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  • MIL-OSI: CareCloud Delivers Growth and Strong Cash Flow in Q1 2025, Advances AI and Acquisition Strategy

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., May 06, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO), a leader in healthcare technology and generative AI solutions, today announced strong financial results for the three months ended March 31, 2025. CareCloud’s strategic execution, AI-driven innovation, and disciplined financial management have fueled a transformational turnaround, positioning the Company for sustained profitability and long-term growth. Management will discuss these results and the Company’s 2025 growth strategies in a live conference call today at 8:30 a.m. ET.

    First Quarter 2025 Financial Highlights:

    • Revenue of $27.6 million, compared to $26.0 million in Q1 2024, an increase of 6% year-over-year
    • GAAP net income of $1.9 million, compared to a net loss of $241,000 in Q1 2024
    • Adjusted EBITDA of $5.6 million, compared to $3.7 million in Q1 2024, an increase of 52%
    • Adjusted net income of $2.3 million, or $0.05 per share
    • Cash balance of $6.8 million and net working capital of $11.7 million as of March 31, 2025

    Recent Strategic Updates

    • AI Center of Excellence Launched: CareCloud launched its dedicated AI Center of Excellence, onboarding the first wave of over 50 AI professionals and aiming to scale to 500 AI specialists by fourth quarter 2025. The initiative is fully self-funded through operating cash flows.
    • Series A Preferred Stock Conversion Completed: Successfully converted 3.5 million Series A preferred shares into 26 million common shares, reducing the annual dividend commitment by approximately $7.7 million and strengthening cash flow and the capital structure.
    • Resumption of Preferred Dividends: Payments of preferred dividends resumed in February 2025.
    • Acquisition Strategy Reignited: Completed two strategic acquisitions in March and April 2025, with additional acquisition opportunities actively under evaluation.

    Management Commentary:

    “The launch of our AI Center of Excellence marks a pivotal moment in CareCloud’s evolution,” said A. Hadi Chaudhry, Co-CEO of CareCloud. “By building one of the largest dedicated healthcare AI teams globally, we believe we are creating real-world solutions to automate clinical workflows, optimize revenue cycle management, and improve patient outcomes. This initiative is intended to accelerate our operational efficiency as well as positioning CareCloud at the forefront of intelligent healthcare transformation — driving sustainable profitability and long-term growth for ourselves and the healthcare providers who use our services.”

    “After record profits and a successful turnaround in 2024, we are excited to announce continued momentum and strength as we enter 2025,” said Co-CEO Stephen Snyder. “With two recent acquisitions and the launch of our AI Center of Excellence, CareCloud is not just responding to the market shift — we are intending to lead it.”

    “We are pleased to announce our fourth consecutive quarter of positive GAAP net income and an increase in revenue and adjusted EBITDA year over year,” said Norman Roth, Interim CFO and Corporate Controller of CareCloud. “We have resumed paying our Preferred Stock dividends monthly out of internally-generated free cash flow, while generating additional profits and cash flow to reinvest for future growth. To date we have declared six months of Preferred Stock dividends.”

    Capital

    On March 31, 2025, the Company had 984,530 shares of Series A Preferred Stock and 1,511,372 shares of non-convertible Series B Preferred Stock outstanding. As of March 31, 2025, the Series A and B shares both accrued dividends at the rate of 8.75% per annum, based on the $25.00 per share liquidation preference (equivalent to $2.1875 annually per share), and they are redeemable at the Company’s option once the preferred stock dividends are brought current.

    2025 Guidance: Poised for Growth

    CareCloud is reconfirming its earnings guidance for 2025, expecting:

    For the Fiscal Year Ending December 31, 2025
    Forward-Looking Guidance
    Revenue $111 – $114 million
    Adjusted EBITDA $26 – $28 million
    Net Income Per Share (EPS) $0.10 – $0.13

    The Company continues to anticipate full year 2025 revenue of approximately $111 to $114 million. Revenue guidance is based on management’s expectations regarding revenue from existing clients, organic growth in new client additions and anticipated number of small tuck-in acquisitions.

    Adjusted EBITDA is expected to be $26 to $28 million for full year 2025 and reflects improvements from the Company’s cost reduction efforts. EPS is expected to be $0.10 to $0.13 for full year 2025.

    Conference Call Information

    CareCloud management will host a conference call today at 8:30 a.m. Eastern Time to discuss the first three months of 2025 results. The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events. An audio-only option is available by dialing 201-389-0920 and referencing “CareCloud First Quarter 2025 Results Conference Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events.

    A replay of the conference call and related presentation slides will be available approximately three hours after conclusion of the call at the same link. An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13753440.

    Use of Non-GAAP Financial Measures

    In our earnings releases, prepared remarks, conference calls, slide presentations, and webcasts, we use and discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at ir.carecloud.com.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, manage and keep our information systems secure and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDO) brings disciplined innovation and generative AI solutions to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), artificial intelligence (AI), business intelligence (BI), patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    CARECLOUD, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    ($ in thousands, except share and per share amounts)
                 
