States grew by 2% compared to the first quarter of 2024.
Revenue in EMEA grew by 8% and revenue in APAC declined by 5% compared to the first quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

GAAP loss from operations was ($2.4) million, compared to ($8.2) million in the first quarter of 2024.
Included in GAAP loss from operations was a restructuring charge of $1.9 million.
Non-GAAP operating income was $7.6 million, compared to $3.2 million in the first quarter of 2024.

Net Income (Loss) and Earnings Per Share

GAAP net loss was ($0.4) million, compared to ($6.4) million in the first quarter of 2024.
Non-GAAP net income was $5.7 million or 7% of revenue, compared to $5.0 million or 6% of revenue in the first quarter of 2024.
GAAP basic net loss per share was ($0.00) based on 78.8 million shares of common stock, compared to ($0.08) based on 76.6 million shares of common stock in the first quarter of 2024.
Non-GAAP basic net income per share was $0.07 based on 78.8 million shares of common stock, compared to $0.07 based on 76.6 million shares of common stock in the first quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA was $8.8 million, compared to $4.2 million in the first quarter of 2024.

Cash

Cash, cash equivalents, restricted cash, and marketable securities totaled $121.9 million as of March 31, 2025.
For the three months ended March 31, 2025, net cash provided by operating activities was $401 thousand, compared to ($3.4) million used in operating activities for the same period in 2024. We reported free cash flow of ($2.9) million in the three months ended March 31, 2025, which included a one-time charge related to the cash paid for the website domain name.

Business Highlights:

Corporate Highlights

In February, the Company announced the addition of Rob Walter as its Chief Revenue Officer. Walter is a seasoned revenue leader with 20 years of ecommerce experience leading sales and go-to-market teams at successful companies including Salesforce, Ebay, ChannelAdviser and Amplience.
Michelle Suzuki also joined BigCommerce as the Company’s Chief Marketing Officer. Suzuki brings more than 25 years of experience scaling and transforming high-growth companies, including renowned technology companies such as EMC, Ancestry and Ivanti.
In April, Vipul Shah joined the Company as its new Chief Product Officer, bringing over two decades of experience building innovative products and business models at PayPal, Google, J.P. Morgan and Wells Fargo. Shah leads product management, product design and product strategy groups across all three of the Company’s products – BigCommerce, Feedonomics and Makeswift.
BigCommerce also added SaaS and ecommerce veteran Andrew Norman as senior vice president and general manager for EMEA to lead BigCommerce’s go-to-market strategy in EMEA. He has 25 years’ experience executing international expansion plans for SaaS technology companies, including 15 years’ experience in the ecommerce market.
In March, BigCommerce hosted its 2025 Investor Day, where members of the Company’s leadership team discussed the Company’s strategic vision, product offerings, financial performance and long-term growth opportunities, followed by a live Q&A session.

Product Highlights

BigCommerce announced updates to Catalyst, its next generation storefront technology. With one click from the Control Panel, marketers can now launch and design a new store that comes optimized for high performance out of the box, making it so that they no longer have to sacrifice marketing usability for modern technology. Catalyst’s differentiator is its fully integrated marketing-friendly visual editor, Makeswift, which sets a new standard for creating fast, modern ecommerce storefronts without the limits of rigid templates or heavy development costs.
The Company unveiled innovative enhancements to its B2B products designed to help sales teams operate more efficiently and streamline processes so they can respond quickly to market demands and focus on growth. These updates, Configure-Price-Quote (CPQ) and Multi-Company Account Hierarchy and Advanced Permissioning, enable faster quote conversion and minimize redundant account management processes so that merchants can respond dynamically to market demands and scale without being bogged down by manual tasks.
BigCommerce also announced a three-pronged product launch that strengthens the app-building experience for developers, extending the BigCommerce platform’s overall functionality.

Customer Highlights

Kittery Trading Post, whose Maine brick-and-mortar location has been an outdoor sporting goods destination for over 80 years, migrated from Salesforce Commerce Cloud to BigCommerce with an implementation led by BigCommerce partner Mira Commerce that took them live in three months.
Champion Sports, a 60-year-old manufacturer of high-quality sports, fitness and physical education equipment, launched a new B2B store with BigCommerce agency partner MoJo Active and an integration with Sage 100.
Crew Clothing, the iconic 30-year-old British casual clothing brand, launched a new B2C storefront for its Ben Sherman brand in the US, featuring integrations with Retail247 and Global-e. The company plans to roll out four more new websites for additional brands throughout the year.
EuroOptic, an online retailer specializing in high-quality sporting optics and performance gear, launched a new headless store using Vercel and Makeswift and integrated with Feedonomics, Netsuite and Payment Putty. BigCommerce partner MoJo Active led the implementation, which also uses BigCommerce’s Multi-Storefront functionality.
EGO, a UK-based fashion brand specializing in trendy women’s footwear, clothing, and accessories, migrated from Magento to BigCommerce with international stores in Europe, North America and Australia and an additional UK storefront in progress. BigCommerce agency partner TakeFortyTwo assisted Ego’s in-house team with the Multi-Storefront headless implementation hosted by Alokai.

Partner Highlights

In May, BigCommerce announced that Klarna, the AI-powered payments and commerce network, has become a global preferred payments partner. As a global preferred partner, Klarna brings its flexible, interest-free payment options to merchants worldwide, enhancing the shopping experience and driving growth with one single integration.
In April, the Company announced the launch of Distributed Ecommerce Hub, a new joint solution with systems integrator and digital commerce agency Silk Commerce. Distributed Ecommerce Hub empowers manufacturers, brands and franchisors to rapidly create and centrally manage branded ecommerce storefronts for their dealer, distributor or franchise networks.
In April, Feedonomics announced its new integration with Amazon Vendor Central, expanding its comprehensive solutions for B2B clients and enterprise brands. Feedonomics customers can now tap into Amazon’s powerful fulfillment network, offering shoppers fast and reliable delivery through Prime eligibility.
In April, BigCommerce announced discussions regarding a potential expansion of its commercial partnership with Noibu, a leading ecommerce intelligence platform that helps brands detect, prioritize, and resolve revenue-impacting issues while delivering seamless customer experiences. The partnership, if finalized, would reflect the joint value of “curated composability,” enabling brands, retailers, manufacturers and distributors of all sizes to leverage best-in-class solutions without the procurement delays or complex integrations.
BigCommerce also announced its corporate partnership with the National Association of Electrical Distributors (NAED), reinforcing BigCommerce’s commitment to driving digital transformation and growth in the electrical distribution industry.
The Company also announced a transformational partnership with Pipe17, a leading provider of AI-powered composable order operations. This partnership reimagines how modern merchants manage orders in an increasingly complex digital commerce ecosystem.

Q2 and 2025 Financial Outlook:

For the second quarter of 2025, we currently expect:

Total revenue between $82.5 million to $83.5 million.
Non-GAAP operating income is expected to be between $2.7 million to $3.7 million.

For the full year 2025, we currently expect:

Total revenue between $335.1 million and $351.1 million.
Non-GAAP operating income between $16 million and $28 million.

Our second quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, May 8, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, May 15, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 2980116. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce
BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

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. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of GMV processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.


BigCommerce Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands)

	March 31,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	52,084		$	88,877
Restricted cash		1,164			1,479
Marketable securities		68,628			89,283
Accounts receivable, net		44,164			48,117
Prepaid expenses and other assets, net		18,575			14,641
Deferred commissions		8,065			8,822
Total current assets		192,680			251,219
Property and equipment, net		8,128			9,128
Operating lease, right-of-use-assets		7,447			1,993
Prepaid expenses and other assets, net of current portion		4,299			3,146
Deferred commissions, net of current portion		4,381			5,559
Intangible assets, net		17,426			17,317
Goodwill		51,927			51,927
Total assets	$	286,288		$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	7,822		$	7,018
Accrued liabilities		2,760			3,194
Deferred revenue		48,658			46,590
Operating lease liabilities		2,006			2,438
Other liabilities		21,006			28,766
Total current liabilities		82,252			88,006
Convertible notes		157,788			216,466
Operating lease liabilities, net of current portion		6,994			1,680
Other liabilities, net of current portion		1,179			768
Total liabilities		248,213			306,920
Stockholders’ equity
Common stock		7			7
Additional paid-in capital		659,985			654,905
Accumulated other comprehensive income		124			145
Accumulated deficit		(622,041	)		(621,688	)
Total stockholders’ equity		38,075			33,369
Total liabilities and stockholders’ equity	$	286,288		$	340,289


BigCommerce Holdings, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	For the three months ended March 31,
	2025			2024
Revenue	$	82,370		$	80,360
Cost of revenue ⁽¹⁾		16,984			18,439
Gross profit		65,386			61,921
Operating expenses:
Sales and marketing⁽¹⁾		30,366			32,432
Research and development⁽¹⁾		19,206			19,988
General and administrative⁽¹⁾		13,644			14,929
Amortization of intangible assets		2,335			2,467
Acquisition related costs		333			333
Restructuring charges		1,912			0
Total operating expenses		67,796			70,149
Loss from operations		(2,410	)		(8,228	)
Gain on convertible note extinguishment		3,931			0
Interest income		1,300			3,178
Interest expense		(2,543	)		(720	)
Other expense		(107	)		(332	)
Income (loss) before provision for income taxes		171			(6,102	)
Provision for income taxes		(524	)		(290	)
Net loss	$	(353	)	$	(6,392	)
Basic net loss per share	$	(0.00	)	$	(0.08	)
Shares used to compute basic net loss per share		78,835			76,626

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended March 31,
	2025			2024
Cost of revenue	$	746		$	656
Sales and marketing		1,775			1,867
Research and development		3,042			3,476
General and administrative		(144	)		2,592


BigCommerce Holdings, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three months ended March 31,
	2025			2024

Cash flows from operating activities
Net loss	$	(353	)	$	(6,392	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		4,281			3,486
Amortization of discount on convertible notes		187			497
Amortization of premium on convertible notes		(402	)		0
Stock-based compensation expense		5,209			8,388
Provision for expected credit losses		930			863
Gain on convertible notes extinguishment		(3,931	)		0
Changes in operating assets and liabilities:
Accounts receivable		3,020			(2,588	)
Prepaid expenses and other assets		(5,084	)		(4,960	)
Deferred commissions		1,935			211
Accounts payable		678			(889	)
Accrued and other liabilities		(8,137	)		(4,601	)
Deferred revenue		2,068			2,568
Net cash provided by (used in) operating activities		401			(3,417	)
Cash flows from investing activities:
Cash paid for website domain name		(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(825	)		(806	)
Maturity of marketable securities		28,579			29,440
Purchase of marketable securities		(7,945	)		(35,565	)
Net cash provided by (used in) investing activities		17,365			(6,931	)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,096			974
Taxes paid related to net share settlement of stock options		(1,225	)		(1,325	)
Payment of convertible note issuance costs		(217	)	0
Repayment of convertible notes and financing obligation		(54,528	)		(134	)
Net cash used in financing activities		(54,874	)		(485	)
Net change in cash and cash equivalents and restricted cash		(37,108	)		(10,833	)
Cash and cash equivalents and restricted cash, beginning of period		90,356			72,845
Cash and cash equivalents and restricted cash, end of period	$	53,248		$	62,012
Supplemental cash flow information:
Cash paid for interest	$	5,685		$	439
Cash paid for taxes	$	220		$	140
Right-of-use asset obtained in exchange for new operating lease liability	$	5,516		$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	205		$	0


BigCommerce Holdings, Inc. Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended March 31,
*(in thousands)*	2025		2024
Subscription solutions	$	62,114	$	60,959
Partner and services		20,256		19,401
Revenue	$	82,370	$	80,360


Revenue by Geography:

	Three months ended March 31,
*(in thousands)*	2025		2024
Revenue:
United States	$	62,621	$	61,138
EMEA		9,965		9,192
APAC		5,925		6,254
Rest of World		3,859		3,776
Revenue	$	82,370	$	80,360


BigCommerce Holdings, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Loss from operations	$	(2,410	)	$	(8,228	)
Plus:
Stock-based compensation expense and associated payroll tax costs		5,419			8,591
Amortization of intangible assets		2,335			2,467
Acquisition related costs		333			333
Restructuring charges		1,912			0
Non-GAAP operating income	$	7,589		$	3,163
Non-GAAP operating income as a percentage of revenue		9.2	%		3.9	%


Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Net loss	$	(353	)	$	(6,392	)
Plus:
Stock-based compensation expense and associated payroll tax costs		5,419			8,591
Amortization of intangible assets		2,335			2,467
Acquisition related costs		333			333
Restructuring charges		1,912			0
Gain on convertible notes extinguishment		(3,931	)		0
Non-GAAP net income	$	5,715		$	4,999
Basic net loss per share	$	(0.00	)	$	(0.08	)
Non-GAAP basic net income per share	$	0.07		$	0.07
Non-GAAP diluted net income per share	$	0.07		$	0.06
Shares used to compute basic net loss per share and basic Non-GAAP net income per share		78,835			76,626
Shares used to compute diluted Non-GAAP net income per share		80,464			78,521
Non-GAAP net income as a percentage of revenue		6.9	%		6.2	%


Reconciliation of net loss to adjusted EBITDA:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Net loss	$	(353	)	$	(6,392	)
Plus:
Stock-based compensation expense and associated payroll tax costs		5,419			8,591
Amortization of intangible assets		2,335			2,467
Acquisition related costs		333			333
Restructuring charges		1,912			0
Depreciation		1,244			1,019
Gain on convertible notes extinguishment		(3,931	)		0
Interest income		(1,300	)		(3,178	)
Interest expense		2,543			720
Other expenses		107			332
Provision for income taxes		524			290
Adjusted EBITDA	$	8,833		$	4,182
Adjusted EBITDA as a percentage of revenue		10.7	%		5.2	%


Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Cost of revenue	$	16,984		$	18,439
Less:
Stock-based compensation expense and associated payroll tax costs		746			656
Non-GAAP cost of revenue	$	16,238		$	17,783
As a percentage of revenue		19.7	%		22.1	%


Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Sales and marketing	$	30,366		$	32,432
Less:
Stock-based compensation expense and associated payroll tax costs		1,775			1,867
Non-GAAP sales and marketing	$	28,591		$	30,565
As a percentage of revenue		34.7	%		38.0	%


Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

Research and development	$	19,206		$	19,988
Less:
Stock-based compensation expense and associated payroll tax costs		3,042			3,476
Non-GAAP research and development	$	16,164		$	16,512
As a percentage of revenue		19.6	%		20.5	%


Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended March 31,
	2025			2024
*(in thousands)*
Revenue	$	82,370		$	80,360

General & administrative	$	13,644		$	14,929
Less:
Stock-based compensation expense and associated payroll tax costs		(144	)		2,592
Non-GAAP general & administrative	$	13,788		$	12,337
As a percentage of revenue		16.7	%		15.4	%


Reconciliation of net cash provided by (used in) operating activities to free cash flow:
	Three months ended March 31,
	2025			2024
*(in thousands)*
Net cash provided by (used in) operating activities	$	401		$	(3,417	)
Cash paid for website domain name		(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(825	)		(806	)
Free cash flow	$	(2,868	)	$	(4,223	)

The MIL Network –

May 8, 2025

MIL-OSI: Talen Energy Reports First Quarter 2025 Results, Affirms and Narrows 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

Earnings Release Highlights

First quarter GAAP Net Income (Loss) Attributable to Stockholders of $(135) million.

First quarter Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million, ahead of internal estimates.

Affirming and narrowing 2025 guidance; 2026 outlook unchanged.

Extended the Susquehanna Unit 2 refueling outage to perform incremental maintenance that is expected to improve capacity performance and efficiency.

The Federal Energy Regulatory Commission (the “FERC”) approved the terms of the reliability-must-run (“RMR”) settlement agreement between Talen, PJM, and key stakeholders to run units at Brandon Shores and H.A. Wagner generation facilities through May 31, 2029.

HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its first quarter 2025 financial and operating results.

“We are pleased today to report Talen’s solid start to the year. Our fleet ran well during periods of high demand demonstrating the value of our dispatchable fleet, earning $200 million of Adjusted EBITDA and $87 million of Adjusted Free Cash Flow. We are affirming and narrowing guidance. We remain committed to shareholders and continued to repurchase stock during the first quarter under our share repurchase program,” said Talen President and Chief Executive Officer Mac McFarland.

McFarland continued, “The FERC approved our RMR settlement agreement, ensuring the units at our Brandon Shores and H.A. Wagner assets continue to support the grid in and around Baltimore. The AWS campus is energized and we are actively executing under this arrangement. We continue to pursue commercial and regulatory solutions for the Susquehanna ISA amendment.”

Summary of Financial and Operating Results (Unaudited)

	Three Months Ended March 31,
(Millions of Dollars Unless Otherwise Stated)	2025			2024
GAAP Net Income (Loss) Attributable to Stockholders	$	(135	)	$	294
Adjusted EBITDA		200			289
Adjusted Free Cash Flow		87			194
Total Generation (TWh) ^(a)		9.7			8.1
Carbon-Free Generation		46	%		58	%
OSHA TRIR ^(b)		0.4			0.3
Fleet EFOF ^(c)		1.2	%		1.9	%

______________________

^(a)	^{Total generation is net of station use consumption, where applicable, includes volumes produced by Susquehanna in support of Nautilus operations and includes generation from ERCOT assets for the three months ended March 31, 2024.}
^(b)	^{OSHA Total Recordable Incident Rate (“OSHA TRIR”) is the number of recordable incidents x 200,000 / total number of manhours worked. Only includes Talen-operated generation facilities (i.e., excludes Conemaugh and Keystone).}
^(c)	^{Fleet Equivalent Forced Outage Factor (“Fleet EFOF”) is the percentage of a given period in which a generating unit is not available due to forced outages and forced de-rates. Represents all generation facilities, including our portion of partially-owned facilities.}

For the quarter ended March 31, 2025, we reported GAAP Net Income (Loss) Attributable to Stockholders of $(135) million, Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million. GAAP Net Income (Loss) Attributable to Stockholders decreased $(429) million compared to prior year, primarily due to the absence of the gain on the sale of the AWS Data Campus, unrealized losses in the nuclear facility decommission trust, and lower realized hedge gains due to higher settled PJM West Hub on-peak prices as a result of colder than normal weather. The decrease in Adjusted EBITDA of $(89) million and Adjusted Free Cash Flow of $(107) million compared to first quarter 2024 was primarily due to lower realized hedge gains.

Our generation fleet continued to run reliably and safely, with a Fleet EFOF of 1.2% and an OSHA TRIR of 0.4. Total generation was 9.7 TWh, with 46% contributed from carbon-free nuclear generation at our Susquehanna nuclear facility. Also, our PJM gas-fired assets were dispatched more frequently during times of peak load than they were in 2024.

Affirming and Narrowing 2025 Guidance; 2026 Outlook Unchanged

(Millions of Dollars)		2025E
Adjusted EBITDA		$975 – $1,125
Adjusted Free Cash Flow		$450 – $540

Susquehanna Refueling Outage

On March 25, 2025, Susquehanna commenced its planned refueling outage on Unit 2. During the outage, we identified incremental maintenance in the non-nuclear portion of the Unit which we expect will lead to operational efficiency. As a prudent operator, we have elected to complete this scope of work while Unit 2 is already in outage and market prices and demand are relatively low. The incremental maintenance investment is expected to add roughly $20 million of additional spend and extend the outage into mid-May. We anticipate the resulting improvements in operational efficiency of Unit 2 will be long-term in nature and pay back the additional costs and lost margin in approximately one-and-a-half years.

RMR Arrangement

On May 1, 2025, the FERC approved the terms under which Talen will operate the units at its Brandon Shores and H.A. Wagner generation facilities until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates. Talen, PJM, and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January 2025 on the “reliability-must-run” or “RMR” agreement. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete. Beginning June 1, 2025, we expect to receive $145 million annually for Brandon Shores and $35 million for H.A. Wagner with some performance incentives.

Share Repurchases

Since the start of 2024, we have repurchased approximately 14 million shares, or 23% of our outstanding shares, for a total of approximately $2 billion, with $995 million remaining under our share repurchase program through year-end 2026. During the first quarter 2025, we repurchased 452,130 shares of stock for a total of $83 million. All share repurchase amounts exclude transaction costs.

Balance Sheet and Liquidity

We are focused on maintaining net leverage below our target of 3.5x net debt-to-Adjusted EBITDA, along with ample liquidity. As of May 2, 2025, we had total available liquidity of approximately $970 million, comprised of $270 million of unrestricted cash and $700 million of available capacity under the revolving credit facility. Our projected net leverage ratio, utilizing the 2025E Adjusted EBITDA midpoint and net debt balance as of May 2, 2025, is approximately 2.6x.

Update on Hedging Activities

As of March 31, 2025, including the impact of the Nuclear PTC, we had hedged approximately 95% of our expected generation volumes for 2025, 60% for 2026 and 30% for 2027. The Company’s hedging program is a key component of our comprehensive risk policy and supports the objective of increasing cash flow stability while maintaining upside optionality.

Earnings Call

The Company will hold an earnings call on Thursday, May 8, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

About Talen

Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

Investor Relations:
Sergio Castro
Vice President & Treasurer
InvestorRelations@talenenergy.com

Media:
Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com

Forward Looking Statements

This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.


TALEN ENERGY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended March 31,
(Millions of Dollars, except share data)	2025			2024
Capacity revenues	$	49		$	45
Energy and other revenues		582			572
Unrealized gain (loss) on derivative instruments		(241	)		(108	)
Operating Revenues		390			509

Fuel and energy purchases		(268	)		(150	)
Nuclear fuel amortization		(26	)		(35	)
Unrealized gain (loss) on derivative instruments		59			(27	)
Energy Expenses		(235	)		(212	)

Operating Expenses
Operation, maintenance and development		(146	)		(154	)
General and administrative		(34	)		(43	)
Depreciation, amortization and accretion		(74	)		(75	)
Other operating income (expense), net		(7	)		—
Operating Income (Loss)		(106	)		25
Nuclear decommissioning trust funds gain (loss), net		(12	)		75
Interest expense and other finance charges		(74	)		(59	)
Gain (loss) on sale of assets, net		2			324
Other non-operating income (expense), net		3			23
Income (Loss) Before Income Taxes		(187	)		388
Income tax benefit (expense)		52			(69	)
Net Income (Loss)		(135	)		319
Less: Net income (loss) attributable to noncontrolling interest		—			25
Net Income (Loss) Attributable to Stockholders	$	(135	)	$	294
Per Common Share
Net Income (Loss) Attributable to Stockholders – Basic	$	(2.94	)	$	5.00
Net Income (Loss) Attributable to Stockholders – Diluted	$	(2.94	)	$	4.84
Weighted-Average Number of Common Shares Outstanding – Basic (in thousands)		45,849			58,807
Weighted-Average Number of Common Shares Outstanding – Diluted (in thousands)		45,849			60,716

TALEN ENERGY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Millions of Dollars, except share data)	March 31, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	295		$	328
Restricted cash and cash equivalents		25			37
Accounts receivable		100			123
Inventory, net		219			302
Derivative instruments		33			66
Other current assets		174			184
Total current assets		846			1,040
Property, plant and equipment, net		3,138			3,154
Nuclear decommissioning trust funds		1,717			1,724
Derivative instruments		5			5
Other noncurrent assets		159			183
Total Assets	$	5,865		$	6,106

Liabilities and Equity
Long-term debt, due within one year	$	17		$	17
Accrued interest		54			18
Accounts payable and other accrued liabilities		203			266
Derivative instruments		92			—
Other current liabilities		156			154
Total current liabilities		522			455
Long-term debt		2,975			2,987
Derivative instruments		42			7
Postretirement benefit obligations		289			305
Asset retirement obligations and accrued environmental costs		468			468
Deferred income taxes		294			362
Other noncurrent liabilities		95			135
Total Liabilities	$	4,685		$	4,719
Commitments and Contingencies

Stockholders’ Equity
Common stock ($0.001 par value, 350,000,000 shares authorized) ^(a)	$	—		$	—
Additional paid-in capital		1,718			1,725
Accumulated retained earnings (deficit)		(528	)		(326	)
Accumulated other comprehensive income (loss)		(10	)		(12	)
Total Stockholders’ Equity		1,180			1,387
Total Liabilities and Stockholders’ Equity	$	5,865		$	6,106

______________________
^{(a) 45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.}

TALEN ENERGY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
(Millions of Dollars)	2025			2024
Operating Activities
Net Income (Loss)	$	(135	)	$	319
Non-cash reconciliation adjustments:
Unrealized (gains) losses on derivative instruments	196			128
Depreciation, amortization and accretion	72			74
Deferred income taxes	(70		)	57
Nuclear fuel amortization	26			35
Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees)	23			(64		)
(Gain) loss on AWS Data Campus Sale	—			(324		)
Other	37			(42		)
Changes in assets and liabilities:
Accounts receivable	23			11
Inventory, net	83			89
Other assets	22			(1		)
Accounts payable and accrued liabilities	(60		)	(154		)
Accrued interest	36			29
Collateral received (posted), net	(67		)	5
Other liabilities	(67		)	11
Net cash provided by (used in) operating activities	119			173
Investing Activities
Nuclear decommissioning trust funds investment purchases	(592		)	(564		)
Nuclear decommissioning trust funds investment sale proceeds	581			553
Nuclear fuel expenditures	(46		)	(41		)
Property, plant and equipment expenditures	(18		)	(25		)
Proceeds from AWS Data Campus Sale	—			339
Other	7			3
Net cash provided by (used in) investing activities	(68		)	265
Financing Activities
Share repurchases	(83		)	(30		)
Deferred financing costs	(9		)	—
Debt repayments	(4		)	(2		)
Cumulus Digital TLF repayment	—			(182		)
Repurchase of noncontrolling interest	—			(39		)
Other	—			(6		)
Net cash provided by (used in) financing activities	(96		)	(259		)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(45		)	179
Beginning of period cash and cash equivalents and restricted cash and cash equivalents	365			901
End of period cash and cash equivalents and restricted cash and cash equivalents	$	320		$	1,080

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted Free Cash Flow, which we use as measures of our performance and liquidity, are not financial measures prepared under GAAP. Non-GAAP financial measures do not have definitions under GAAP and may be defined and calculated differently by, and not be comparable to, similarly titled measures used by other companies. Non-GAAP measures are not intended to replace the most comparable GAAP measures as indicators of performance. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Management cautions readers not to place undue reliance on the following non-GAAP financial measures, but to also consider them along with their most directly comparable GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP.

Adjusted EBITDA

We use Adjusted EBITDA to: (i) assist in comparing operating performance and readily view operating trends on a consistent basis from period to period without certain items that may distort financial results; (ii) plan and forecast overall expectations and evaluate actual results against such expectations; (iii) communicate with our Board of Directors, shareholders, creditors, analysts, and the broader financial community concerning our financial performance; (iv) set performance metrics for our annual short-term incentive compensation; and (v) assess compliance with our indebtedness.

Adjusted EBITDA is computed as net income (loss) adjusted, among other things, for certain: (i) nonrecurring charges; (ii) non-recurring gains; (iii) non-cash and other items; (iv) unusual market events; (v) any depreciation, amortization, or accretion; (vi) mark-to-market gains or losses; (vii) gains and losses on the nuclear facility decommissioning trust (“NDT”); (viii) gains and losses on asset sales, dispositions, and asset retirement; (ix) impairments, obsolescence, and net realizable value charges; (x) interest expense; (xi) income taxes; (xii) legal settlements, liquidated damages, and contractual terminations; (xiii) development expenses; (xiv) noncontrolling interests, except where otherwise noted; and (xv) other adjustments. Such adjustments are computed consistently with the provisions of our indebtedness to the extent that they can be derived from the financial records of the business. Pursuant to TES’s debt agreements, Cumulus Digital contributes to Adjusted EBITDA beginning in the first quarter 2024, following termination of the Cumulus Digital credit facility and associated cash flow sweep.

Additionally, we believe investors commonly adjust net income (loss) information to eliminate the effect of nonrecurring restructuring expenses and other non-cash charges, which can vary widely from company to company and from period to period and impair comparability. We believe Adjusted EBITDA is useful to investors and other users of our financial statements to evaluate our operating performance because it provides an additional tool to compare business performance across companies and between periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to such items described above. These adjustments can vary substantially from company to company and period to period depending upon accounting policies, book value of assets, capital structure, and the method by which assets were acquired.

Adjusted Free Cash Flow

Adjusted Free Cash Flow is utilized by our chief operating decision makers to evaluate cash flow activities. Adjusted Free Cash Flow is computed as Adjusted EBITDA reduced by capital expenditures (including nuclear fuel but excluding development, growth, and (or) conversion capital expenditures), cash payments for interest and finance charges, cash payments for income taxes (excluding income taxes paid from the NDT, taxes paid or deductions taken as a result of strategic asset sales, and benefits of the Nuclear PTC utilized to reduce income taxes paid), and pension contributions.

We believe Adjusted Free Cash Flow is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to determine a company’s ability to meet future obligations and to compare business performance across companies and across periods. Adjusted Free Cash Flow is widely used by investors to measure a company’s levered cash flow without regard to items such as ARO settlements; nonrecurring development, growth and conversion expenditures; and cash proceeds or payments for the sale or purchase of assets, which can vary substantially from company to company and from period to period depending upon accounting methods, book value of assets, capital structure, and the method by which assets were acquired.

Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation

The following table presents a reconciliation of the GAAP financial measure of “Net Income (Loss)” presented on the Consolidated Statements of Operations to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow:

	Three Months Ended March 31,
(Millions of Dollars)	2025			2024
Net Income (Loss)	$	(135	)	$	319
Adjustments
Interest expense and other finance charges		74			59
Income tax (benefit) expense		(52	)		69
Depreciation, amortization and accretion		74			75
Nuclear fuel amortization		26			35
Unrealized (gain) loss on commodity derivative contracts		182			134
Nuclear decommissioning trust funds (gain) loss, net		12			(75	)
Stock-based and other long-term incentive compensation expense		13			18
(Gain) loss on asset sales, net ^(a)		(2	)		(324	)
Operational and other restructuring activities		9			2
Noncontrolling interest		—			(11	)
Other		(1	)		(12	)
Total Adjusted EBITDA	$	200		$	289

Capital expenditures, net		(64	)		(59	)
Interest and finance charge payments		(23	)		(34	)
Income taxes		(9	)		—
Pension contributions		(17	)		(2	)
Total Adjusted Free Cash Flow	$	87		$	194

______________________
^{(a) See Note 18 to the Q1 2025 Financial Statements for additional information.}

Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation: 2025 Guidance

	2025E
(Millions of Dollars)	Low			High
Net Income (Loss)	$	205		$	325

Adjustments
Interest expense and other finance charges		235			245
Income tax (benefit) expense		60			80
Depreciation, amortization and accretion		295			295
Nuclear fuel amortization		105			105
Unrealized (gain) loss on commodity derivative contracts		75			75
Adjusted EBITDA	$	975		$	1,125

Capital expenditures, net	$	(190	)	$	(210	)
Interest and finance charge payments		(210	)		(220	)
Income taxes		(70	)		(80	)
Pension contributions		(55	)		(75	)
Adjusted Free Cash Flow	$	450		$	540

______________________
^{Note: Figures are rounded to the nearest $5 million.}

The MIL Network –

May 8, 2025

MIL-OSI: Angus Gold Announces Cancellation of Underlying Royalty on the Golden Sky Project

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the cancellation of a 2% Net Smelter Royalty (“NSR”) pursuant to a buyback purchase from IAMGOLD Corporation.

The NSR was applicable to the Mishi Property located in Wawa Ontario which was acquired under an option with IAMGOLD Corporation and is 100% owned by Angus. The royalty covered approximately one-third of the Golden Sky Project land package, including the Banded Iron Formation Gold Zone (“BIF”) and the Eagle River Splay exploration area. The Company has drilled approximately 12,000 metres to date at the BIF Gold Zone, and the Eagle River Splay Area is a high priority exploration target. The purchase price for the NSR was a cash payment of US$750,000.

About Angus Gold:
Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”).

Wesdome and Angus have entered into a definitive arrangement agreement whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”). For further information see the press release of the Company dated April 7, 2025.

On behalf of Angus Gold Inc.,

Breanne Beh
President and Chief Executive Officer

INQUIRIES:
Lindsay Dunlop, Vice President Investor Relations
Email: info@angusgold.com
Phone: 647-259-1790
Company Website: www.angusgold.com

TSXV: GUS | USOTC: ANGVF

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

Forward-Looking Statements

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the benefits and advantages of the cancellation of the NSR and, in general, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the economic rationale for the cancellation of the NSR may not be realized; the ability to satisfy the conditions of closing for the Arrangement including the necessary shareholder and court approvals, and otherwise complete the Arrangement on the terms as announced or at all; the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The MIL Network –

May 8, 2025
MIL-OSI: Cielo Issues Letter to Shareholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV: CMC; OTC PINK: CWSFF) (“Cielo” or the “Company”) is pleased to have issued today a letter to shareholders, as below:

Dear Shareholders,

Thank you to all those who attended our webinar on April 17, 2025. We are grateful for your continued interest in and support of Cielo and the future we have envisioned for the Company.

Following the announcement of the proposed unwinding of our previous transaction (announced on April 30, 2025), I would like to reaffirm our commitment to a forward-focused strategy that enhances Cielo’s core mission and long-term growth objectives. Cielo is a waste solutions company. Our mission is to match waste products and by-products with compatible technologies that effectively reduce environmental impact while achieving and maintaining profitability. Rather than relying on a single technology, Cielo remains strategically flexible, leveraging lessons learned through development, ownership, acquisition, and licensing of past technologies. While we recognize the benefits of owning or licensing technology, our business model does not depend on it. Instead, we see value in investing in proven technologies under trusted vendor-customer relationships, mitigating risks and reducing anticipated timelines while strengthening our asset base through capital expenditures and fully constructed facilities. By maintaining a technology-agnostic approach, we can strategically allocate resources to drive growth and focus on our core mission of delivering effective waste solutions.