          March 31,       December 31,  
          2025       2024  
          (Unaudited)          
    ASSETS                
    Current assets:                
    Cash   $ 6,805     $ 5,145  
    Accounts receivable – net     13,887       12,774  
    Contract asset     4,457       4,334  
    Inventory     609       574  
    Current assets – related party     16       16  
    Prepaid expenses and other current assets     2,843       1,957  
    Total current assets     28,617       24,800  
    Property and equipment – net     5,323       5,290  
    Operating lease right-of-use assets     3,097       3,133  
    Intangible assets – net     16,877       18,698  
    Goodwill     19,186       19,186  
    Other assets     456       507  
    TOTAL ASSETS   $ 73,556     $ 71,614  
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 4,951     $ 4,565  
    Accrued compensation     2,865       1,817  
    Accrued expenses     5,002       4,951  
    Operating lease liability (current portion)     1,355       1,287  
    Deferred revenue (current portion)     1,297       1,212  
    Notes payable (current portion)     133       310  
    Contingent consideration (current portion)     47       –  
    Dividend payable     1,299       5,438  
    Total current liabilities     16,949       19,580  
    Notes payable     23       26  
    Contingent consideration     60       –  
    Operating lease liability     1,776       1,847  
    Deferred revenue     571       387  
    Total liabilities     19,379       21,840  
    COMMITMENTS AND CONTINGENCIES                
    SHAREHOLDERS’ EQUITY:                
    Preferred stock, $0.001 par value – authorized 7,000,000 shares. Series A, issued and outstanding 984,530 and 4,526,231 shares at March 31, 2025 and December 31, 2024, respectively. Series B, issued and outstanding 1,511,372 shares at March 31, 2025 and December 31, 2024.     2       6  
    Common stock, $0.001 par value – authorized 85,000,000 shares. Issued 43,061,928 and 16,997,035 shares at March 31, 2025 and December 31, 2024, respectively. Outstanding 42,321,129 and 16,256,236 shares at March 31, 2025 and December 31, 2024, respectively     43       17  
    Additional paid-in capital     123,537       121,046  
    Accumulated deficit     (64,682 )     (66,630 )
    Accumulated other comprehensive loss     (4,061 )     (4,003 )
    Less: 740,799 common shares held in treasury, at cost at March 31, 2025 and December 31, 2024     (662 )     (662 )
    Total shareholders’ equity     54,177       49,774  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 73,556     $ 71,614  
    CARECLOUD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
    ($ in thousands, except share and per share amounts)
        Three Months Ended  
        March 31,  
        2025     2024*  
    NET REVENUE   $ 27,632     $ 25,962  
    OPERATING EXPENSES:                
    Direct operating costs     15,464       15,177  
    Selling and marketing     1,131       1,770  
    General and administrative     4,332       3,721  
    Research and development     1,235       913  
    Depreciation and amortization     3,337       3,930  
    Restructuring costs     114       322  
    Total operating expenses     25,613       25,833  
    OPERATING INCOME     2,019       129  
    OTHER:                
    Interest income     42       27  
    Interest expense     (58 )     (365 )
    Other (expense) income – net     (14 )     7  
    INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     1,989       (202 )
    Income tax provision     41       39  
    NET INCOME (LOSS)   $ 1,948     $ (241 )
                     
    Preferred stock dividend     2,811       1,312  
    NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ (863 )   $ (1,553 )
                     
    Net loss per common share: basic and diluted   $ (0.04 )   $ (0.10 )
    Weighted-average common shares used to compute basic and diluted loss per share     23,813,943       16,014,309  

    * Restated to include the preferred stock dividends earned, but not declared, during the three months ended March 31, 2024.

    CARECLOUD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
    ($ in thousands)
                 
          2025       2024  
    OPERATING ACTIVITIES:                
     Net income (loss)   $ 1,948     $ (241 )
     Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
     Depreciation and amortization     3,407       4,020  
     Lease amortization     480       509  
     Deferred revenue     269       58  
     Provision for expected credit losses     70       37  
     Foreign exchange gain     (1 )     (11 )
     Interest accretion     107       168  
     Stock-based compensation expense (benefit)     108       (708 )
     Changes in operating assets and liabilities:                
    Accounts receivable     (1,183 )     (111 )
    Contract asset     (105 )     (361 )
    Inventory     (35 )     (15 )
    Other assets     (908 )     –  
    Accounts payable and other liabilities     956       721  
     Net cash provided by operating activities     5,113       4,066  
    INVESTING ACTIVITIES:                
     Purchases of property and equipment     (624 )     (298 )
     Capitalized software and other intangible assets     (846 )     (1,570 )
     Initial payment for acquisition     (40 )     –  
     Net cash used in investing activities     (1,510 )     (1,868 )
    FINANCING ACTIVITIES:                
     Preferred stock dividends paid     (1,730 )     –  
     Settlement of tax withholding obligations on stock issued to employees     (21 )     (151 )
     Repayments of notes payable     (181 )     (223 )
     Repayment of line of credit     –       (1,000 )
     Net cash used in financing activities     (1,932 )     (1,374 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH     (11 )     (17 )
    NET INCREASE IN CASH     1,660       807  
    CASH – Beginning of the period     5,145       3,331  
    CASH – End of the period   $ 6,805     $ 4,138  
    SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:                
     Conversion of preferred stock and accrued dividends to common stock   $ 2,435     $ –  
     Dividends declared, not paid   $ 1,299     $ 5  
     Purchase of prepaid insurance with assumption of note   $ –     $ 96  
     Reclass of deposits for property and equipment placed in service   $ –     $ 296  
    SUPPLEMENTAL INFORMATION – Cash paid during the period for:                
    Income taxes   $ 15     $ 6  
    Interest   $ 18     $ 295  

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    TO COMPARABLE GAAP MEASURES

    The following is a reconciliation of the non-GAAP financial measures used by us to describe our financial results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). An explanation of these measures is also included below under the heading “Explanation of Non-GAAP Financial Measures.”

    While management believes that these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying performance of our business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP.

    Adjusted EBITDA to GAAP Net Income (Loss)

    Set forth below is a reconciliation of our “adjusted EBITDA” to our GAAP net income (loss).

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net revenue   $ 27,632     $ 25,962  
                     
    GAAP net income (loss)     1,948       (241 )
                     
    Provision for income taxes     41       39  
    Net interest expense     16       338  
    Foreign exchange loss (gain) / other expense     19       (5 )
    Stock-based compensation expense (benefit)     108       (708 )
    Depreciation and amortization     3,337       3,930  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Adjusted EBITDA   $ 5,595     $ 3,687  


    Non-GAAP Adjusted Operating Income to GAAP Operating Income

    Set forth below is a reconciliation of our non-GAAP “adjusted operating income” and non-GAAP “adjusted operating margin” to our GAAP operating income and GAAP operating margin.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net revenue   $ 27,632     $ 25,962  
                     
    GAAP net income (loss)     1,948       (241 )
    Provision for income taxes     41       39  
    Net interest expense     16       338  
    Other expense (income) – net     14       (7 )
    GAAP operating income     2,019       129  
    GAAP operating margin     7.3 %     0.5 %
                     
    Stock-based compensation expense (benefit)     108       (708 )
    Amortization of purchased intangible assets     89       840  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Non-GAAP adjusted operating income   $ 2,342     $ 595  
    Non-GAAP adjusted operating margin     8.5 %     2.3 %


    Non-GAAP Adjusted Net Income to GAAP Net Income (Loss)

    Set forth below is a reconciliation of our non-GAAP “adjusted net income” and non-GAAP “adjusted net income per share” to our GAAP net income (loss) and GAAP net loss per share.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    GAAP net income (loss)   $ 1,948     $ (241 )
                     
    Foreign exchange loss (gain) / other expense     19       (5 )
    Stock-based compensation expense (benefit)     108       (708 )
    Amortization of purchased intangible assets     89       840  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Non-GAAP adjusted net income   $ 2,290     $ 220  
                     
    End-of-period common shares     42,321,129       16,118,492  
                     
    Non-GAAP adjusted net income per share   $ 0.05     $ 0.01  

    For purposes of determining non-GAAP adjusted net income per share, we used the number of common shares outstanding as of March 31, 2025 and 2024.