Cielo’s first proposed project is the development of a waste to hydrogen facility in British Columbia. We will deploy a process designed to produce minimal waste by converting scrap railway tie feedstock into usable energy while generating value through Low Carbon Fuel Standard (LCFS) credits and access to various government programs. We expect this will position Cielo to deliver both strong environmental outcomes and meaningful economic returns.

We appreciate your continued trust and support as we execute on the development of our British Columbia facility. We look forward to sharing milestones and providing updates in our forthcoming webinars and news releases. Should you have any questions or wish to discuss our progress further, please feel free to contact me directly.

Sincerely,

Ryan C. Jackson
Chief Executive Officer

Financing

Cielo also announces that it will not proceed with the shares for debt transactions as previously disclosed on January 21, 2025. However, the Company remains committed to completing such transactions under revised terms, which will be announced in the coming days. Additionally, Cielo intends to undertake a private placement offering of securities, with further details to be announced shortly after this news release. These financial initiatives align with the Company’s strategic growth objectives, reinforcing its commitment to operational strength and long-term value creation.

ABOUT CIELO

Cielo Waste Solutions Corp. is a publicly traded company focused on transforming waste materials into high-value products. Cielo seeks to address global waste challenges while contributing to the circular economy and reducing carbon emissions. Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. Cielo is committed to helping society which the Company believes will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

For further information please contact:

Cielo Investor Relations

Ryan C. Jackson, CEO

Phone: (403) 348-2972

Email: investors@cielows.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Cielo, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. The Company is making forward-looking statements, including but not limited to, with respect to: its strategic initiatives, business model, and potential benefits and outcomes; its proposed project in British Columbia and related matters, including with respect to grants and credits; anticipated shares for debt transactions and private placement offering; future news releases and webinars.

Investors should continue to review and consider information disseminated through news releases and filed by Cielo on SEDAR+. Although the Company has attempted to identify crucial factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Cielo’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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

The MIL Network –

May 8, 2025

MIL-OSI: Kaltura Announces Financial Results for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2025, as well as outlook for the second quarter and full year 2025.

“We surpassed our guidance for the first quarter, delivering record total and subscription revenue, as well as significant Net loss improvement on a GAAP basis, and on a non-GAAP basis – a record positive Adjusted net income, Adjusted EBITDA, and earnings profitability per share. We also posted record ARR and the highest net dollar retention rate since the first quarter of 2022,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura. “We continue to forecast for the full year a return to growth of new bookings fueled by customer consolidation around our platform, maturity of our newer products, exciting new Gen AI capabilities which customers have increasingly been adopting, growth potential within our great customer base, and a gradual growth in our sales force.”

First Quarter 2025 Financial Highlights:

Revenue for the first quarter of 2025 was $47.0 million, an increase of 5% compared to $44.8 million for the first quarter of 2024.
Subscription Revenue for the first quarter of 2025 was $44.9 million, an increase of 9% compared to $41.2 million for the first quarter of 2024.
Annualized Recurring Revenue (ARR) for the first quarter of 2025 was $174.8 million, an increase of 7% compared to $162.7 million for the first quarter of 2024.
GAAP Gross profit for the first quarter of 2025 was $32.7 million, representing a gross margin of 70% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the first quarter of 2024.
Non-GAAP Gross profit for the first quarter of 2025 was $33.0 million, representing a non-GAAP gross margin of 70%, compared to a non-GAAP gross profit of $29.0 million and non-GAAP gross margin of 65% for the first quarter of 2024.
GAAP Operating loss was $1.6 million for the first quarter of 2025, compared to an operating loss of $7.3 million for the first quarter of 2024.
Non-GAAP Operating income was $3.1 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.6 million for the first quarter of 2024.
GAAP Net loss was $1.1 million or $0.01 per diluted share for the first quarter of 2025, compared to a GAAP net loss of $11.1 million, or $0.08 per diluted share, for the first quarter of 2024.
Non-GAAP Net income was $3.5 million or $0.02 per diluted share for the first quarter of 2025, compared to a non-GAAP net loss of $4.4 million, or $0.03 per diluted share, for the first quarter of 2024.
Adjusted EBITDA was $4.1 million for the first quarter of 2025, compared to adjusted EBITDA of $0.6 million for the first quarter of 2024.
Net Cash Used in Operating Activities was $1.0 million for the first quarter of 2025, compared to $1.1 million for the first quarter of 2024.

First Quarter 2025 Business Highlights:

Closed one new seven-digit deal and fifteen six-digit deals, similar to first quarter 2024, reflecting typical seasonality
Sequential and year-over-year improvement in net dollar retention rate, reaching 107% – best since first quarter of 2022
Growing interest in Gen AI products – more than 150 customers already showing interest representing roughly 20% of our customer base. We think this represents a significant upsell opportunity for us in the coming quarters
Recognized by Gartner as a representative vendor in their 2025 Market Guides for both Video Platform Services and Meeting Solutions
Kaltura TV Genie recently won the Product of the Year award for Streaming at the 2025 NAB Show
Held our first Investor Event in our NYC office and remotely using our Events Platform. Conducted product demos and a customer panel and provided additional insights about our long-term financial goal. Recording of the event and its presentation deck are available in the Investor section of our website
“Kaltura Connect on the road” series of customers events to be held in New York (May 13^th), San Francisco (May 15^th), and London (May 20^th), followed by six ‘Connect in Education’ events across the US and Europe and virtually for APAC organizations. Information is available on our website

Financial Outlook:

For the second quarter of 2025, Kaltura expects:

Subscription Revenue to be between $40.8 million and $41.6 million.
Total Revenue to be between $43.4 million and $44.2 million.
Adjusted EBITDA to be between $1.5 million to $2.5 million.

For the full year ending December 31, 2025, Kaltura expects:

Subscription Revenue to be between $170.4 million and $173.4 million.
Total Revenue to be between $179.9 million and $182.9 million.
Adjusted EBITDA to be in the range of $13.5 million to $15.5 million.

The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

Investor Deck

Our first quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.

Conference Call

Kaltura will host a conference call today on May 8, 2025 to review its first quarter 2025 financial results and to discuss its financial outlook.

	Time:	8:00 a.m. ET
	United States/Canada Toll Free:	1-877-407-0789
	International Toll:	+1-201-689-8562

A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About Kaltura

Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit www.corp.kaltura.com. 

Investor Contacts:
Kaltura
John Doherty
Chief Financial Officer
IR@Kaltura.com

Sapphire Investor Relations
Erica Mannion and Michael Funari
+1 617 542 6180
IR@Kaltura.com

Media Contacts:
Kaltura
Nohar Zmora
pr.team@kaltura.com

Headline Media
Raanan Loew
raanan@headline.media
+1 347 897 9276

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. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; expectations with respect to our products and capabilities; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending.

In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

Non-GAAP Financial Measures

Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA.
Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.

Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Key Financial and Operating Metrics

Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.


Consolidated Balance Sheets (U.S. dollars in thousands)

	As of
	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	31,695		$	33,059
Marketable securities		31,223			48,275
Trade receivables		18,209			19,978
Prepaid expenses and other current assets		9,943			9,481
Deferred contract acquisition and fulfillment costs, current		10,326			10,765

Total current assets		101,396			121,558

LONG-TERM ASSETS:
Marketable securities		18,004			3,379
Property and equipment, net		15,242			16,190
Other assets, noncurrent		3,120			2,983
Deferred contract acquisition and fulfillment costs, noncurrent		12,195			13,605
Operating lease right-of-use assets		11,670			12,308
Intangible assets, net		101			212
Goodwill		11,070			11,070

Total noncurrent assets		71,402			59,747

TOTAL ASSETS	$	172,798		$	181,305

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term loans	$	3,764		$	3,110
Trade payables		8,311			3,265
Employees and payroll accruals		15,033			15,399
Accrued expenses and other current liabilities		12,298			14,262
Operating lease liabilities		2,536			2,504
Deferred revenue, current		53,879			63,123

Total current liabilities		95,821			101,663
NONCURRENT LIABILITIES:
Deferred revenue, noncurrent		57			67
Long-term loans, net of current portion		27,886			29,153
Operating lease liabilities, noncurrent		14,365			15,263
Other liabilities, noncurrent		12,010			10,772

Total noncurrent liabilities		54,318			55,255
TOTAL LIABILITIES	$	150,139		$	156,918
STOCKHOLDERS’ EQUITY:
Common stock	$	16		$	15
Treasury stock		(10,119	)		(7,801	)
Additional paid-in capital		502,644			500,024
Accumulated other comprehensive income		47			959
Accumulated deficit		(469,929	)		(468,810	)
Total stockholders’ equity		22,659			24,387

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	172,798		$	181,305


Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)

	Three Months Ended March 31,
		2025			2024
	(Unaudited)

Revenue:

Subscription	$	44,906		$	41,170
Professional services		2,078			3,611

Total revenue		46,984			44,781

Cost of revenue:

Subscription		10,487			11,401
Professional services		3,761			4,772

Total cost of revenue		14,248			16,173

Gross profit		32,736			28,608

Operating expenses:

Research and development		12,088			12,005
Sales and marketing		11,923			11,812
General and administrative		10,302			12,082

Total operating expenses		34,313			35,899

Operating loss		1,577			7,291

Financial expense (income), net		(1,803	)		1,497

Loss before provision for income taxes		226			(8,788	)
Provision for income taxes		1,345			2,308

Net loss	$	1,119		$	11,096

Net loss per share attributable to common stockholders, basic and diluted	$	0.01		$	0.08

Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders		154,009,623			144,253,660

Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)

Stock-based compensation included in above line items:

	Three Months Ended March 31,
		2025		2024
	(Unaudited)

Cost of revenue	$	128	$	285
Research and development		849		1,172
Sales and marketing		432		770
General and administrative		3,124		4,302

Total	$	4,533	$	6,529


Revenue by Segment (U.S. dollars in thousands):

	Three Months Ended March 31,
		2025		2024
	(Unaudited)

Enterprise, Education and Technology	$	34,416	$	32,440
Media and Telecom		12,568		12,341

Total	$	46,984	$	44,781


Gross Profit by Segment (U.S. dollars in thousands):

	Three Months Ended March 31,
		2025		2024
	(Unaudited)

Enterprise, Education and Technology	$	26,568	$	23,556
Media and Telecom		6,168		5,052

Total	$	32,736	$	28,608


Consolidated Statement of Cash Flows (U.S. dollars in thousands)

	Three Months Ended March 31,
		2025			2024
	(Unaudited)
Cash flows from operating activities:
Net loss	$	(1,119	)	$	(11,096	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,185			1,305
Stock-based compensation expenses		4,533			6,529
Amortization of deferred contract acquisition and fulfillment costs		2,864			2,888
Non-cash interest income, net		(60	)		(286	)
Gain on foreign exchange		(61	)		(325	)
Changes in operating assets and liabilities:
Decrease in trade receivables		1,769			5,475
Increase in prepaid expenses and other current assets and other assets, noncurrent		(1,293	)		(560	)
Increase in deferred contract acquisition and fulfillment costs		(1,104	)		(1,067	)
Increase in trade payables		5,216			4,447
Increase (decrease) in accrued expenses and other current liabilities		(1,973	)		1,654
Decrease in employees and payroll accruals		(2,566	)		(1,099	)
Increase (decrease) in other liabilities, noncurrent		1,044			(36	)
Decrease in deferred revenue		(9,254	)		(8,617	)
Operating lease right-of-use assets and lease liabilities, net		(228	)		(358	)

Net cash used in operating activities		(1,047	)		(1,146	)

Cash flows from investing activities:

Investment in available-for-sale marketable securities		(26,390	)		(15,424	)
Proceeds from maturities of available-for-sale marketable securities		28,933			12,000
Purchases of property and equipment		(297	)		(93	)

Net cash provided by (used in) investing activities		2,246			(3,517	)

Cash flows from financing activities:

Repayment of long-term loans		(875	)		(875	)
Proceeds from exercise of stock options		1,470			104
Cash settlement of equity classified share-based payment awards		(889	)		—
Repurchase of common stock		(2,318	)		—
Payments on account of repurchase of common stock		(12	)		—
Payment of debt issuance costs		—			(10	)

Net cash used in financing activities		(2,624	)		(781	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		61			325

Net decrease in cash, cash equivalents and restricted cash	$	(1,364	)	$	(5,119	)
Cash, cash equivalents and restricted cash at the beginning of the period		33,159			36,784
Cash, cash equivalents and restricted cash at the end of the period	$	31,795		$	31,665


Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands, except per share data; Unaudited)

	Three Months Ended March 31,
		2025			2024
Reconciliation of gross profit and gross margin
GAAP gross profit	$	32,736		$	28,608
Stock-based compensation expense		128			285
Amortization of acquired intangibles		97			105
Non-GAAP gross profit	$	32,961		$	28,998
GAAP gross margin		70	%		64	%
Non-GAAP gross margin		70	%		65	%
Reconciliation of operating expenses
GAAP research and development expenses	$	12,088		$	12,005
Stock-based compensation expense		849			1,172
Amortization of acquired intangibles		—			—
Non-GAAP research and development expenses	$	11,239		$	10,833
GAAP sales and marketing	$	11,923		$	11,812
Stock-based compensation expense		432			770
Amortization of acquired intangibles		14			13
Non-GAAP sales and marketing expenses	$	11,477		$	11,029
GAAP general and administrative expenses	$	10,302		$	12,082
Stock-based compensation expense		3,124			4,302
Amortization of acquired intangibles		—			—
War related costs⁽^b⁾		—			21
Non-GAAP general and administrative expenses	$	7,178		$	7,759
Reconciliation of operating income (loss) and operating margin
GAAP operating loss	$	(1,577	)	$	(7,291	)
Stock-based compensation expense		4,533			6,529
Amortization of acquired intangibles		111			118
War related costs⁽^b⁾		—			21
Non-GAAP operating income (loss)	$	3,067		$	(623	)
GAAP operating margin		(3	)%		(16	)%
Non-GAAP operating margin		7	%		(1	)%
Reconciliation of net loss
GAAP net loss attributable to common stockholders	$	(1,119	)	$	(11,096	)
Stock-based compensation expense		4,533			6,529
Amortization of acquired intangibles		111			118
War related costs⁽^b⁾		—			21
Non-GAAP net income (loss) attributable to common stockholders	$	3,525		$	(4,428	)

Non-GAAP net income (loss) per share – basic and diluted	$	0.02		$	(0.03	)

Reconciliation of weighted average number of shares outstanding:
Weighted-average number of shares used in calculating GAAP and Non-GAAP net income (loss) per share, basic		154,009,623			144,253,660
Effect of dilutive shares used in calculating Non-GAAP net income (loss) per share, diluted ^(c)		11,294,304			—
Weighted-average number of shares used in calculating Non-GAAP net income (loss) per share, diluted		165,303,927			144,253,660


Adjusted EBITDA (U.S. dollars in thousands)

	Three Months Ended March 31,
		2025			2024

Net loss	$	(1,119	)	$	(11,096	)
Financial expenses (income), net ^(a)		(1,803	)		1,497
Provision for income taxes		1,345			2,308
Depreciation and amortization		1,185			1,305
EBITDA		(392	)		(5,986	)
Non-cash stock-based compensation expense		4,533			6,529
War related costs^(b)		—			21
Adjusted EBITDA	$	4,141		$	564

(a)	The three months ended March 31, 2025 and 2024, include $609 and $704, respectively, of interest expenses and $896 and $818, respectively, of interest income.

(b)	The three months ended March 31, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donations to communities directly impacted by the war.

(c)	The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024 because the effect would have been anti-dilutive.


Reported KPIs

	March 31,
		2025		2024
	(U.S. dollars, amounts in thousands)
Annualized Recurring Revenue	$	174,842	$	162,713
Remaining Performance Obligations	$	184,860	$	165,224

	Three Months Ended March 31,
	2025		2024
Net Dollar Retention Rate	107	%	98	%

The MIL Network –

May 8, 2025

MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

First Quarter 2025 Highlights

Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield⁽²⁾ on an annual basis
Paid down $11 million of total debt
Increased liquidity to $120 million while improving leverage ratio⁽¹⁾ quarter-over-quarter to 1.37x
Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income⁽¹⁾ of $9 million, or $0.12 per diluted share
Generated operating cash flow of $46 million, Adjusted EBITDA⁽¹⁾ of $68 million and Free Cash Flow⁽¹⁾ of $17 million
Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

Other Updates

Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl⁽³⁾
Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
(2)	Based on BRY share price of $2.59 as of May 2, 2025.
(3)	Based on the midpoint of full year 2025 oil production guidance.

MANAGEMENT COMMENTS

Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

Selected Comparative Results

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in millions, except per share amounts)
Production (MBoe/d)		24.7			26.1			25.4
Oil, natural gas & NGL revenues⁽¹⁾	$	148		$	158		$	166
Net income (loss)	$	(97	)	$	(2	)	$	(40	)
Adjusted Net Income⁽²⁾	$	9		$	17		$	11
Adjusted EBITDA⁽²⁾	$	68		$	82		$	69
Earnings per diluted share	$	(1.25	)	$	(0.02	)	$	(0.53	)
Adjusted earnings per diluted share⁽²⁾	$	0.12		$	0.21		$	0.14
Cash Flow from Operations	$	46		$	41		$	1
Capital expenditures	$	28		$	17		$	17
Free cash flow⁽²⁾	$	17		$	24		$	10
__________
(1) Revenues do not include hedge settlements.
(2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.

CAPITAL STRUCTURE

As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio⁽¹⁾ of 1.37x.


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.

DEBT REDUCTION AND SHAREHOLDER RETURNS

During the quarter, the Company paid down approximately $11 million of total debt.

On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

Full Year 2025 Guidance		Low	High
Average Daily Production (boe/d)⁽¹⁾		$24,800	$26,000
Non-energy LOE ($/boe)⁽²⁾		$13.00	$15.00
Energy LOE (unhedged) ($/boe)⁽³⁾		$12.70	$14.50
Natural Gas Purchase Hedge Settlements ($/boe)⁽⁴⁾⁽⁵⁾		$1.00	$1.60
Taxes, Other Than Income Taxes ($/boe)		$5.50	$6.50
Adjusted G&A expenses – E&P Segment & Corp ($/boe)⁽⁶⁾⁽⁷⁾		$6.35	$6.75
Capital Expenditures ($ millions)^{(8) (9)}		$110	$120
_____________
(1)	Oil production is expected to be approximately 93% of total.
(2)	Non-energy LOE consists of lease operating costs not included in Energy LOE.
(3)	Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
(4)	Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
(5)	Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
(6)	Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
(7)	See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
(8)	Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
(9)	Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.

RISK MANAGEMENT

Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

CONFERENCE CALL DETAILS

Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

Call Date: Thursday, May 8, 2025
Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

To ask a question on the call, please dial in using the phone number and passcode below:

Toll-Free: (800) 715-9871
Passcode: 6035522

A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

ABOUT BERRY CORPORATION (BRY)

Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

CONTACT

Contact: Berry Corporation (bry)
Christopher Denison: Director – Investor Relations & Sustainability
(661) 616-3811
ir@bry.com

TABLES FOLLOWING

The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

SUMMARY OF RESULTS

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Consolidated Statement of Operations Data:
Revenues and other:
Oil, natural gas and natural gas liquids sales	$	147,862		$	157,957		$	166,318
Service revenue		23,664			23,554			31,683
Electricity sales		4,967			3,262			4,243
Gains (losses) on oil and gas sales derivatives		5,475			(5,730	)		(71,200	)
Marketing and other revenues		683			36			5,036
Total revenues and other		182,651			179,079			136,080

Expenses and other:
Lease operating expenses		57,282			55,763			61,276
Cost of services		20,825			20,907			27,304
Electricity generation expenses		1,209			1,523			1,093
Transportation expenses		939			1,122			1,059
Marketing expenses		292			—			4,390
Acquisition costs		—			—			2,617
General and administrative expenses		20,305			18,389			20,234
Depreciation, depletion and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Taxes, other than income taxes		9,240			8,498			15,689
(Gains) losses on natural gas purchase derivatives		(5,691	)		7,883			4,481
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement		—			7,066			—
Total expenses and other		303,104			168,493			180,841

Other (expenses) income:
Interest expense		(15,172	)		(10,859	)		(9,140	)
Other, net		272			136			(83	)
Total other expenses		(14,900	)		(10,723	)		(9,223	)
Loss before income taxes		(135,353	)		(137	)		(53,984	)
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)

Net loss per share:
Basic	$	(1.25	)	$	(0.02	)	$	(0.53	)
Diluted	$	(1.25	)	$	(0.02	)	$	(0.53	)

Weighted-average shares of common stock outstanding – basic		77,196			76,939			76,254
Weighted-average shares of common stock outstanding – diluted		77,196			76,939			76,254

Adjusted Net Income⁽¹⁾	$	9,370		$	16,531		$	10,910
Weighted-average shares of common stock outstanding – diluted		77,371			77,213			77,373
Diluted earnings per share on Adjusted Net Income⁽¹⁾	$	0.12		$	0.21		$	0.14


	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Adjusted EBITDA⁽¹⁾	$	68,450		$	81,780		$	68,534
Free Cash Flow⁽¹⁾	$	17,483		$	24,144		$	10,337
Adjusted General and Administrative Expenses⁽¹⁾	$	18,300		$	16,325		$	18,943
Effective Tax Rate		29	%	N/A				26	%

Cash Flow Data:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Net cash used in investing activities	$	(19,770	)	$	(19,907	)	$	(18,661	)
Net cash used in financing activities	$	(16,876	)	$	(889	)	$	(9,990	)

__________
(1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”

	March 31, 2025		December 31, 2024
	(unaudited) ($ and shares in thousands)
Balance Sheet Data:
Total current assets	$	161,114	$	149,643
Total property, plant and equipment, net	$	1,153,711	$	1,320,380
Total current liabilities	$	183,429	$	187,880
Long-term debt	$	374,478	$	384,633
Total stockholders’ equity	$	631,468	$	730,636
Outstanding common stock shares as of		77,596		76,939

The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

	Three Months Ended March 31, 2025
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	153,512		$	29,747		$	(6,083	)	$	177,176
Net (loss) before income taxes	$	(101,417	)	$	(1,711	)	$	(32,225	)	$	(135,353	)
Capital expenditures	$	27,618		$	56		$	715		$	28,389
Total assets	$	1,385,674		$	52,392		$	(33,728	)	$	1,404,338

	Three Months Ended December 31, 2024
	E&P		Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	161,254	$	29,468		$	(5,913	)	$	184,809
Net income (loss) before income taxes	$	38,101	$	(3,157	)	$	(35,081	)	$	(137	)
Capital expenditures	$	15,386	$	1,057		$	774		$	17,217
Total assets	$	1,535,292	$	57,752		$	(75,358	)	$	1,517,686

	Three Months Ended March 31, 2024
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	175,597		$	35,468		$	(3,785	)	$	207,280
Net (loss) income before income taxes	$	(24,836	)	$	(1,241	)	$	(27,907	)	$	(53,984	)
Capital expenditures	$	15,417		$	1,332		$	187		$	16,936
Total assets	$	1,625,178		$	65,948		$	(115,610	)	$	1,575,516
__________
(1) These revenues do not include hedge settlements.

COMMODITY PRICING

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Weighted Average Realized Prices
Oil without hedge ($/bbl)	$	69.48	$	69.08	$	75.31
Effects of scheduled derivative settlements ($/bbl)		0.08		1.64		(2.17	)
Oil with hedge ($/bbl)	$	69.56	$	70.72	$	73.14
Natural gas ($/mcf)	$	3.95	$	3.47	$	3.76
NGLs ($/bbl)	$	30.56	$	29.67	$	29.60

Purchased Natural Gas
Purchase price, before the effects of derivative settlements ($/mmbtu)	$	4.35	$	3.76	$	4.11
Effects of derivative settlements ($/mmbtu)		0.35		0.62		0.92
Purchase price, after the effects of derivative settlements ($/mmbtu)	$	4.70	$	4.38	$	5.03

Index Prices
Brent oil ($/bbl)	$	74.98	$	74.01	$	81.76
WTI oil ($/bbl)	$	71.51	$	70.33	$	77.02
Natural gas ($/mmbtu) – SoCal Gas city-gate⁽¹⁾	$	4.50	$	3.57	$	4.21
Natural gas ($/mmbtu) – Northwest, Rocky Mountains⁽²⁾	$	3.88	$	3.09	$	3.41
Henry Hub natural gas ($/mmbtu)⁽²⁾	$	4.14	$	2.44	$	2.15
__________
(1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
(2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.

Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

CURRENT HEDGING SUMMARY

As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027		FY 2028
Brent – Crude Oil production
Swaps
Hedged volume (bbls)		1,637,198		1,613,083		1,518,000		5,247,518		3,483,500		1,505,500
Hedged volume (mbbls) per day		18.0		17.5		16.5		14.4		9.5		4.1
Weighted-average price ($/bbl)	$	74.35	$	74.48	$	75.28	$	69.74	$	69.72	$	68.05
Collars
Hedged volume (bbls)		—		—		—		180,000		182,000		—
Hedged volume (mbbls) per day		—		—		—		0.5		0.5		—
Weighted-average ceiling ($/bbl)	$	—	$	—	$	—	$	81.36	$	80.00	$	—
Weighted-average floor ($/bbl)	$	—	$	—	$	—	$	60.00	$	65.00	$	—
NWPL – Natural Gas purchases⁽¹⁾
Swaps
Hedged volume (mmbtu)		3,640,000		3,680,000		3,680,000		12,160,000		—		—
Hedged volume (mmbtu) per day		40.0		40.0		40.0		33.3		—		—
Weighted-average price ($/mmbtu)	$	4.29	$	4.29	$	4.15	$	3.93	$	—	$	—
__________
(1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.

GAINS (LOSSES) ON DERIVATIVES

A summary of gains and losses on the derivatives included on the statements of operations is presented below:

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Realized (losses) gains on commodity derivatives:
Realized gains (losses) on oil sales derivatives	$	164		$	7,173		$	(4,682	)
Realized (losses) on natural gas purchase derivatives		(1,476	)		(3,184	)		(4,412	)
Total realized (losses) gains on derivatives	$	(1,312	)	$	3,989		$	(9,094	)

Unrealized gains (losses) on commodity derivatives:
Unrealized gains (losses) on oil sales derivatives	$	5,311		$	(12,903	)	$	(66,518	)
Unrealized gains (losses) on natural gas purchase derivatives		7,167			(4,699	)		(69	)
Total unrealized gains (losses) on derivatives	$	12,478		$	(17,602	)	$	(66,587	)
Total gains (losses) on derivatives	$	11,166		$	(13,613	)	$	(75,681	)

PRODUCTION STATISTICS

	Three Months Ended
	March 31, 2025	December 31, 2024	March 31, 2024
Net Oil, Natural Gas and NGLs Production Per Day⁽¹⁾:
Oil (mbbl/d)
California	20.4	21.8	21.3
Utah	2.6	2.5	2.5
Total oil	23.0	24.3	23.8
Natural gas (mmcf/d)
Utah	7.9	8.4	7.9
Total natural gas	7.9	8.4	7.9
NGLs (mbbl/d)
Utah	0.4	0.4	0.3
Total NGLs	0.4	0.4	0.3
Total Production (mboe/d)⁽²⁾	24.7	26.1	25.4
__________
(1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
(2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.

CAPITAL EXPENDITURES

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
			(unaudited) (in thousands)
Capital expenditures ⁽¹⁾⁽²⁾	$	28,389	$	17,217	$	16,936
__________
(1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
(2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

ADJUSTED EBITDA

The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Adjusted EBITDA reconciliation:
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)
Add (Subtract):
Interest expense		15,172			10,859			9,140
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Depreciation, depletion, and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Stock compensation expense		2,406			2,315			385
(Gains) losses on derivatives		(11,166	)		13,613			75,681
Net cash (paid) received for scheduled derivative settlements		(1,312	)		722			(9,094	)
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement⁽³⁾		—			7,066			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534

Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Add (Subtract):
Cash interest payments		13,459			14,129			15,256
Cash income tax payments		66			651			—
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Changes in operating assets and liabilities – working capital⁽⁴⁾		9,265			13,535			22,543
Other operating (income) expense – cash portion⁽⁵⁾		(212	)		7,664			(246	)
Losses on debt retirement – cash portion⁽⁶⁾		—			4,440			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534
__________
(1) Includes legal and other professional expenses related to various transactions activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) Changes in other assets and liabilities consists of working capital and various immaterial items.
(5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
(6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.

FREE CASH FLOW

The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Free Cash Flow reconciliation:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Capital expenditures		(28,389	)		(17,217	)		(16,936	)
Free Cash Flow	$	17,483		$	24,144		$	10,337

LEVERAGE RATIO

The following table presents our leverage ratio.

	Three Months Ended
	March 31, 2025			December 31, 2024
	(unaudited) (in thousands)
Net debt reconciliation:
2024 Term loan borrowings	$	438,750		$	450,000
2024 Revolver borrowings		—			—
Subtract:
Unrestricted cash		(39,002	)		(15,336	)
Net Debt	$	399,748		$	434,664

Trailing twelve month Adjusted EBITDA	$	291,680		$	291,764

Leverage Ratio	1.37x			1.49x

ADJUSTED NET INCOME (LOSS)

The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	(in thousands)			per share – diluted			(in thousands)			per share – diluted			(in thousands)			per share – diluted
	(unaudited)
Adjusted Net Income reconciliation:
Net loss	$	(96,680	)	$	(1.25	)	$	(1,759	)	$	(0.02	)	$	(40,084	)	$	(0.52	)
Add (Subtract):
(Gains) losses on derivatives		(11,166	)		(0.14	)		13,613			0.18			75,681			0.98
Net cash (paid) received for scheduled derivative settlements		(1,312	)		(0.02	)		722			0.01			(9,094	)		(0.12	)
Other operating expenses (income)		401			—			3,763			0.04			(133	)		—
Impairment of oil and gas properties		157,910			2.04			—			—			—			—
Acquisition costs⁽¹⁾		—			—			—			—			2,617			0.03
Non-recurring costs⁽²⁾		—			—			—			—			1,091			0.02
Losses on debt retirement⁽³⁾		—			—			7,066			0.09			—			—
Total additions, net		145,833			1.88			25,164			0.32			70,162			0.91
Income tax expense of adjustments⁽⁴⁾		(39,783	)		(0.51	)		(6,874	)		(0.09	)		(19,168	)		(0.25	)
Adjusted Net Income	$	9,370		$	0.12		$	16,531		$	0.21		$	10,910		$	0.14

Basic EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14
Diluted EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14

Weighted average shares of common stock outstanding – basic		77,196						76,939						76,254
Weighted average shares of common stock outstanding – diluted		77,371						77,213						77,373
__________
(1) Includes legal and other professional expenses related to various transaction activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) The federal and state statutory rates were utilized for all periods presented.

As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ in thousands)
Adjusted General and Administrative Expense reconciliation:
General and administrative expenses	$	20,305		$	18,389		$	20,234
Subtract:
Non-cash stock compensation expense (G&A portion)		(2,005	)		(2,064	)		(200	)
Non-recurring costs⁽¹⁾		—			—			(1,091	)
Adjusted General and Administrative Expenses	$	18,300		$	16,325		$	18,943

Well servicing and abandonment services segment	$	2,300		$	2,015		$	2,929

E&P segment, and corporate	$	16,000		$	14,310		$	16,014
E&P segment, and corporate ($/boe)	$	7.19		$	5.96		$	6.93

Total mboe		2,225			2,400			2,310
__________
(1) Non-recurring costs included cost savings initiatives.

E&P OPERATING COSTS

Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) ($ in thousands)
Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Non-energy LOE		30,959		28,166		31,186
Lease operating expenses⁽¹⁾		57,282		55,763		61,276
Gas purchase hedges – realized		1,476		3,184		4,412
Lease operating expenses – hedged	$	58,758	$	58,947	$	65,688

Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Gas purchase hedges – realized		1,476		3,184		4,412
Energy LOE – hedged	$	27,799	$	30,781	$	34,502

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) (per boe)
Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Non-energy LOE		13.91		11.74		13.50
Lease operating expenses⁽¹⁾		25.74		23.24		26.53
Gas purchase hedges – realized		0.66		1.33		1.91
Lease operating expenses – hedged	$	26.40	$	24.57	$	28.44

Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Gas purchase hedges – realized		0.66		1.33		1.91
Energy LOE – hedged	$	12.49	$	12.83	$	14.94
__________
(1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.

Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

The MIL Network –

May 8, 2025

MIL-OSI: Dave Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Q1 Revenue Hits $108.0 Million, Representing Accelerating Growth of 47% Y/Y

Q1 Net Income Reaches $28.8 Million; Adj. EBITDA Increases 235% Y/Y to $44.2 Million

Raises 2025 Revenue and Adj. EBITDA Guidance to $460-$475 Million and $155-$165 Million, respectively

LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the first quarter ended March 31, 2025.

“We knocked the cover off the ball in Q1,” said Jason Wilk, Founder and CEO of Dave. “Revenue grew at the fastest year-over-year pace since 2021 when our business was a fraction of its current size. Given the operating leverage of our business model, Adjusted EBITDA increased 235% year-over-year and 32% sequentially to $44.2 million. This acceleration was driven by solid execution across the business and amplified by the early success of our new fee structure, which has enhanced monetization and conversion rates while maintaining strong member retention.

“Despite the typical seasonal patterns that temper ExtraCash demand in Q1, we originated over $1.5 billion, up 46% from Q1 2024 and 3% from Q4. Meanwhile, our credit metrics continue to hit record levels with our 28-day delinquency rate dropping by 33 basis points year-over-year, driven by ongoing optimization of CashAI. These improvements contributed to another record quarter of non-GAAP variable margin, which reached 77%, nearly doubling over the past three years.

“Building on the success of CashAI and our increased confidence in our new fee model, in combination with our positive growth outlook, we are raising full year Revenue and Adjusted EBITDA guidance.”