        Three Months Ended March 31,  
        2025     2024  
    GAAP net loss attributable to common shareholders, per share   $ (0.04 )   $ (0.10 )
    Impact of preferred stock dividend     0.09       0.08  
    Net income (loss) per end-of-period share     0.05       (0.02 )
                     
    Foreign exchange loss (gain) / other expense     0.00       0.00  
    Stock-based compensation expense (benefit)     0.00       (0.04 )
    Amortization of purchased intangible assets     0.00       0.05  
    Transaction and integration costs     0.00       0.00  
    Restructuring costs     0.00       0.02  
    Non-GAAP adjusted earnings per share   $ 0.05     $ 0.01  


    Net cash provided by operating activities to free cash flow

    Set forth below is a reconciliation of our non-GAAP “free cash flow” to our GAAP net cash provided by operating activities.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net cash provided by operating activities   $ 5,113     $ 4,066  
                     
    Purchases of property and equipment     (624 )     (298 )
    Capitalized software and other intangible assets     (846 )     (1,570 )
    Free cash flow   $ 3,643     $ 2,198  
                     
    Net cash used in investing activities 1   $ (1,510 )   $ (1,868 )
    Net cash used in financing activities   $ (1,932 )   $ (1,374 )
                     
    1 Net cash used in investing activities includes purchases of property and equipment and capitalized software and other intangible assets, which are also included in our computation of free cash flow.  
       

    Explanation of Non-GAAP Financial Measures

    We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of CareCloud and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.

    Management uses adjusted EBITDA, adjusted operating income, adjusted operating margin, and non-GAAP adjusted net income to provide an understanding of aspects of operating results before the impact of investing and financing charges and income taxes. Adjusted EBITDA may be useful to an investor in evaluating our operating performance and liquidity because this measure excludes non-cash expenses as well as expenses pertaining to investing or financing transactions. Management defines “adjusted EBITDA” as the sum of GAAP net income (loss) before provision for income taxes, net interest expense, foreign exchange loss (gain) / other expense, stock-based compensation expense (benefit), depreciation and amortization, transaction and integration costs, and restructuring costs.

    Management defines “non-GAAP adjusted operating income” as the sum of GAAP operating income before stock-based compensation expense (benefit), amortization of purchased intangible assets, transaction and integration costs, and restructuring costs, and “non-GAAP adjusted operating margin” as non-GAAP adjusted operating income divided by net revenue.

    Management defines “non-GAAP adjusted net income” as the sum of GAAP net income (loss) before foreign exchange loss (gain) / other expense, stock-based compensation expense (benefit), amortization of purchased intangible assets, transaction and integration costs, and restructuring costs, and “non-GAAP adjusted net income per share” as non-GAAP adjusted net income divided by common shares outstanding at the end of the period.

    Management defines “free cash flow” as the sum of net cash provided by operating activities less cash used for purchases of property and equipment and cash used to develop capitalized software and other intangible assets.

    Management considers all of these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance.

    In addition to items routinely excluded from non-GAAP EBITDA, management excludes or adjusts each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:

    Foreign exchange loss (gain) / other expense. Other expense is excluded because foreign currency gains and losses and other non-operating expenses are expenditures that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expense is partially outside of our control. Foreign currency gains and losses are based on global market factors which are unrelated to our performance during the period in which the gains and losses are recorded.

    Stock-based compensation expense (benefit). Stock-based compensation expense (benefit) is excluded because this is primarily a non-cash expenditure that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expenditure is partially outside of our control because it is based on factors such as stock price, volatility, and interest rates, which may be unrelated to our performance during the period in which the expenses are incurred. Stock-based compensation expense includes cash-settled awards based on changes in the stock price.

    Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.

    Transaction costs. Transaction costs are upfront costs related to acquisitions and related transactions, such as brokerage fees, pre-acquisition accounting costs and legal fees, and other upfront costs related to specific transactions. Management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Integration costs. Integration costs are severance payments for certain employees relating to our acquisitions and exit costs related to terminating leases and other contractual agreements. Accordingly, management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Restructuring costs. Restructuring costs primarily consist of severance and separation costs associated with the optimization of the Company’s operations and profitability improvements. Management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Free cash flow. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the Company’s financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, consolidated net operating results as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, the Company’s definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our condensed consolidated statements of cash flows.

    The MIL Network –

  • MIL-OSI: FAVO Capital Secures $8 Million Series A Preferred Investment from Stewards Investment Capital

    Source: GlobeNewswire (MIL-OSI)

    FORT LAUDERDALE, Fla., May 06, 2025 (GLOBE NEWSWIRE) — via IBN — FAVO Capital, Inc. (OTC: FAVO), a rapidly growing private credit platform focused on revenue-based funding for small and medium-sized businesses (SMBs), today announced that it has secured an $8 million Series A Preferred equity investment from Stewards Investment Capital, a global asset manager with deep expertise in fintech and private credit.

    Vincent Napolitano, CEO of FAVO Capital said, “Stewards has been a trusted partner, and this funding further positions us to serve the capital needs of underserved SMBs with speed, flexibility, and transparency.”

    “This investment reflects institutional confidence in our platform’s scalability and disciplined strategy,” said Shaun Quin, President of FAVO Capital.

    This investment will accelerate direct SMB funding, restructure a portion of our debt notes and expand embedded lending partnerships, all while reinforcing FAVO’s balance sheet and supporting its ongoing growth initiatives as it advances toward a Nasdaq uplisting.