Quarterly Financial Highlights ($ in millions, unaudited)

	1Q24	2Q24	3Q24	4Q24	1Q25
GAAP Operating Revenues, Net % Change vs. prior year period	$73.6 25%	$80.1 31%	$92.5 41%	$100.9 38%	$108.0 47%
Non-GAAP Variable Profit* % Change vs. prior year period	$49.9 47%	$51.8 57%	$64.2 72%	$72.6 58%	$83.4 67%
Non-GAAP Variable Profit Margin*	68%	65%	69%	72%	77%
GAAP Net Income	$34.2	$6.4	$0.5	$16.8	$28.8
Adjusted Net Income*	$8.1	$13.7	$21.1	$29.6	$36.3
Adjusted EBITDA*	$13.2	$15.2	$24.7	$33.4	$44.2

*Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

First Quarter 2025 Operating Highlights (vs. First Quarter 2024)

New Members increased to 569,000 while customer acquisition costs increased $2, remaining highly efficient at $18
Monthly Transacting Members (“MTMs”) increased 13% to 2.5 million
ExtraCash originations increased 46% to $1.5 billion, while the average 28-Day delinquency rate improved 33 basis points to 1.50%
Dave Debit Card spend increased 24% to $488 million
For a full review of the Company’s key performance indicators, please refer to the Company’s First Quarter Earnings Presentation which can be found on the Investor Relations page of Dave’s website

Liquidity Summary

As of March 31, 2025, the Company had $89.7 million in cash and cash equivalents, marketable securities, investments, and restricted cash, down from $91.9 million as of December 31, 2024. The $2.2 million decrease reflects an $18.8 million increase in the net ExtraCash Receivables balance and over $20 million in cash used for restricted stock unit net settlements and share repurchases, offset by positive free cash flow generated during the quarter.

2025 Financial Guidance ($ in millions)

	Prior FY 2025	New FY 2025
GAAP Operating Revenues, Net Year-Over-Year Growth	$415 – $435 20% – 25%	$460 – $475 33% – 37%
Adjusted EBITDA* Year-Over-Year Growth	$110 – $120 27% – 39%	$155 – $165 79% – 91%

*Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

Dave’s CFO, Kyle Beilman, commented: “Our Q1 results demonstrate the continued financial strength and operating efficiency of our business model. We delivered meaningful growth during what is typically our lowest demand period, driven by continued growth in originations per member as a result of the improvements in unit economics and member lifetime value under our new fee model.

“Given our free cash flow generation, liquidity position and confidence in our outlook, our Board authorized a $50 million share repurchase program during the quarter, which we began executing in late Q1. In total, we deployed over $20 million during the quarter through share repurchases and RSU net settlements to reduce our share count. We will continue to evaluate these capital allocation tools as levers to enhance shareholder value, particularly as we believe our current valuation understates the strength of our fundamentals.”

Conference Call
Dave management will host a conference call on Thursday, May 8^th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the first quarter ended March 31, 2025, followed by a question-and-answer period. The conference call details are as follows:

Date: Thursday, May 8^th, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (866) 652-5200
International dial-in number: (412) 317-6060
Webcast: link

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, share repurchases, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current customers, acquire new customers (collectively, “Members”) and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other macroeconomic factors, including regulatory uncertainty, fluctuating interest rates, inflation, unemployment rates, consumer sentiment, market volatility and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Non-GAAP Financial Information

This press release contains references to Adjusted EBITDA, which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA as GAAP net income attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income as GAAP net income adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the section further below for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure for the three months ended March 31, 2025, and 2024.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
DAVE@elevate-ir.com

Media Contact

Dan Ury
press@dave.com

DAVE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

	For the Three Months Ended March 31,
		2025			2024

Operating revenues:
Service based revenue, net	$	97.9		$	65.6
Transaction based revenue, net		10.1			8.0
Total operating revenues, net		108.0			73.6
Operating expenses:
Provision for credit losses		10.6			9.9
Processing and servicing costs		7.1			7.7
Advertising and marketing		10.3			9.1
Compensation and benefits		27.5			24.6
Other operating expenses		17.3			16.9
Total operating expenses		72.8			68.2
Other (income) expenses:
Interest expense, net		1.3			0.7
Gain on extinguishment of convertible debt		—			(33.4	)
Changes in fair value of earnout liabilities		(0.4	)		0.2
Changes in fair value of public and private warrant liabilities		0.4			0.5
Total other expense (income), net		1.3			(32.0	)
Net income before provision for income taxes		33.9			37.4
Provision for income taxes		5.1			3.2
Net income	$	28.8		$	34.2

Net income per share:
Basic	$	2.19		$	2.80
Diluted	$	1.97		$	2.60


RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
(in millions)
(unaudited)


	For the Three Months Ended March 31,
		2025			2024

Operating expenses	$	72.8		$	68.2
Non-variable operating expenses		(48.2	)		(44.5	)
Non-GAAP variable operating expenses	$	24.6		$	23.7


CALCULATION OF NON-GAAP VARIABLE PROFIT
(in millions)
(unaudited)


	For the Three Months Ended March 31,
		2025			2024

GAAP operating revenues, net	$	108.0		$	73.6
Non-GAAP variable operating expenses		(24.6	)		(23.7	)
Non-GAAP variable profit	$	83.4		$	49.9
Non-GAAP variable profit margin		77	%		68	%


DAVE INC.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(in millions)
(unaudited)


	For the Three Months Ended March 31,
		2025			2024

Net income	$	28.8		$	34.2
Interest expense, net		1.3			0.7
Provision for income taxes		5.1			3.2
Depreciation and amortization		1.5			1.7
Stock-based compensation		7.5			6.1
Gain on extinguishment of convertible debt		—			(33.4	)
Changes in fair value of earnout liabilities		(0.4	)		0.2
Changes in fair value of public and private warrant liabilities		0.4			0.5
Adjusted EBITDA	$	44.2		$	13.2


DAVE INC.
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
(in millions, except per share data)
(unaudited)


	For the Three Months Ended March 31,
		2025			2024

Net income	$	28.8		$	34.2
Stock-based compensation		7.5			6.1
Gain on extinguishment of convertible debt		—			(33.4	)
Changes in fair value of earnout liabilities		(0.4	)		0.2
Changes in fair value of public and private warrant liabilities		0.4			0.5
Income tax expense related to gain on extinguishment of convertible debt		—			0.5
Adjusted net income	$	36.3		$	8.1

Adjusted net income per share:
Basic	$	2.76		$	0.66
Diluted	$	2.48		$	0.62


DAVE INC.
LIQUIDITY AND CAPITAL RESOURCES
(in millions)
(unaudited)

	March 31,			December 31,
		2025			2024

Cash, cash equivalents and restricted cash	$	48.7		$	51.4
Marketable securities		0.1			0.1
Investments		41.0			40.5
Working capital		264.0			247.2
Total stockholders’ equity		199.5			183.1

The MIL Network –

May 8, 2025

MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

Source: GlobeNewswire (MIL-OSI)

Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
Currently, tariffs have not had a significant direct impact on Himax’s business
Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

“The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

“Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

First Quarter 2025 Financial Results

Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

Balance Sheet and Cash Flow

Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

Outstanding Share

As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million.

Q2 2025 Outlook

On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.

Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

Display Driver IC Businesses

LDDIC

In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

SMDDIC

Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

Non-Driver Product Categories

Q2 non-driver IC revenues are expected to increase low teens sequentially.

Timing Controller (Tcon)

Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

WiseEye™ Ultralow Power AI Sensing

On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

Wafer Level Optics (WLO)

In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

LCoS

On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

Second Quarter 2025 Guidance
Net Revenue:	Decline 5.0% to Increase 3.0% QoQ
Gross Margin:	Around 31.0%, depending on final product mix
Profit:	8.5 cents to 11.5 cents per diluted ADS

HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL
DATE:	Thursday, May 8, 2025
TIME:	U.S. 8:00 a.m. EDT
	Taiwan 8:00 p.m.

Live Webcast (Video and Audio):	http://www.zucast.com/webcast/tUOBrqcV
Toll Free Dial-in Number (Audio Only):	Hong Kong 2112-1444
	Taiwan 0080-119-6666
	Australia 1-800-015-763
	Canada 1-877-252-8508
	China (1) 4008-423-888
	China (2) 4006-786-286
	Singapore 800-492-2072
	UK 0800-068-8186
	United States (1) 1-800-811-0860
	United States (2) 1-866-212-5567
Dial-in Number (Audio Only):
	Taiwan Domestic Access 02-3396-1191
	International Access +886-2-3396-1191
Participant PIN Code: 3300508 #

If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

About Himax Technologies, Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

http://www.himax.com.tw

Forward Looking Statements
Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Company Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

-Financial Tables-

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Profit or Loss
(These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
(Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)

	Three Months Ended March 31,						3 Months Ended December 31,
	2025			2024			2024

Revenues
Revenues from third parties, net	$	215,095		$	207,544		$	237,182
Revenues from related parties, net		38			6			41
		215,133			207,550			237,223

Costs and expenses:
Cost of revenues		149,581			146,805			164,963
Research and development		34,987			39,664			37,584
General and administrative		5,557			5,890			5,711
Sales and marketing		5,202			5,162			5,886
Total costs and expenses		195,327			197,521			214,144

Operating income		19,806			10,029			23,079

Non operating income (loss):
Interest income		2,312			2,524			2,042
Changes in fair value of financial assets at fair value through profit or loss		(17	)		(7	)		1,245
Foreign currency exchange gains, net		345			941			690
Finance costs		(903	)		(1,018	)		(964	)
Share of losses of associates		(742	)		(221	)		(360	)
Other gains		3,205			–			–
Other income		17			29			60
		4,217			2,248			2,713
Profit before income taxes		24,023			12,277			25,792
Income tax expense		3,841			–			761
Profit for the period		20,182			12,277			25,031
Loss (profit) attributable to noncontrolling interests		(195	)		221			(423	)
Profit attributable to Himax Technologies, Inc. stockholders	$	19,987		$	12,498		$	24,608

Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.072		$	0.141
Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.114		$	0.071		$	0.140

Basic Weighted Average Outstanding ADS		174,913			174,724			175,008
Diluted Weighted Average Outstanding ADS		175,072			175,026			175,146

Himax Technologies, Inc.
IFRS Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in Thousands of U.S. Dollars)

	March 31, 2025			March 31, 2024			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	275,445		$	261,702		$	218,148
Financial assets at amortized cost		2,286			14,334			4,286
Financial assets at fair value through profit or loss		3,253			1,380			2,140
Accounts receivable, net (including related parties)		217,549			212,326			236,813
Inventories		129,867			201,872			158,746
Income taxes receivable		717			1,003			726
Restricted deposit		503,700			453,000			503,700
Other receivable from related parties		11			136			13
Other current assets		37,760			60,051			43,471
Total current assets		1,170,588			1,205,804			1,168,043
Financial assets at fair value through profit or loss		23,524			21,635			23,554
Financial assets at fair value through other comprehensive income		29,985			1,889			28,226
Equity method investments		8,061			3,173			8,571
Property, plant and equipment, net		120,538			128,938			121,280
Deferred tax assets		20,872			10,440			21,193
Goodwill		28,138			28,138			28,138
Other intangible assets, net		619			851			636
Restricted deposit		30			31			31
Refundable deposits		215,271			221,886			221,824
Other non-current assets		17,854			20,728			18,025
		464,892			437,709			471,478
Total assets	$	1,635,480		$	1,643,513		$	1,639,521
Liabilities and Equity
Current liabilities:
Short-term unsecured borrowings	$	602		$	–		$	–
Current portion of long-term unsecured borrowings		6,000			6,000			6,000
Short-term secured borrowings		503,700			453,000			503,700
Accounts payable (including related parties)		105,610			117,234			113,203
Income taxes payable		12,785			11,071			9,514
Other payable to related parties		–			92			–
Contract liabilities-current		5,176			14,739			10,622
Other current liabilities		50,443			116,558			63,595
Total current liabilities		684,316			718,694			706,634
Long-term unsecured borrowings		27,000			33,000			28,500
Deferred tax liabilities		557			499			564
Other non-current liabilities		7,489			14,823			7,496
		35,046			48,322			36,560
Total liabilities		719,362			767,016			743,194
Equity
Ordinary shares		107,010			107,010			107,010
Additional paid-in capital		115,722			114,982			115,376
Treasury shares		(5,546	)		(5,157	)		(5,546	)
Accumulated other comprehensive income		7,874			(94	)		8,621
Retained earnings		684,587			653,007			664,600
Equity attributable to owners of Himax Technologies, Inc.		909,647			869,748			890,061
Noncontrolling interests		6,471			6,749			6,266
Total equity		916,118			876,497			896,327
Total liabilities and equity	$	1,635,480		$	1,643,513		$	1,639,521

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
	Three Months Ended March 31,						Three Months Ended December 31,
	2025			2024			2024

Cash flows from operating activities:
Profit for the period	$	20,182		$	12,277		$	25,031
Adjustments for:
Depreciation and amortization		5,156			5,471			5,564
Share-based compensation expenses		100			358			103
Losses (gains) on disposals of property, plant and equipment, net		(3,205	)		–			4
Changes in fair value of financial assets at fair value through profit or loss		17			7			(1,245	)
Interest income		(2,312	)		(2,524	)		(2,042	)
Finance costs		903			1,018			964
Income tax expense		3,841			–			761
Share of losses of associates		742			221			360
Inventories write downs		4,444			4,353			4,037
Unrealized foreign currency exchange losses (gains)		441			(868	)		(159	)
		30,309			20,313			33,378
Changes in:
Accounts receivable (including related parties)		13,083			15,704			(27,302	)
Inventories		24,435			11,083			29,675
Other receivable from related parties		2			(67	)		9
Other current assets		(978	)		2,298			2,502
Accounts payable (including related parties)		(7,250	)		13,202			(7,706	)
Other payable to related parties		–			(20	)		1
Contract liabilities		735			1,192			6
Other current liabilities		(3,763	)		(7,780	)		2,508
Other non-current liabilities		71			514			71
Cash generated from operating activities		56,644			56,439			33,142
Interest received		438			854			3,513
Interest paid		(835	)		(936	)		(1,047	)
Income tax paid		(200	)		391			(191	)
Net cash provided by operating activities		56,047			56,748			35,417

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(5,221	)		(2,699	)		(3,222	)
Acquisitions of intangible assets		(52	)		(118	)		–
Acquisitions of financial assets at amortized cost		–			(2,439	)		(2,286	)
Proceeds from disposal of financial assets at amortized cost		2,000			500			10,289
Acquisitions of financial assets at fair value through profit or loss		(6,160	)		(7,488	)		(6,807	)
Proceeds from disposal of financial assets at fair value through profit or loss		5,017			8,163			3,722
Acquisitions of financial assets at fair value through other comprehensive income		(2,500	)		–			–
Acquisition of a subsidiary, net of cash paid		–			–			(5,416	)
Proceeds from capital reduction of investment		–			–			338
Acquisitions of equity method investment		–			–			(1,236	)
Decrease (increase) in refundable deposits		10,283			22,217			(8	)
Net cash provided by (used in) investing activities		3,367			18,136			(4,626	)

Cash flows from financing activities:
Purchase of treasury shares		–			–			(832	)
Prepayments for purchase of treasury shares		–			–			(2,168	)
Proceeds from issuance of new shares by subsidiaries		–			71			–
Proceeds from short-term unsecured borrowings		612			–			–
Repayments of long-term unsecured borrowings		(1,500	)		(1,500	)		(1,500	)
Proceeds from short-term secured borrowings		484,300			447,100			461,400
Repayments of short-term secured borrowings		(484,300	)		(447,100	)		(461,400	)
Payment of lease liabilities		(1,448	)		(1,148	)		(1,340	)
Guarantee deposits received (refunded)		–			(1,868	)		219
Net cash used in financing activities		(2,336	)		(4,445	)		(5,621	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		219			(486	)		(1,161	)
Net increase in cash and cash equivalents		57,297			69,953			24,009
Cash and cash equivalents at beginning of period		218,148			191,749			194,139
Cash and cash equivalents at end of period	$	275,445		$	261,702		$	218,148

The MIL Network –

May 8, 2025

MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

Source: GlobeNewswire (MIL-OSI)

$850 million of Shares Repurchased to Date in 2025

Deployable Capital Increases to a Record $165 billion

BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

Operating Results

Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

^Unaudited ^{For the periods ended March 31} ^{(US$ millions, except per share amounts)}	Three Months Ended				Last Twelve Months Ended
		*2025*		2024		*2025*		2024
Net income of consolidated business¹	$	215	$	519	$	1,549	$	5,200
Net income attributable to Brookfield shareholders²	$	73		102	$	612		1,112

Distributable earnings before realizations³		1,301		1,001		5,171		4,279
– Per Brookfield share³		0.82		0.63		3.26		2.70

Distributable earnings³		1,549		1,216		6,607		4,865
– Per Brookfield share³		0.98		0.77		4.17		3.07

^{See endnotes on page 8.}

Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

Regular Dividend Declaration

The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

Operating Highlights

Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

Asset Management:

DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

Wealth Solutions:

DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
The business maintains a strong financial position, with statutory capital growing to over $16 billion.
We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

Operating Businesses:

DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

We ended the quarter with a record $165 billion of capital available to deploy into new investments.

We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

CONSOLIDATED BALANCE SHEETS

^Unaudited ^{(US$ millions)}				*March 31*			December 31
				*2025*				2024
Assets
Cash and cash equivalents			$	12,437			$	15,051
Other financial assets				29,996				25,887
Accounts receivable and other				44,070				40,509
Inventory				8,706				8,458
Equity accounted investments				69,405				68,310
Investment properties				95,960				103,665
Property, plant and equipment				152,908				153,019
Intangible assets				37,219				36,072
Goodwill				37,024				35,730
Deferred income tax assets				3,852				3,723
Total Assets			$	491,577			$	490,424

Liabilities and Equity
Corporate borrowings			$	14,607			$	14,232
Accounts payable and other				58,795				60,223
Non-recourse borrowings				231,257				220,560
Subsidiary equity obligations				3,354				4,759
Deferred income tax liabilities				24,634				25,267

Equity
Non-controlling interests in net assets	$	113,667			$	119,406
Preferred equity		4,103				4,103
Common equity		41,160		158,930		41,874		165,383
Total Equity				158,930				165,383
Total Liabilities and Equity			$	491,577			$	490,424

CONSOLIDATED STATEMENTS OF OPERATIONS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions, except per share amounts)}	Three Months Ended
		2025			2024
Revenues	$	17,944		$	22,907
Direct costs¹		(10,995	)		(16,571	)
Other income and gains		588			240
Equity accounted income		519			686
Interest expense
– Corporate borrowings		(179	)		(173	)
– Non-recourse borrowings
Same-store		(3,916	)		(3,955	)
Dispositions, net of acquisitions²		188			—
Upfinancings²		(254	)		—
Corporate costs		(18	)		(17	)
Fair value changes		(824	)		158
Depreciation and amortization		(2,455	)		(2,475	)
Income tax		(383	)		(281	)
Net income		215			519
Net income attributable to non-controlling interests		(142	)		(417	)
Net income attributable to Brookfield shareholders	$	73		$	102

Net income per share
Diluted	$	0.02		$	0.04
Basic		0.02			0.04

^{1. Direct costs disclosed above exclude depreciation and amortization expense.}
^{2. Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.}

SUMMARIZED FINANCIAL RESULTS

DISTRIBUTABLE EARNINGS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Asset management	$	684		$	621		$	2,708		$	2,508

Wealth solutions		430			273			1,507			868

BEP		113			107			434			419
BIP		89			84			341			323
BBU		6			9			32			36
BPG		215			166			904			759
Other		3			(29	)		4			(37	)
Operating businesses		426			337			1,715			1,500

Corporate costs and other		(239	)		(230	)		(759	)		(597	)
Distributable earnings before realizations¹		1,301			1,001			5,171			4,279
Realized carried interest, net		189			183			409			547
Disposition gains from principal investments		59			32			1,027			39
Distributable earnings¹	$	1,549		$	1,216		$	6,607		$	4,865

^{1. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.}

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

^Unaudited ^{For the periods ended March 31} ^{(US$ millions)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Net income	$	215		$	519		$	1,549		$	5,200
Financial statement components not included in DE:
Equity accounted fair value changes and other items		952			629			3,002			2,727
Fair value changes and other		869			(9	)		3,530			1,981
Depreciation and amortization		2,455			2,475			9,717			9,362
Disposition gains in net income		(402	)		(35	)		(1,601	)		(6,071	)
Deferred income taxes		(159	)		(44	)		(456	)		(849	)
Non-controlling interests in the above items¹		(2,639	)		(2,525	)		(10,684	)		(8,192	)
Less: realized carried interest, net		(189	)		(183	)		(409	)		(547	)
Working capital, net		199			174			523			668
Distributable earnings before realizations²		1,301			1,001			5,171			4,279
Realized carried interest, net³		189			183			409			547
Disposition gains from principal investments		59			32			1,027			39
Distributable earnings²	$	1,549		$	1,216		$	6,607		$	4,865

^{1. DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.}
^{2. Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.}
^{3. Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.}

EARNINGS PER SHARE

^Unaudited ^{For the periods ended March 31} ^{(millions, except per share amounts)}	Three Months Ended						Last Twelve Months Ended
		2025			2024			2025			2024
Net income	$	215		$	519		$	1,549		$	5,200
Non-controlling interests		(142	)		(417	)		(937	)		(4,088	)
Net income attributable to shareholders		73			102			612			1,112
Preferred share dividends¹		(40	)		(42	)		(166	)		(167	)
Net income available to common shareholders		33			60			446			945
Dilutive impact of exchangeable shares of affiliate		—			—			12			7
Net income available to common shareholders including dilutive impact of exchangeable shares	$	33		$	60		$	458		$	952

Weighted average shares		1,504.0			1,518.8			1,507.5			1,545.4
Dilutive effect of conversion of options and escrowed shares using treasury stock method² and exchangeable shares of affiliate³		39.5			24.8			76.3			39.5
Shares and share equivalents		1,543.5			1,543.6			1,583.8			1,584.9

Diluted earnings per share	$	0.02		$	0.04		$	0.29		$	0.60

^{1.   Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.}
^{2.   Includes management share option plan and escrowed stock plan.}
^{3.   Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.}

Additional Information

The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd.

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please visit our website at www.bn.brookfield.com or contact:

Media:
Kerrie McHugh
Tel: (212) 618-3469
Email: kerrie.mchugh@brookfield.com

Investor Relations:
Katie Battaglia
Tel: (416) 359-8544
Email: katie.battaglia@brookfield.com

Non-IFRS and Performance Measures

This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

Realized carried interest and realized disposition gains are further described below:

Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

End Notes

^{1. Consolidated basis – includes amounts attributable to non-controlling interests.}
^{2. Excludes amounts attributable to non-controlling interests.}
^{3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.}

Notice to Readers

Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

The MIL Network –

May 8, 2025

MIL-OSI: AMG and Qualitas Energy Announce Partnership
Source: GlobeNewswire (MIL-OSI)
- AMG to invest in Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition with more than €3.5 billion in AUM
- Qualitas Energy has a distinctive competitive position given its opportunistic value-add approach, vertically integrated industrial platform, and strategically tailored, market-specific solutions
- Partnership will expand AMG’s participation in private markets and alternatives more broadly
WEST PALM BEACH, FL, and MADRID, May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Qualitas Energy, a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition, and sustainable infrastructure.

Under the terms of the agreement, Qualitas Energy’s management team will retain majority ownership and continue to lead the organization’s day-to-day operations, maintaining investment, strategic, and operational independence. As part of the transaction, Qualitas Energy’s Executive Chairman Iñigo Olaguíbel and Chief Executive Officer Oscar Pérez, along with other members of the senior management team, will enter into additional long-term commitments with Qualitas Energy, reinforcing their alignment with the business and its investors.

Qualitas Energy has a long-term track record of excellent investment performance. Founded in 2006, the firm invests globally with a focus on Europe, where the heightened importance of energy security is driving demand for investments into renewable energy sources. Led by Mr. Olaguíbel and Mr. Pérez, the firm has raised approximately €5 billion in capital across six funds and co-investment opportunities, which has been deployed to invest in solar, wind, batteries and storage, hydroelectric power, and renewable natural gas.

“We are pleased to partner with Qualitas Energy, a global infrastructure manager specializing in energy transition with a two-decade track record of delivering strong returns for clients,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “Given the increasing focus on energy independence and security in Europe, along with the firm’s distinctive approach, vertically integrated industrial platform, and locally based teams with deep knowledge of their respective geographies, Qualitas Energy is well-positioned to build on its business momentum. I am delighted to welcome Iñigo, Oscar, and their partners to our Affiliate group.”

“We are excited to partner with AMG as we continue to build an enduring multi-generational firm,” said Iñigo Olaguíbel, Managing Partner and Executive Chairman of Qualitas Energy. “We selected AMG because of its long-term orientation and reputation as a collaborative partner. Through AMG’s unique approach, Qualitas Energy will maintain our independence, preserve our unique culture, and gain access to a broad range of proven strategic capabilities to advance our long-term objectives.”

“As part of its strategic evolution, Qualitas Energy is focused on becoming the asset manager at the forefront of energy transition investing,” added Oscar Pérez, Managing Partner and Chief Executive Officer of Qualitas Energy. “We aim to continue expanding our investment capacity, and our partnership with AMG will enhance our ability to achieve that goal.”

The terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

About AMG

AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

About Qualitas Energy

Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio/FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund I. Qualitas Energy’s existing portfolio currently comprises over 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.2 million homes and has successfully avoided the emission of 1 million metric tons of CO2 equivalent. The Qualitas Energy team consists of approximately 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh. Please visit www.qualitasenergy.com for further information.

Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

Media contacts

AMG Media & Investor Relations
Patricia Figueroa
(617) 747-3300
ir@amg.com
pr@amg.com

Qualitas Energy
Henar Hernández
henar.hernandez@qenergy.com
+34 697 11 68 72

Headland Consultancy
qualitas@headlandconsultancy.com
+44 7435 546304
+44 7311 369929

The MIL Network –
May 8, 2025

MIL-OSI: AMG Reports Financial and Operating Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

New partnerships with Verition Fund Management and Qualitas Energy, together with Q1 investment in NorthBridge Partners, further diversify AMG’s business and broaden its participation in alternatives, in line with its growth strategy
Affiliate Peppertree Capital Management to be acquired, marking culmination of AMG investment and a successful outcome for all stakeholders
Strong net client cash inflows in alternatives of approximately $14 billion, driven by both liquid alternatives and private markets
Repurchased approximately $173 million in common stock in the first quarter

WEST PALM BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the first quarter of 2025.

Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“In the first quarter, AMG reported Economic Earnings per share of $5.20, reflecting the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy. AMG’s focus on investing in areas of secular demand has enhanced the Company’s long-term growth prospects, and, together with our business strength and momentum, has positioned us to capitalize on the current market environment.

“AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate our unique partnership model and is highly valued by prospective Affiliates. Since the beginning of the year, we have announced three new partnerships with firms managing alternative strategies. In February, we announced an investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets. More recently, we announced two additional new partnerships with high-quality firms that have outstanding track records of performance across nearly two decades: Verition Fund Management, a premier global multi-strategy investment firm, and Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition. These new partnerships enhance AMG’s exposure to secular growth areas and accelerate the evolution of our business profile, increasing our participation in liquid alternatives and private markets.

“Given the diversity of our business and the quality of our Affiliates, along with our unique partnership structure, our strong capital position, and our overall financial flexibility, AMG is well-positioned to execute our strategy across all stages of a market cycle, and we are confident in our ability to create meaningful incremental shareholder value over time.”

FINANCIAL HIGHLIGHTS	Three Months Ended
(in millions, except as noted and per share data)	3/31/2024			3/31/2025
Operating Performance Measures
AUM (at period end, in billions)	$	699.4		$	712.2
Average AUM (in billions)		680.0			712.1
Net client cash flows (in billions)		(3.7	)		(0.4	)
Aggregate fees		1,471.6			1,270.4
Financial Performance Measures
Net income (controlling interest)	$	149.8		$	72.4
Earnings per share (diluted)⁽¹⁾		4.14			2.20
Supplemental Performance Measures⁽²⁾
Adjusted EBITDA (controlling interest)	$	259.8		$	228.2
Economic net income (controlling interest)		186.7			158.7
Economic earnings per share		5.37			5.20

For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

Capital Management
During the first quarter of 2025, the Company repurchased approximately $173 million in common stock. The Company also announced a first-quarter cash dividend of $0.01 per share of common stock, payable June 2, 2025 to stockholders of record as of the close of business on May 19, 2025.

About AMG
AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

Conference Call, Replay, and Presentation Information
A conference call will be held with AMG’s management at 12:00 p.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13753083. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

Investor and Media Relations: Patricia Figueroa
+1 (617) 747-3300
ir@amg.com
pr@amg.com

Financial Tables Follow

ASSETS UNDER MANAGEMENT – STATEMENT OF CHANGES (in billions)

	Alternatives						Differentiated Long-Only
BY STRATEGY – QUARTER TO DATE	Private Markets			Liquid Alternatives			Equities			Multi-Asset & Fixed Income			Total
AUM, December 31, 2024	$	135.4		$	140.7		$	316.2		$	115.6		$	707.9
Client cash inflows and commitments		3.5			15.9			8.8			4.8			33.0
Client cash outflows		(0.1	)		(5.7	)		(22.5	)		(5.1	)		(33.4	)
Net client cash flows		3.4			10.2			(13.7	)		(0.3	)		(0.4	)
New investments		1.7			—			—			—			1.7
Market changes		0.4			2.4			(2.0	)		(0.3	)		0.5
Foreign exchange		0.3			1.5			1.7			0.2			3.7
Realizations and distributions (net)		(0.9	)		(0.0	)		(0.1	)		(0.1	)		(1.1	)
Other		—			0.0			0.0			(0.1	)		(0.1	)
AUM, March 31, 2025	$	140.3		$	154.8		$	302.1		$	115.0		$	712.2

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per share data)	3/31/2024			3/31/2025
Consolidated revenue	$	499.9		$	496.6

Consolidated expenses:
Compensation and related expenses		240.4			230.3
Selling, general and administrative		91.7			94.7
Intangible amortization and impairments		7.3			83.3
Interest expense		29.9			34.1
Depreciation and other amortization		3.0			2.8
Other expenses (net)		9.0			11.7
Total consolidated expenses		381.3			456.9

Equity method income (net)⁽³⁾		117.5			75.3
Investment and other income		18.0			11.6
Income before income taxes		254.1			126.6

Income tax expense		55.4			27.4
Net income		198.7			99.2

Net income (non-controlling interests)		(48.9	)		(26.8	)
Net income (controlling interest)	$	149.8		$	72.4

Average shares outstanding (basic)		32.8			29.2
Average shares outstanding (diluted)		40.1			32.6

Earnings per share (basic)	$	4.56		$	2.48
Earnings per share (diluted)⁽¹⁾	$	4.14		$	2.20

RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES⁽²⁾

	Three Months Ended
(in millions, except per share data)	3/31/2024			3/31/2025
Net income (controlling interest)	$	149.8		$	72.4
Intangible amortization and impairments		25.6			85.8
Intangible-related deferred taxes		16.3			(0.7	)
Other economic items		(5.0	)		1.2
Economic net income (controlling interest)	$	186.7		$	158.7

Average shares outstanding (adjusted diluted)		34.8			30.5
Economic earnings per share	$	5.37		$	5.20

Net income (controlling interest)	$	149.8		$	72.4
Interest expense		29.9			34.1
Income taxes		57.4			30.3
Intangible amortization and impairments		25.6			85.8
Other items		(2.9	)		5.6
Adjusted EBITDA (controlling interest)	$	259.8		$	228.2

See Notes for additional information.

CONSOLIDATED BALANCE SHEETS

	Period Ended
(in millions)	12/31/2024			3/31/2025
Assets
Cash and cash equivalents	$	950.0		$	816.5
Receivables		409.7			581.7
Investments		595.6			592.8
Goodwill		2,504.9			2,512.5
Acquired client relationships (net)		1,777.8			1,703.9
Equity method investments in Affiliates (net)		2,246.6			2,159.5
Fixed assets (net)		57.6			56.9
Other assets		288.7			290.3
Total assets	$	8,830.9		$	8,714.1

Liabilities and Equity
Payables and accrued liabilities	$	639.1		$	665.7
Debt		2,620.2			2,620.7
Deferred income tax liability (net)		520.5			520.5
Other liabilities		402.4			442.1
Total liabilities		4,182.2			4,249.0

Redeemable non-controlling interests		350.5			366.1
Equity:
Common stock		0.6			0.6
Additional paid-in capital		733.1			667.8
Accumulated other comprehensive loss		(163.6	)		(175.7	)
Retained earnings		6,899.8			6,971.9
		7,469.9			7,464.6
Less: treasury stock, at cost		(4,124.6	)		(4,276.4	)
Total stockholders’ equity		3,345.3			3,188.2
Non-controlling interests		952.9			910.8
Total equity		4,298.2			4,099.0
Total liabilities and equity	$	8,830.9		$	8,714.1

Notes

(1)	Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.

	We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.

	We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.

	The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:

	Three Months Ended
(in millions)	3/31/2024		3/31/2025
Numerator
Net income (controlling interest)	$	149.8	$	72.4
Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes		13.0		(3.9	)
Interest expense on junior convertible securities, net of taxes		3.4		3.4
Net income (controlling interest), as adjusted	$	166.2	$	71.9
Denominator
Average shares outstanding (basic)		32.8		29.2
Effect of dilutive instruments:
Stock options and restricted stock units		2.0		1.3
Hypothetical issuance of shares to settle Redeemable non-controlling interests		3.6		0.4
Junior convertible securities		1.7		1.7
Average shares outstanding (diluted)		40.1		32.6

(2)	As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website atwww.sec.gov.

	Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

	Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

	Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.