    Glen Steward, Founder and Chairman of Stewards Investment Capital added, “The growth trajectory of FAVO from our original investment has been nothing but positive and rewarding. Our continued support and investment from our international network has been a testament to the Award Winning bespoke investment products that we have been able to create around FAVO.”

    The securities offered will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirement.

    About FAVO Capital, Inc.

    FAVO Capital, Inc. (OTC: FAVO) is a private credit firm specializing in alternative financing solutions for small and medium-sized businesses (SMBs) across the United States. Since its inception, FAVO Capital has supported more than 10,000 businesses. FAVO Capital is committed to financial transparency, sustainable growth, and empowering SMBs with flexible funding solutions. Headquartered in Fort Lauderdale, FL, the company also has operations in New York and the Dominican Republic.

    For more information, visit www.favocapital.com and follow us on LinkedIn and X.

    Investor Alerts

    Interested investors and shareholders are encouraged to sign up for press releases and industry updates by registering for Email Alerts at FAVO News Alerts.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, projections, estimates, and expectations regarding future trends, financial performance, and operational strategies. Forward-looking statements are often identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “seeks,” “estimates,” “may,” “will,” “should,” or similar expressions.

    These statements are based on the company’s current beliefs, expectations, and assumptions and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from those expressed or implied. Factors that may cause such differences include, but are not limited to, market conditions, regulatory developments, competition, economic conditions, and the company’s ability to execute its business strategy.

    Actual results may differ materially from those anticipated, and investors are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release, except as required by law.

    Company Contact:

    FAVO Capital, Inc.
    4300 N University Drive
    D-105
    Lauderhill, FL 33351

    Investor Relations:
    Scott McGowan
    InvestorBrandNetwork (IBN)
    Phone: 310.299.1717
    ir@favocapital.com

    The MIL Network –

  • MIL-OSI: Cipher Mining Provides First Quarter 2025 Business Update

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Revenue of $49m, up 16% quarter over quarter

    Signed term sheet with Fortress Credit Advisors to serve as the JV financing partner at Barber Lake

    Nearing completion of 150 MW Phase I infrastructure at Black Pearl

    First Quarter 2025 GAAP Net Loss of $39m, and Non-GAAP Adjusted Earnings of $6m

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) —  Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its first quarter 2025 financial results, with an update on its operations and business strategy.

    “The first quarter was marked by disciplined execution and steady progress as we advanced our 2025 expansion plans,” said Tyler Page, CEO. “Notably, we’re thrilled to have partnered with Fortress, a best-in-class financing partner, to develop a next-generation data center at Barber Lake. Fortress will not only bring extensive experience in data center development, but also a strong network of relationships with hyperscalers that complements our active discussions.”

    Over the quarter, Cipher also made substantial progress on expanding its mining footprint, with rig deployment at Black Pearl anticipated ahead of schedule.

    Mr. Page added, “We are nearing completion of the Black Pearl Data Center’s Phase I core and shell, and all four substation transformers are now onsite. Given the accelerated progress and expected energization in May, we’ve decided to immediately deploy rigs from inventory at the newly constructed site while we await the arrival of new machines expected later this summer. This strategic decision will bring approximately 2.5 exahashes per second online one quarter earlier than anticipated through the efficient use of idle assets at no additional capital expenditure to the company.”

    This redeployment will bring Cipher to ~16.0 EH/s by the end of the second quarter, with expectations to scale to ~23.1 EH/s by the end of the third quarter, as the Company continues to monitor the tariff landscape and new rig delivery schedules come into focus.

    “Cipher’s strong treasury management, disciplined approach to growth, and site flexibility continue to give me confidence in our ability to navigate a dynamic market environment and drive long-term success,” said Mr. Page.

    Finance and Operations Highlights

    • Completed first full quarter of operations with the upgraded Odessa fleet, which increased Cipher’s total self-mining hashrate to ~13.5 EH/s
    • Signed term sheet with Fortress Credit Advisors LLC to serve as the JV financing partner at Barber Lake
    • Infrastructure at Black Pearl Phase I nearing completion, with energization expected ahead of schedule
    • Continued HPC tenant momentum at Barber Lake site with multiple tenants under NDA and performing due diligence
    • Pipeline of 2.8 GW of site capacity
    • Q1 2025 net loss of $39 million, or $0.11 per diluted share, and adjusted earnings of $6 million, or $0.02 per diluted share

    Business Update Call and Webcast

    The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com/. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its future results of operations and financial position, its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Website Disclosure

    The company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

    Non-GAAP Financial Measures

    This press release includes supplemental financial measures for Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case that exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not measurements of financial performance under accounting principles generally accepted in the United Stated (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.

    Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our condensed consolidated financial statements included elsewhere in this press release, which have been prepared in accordance with GAAP. We rely primarily on such condensed consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    Courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    CIPHER MINING INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except for share and per share amounts)
    (unaudited)
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 23,173     $ 5,585  
    Accounts receivable   758       596  
    Receivables, related party   300       2,090  
    Prepaid expenses and other current assets   2,970       3,387  
    Bitcoin   52,024       92,651  
    Receivable for bitcoin collateral   32,497       32,248  
    Derivative asset   42,835       31,648  
    Total current assets   154,557       168,205  
    Restricted cash   14,392       14,392  
    Property and equipment, net   477,972       480,865  
    Deposits on equipment   122,502       38,872  
    Intangible assets, net   9,043       8,881  
    Investment in equity investees   48,499       53,908  
    Derivative asset   50,165       54,022  
    Operating lease right-of-use asset   12,192       12,561  
    Security deposits   19,776       19,782  
    Other noncurrent assets   4,694       3,958  
    Total assets $ 913,792     $ 855,446  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 29,879     $ 22,699  
    Accrued expenses and other current liabilities   66,300       69,824  
    Finance lease liability, current portion   3,903       3,798  
    Operating lease liability, current portion   3,200       3,127  
    Short-term borrowings   35,459       32,330  
    Total current liabilities   138,741       131,778  
    Asset retirement obligations   20,801       20,282  
    Finance lease liability   6,315       7,331  
    Operating lease liability   9,506       9,833  
    Deferred tax liability   3,634       4,269  
    Total liabilities   178,997       173,493  
    Commitments and contingencies (Note 13)      
    Stockholders’ equity      
    Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of March 31, 2025, and December 31, 2024   –       –  
    Common stock, $0.001 par value, 500,000,000 shares authorized, 371,313,598 and 361,432,449 shares issued as of March 31, 2025 and December 31, 2024, respectively, and 370,857,699 and 350,783,817 shares outstanding as of March 31, 2025, and December 31, 2024, respectively   371       361  
    Additional paid-in capital   954,812       863,015  
    Accumulated deficit   (220,387 )     (181,412 )
    Treasury stock, at par, 455,899 and 10,648,632 shares at March 31, 2025 and December 31, 2024, respectively   (1 )     (11 )
    Total stockholders’ equity   734,795       681,953  
    Total liabilities and stockholders’ equity $ 913,792     $ 855,446  
    CIPHER MINING INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except for share and per share amounts)
    (unaudited)
      Three Months Ended March 31,
        2025       2024  
    Revenue – bitcoin mining $ 48,959     $ 48,137  
    Costs and operating (expenses) income      
    Cost of revenue   (14,894 )     (14,820 )
    Compensation and benefits   (14,303 )     (13,036 )
    General and administrative   (8,951 )     (6,077 )
    Depreciation and amortization   (43,467 )     (17,244 )
    Change in fair value of derivative asset   7,330       7,359  
    Power sales   991       1,173  
    Equity in income (losses) of equity investees   (5,292 )     738  
    Unrealized (losses) gains on fair value of bitcoin   (20,178 )     40,556  
    Realized gains on sale of bitcoin   12,196       –  
    Other gains   (479 )     –  
    Total costs and operating expenses   (87,047 )     (1,351 )
    Operating (loss) income   (38,088 )     46,786  
    Other income (expense)      
    Interest income   190       786  
    Interest expense   (777 )     (400 )
    Change in fair value of warrant liability   –       250  
    Other expense   (156 )     (1,958 )
    Total other expense   (743 )     (1,322 )
    (Loss) income before taxes   (38,831 )     45,464  
    Current income tax expense   (779 )     (386 )
    Deferred income tax benefit (expense)   635       (5,178 )
    Total income tax expense   (144 )     (5,564 )
    Net (loss) income $ (38,975 )   $ 39,900  
    (Loss) income per share – basic and diluted $ (0.11 )   $ 0.13  
    Weighted average shares outstanding – basic   360,514,620       296,641,499  
    Weighted average shares outstanding – diluted   360,514,620       304,397,979  

    Non-GAAP Financial Measures

    The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):

      Three Months Ended March 31,
        2025       2024  
    Reconciliation of Adjusted Earnings:      
    Net (loss) income $ (38,975 )   $ 39,900  
    Change in fair value of derivative asset   (7,330 )     (7,359 )
    Share-based compensation expense   9,132       8,317  
    Depreciation and amortization   43,467       17,244  
    Deferred income tax (benefit) expense   (635 )     5,178  
    Other losses – nonrecurring   479       –  
    Change in fair value of warrant liability   –       (250 )
    Adjusted (loss) earnings $ 6,138     $ 63,030  
           
           
      Three Months Ended March 31,
        2025       2024  
    Reconciliation of Adjusted Earnings per share – diluted:      
    Net (loss) income per share – diluted $ (0.11 )   $ 0.13  
    Change in fair value of derivative asset per diluted share   (0.02 )     (0.03 )
    Share-based compensation expense per diluted share   0.03       0.03  
    Depreciation and amortization per diluted share   0.12       0.06  
    Deferred income tax (benefit) expense per diluted share   —       0.02  
    Other losses – nonrecurring per diluted share   —       —  
    Change in fair value of warrant liability per diluted share   —       —  
    Adjusted (loss) earnings per diluted share $ 0.02     $ 0.21  

    The MIL Network –

  • MIL-OSI: Datadog Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First quarter revenue grew 25% year-over-year to $762 million

    Robust growth of larger customers, with about 3,770 $100k+ ARR customers, up from about 3,340 a year ago

    Announced 2025 DASH user conference, June 10-11, in New York City

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — Datadog, Inc. (NASDAQ:DDOG), the monitoring and security platform for cloud applications, today announced financial results for its first quarter ended March 31, 2025.

    “Datadog executed solidly in the first quarter, with 25% year-over-year revenue growth, $272 million in operating cash flow, and $244 million in free cash flow,” said Olivier Pomel, co-founder and CEO of Datadog.

    Pomel added, “We are innovating rapidly across the Datadog platform, to help customers observe, secure, and act to solve mission-critical business problems in their modern, cloud environments.”

    First Quarter 2025 Financial Highlights:

    • Revenue was $762 million, an increase of 25% year-over-year.
    • GAAP operating loss was $(12) million; GAAP operating margin was (2)%.
    • Non-GAAP operating income was $167 million; non-GAAP operating margin was 22%.
    • GAAP net income per diluted share was $0.07; non-GAAP net income per diluted share was $0.46.
    • Operating cash flow was $272 million, with free cash flow of $244 million.
    • Cash, cash equivalents, and marketable securities were $4.4 billion as of March 31, 2025.

    First Quarter & Recent Business Highlights:

    • As of March 31, 2025, we had about 3,770 customers with ARR of $100,000 or more, an increase of 13% from about 3,340 as of March 31, 2024.
    • Acquired Eppo, a feature flagging and experimentation platform, which will tightly integrate with Datadog’s existing Product Analytics suite.
    • Released the new report, State of DevSecOps 2025, which found that only a fraction of critical vulnerabilities are truly worth prioritizing.
    • Acquired Metaplane, an end-to-end data observability platform that provides advanced machine learning-powered monitoring and column-level lineage to prevent, detect and resolve data quality issues across a company’s entire data stack.
    • Named a Leader in The Forrester Wave™: AIOps Platforms, Q2 2025. Datadog’s AIOps solutions include Bits AI, Watchdog and Event Management.
    • Highlighted multiple recent product launches at Google Cloud Next, including expanded monitoring capabilities for BigQuery.
    • Announced plans for a new data center to be located in Australia. The data center instance will be Datadog’s first in Australia and adds to existing locations in North America, Asia, and Europe.
    • Opened registration for DASH, Datadog’s eighth annual global conference for CIOs, CISOs, developers, SREs, and security and operations professionals, to build and scale the next generation of applications, infrastructure, security, GenAI and teams. The conference will take place June 10-11, 2025 at North Javits Center in New York City.