	The following table provides a reconciliation of Average shares outstanding (adjusted diluted):

	Three Months Ended
(in millions)	3/31/2024		3/31/2025
Average shares outstanding (diluted)	40.1		32.6
Hypothetical issuance of shares to settle Redeemable non-controlling interests	(3.6	)	(0.4	)
Junior convertible securities	(1.7	)	(1.7	)
Average shares outstanding (adjusted diluted)	34.8		30.5

(3)	The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):

	Three Months Ended
(in millions)	3/31/2024			3/31/2025
Pre-tax equity method earnings	$	142.4		$	99.5
Equity method intangible amortization and impairments		(20.8	)		(18.6	)
Equity method income tax		(4.1	)		(5.6	)
Equity method income (net)	$	117.5		$	75.3

Forward-Looking Statements and Other Matters

Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

The MIL Network –

May 8, 2025

MIL-OSI: Hut 8 Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

Earnings Release Highlights

Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

“The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

“Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

“Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

First Quarter 2025 Highlights

Power

Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

Digital Infrastructure

Generated $1.3 million in first quarter revenue from CPU Colocation.
Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

Compute

Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

Capital Strategy and Balance Sheet

Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

Key Performance Indicators

	Three Months Ended
	March 31,
	2025		2024
Cost to mine a Bitcoin (excluding hosted facilities)⁽¹⁾	$	58,757	$	20,419
Cost to mine a Bitcoin⁽²⁾	$	58,757	$	24,594
Weighted average revenue per Bitcoin mined⁽³⁾	$	92,224	$	51,769
Number of Bitcoin mined⁽⁴⁾		167		716
Energy cost per MWh	$	51.71	$	40.06
Hosting cost per MWh	$	—	$	68.72
Energy capacity under management (mining)⁽⁵⁾		665 MW		884 MW
Total energy capacity under management⁽⁶⁾		1,020 MW		1,239 MW
Number of Bitcoin in strategic reserve⁽⁷⁾		10,264		9,102

⁽¹⁾	^{Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.}
⁽²⁾	^{Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.}
⁽³⁾	^{Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.}
⁽⁴⁾	^{Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.}
⁽⁵⁾	^{Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.}
⁽⁶⁾	^{Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.}
⁽⁷⁾	^{Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.}

Select First Quarter 2025 Financial Results

Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

All financial results are reported in U.S. dollars.

Conference Call

The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

Supplemental Materials and Upcoming Communications

The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

Analyst Coverage

A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

Adjusted EBITDA

In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.


Hut 8 Corp. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited in USD thousands, except share and per share data)

	Three Months Ended
	March 31,
		2025		2024
Revenue:
Power	$	4,380		$	9,938
Digital Infrastructure		1,317			5,844
Compute		16,118			32,138
Other		—			3,821
Total revenue		21,815			51,741

Cost of revenue (exclusive of depreciation and amortization shown below):
Cost of revenue – Power		3,628			3,633
Cost of revenue – Digital Infrastructure		1,559			4,629
Cost of revenue – Compute		13,472			17,686
Cost of revenue – Other		—			2,199
Total cost of revenue		18,659			28,147

Operating expenses (income):
Depreciation and amortization		14,899			11,472
General and administrative expenses		21,059			19,999
Losses (gains) on digital assets		112,394			(274,574	)
Loss (gain) on sale of property and equipment		2,454			(190	)
Total operating expenses (income)		150,806			(243,293	)
Operating (loss) income		(147,650	)		266,887

Other income (expense):
Foreign exchange gain (loss)		9			(2,399	)
Interest expense		(7,469	)		(6,281	)
Asset contribution costs		(22,780	)		—
Gain on derivatives		20,862			—
Gain on other financial liability		1,139			—
Equity in earnings of unconsolidated joint venture		1,365			4,522
Total other expense		(6,874	)		(4,158	)

(Loss) income from continuing operations before taxes		(154,524	)		262,729

Income tax benefit (provision)		20,205			(4,396	)

Net (loss) income from continuing operations	$	(134,319	)	$	258,333

Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)		—			(7,626	)

Net (loss) income		(134,319	)		250,707

Less: Net loss attributable to non-controlling interests		430			169
Net (loss) income attributable to Hut 8 Corp.	$	(133,889	)	$	250,876

Net (loss) income per share of common stock:
Basic from continuing operations attributable to Hut 8 Corp.	$	(1.30	)	$	2.90
Diluted from continuing operations attributable to Hut 8 Corp.	$	(1.30	)	$	2.76

Weighted average number of shares of common stock outstanding:
Basic		102,854,747			89,149,845
Diluted		102,854,747			93,696,683

Net (loss) income	$	(134,319	)	$	250,707
Other comprehensive (loss) income:
Foreign currency translation adjustments		1,187			(11,074	)
Total comprehensive (loss) income		(133,132	)		239,633
Less: Comprehensive loss attributable to non-controlling interest		431			134
Comprehensive loss (income) attributable to Hut 8 Corp.	$	(132,701	)	$	239,767

Adjusted EBITDA Reconciliation

	Three Months Ended
	March 31,
(in USD thousands)	2025			2024
Net (loss) income	$	(134,319	)	$	250,707
Interest expense		7,469			6,281
Income tax (benefit) provision		(20,205	)		4,396
Depreciation and amortization		14,899			11,472
Share of unconsolidated joint venture depreciation and amortization⁽¹⁾		5,485			5,349
Foreign exchange (gain) loss		(9	)		2,399
Losses (gains) on sale of property and equipment		2,454			(190	)
Gain on derivatives		(20,862	)		—
Gain on other financial liability		(1,139	)		—
Non-recurring transactions⁽²⁾		1,485			4,300
Asset contribution costs		22,780			—
Loss from discontinued operations (net of income tax of nil and nil, respectively)		—			7,626
Net loss attributable to non-controlling interests before taxes		473			169
Stock-based compensation expense		3,793			4,474
Adjusted EBITDA	$	(117,696	)	$	296,983

⁽¹⁾

^{Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.}

⁽²⁾

^{Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.}

Contacts

Hut 8 Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Public Relations
Gautier Lemyze-Young
media@hut8.com

The MIL Network –

May 8, 2025

MIL-OSI: Liquidia Corporation Reports First Quarter 2025 Financial Results and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

Awaiting FDA action on YUTREPIA™ NDA with a PDUFA goal date of May 24, 2025
District Court dismissed cross claim filed by United Therapeutics challenging PH-ILD amendment
Fully enrolled Cohort A of ASCENT study in patients with PH-ILD
Further strengthened financial position via access of up to $100 million from existing financing agreement with HealthCare Royalty
Company to host webcast today at 8:30 a.m. ET

MORRISVILLE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today reported financial results for the first quarter ended March 31, 2025. The company will also host a webcast at 8:30 a.m. ET on May 8, 2025 to discuss its financial results and provide a corporate update.

Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “With the FDA’s PDUFA goal date on the YUTREPIA NDA just over two weeks away, we remain focused on ensuring that we are prepared to make YUTREPIA commercially available in the quickest time possible if granted full approval. We continue to believe that YUTREPIA has the potential to be the prostacyclin of first choice for patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).”

Corporate Updates

Awaiting FDA action on NDA for YUTREPIA (treprostinil) inhalation powder
On March 28, 2025, the U.S. Food and Drug Administration (FDA) accepted Liquidia’s New Drug Application (NDA) resubmission for YUTREPIA (treprostinil) inhalation powder to treat PAH and PH-ILD as a complete Class 1 response to the previous action letter issued on August 16, 2024, which granted tentative approval of YUTREPIA. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of May 24, 2025, the day after regulatory exclusivity expires for Tyvaso DPI^®.

Court will not hear cross-claim that challenged the amendment to the YUTREPIA NDA to add the PH-ILD indication
On May 2, 2025, Liquidia announced that the U.S. District Court for the District of Columbia (District Court) dismissed, without prejudice, the cross-claim filed by United Therapeutics (UTHR) that sought to challenge Liquidia’s amendment to its NDA for YUTREPIA™ (treprostinil) inhalation powder, which added the treatment of PH-ILD)to the proposed label for YUTREPIA. In its ruling, the District Court determined that UTHR’s claim was unripe and that UTHR had failed to plausibly allege that it has standing. UTHR has the right to appeal the Court’s ruling.

Fully enrolled Cohort A of ASCENT study in PH-ILD patients
In March 2025, Liquidia completed enrollment of Cohort A of the open-label ASCENT study evaluating the tolerability and titratability of YUTREPIA in PH-ILD, with more than 50 patients enrolled. An interim look at the dosing and tolerability profile in the first 20 patients to complete eight weeks of treatment was consistent with observations made in the INSPIRE study of PAH patients. To date, patients in Cohort A of ASCENT were able to titrate to doses that are three-times higher than the labelled target dose of nebulized Tyvaso, while showing positive trends on exploratory measures of efficacy, including 6-minute walk distance. Liquidia will present additional data from Cohort A of the ASCENT study during two poster sessions at the American Thoracic Society (ATS) 2025 International Conference on May 21, 2025.

Strengthened financial position ahead of launch via amendment to Agreement with HealthCare Royalty
On March 17, 2025, Liquidia entered into a sixth amendment to its agreement with HealthCare Royalty (HCR Agreement) to provide for up to an additional $100 million of financing in three tranches. The company intends to use the proceeds to fund ongoing commercial development of YUTREPIA, continued development of YUTREPIA in other clinical trials, including but not limited to trials for pediatric patients and trials further evaluating the use of YUTREPIA in PAH and PH-ILD patients, clinical development of L606, a sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and for general corporate purposes.

First Quarter 2025 Financial Results

Cash and cash equivalents totaled $169.8 million as of March 31, 2025, compared to $176.5 million as of December 31, 2024.

Revenue was $3.1 million for the three months ended March 31, 2025, compared to $3.0 million for the three months ended March 31, 2024. Revenue related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits from the sale of Treprostinil Injection in the United States (Promotion Agreement). The increase of $0.1 million was primarily due to the impact of unfavorable gross-to-net returns adjustments recorded in the prior year offset by lower sales volumes in the current year.

Cost of revenue was $1.5 million for each of the three months ended March 31, 2025 and 2024. Cost of revenue related to the Promotion Agreement as noted above.

Research and development expenses were $7.0 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended March 31, 2024. The decrease of $3.1 million or 31% was primarily due to a $3.6 million decrease in personnel expenses (including stock-based compensation) due to a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA. These decreases were offset by a $1.7 million increase in clinical expenses related to our L606 program, and a $0.4 million decrease in expenses related to our YUTREPIA research and development activities.

General and administrative expenses were $30.1 million for the three months ended March 31, 2025, compared to $20.2 million for the three months ended March 31, 2024. The increase of $9.9 million or 48% was primarily due to a $8.1 million increase in personnel expenses (including stock-based compensation) driven by higher headcount and a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA, a $0.6 million increase in legal fees related to our ongoing YUTREPIA-related litigation, and a $0.6 million increase in facilities and infrastructure expenses.

Total other expense, net was $2.9 million for the three months ended March 31, 2025, compared with $1.3 million for the three months ended March 31, 2024. The increase of $1.6 million was primarily driven by a $1.5 million increase in interest expense attributable to the higher borrowings under the HCR Agreement.

Net loss for the three months ended March 31, 2025, was $38.4 million or $0.45 per basic and diluted share, compared to a net loss of $30.1 million, or $0.40 per basic and diluted share, for the three months ended March 31, 2024.

About YUTREPIA™ (treprostinil) Inhalation Powder
YUTREPIA is an investigational, inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. In August 2024, the FDA issued tentative approval of YUTREPIA for the PAH and PH-ILD indications. YUTREPIA was designed using Liquidia’s PRINT^® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. Liquidia has completed INSPIRE, or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso^® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial, an Open-Label Prospective Multicenter Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in Pulmonary Hypertension, to evaluate the safety and tolerability of YUTREPIA in PH-ILD patients. YUTREPIA was previously referred to as LIQ861 in investigational studies.

About L606 (liposomal treprostinil) Inhalation Suspension
L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses Pharmosa Biopharm’s proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) with a planned global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.

About Treprostinil Injection
Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin^® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

About Pulmonary Arterial Hypertension (PAH)
Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.

About Liquidia Corporation
Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT^® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

Remodulin^® and Tyvaso^® are registered trademarks of United Therapeutics Corporation.

Cautionary Statements Regarding Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The receipt of tentative approval of an NDA from the FDA is not determinative as to whether or when the FDA will grant final approval. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Statement Revision

During the three months ended March 31, 2025, we identified immaterial errors in our accounting treatment of the fourth and fifth amendments to the HCR Agreement. We voluntarily revised our previously issued 2024 annual consolidated financial statements to correct the immaterial errors and disclosed the impacts to our quarterly financial statements for the respective 2024 interim periods in our Current Report on Form 8-K filed on May 8, 2025. As a result of the revision, the loss on extinguishment has been eliminated and an adjustment to interest expense resulting from the modifications has been recorded, with corresponding adjustments to the long-term debt and accumulated deficit accounts. The financial statement line items as of and for the three months ended March 31, 2024 in the financial statements presented in this press release reflect such revisions.

Contact Information

Investors:
Jason Adair
Chief Business Officer
919.328.4350
Jason.adair@liquidia.com

Media:
Patrick Wallace
Director, Corporate Communications
919.328.4383
patrick.wallace@liquidia.com

Liquidia Corporation Select Condensed Consolidated Balance Sheet Data (unaudited) (in thousands)

	March 31,			December 31,
	2025			2024
Cash and cash equivalents	$	169,758		$	176,479
Total assets	$	227,429		$	230,313
Total liabilities	$	177,716		$	150,935
Accumulated deficit	$	(595,756	)	$	(557,389	)
Total stockholders’ equity	$	49,713		$	79,378

Liquidia Corporation Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share amounts)

	Three Months Ended March 31,
	2025			2024
Revenue	$	3,120		$	2,972
Costs and expenses:
Cost of revenue		1,517			1,467
Research and development		6,966			10,057
General and administrative		30,062			20,249
Total costs and expenses		38,545			31,773
Loss from operations		(35,425	)		(28,801	)
Other income (expense):
Interest income		1,728			1,880
Interest expense		(4,670	)		(3,162	)
Total other expense, net		(2,942	)		(1,282	)
Net loss and comprehensive loss	$	(38,367	)	$	(30,083	)
Net loss per common share, basic and diluted	$	(0.45	)	$	(0.40	)
Weighted average common shares outstanding, basic and diluted		85,172,696			75,393,907

The MIL Network –

May 8, 2025

MIL-OSI: P10 Reports First Quarter 2025 Earnings Results

Source: GlobeNewswire (MIL-OSI)

Record fundraising and deployments of over $1.4 Billion in Gross New Fee-Paying AUM

Increased Quarterly Dividend by 7%

Completed Acquisition of Qualitas Funds

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue: $67.7 million, a 2% increase year over year.
Fee-Related Revenue: $67.6 million, a 4% increase year over year.
Fee-Paying Assets Under Management: $26.3 billion, a 10% increase year over year.
GAAP Net Income: $4.7 million compared to $5.2 million in the prior year.
Fee-Related Earnings: $30.7 million compared to $30.7 million in the prior year.
Adjusted Net Income: $23.5 million compared to $25.4 million in the prior year.
Fully Diluted GAAP EPS: $0.04 compared to $0.04 in the prior year.
Fully Diluted ANI per share: $0.20 compared to $0.21 in the prior year.

A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

“In the first quarter, P10 raised and deployed over $1.4 billion in gross new fee-paying AUM, representing the best fundraising quarter in our history,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our record quarter is a true testament to the strength of our platform and what we are building here at P10. Additionally, we recently completed the acquisition of Qualitas Funds, significantly expanding our global presence. Looking ahead, we believe we are well positioned to meet our fundraising targets and further expand our client franchise by providing unrivaled access to investment opportunities.”

Stock Repurchase Program

In the first quarter, the Company repurchased 1,215,106 shares at an average price of $12.31 per share. The repurchase activity left approximately $28.5 million available under the repurchase authorization at the end of the first quarter.

Declaration of Dividend

The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, an increase of 7%, payable on June 20, 2025, to the holders of record as of the close of business on May 30, 2025.

Conference Call Details

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 8, 2025. All participants must register prior to joining the event.

To join and view the live webcast, please register here.
To join by telephone, please register here.

For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at www.p10alts.com.

About P10

P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

Forward-Looking Statements

Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Use of Non-GAAP Financial Measures by P10

The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Key Financial & Operating Metrics

Fee-paying assets under management reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

P10 Investor Contact:
info@p10alts.com

P10 Media Contact:
Josh Clarkson
Taylor Donahue
pro-p10@prosek.com

Reconciliation of Non-GAAP Financial Measures

(Dollars in thousands except share and per share amounts)	Three Months Ended						% Change
	March 31, 2025			March 31, 2024			Q1’25 vs Q1’24
GAAP Net Income	$	4,696		$	5,243		-10%
Adjustments:
Depreciation & amortization		5,804			7,083		-18%
Interest expense, net		6,417			5,776		11%
Income tax expense		265			1,758		-85%
Non-recurring expenses		3,460			691		401%
Non-cash stock based compensation		5,855			5,945		-2%
Non-cash stock based compensation – acquisitions		710			771		-8%
Earn out related compensation		3,519			3,558		-1%
Non-Fee Related Income		(39	)		(84	)	-54%
Fee-Related Earnings	$	30,687		$	30,741		0%
Plus:
Non-Fee Related Income	$	39		$	84		-54%
Less:
Cash interest expense		(6,696	)		(5,406	)	24%
Cash income taxes, net of taxes related to acquisitions		(570	)		(19	)	2900%
Adjusted Net Income	$	23,460		$	25,400		-8%

Fully Diluted ANI per Share
Shares outstanding		110,907			115,129		-4%
Fully Diluted Shares outstanding		119,352			122,841		-3%
ANI per share	$	0.21		$	0.22		-4%
Fully Diluted ANI per share(1)	$	0.20		$	0.21		-5%

Fee-Related Revenue
Total Revenues	$	67,667		$	66,115		2%
Adjustments:
Non-Fee Related Revenue		(39	)		(1,108	)	-96%
Fee-Related Revenue	$	67,628		$	65,007		4%

Fee-Related Earnings Margin
Fee-Related Revenue	$	67,628		$	65,007		4%
Fee-Related Earnings	$	30,687		$	30,741		0%
Fee-Related Earnings Margin		45	%		47	%	N/A

(1) Fully Diluted ANI EPS calculations include the total of all shares of common stock, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.