    Second Quarter and Full Year 2025 Outlook:

    Based on information as of today, May 6, 2025, Datadog is providing the following guidance:

    • Second Quarter 2025 Outlook:
      • Revenue between $787 million and $791 million.
      • Non-GAAP operating income between $148 million and $152 million.
      • Non-GAAP net income per share between $0.40 and $0.42, assuming approximately 361 million weighted average diluted shares outstanding.
    • Full Year 2025 Outlook:
      • Revenue between $3.215 billion and $3.235 billion.
      • Non-GAAP operating income between $625 million and $645 million.
      • Non-GAAP net income per share between $1.67 and $1.71, assuming approximately 362 million weighted average diluted shares outstanding.

    Datadog has not reconciled its expectations as to non-GAAP operating income, or as to non-GAAP net income per share, to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and employer payroll taxes on equity incentive plans. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Datadog’s results computed in accordance with GAAP.

    Conference Call Details:

    • What: Datadog financial results for the first quarter of 2025 and outlook for the second quarter and the full year 2025
    • When: May 6, 2025 at 8:00 A.M. Eastern Time (5:00 A.M. Pacific Time)
    • Dial in: To access the call in the U.S., please register here. Callers are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.
    • Webcast: https://investors.datadoghq.com (live and replay)
    • Replay: A replay of the call will be archived on the investor relations website

    About Datadog

    Datadog is the observability and security platform for cloud applications. Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security and many other capabilities to provide unified, real-time observability and security for our customers’ entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior, and track key business metrics.

    Forward-Looking Statements

    This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Datadog’s strategy, product and platform capabilities, the growth in and ability to capitalize on long-term market opportunities including the pace and scope of cloud migration and digital transformation, gross margins and operating margins including with respect to third-party cloud infrastructure hosting costs, sales and marketing, research and development expenses, net interest and other income, cash taxes, investments and capital expenditures, and Datadog’s future financial performance, including its outlook for the second quarter and the full year 2025 and related notes and assumptions. These forward-looking statements are based on Datadog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Datadog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

    The risks and uncertainties referred to above include, but are not limited to (1) our recent rapid growth may not be indicative of our future growth; (2) our history of operating losses; (3) our limited operating history; (4) our dependence on existing customers purchasing additional subscriptions and products from us and renewing their subscriptions; (5) our ability to attract new customers; (6) our ability to effectively develop and expand our sales and marketing capabilities; (7) risk of a security breach; (8) risk of interruptions or performance problems associated with our products and platform capabilities; (9) our ability to adapt and respond to rapidly changing technology or customer needs; (10) the competitive markets in which we participate; (11) risks associated with successfully managing our growth; and (12) general market, political, economic, and business conditions including concerns about trade policies, tariffs, reduced economic growth and associated decreases in information technology spending. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (SEC), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and other filings and reports that we may file from time to time with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. 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, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

    About Non-GAAP Financial Measures

    Datadog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, free cash flow and free cash flow margin. Datadog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Datadog’s financial performance. Datadog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. Datadog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Datadog’s reported financial results.

    Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

    Datadog defines non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; (3) employer payroll taxes on employee stock transactions; (4) amortization of issuance costs; and (5) an assumed provision for income taxes based on our long-term projected tax rate. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in Datadog’s geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate. Datadog defines free cash flow as net cash provided by operating activities, minus capital expenditures and minus capitalized software development costs, if any. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

    Management believes these non-GAAP financial measures are useful to investors and others in assessing Datadog’s operating performance due to the following factors:

    Stock-based compensation. Datadog utilizes stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its stockholders and at long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

    Amortization of acquired intangibles. Datadog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.

    Employer payroll taxes on employee stock transactions. Datadog excludes employer payroll tax expense on equity incentive plans as these expenses are tied to the exercise or vesting of underlying equity awards and the price of Datadog’s common stock at the time of vesting or exercise. As a result, these taxes may vary in any particular period independent of the financial and operating performance of Datadog’s business.

    Amortization of issuance costs. In June 2020 and December 2024, Datadog issued $747.5 million of 0.125% convertible senior notes due 2025 and $1.0 billion of 0% convertible senior notes due 2029, respectively. Debt issuance costs, which reduce the carrying value of the convertible debt instrument, are amortized as interest expense over the term. The expense for the amortization of debt issuance costs is a non-cash item, and we believe the exclusion of this interest expense will provide for a more useful comparison of our operational performance in different periods.

    Additionally, Datadog’s management believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of our liquidity and future ability to generate cash that can be used for strategic opportunities or investing in our business. Free cash flow represents net cash provided by operating activities, reduced by capital expenditures and capitalized software development costs, if any. The reduction of capital expenditures and amounts capitalized for software development facilitates comparisons of Datadog’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of our liquidity.

    Operating Metrics

    Datadog’s number of customers with ARR of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter.

    We define the number of customers as the number of accounts with a unique account identifier for which we have an active subscription in the period indicated. Users of our free trials or tier are not included in our customer count. A single organization with multiple divisions, segments or subsidiaries is generally counted as a single customer. However, in some cases where they have separate billing terms, we may count separate divisions, segments or subsidiaries as multiple customers.

    We define ARR as the annualized revenue run-rate of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly recurring revenue, or MRR, and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts, additional usage, usage from subscriptions for a committed contractual amount of usage that is delivered as used, and monthly subscriptions. ARR and MRR should be viewed independently of revenue, and do not represent our revenue under GAAP on a monthly or annualized basis, as they are operating metrics that can be impacted by contract start and end dates and renewal rates. ARR and MRR are not intended to be replacements or forecasts of revenue.

     
    Datadog, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Revenue   $ 761,553     $ 611,253  
    Cost of revenue (1)(2)(3)     157,628       110,098  
    Gross profit     603,925       501,155  
    Operating expenses:        
    Research and development (1)(3)     341,061       269,988  
    Sales and marketing (1)(2)(3)     214,291       173,881  
    General and administrative (1)(3)     60,993       45,290  
    Total operating expenses     616,345       489,159  
    Operating (loss) income     (12,420 )     11,996  
    Other income:        
    Interest expense (4)     (2,963 )     (1,374 )
    Interest income and other income, net     47,179       35,563  
    Other income, net     44,216       34,189  
    Income before provision for income taxes     31,796       46,185  
    Provision for income taxes     7,154       3,554  
    Net income   $ 24,642     $ 42,631  
    Net income per share – basic   $ 0.07     $ 0.13  
    Net income per share – diluted   $ 0.07     $ 0.12  
    Weighted average shares used in calculating net income per share:        
    Basic     343,097       331,806  
    Diluted     363,078       355,979  
    (1) Includes stock-based compensation expense as follows:        
    Cost of revenue   $ 6,651     $ 5,527  
    Research and development     105,735       88,413  
    Sales and marketing     34,125       28,531  
    General and administrative     17,754       12,562  
    Total   $ 164,265     $ 135,033  
    (2) Includes amortization of acquired intangibles as follows:        
    Cost of revenue   $ 894     $ 2,027  
    Sales and marketing     203       205  
    Total   $ 1,097     $ 2,232  
    (3) Includes employer payroll taxes on employee stock transactions as follows:                
    Cost of revenue   $ 186     $ 192  
    Research and development     9,582       10,819  
    Sales and marketing     1,570       2,153  
    General and administrative     2,225       2,057  
    Total   $ 13,563     $ 15,221  
    (4) Includes amortization of issuance costs as follows:        
    Interest expense   $ 1,819     $ 850  
    Total   $ 1,819     $ 850  
    Datadog, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands; unaudited)
     
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 1,079,854     $ 1,246,983  
    Marketable securities     3,369,820       2,942,076  
    Accounts receivable, net of allowance for credit losses of $17,707 and $16,302 as of March 31, 2025 and December 31, 2024, respectively     490,172       598,919  
    Deferred contract costs, current     58,832       56,095  
    Prepaid expenses and other current assets     77,660       67,042  
    Total current assets     5,076,338       4,911,115  
    Property and equipment, net     249,916       226,970  
    Operating lease assets     203,074       172,512  
    Goodwill     361,738       360,381  
    Intangible assets, net     2,626       3,711  
    Deferred contract costs, non-current     90,501       86,573  
    Other assets     26,188       24,077  
    TOTAL ASSETS   $ 6,010,381     $ 5,785,339  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Accounts payable   $ 98,442     $ 107,731  
    Accrued expenses and other current liabilities     138,238       127,136  
    Operating lease liabilities, current     34,228       31,970  
    Convertible senior notes, net, current     634,780       634,023  
    Deferred revenue, current     949,135       961,853  
    Total current liabilities     1,854,823       1,862,713  
    Operating lease liabilities, non-current     227,974       196,905  
    Convertible senior notes, net, non-current     980,314       979,282  
    Deferred revenue, non-current     21,560       22,693  
    Other liabilities     9,036       9,383  
    Total liabilities     3,093,707       3,070,976  
    STOCKHOLDERS’ EQUITY:        
    Common stock     3       3  
    Additional paid-in capital     2,860,643       2,689,013  
    Accumulated other comprehensive income (loss)     1,338       (4,701 )
    Retained earnings     54,690       30,048  
    Total stockholders’ equity     2,916,674       2,714,363  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 6,010,381     $ 5,785,339  
    Datadog, Inc.
    Condensed Consolidated Statements of Cash Flow
    (In thousands; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net income   $ 24,642     $ 42,631  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation and amortization     11,255       12,895  
    Accretion of discounts on marketable securities     (10,370 )     (14,126 )
    Amortization of issuance costs     1,819       850  
    Amortization of deferred contract costs     14,853       11,844  
    Stock-based compensation, net of amounts capitalized     164,265       135,033  
    Non-cash lease expense     8,389       6,810  
    Allowance for credit losses on accounts receivable     4,520       2,732  
    (Gain) loss on disposal of property and equipment     (145 )     43  
    Changes in operating assets and liabilities:        
    Accounts receivable, net     104,227       55,490  
    Deferred contract costs     (21,519 )     (12,636 )
    Prepaid expenses and other current assets     (10,263 )     (14,075 )
    Other assets     (1,217 )     2,614  
    Accounts payable     (10,712 )     (17,122 )
    Accrued expenses and other liabilities     5,648       (7,433 )
    Deferred revenue     (13,851 )     6,720  
    Net cash provided by operating activities     271,541       212,270  
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Purchases of marketable securities     (970,302 )     (637,351 )
    Maturities of marketable securities     555,938       401,666  
    Proceeds from sale of marketable securities     (76 )     —  
    Purchases of property and equipment     (8,748 )     (14,158 )
    Capitalized software development costs     (18,402 )     (11,365 )
    Cash paid for acquisition of businesses; net of cash acquired     (1,818 )     —  
    Net cash used in investing activities     (443,408 )     (261,208 )
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from exercise of stock options     1,673       2,191  
    Repayments of 2025 Convertible Senior Notes     (20 )     —  
    Net cash provided by financing activities     1,653       2,191  
             
    Effect of exchange rate changes on cash and cash equivalents     3,085       (1,374 )
             
    NET DECREASE IN CASH AND CASH EQUIVALENTS     (167,129 )     (48,121 )
    CASH AND CASH EQUIVALENTS—Beginning of period     1,246,983       330,339  
    CASH AND CASH EQUIVALENTS—End of period   $ 1,079,854     $ 282,218  
    Datadog, Inc.
    Reconciliation from GAAP to Non-GAAP Results
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 603,925     $ 501,155  
    Plus: Stock-based compensation expense     6,651       5,527  
    Plus: Amortization of acquired intangibles     894       2,027  
    Plus: Employer payroll taxes on employee stock transactions     186       192  
    Non-GAAP gross profit   $ 611,656     $ 508,901  
    GAAP gross margin     79 %     82 %
    Non-GAAP gross margin     80 %     83 %
             
    Reconciliation of operating expenses        
    GAAP research and development   $ 341,061     $ 269,988  
    Less: Stock-based compensation expense     (105,735 )     (88,413 )
    Less: Employer payroll taxes on employee stock transactions     (9,582 )     (10,819 )
    Non-GAAP research and development   $ 225,744     $ 170,756  
             