Notes to Reconciliation of Non-GAAP Financial Measures

Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

We use Adjusted Net Income, or ANI, Fee-Related Revenues, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less actual cash paid for interest and federal and state income taxes.

In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for the following items:

Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
The cost of financing our business;
One-time expenses related to restructuring of the management team including placement/search fees;
Expenses related to one-time technical accounting matters;
Acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
The effects of income taxes;
Non-Fee Related Income.

Fee-Related Revenues is calculated as Total Revenues less Non-Fee Related Revenue.

Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.

Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenues.

Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.

The MIL Network –

May 8, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Argentina: David Cairns

Source: United Kingdom – Executive Government & Departments 3

Press release

Change of His Majesty’s Ambassador to Argentina: David Cairns

Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic.

Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic, in succession to Mrs Kirsty Hayes, who will be transferring to another Diplomatic Service appointment.

Mr Cairns will take up his appointment during September 2025.

Curriculum vitae

Full name: David Seldon Cairns

Date	Role
2019 to present	Equinor, Vice President
2015 to 2019	Stockholm, Her Majesty’s Ambassador and Director of Nordic Baltic Network
2010 to 2014	FCO, Director, Estates, Security, Corporate Services
2006 to 2010	Tokyo, Director of Trade and Investment
2002 to 2006	Geneva, First Secretary WTO
2000 to 2002	FCO, Private Secretary to Baronesses Scotland and Amos
1999 to 2000	FCO, EU Directorate. Head of Public Diplomacy
1995 to 1998	Tokyo, Second Secretary Commercial
1993 to 1994	FCO, Security Policy Department
1993	Joined FCO

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 6 May 2025

MIL OSI United Kingdom –

May 8, 2025

MIL-OSI Asia-Pac: Singapore ETO enhances ties with Laos (with photos)

Source: Hong Kong Government special administrative region

The Hong Kong Economic and Trade Office in Singapore (Singapore ETO) concluded an official visit to Vientiane, the capital of Laos, between May 6 and 7 (Vientiane time). The visit aimed to deepen understanding and collaboration with the Laotian government and business sectors, while further strengthening bilateral relations in trade, investment, and people-to-people exchanges.

Upon arrival on May 6, the Director of the Singapore ETO, Mr Owin Fung, met with the Director-General of the Department of Asia-Pacific and Africa, Laos’ Ministry of Foreign Affairs, Mr Bounthanongsack Chanthalath, to introduce Hong Kong’s latest developments. Both sides exchanged views on the current economic and geopolitical landscape, and explored opportunities to further enhance co-operation and deepen the Hong Kong – Laos bilateral relations.

Members of the Singapore ETO also visited Vientiane Secondary School to learn about the implementation of a memorandum of understanding (MOU) signed between the school and the Hong Kong Polytechnic University. The MOU, announced by the Chief Executive, Mr John Lee, last July during his visit to the school, offers a dedicated scholarship programme for outstanding students at Vientiane Secondary School.

On May 7, the Singapore ETO organised a business seminar and networking event “Business and Investment Opportunities in Hong Kong – Gateway to Greater Bay Area” in collaboration with Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC). The event attracted about 70 local business leaders and investors, including executive committee members of the Lao National Chamber of Commerce and Industry (LNCCI) and the Lao Chinese Chamber of Commerce (LCCC), which were the event’s supporting organisations. The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, also participated in the event.

In his opening remarks, Mr Fung emphasised Hong Kong’s position as a leading international financial, trading, and logistics hub under the “one country, two systems” framework. He reiterated Hong Kong’s strong commitment to multilateralism and free trade.

Other speakers included Assistant Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area Miss Cathy Li; the Head of Investment Promotion (Singapore Office), InvestHK, Mr Melvin Lee; and the Director of Indochina at the HKTDC, Ms Tina Phan. They shared insights into Hong Kong’s latest investment climate and opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong’s role as a “super-connector” and a “super value-adder” between the GBA and Laos, as well as the range of support services available to Laotian enterprises. Following the seminar, representatives of Singapore ETO, the GBA Development Office, the LNCCI and the LCCC had a networking lunch to explore avenues for stronger co-operation in trade and commerce.

Later that afternoon, Ms Chan and Mr Fung had a working meeting with the Permanent Secretary, Laos Ministry of Industry and Commerce, Dr Buavanh Vilavong. Both sides expressed confidence in the partnership between Hong Kong and Laos business communities which would promote greater regional integration and sustainable economic growth. Mr Fung also sought continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership.

Before the end of the duty visit, Ms Chan and Mr Fung paid a courtesy call on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Lao People’s Democratic Republic, Ms Fang Hong, to introduce respectively the GBA Development Office’s latest work and Singapore ETO’s efforts and achievements in liaising with the Laos government, business sector and community. Mr Fung also thanked the Embassy for its continuous care and assistance to Hong Kong people in Laos and Hong Kong enterprises investing in Laos.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: Great Entertainment Group partners with Mast International from Korea to expand Hong Kong operations, boosting job creation and business partnerships (with photos)

Source: Hong Kong Government special administrative region

â€‹Invest Hong Kong (InvestHK) announced today (May 8) that a long-term local entertainment business, Great Entertainment Group (GEG), has created a new joint venture – Harbour Mast Productions Limited – with Mast International, a Korean entertainment business in Hong Kong, as part of the companies’ long-term expansion plans in the region.

Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau said, “We are excited to see the expansion of GEG in Hong Kong and welcome Mast International to the city. This initiative will not only enrich Hong Kong’s vibrant entertainment industry, but also significantly contribute to job creation and stimulate our local economy by fostering new business partnerships in the city.”

Harbour Mast Productions will be the official promoter of Cirque du Soleil’s legendary show KOOZA, as it returns to Hong Kong for the first time in seven years. Cirque du Soleil chose Hong Kong as the city to kick off its relaunch in Asia. The show will then travel to Busan and Seoul in Korea following the performances in Hong Kong.

According to the Chief Executive Officer of GEG, Mr Randy Bloom, the KOOZA Tour travels with more than 115 cast and crew, along with 60 family members. This represents a investment in Hong Kong of more than 8 000 room nights, transport, food and beverage and entertainment during the two months that the show will be in the city. In addition to the travelling crew, the show requires approximately 200 local hires.

Mr Bloom added that with over 10 years of history and experience in producing entertainment events in Hong Kong, GEG decided to expand in the city where it has traditionally created its own local events, including the annual AIA Carnival, the Hong Kong Observation Wheel (HKOW) and well-known events such as The Grounds in the HKOW event space. He noted that Mast International, with its decades of experience bringing worldwide live entertainment events to Asia, was seen as the natural partner to join in this effort. The aim is to bring more and more high-quality events and entertainment to come to Hong Kong, serving as a gateway to the region.

Mr Bloom said, “We hear and support the Government’s policy for mega events. We want to support the development of the entertainment industry and demonstrate our commitment to enhancing what Hong Kong can offer as a city for events both local and internationally. We have great trust in Hong Kong as a city.”

The Chief Executive Officer and President of Mast International, Mr Yong Kim, added, “As a long-time producer and promoter of events in Asia, Mast recognises the opportunities afforded by the growth of the live events industry in Hong Kong. As our company continues to grow, we aim to expand and create more diverse experiences for people in Hong Kong. By bringing global entertainment around the world and into the city, we can offer a wider range of engaging entertainment options. Notably, the globally acclaimed Cirque du Soleil will be making its first appearance in Hong Kong since 2018 and will kick off a multi-destination Asia Tour.”

GEG is a multi-award-winning group of companies with expertise in creating and producing exceptional live entertainment events and experiences in Asia. To date, GEG has engaged over 20 million consumers across over 500 events, pioneering some of the largest, most successful and enduring events and experiences.

Mast International was founded as a subsidiary of Mast Media Limited in 2006. Since then, the company has successfully presented seven shows of Cirque du Soleil in Korea. Mast International has promoted other various international spectacles, sporting events, exhibitions, pop concerts, ballets and plays, etc, including the legendary French musical, “Notre-Dame de Paris”.

For more information about GEG, please visit www.geg.asia.

For more information about Mast International, please visit www.mastent.co.kr.

To obtain a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720325905295.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI: MEXC Announces Listing of Shardeum (SHM) with 72,000 SHM and 150,000 USDT in Bonuses
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces that it will list Shardeum (SHM) in the Innovation Zone on May 8, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC has launched three exclusive events with a combined prize pool of 72,000 SHM and 150,000 USDT.

Shardeum is an EVM-compatible, autoscaling blockchain designed with dynamic state sharding to ensure permanently low gas fees while maintaining full decentralization and robust security. Shardeum is on a mission to facilitate an affordable blockchain ecosystem with sustainably low gas fees. The project has secured over $31 million in funding with backing from leading investors, including Struck Crypto, Arrington Capital, Big Brain Holdings, Spartan Group, Amber Group, Foresight Ventures, Jane Street, and more.

$SHM is the native token of the Shardeum ecosystem. It serves both utility and governance purposes, including fee payments, validator staking, and on-chain governance. It plays a vital role in the platform’s consensus mechanism, aligning incentives and securing the network to support sustainable Web3 innovation.

To celebrate the listing, MEXC has launched three events for users:
- Event 1: Shardeum (SHM) Launchpool – Stake USDT & MX to Share 63,360 SHM
From May 2, 11:00 to May 4, 11:00, 2025 (UTC), users can stake USDT or MX on MEXC Launchpool to earn a share of 63,360 SHM. This initiative provides early access to SHM through token staking.
- Event 2: Invite New Users & Share 8,640 SHM
Users can earn 8 SHM for each new user they invite who registers, deposits at least 100 USDT, and participates in the Launchpool event. Each participant can invite up to 20 users and earn a maximum of 160 SHM. Rewards will be distributed on a first-come, first-served basis.
- Event 3: Join Airdrop+ to Share 150,000 USDT
Users can participate in this event from May 2, 11:00 to May 16, 11:00, 2025 (UTC), and enjoy the following benefits:

Benefit 1: Deposit and share 72,000 USDT in Futures bonus (New user exclusive)
Benefit 2: Spot Challenge — Trade to share 10,000 USDT in Futures bonuses (For all users)
Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonuses (For all users)
Benefit 4: Invite new users and share 18,000 USDT in Futures bonuses (For all users)

MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. Moving forward, MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

For full event details and participation rules, please visit here.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday 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.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
lucia.hu@mexc.com

Risk Disclaimer:

The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21606df-d749-423b-9809-9b9656b88b57

The MIL Network –
May 8, 2025
MIL-OSI: Oyster Solutions Unveils Expansive Product Updates

Source: GlobeNewswire (MIL-OSI)

RICHMOND, Va., May 08, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the industry’s premier provider of governance, risk and compliance technology, revealed a rich set of new features and capabilities to its already robust operating system. With Oyster Solutions, financial services professionals can maximize their productivity, mitigate risk, and deliver exceptional service—all within Oyster Solutions’ centralized platform trusted by industry professionals.

Click to watch a demo

“This year, we have focused on helping organizations align around policies and procedures throughout our platform,” said Buddy Doyle, CEO and Founder of Oyster Solutions. “By creating more integration opportunities, trade reporting components, and dynamic reporting for broker-dealers and Registered Investment Advisors, our software provides the tools they need to save time, mitigate risk, and run a healthy, thriving firm. Each update is rooted in the desire to improve firms’ value and make Oyster Solutions work harder for them across one versatile platform.”

Expanded Integrations and Connectivity

Oyster Solutions now supports a broader range of data feed integrations, API connections, and bi-directional synchronization—providing financial services firms with a more connected and responsive platform. These expanded capabilities allow client data, trade activity, and compliance tasks to seamlessly flow between Oyster Solutions and other key business systems. Firms can centralize more operations, reduce manual processes, and ensure that data is accurate and always up to date—empowering teams to work more efficiently across functions.

Trade Surveillance and Supervision

Oyster Solutions’ Monitor module is specifically designed for requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client and household activity, profile and investment holdings to employee information and then identify conflicts of interest, compliance parameters and risk tolerance.

The Oyster Solutions Monitor module can customize alerts tailored to specific risk parameters, enabling proactive identification and mitigation of potential compliance breaches. Tailored alerts mean fewer false positives, saving time spent running down issues. Trade exceptions are segmented and presented for supervision review, saving time and effort while reducing errors. Oyster Solutions allows supervisors to easily see patterns and context. Now, Oyster Solutions utilizes 75 alerts, including alerts related to Reg BI and AML.

Oyster Solutions integrates data from multiple clearing firms and direct business, allowing users to quickly find conflicts of interest and other potential trade issues.

This suite of features is designed to meet the needs of broker-dealers and investment advisors across the United States. It also allows Compliance and Operations professionals within larger firms that have multiple products and business lines to work seamlessly on a centralized, cloud-based platform.

Regulation Best Interest Compliance

The Oyster Solutions Fund Analyzer module provides a central location for analysis and documentation of compliance with FINRA’s Regulation Best Interest (Reg BI). Using MorningStar Data, Oyster Solutions compares fees and expenses, account types and returns of funds. The Oyster Solutions comprehensive platform identifies and documents the lowest cost share class that meets the selection criteria.

With the Oyster Solutions portfolio fund analyzer pre-trade tool, advisers and reps can identify the lowest cost share class option and reasonably available alternatives when purchasing mutual funds. The Selection Wizard helps reps identify funds by multiple factors, including objective, equity sector, fixed income type, risk and maturity. The Selection Wizard then uses the client’s time horizon, portfolio holdings, and account type to find the appropriate share class when displaying the prioritized results of your search.

Simplified Governance and Planning

In addition to these areas of innovation and expansion, Oyster Solutions has also unveiled a series of powerful updates to its core products and features, providing organizational alignment around rules, regulations and risk.

Governance

GRC tools allow firms to manage and integrate policies, assess risk, enforce procedures, control user access and streamline processes. The Oyster Solutions Governance Module helps financial services firms define and quantify risk, match risks to controls, and monitor processes. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.

Oyster Solutions’ powerful integration tools bring firm policies, requirements, procedural steps, documentation and reporting together. New, dynamic risk reports and graphics allow firm leaders to present them in a concise, easy-to-understand format, increasing adoption while mitigating risk.

Automated Workflows & Calendar

Financial services professionals can eliminate spreadsheets and multiple calendars to coordinate people and assignments. With the platform’s enhanced, automated calendar, you can schedule workflows, notify users of tasks and guide employees step-by-step through the process.

Now, firms can choose from our additional 130 ready-to-use compliance workflows. To date, Oyster Solutions clients have implemented thousands of workflows, allowing their users and supervisors to efficiently and effectively perform their tasks. Implementation is quick and easy with templates for common workflows that include Marketing Review, and attestations. You have visibility into each automated action that will occur, giving you control and peace of mind.

Even with limited compliance experience or a small budget, broker-dealers and registered investment advisors can grow their impact by leveraging Oyster Solutions’ automation and integration.

Documentation

Centralized, WORM-compliant documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.

Questionnaires

With Oyster Solutions, financial services professionals create and share questionnaires for documentation of attestations, certifications and to monitor Outside Business Activities. Responses are effortlessly mapped and stored in a centralized location for easy retrieval. With built-in review and approval features, the document automation process is simplified for users and supervisors. Oyster Solutions questionnaires minimize the back-and-forth correspondence when gathering information, creating a seamless process.

About Oyster Solutions

Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage firm operations, streamline compliance tasks, automate attestations and certifications, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries to Oyster Holdings Ltd. Learn more at oysterconsultingllc.com.

Contact:

Buddy Doyle CEO
communications@oysterllc.com
804.965.5400

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c94746a2-07df-4825-9cf5-4b7218b7cb54

The MIL Network –

May 8, 2025
MIL-OSI: CLEAR Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU), the secure identity platform, has posted a shareholder letter containing its 2025 first quarter financial results on its Investor Relations website at https://ir.clearme.com.

CLEAR will host a conference call to discuss those results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 888-645-4404 for U.S. participants and +1-862-298-0702 for international participants. Listeners can access the live webcast HERE. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

About CLEAR
CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

Media Contact
CLEAR
media@clearme.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

May 8, 2025

CONTACT:	Lynn Mailliard Kohler
	Director, Global Corporate Communications
	(415) 328-4798

Category: Finance

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