    GAAP sales and marketing   $ 214,291     $ 173,881  
    Less: Stock-based compensation expense     (34,125 )     (28,531 )
    Less: Amortization of acquired intangibles     (203 )     (205 )
    Less: Employer payroll taxes on employee stock transactions     (1,570 )     (2,153 )
    Non-GAAP sales and marketing   $ 178,393     $ 142,992  
             
    GAAP general and administrative   $ 60,993     $ 45,290  
    Less: Stock-based compensation expense     (17,754 )     (12,562 )
    Less: Employer payroll taxes on employee stock transactions     (2,225 )     (2,057 )
    Non-GAAP general and administrative   $ 41,014     $ 30,671  
             
    Reconciliation of operating (loss) income and operating margin        
    GAAP operating (loss) income   $ (12,420 )   $ 11,996  
    Plus: Stock-based compensation expense     164,265       135,033  
    Plus: Amortization of acquired intangibles     1,097       2,232  
    Plus: Employer payroll taxes on employee stock transactions     13,563       15,221  
    Non-GAAP operating income   $ 166,505     $ 164,482  
    GAAP operating margin     (2 )%     2 %
    Non-GAAP operating margin     22 %     27 %
    Datadog, Inc.
    Reconciliation from GAAP to Non-GAAP Results
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Reconciliation of net income (loss)        
    GAAP net income (loss)   $ 24,642     $ 42,631  
    Plus: Stock-based compensation expense     164,265       135,033  
    Plus: Amortization of acquired intangibles     1,097       2,232  
    Plus: Employer payroll taxes on employee stock transactions     13,563       15,221  
    Plus: Amortization of issuance costs     1,819       850  
    Non-GAAP net income before non-GAAP tax adjustments   $ 205,386     $ 195,967  
    Income tax effects and adjustments (1)     37,479       38,345  
    Non-GAAP net income after non-GAAP tax adjustments   $ 167,907     $ 157,622  
    Net income per share before non-GAAP tax adjustments – basic   $ 0.60     $ 0.59  
    Net income per share before non-GAAP tax adjustments – diluted   $ 0.57     $ 0.55  
             
    Net income per share after non-GAAP tax adjustments – basic   $ 0.49     $ 0.48  
    Net income per share after non-GAAP tax adjustments – diluted   $ 0.46     $ 0.44  
             
    Shares used in non-GAAP net income per share calculations:        
    Basic     343,097       331,806  
    Diluted     363,078       355,979  
    ___________________
    1) Non-GAAP financial information for the periods shown are adjusted for an assumed provision for income taxes based on our long-term projected tax rate of 21%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.
    Datadog, Inc.
    Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow
    (In thousands; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Net cash provided by operating activities   $ 271,541     $ 212,270  
    Less: Purchases of property and equipment     (8,748 )     (14,158 )
    Less: Capitalized software development costs     (18,402 )     (11,365 )
    Free cash flow   $ 244,391     $ 186,747  
    Free cash flow margin     32 %     31 %

    Contact Information
    Yuka Broderick
    Datadog Investor Relations
    IR@datadoghq.com

    Dan Haggerty
    Datadog Public Relations
    Press@datadoghq.com

    Datadog is a registered trademark of Datadog, Inc.
    All product and company names herein may be trademarks of their registered owners.

    The MIL Network –

  • MIL-OSI: Lantronix to Participate in the 22nd Annual Craig-Hallum Institutional Investor Conference on May 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., May 06, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling Edge AI Intelligence, today announced that Lantronix CEO Saleel Awsare and CFO Brent Stringham will participate in one-on-one meetings with investors at the 22nd Annual Craig-Hallum Institutional Investor Conference to be held on May 28, 2025, at the Depot Renaissance Hotel in Minneapolis.

    Interested investors should contact Lantronix CFO Brent Stringham at investors@lantronix.com to inquire about availability for a one-on-one meeting.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    The MIL Network –

  • MIL-OSI: CECO Environmental Announces Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    ADDISON, Texas, May 06, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announces that CECO management will participate at the following investor conferences:

    • May 13, 2025 – The ONE Houlihan Lokey Global Industrials Conference
    • May 28, 2025 – The 22nd Annual Craig-Hallum Institutional Investor Conference in Minneapolis.
    • June 10, 2025 – The Wells Fargo 2025 Industrials Conference in Chicago (To be confirmed)
    • June 12, 2025 – The 15th Annual East Coast IDEAS Conference in New York.  
    • June 25, 2025 – The Northland Growth Virtual Conference
    • June 24-26, 2025 – The 15th Annual ROTH London Conference

    The presentations will be available on the Investor Relations section of the Company’s website www.cecoenviro.com.

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications in power generation, petrochemical processing, refining, midstream gas transport and treatment, electric vehicle and battery production, metals and mineral processing, polysilicon production, battery recycling, beverage can production, and produced and oily water/wastewater treatment along with a wide range of other industrial applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
            
    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors
    214-872-2710
    Investor.Relations@OneCECO.com

    The MIL Network –

  • MIL-OSI: Willis Lease Finance Corporation Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Delivers Pre-Tax Income of $25.3 Million and Record Quarterly Revenue of $157.7 Million

    Declares Second Quarter 2025 Dividend of $0.25 Per Share

    COCONUT CREEK, Fla., May 06, 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 its financial results for the first quarter ended March 31, 2025. The Company also announced a quarterly dividend of $0.25 per share, payable on May 22, 2025, to shareholders of record as of the close of business on May 12, 2025.

    First Quarter 2025 Highlights (All metrics compared to first quarter 2024, except where noted)

    • Total, record, quarterly revenues of $157.7 million, an increase of 32.5%
    • Solid quarterly pre-tax income of $25.3 million
    • Lease rent revenue of $67.7 million, an increase of 28.1%
    • Maintenance reserve revenue of $54.9 million, an increase of 25.0%
    • Spare parts and equipment sales of $18.2 million, compared to $3.3 million
    • Portfolio utilization increased to 86.4% at quarter end, compared to 76.7% at year end 2024

    For the three months ended March 31, 2025, total revenue was $157.7 million, up 32.5% as compared to $119.1 million for the same period in 2024. For the first quarter of 2025, core lease rent and maintenance reserve revenues were $122.6 million in the aggregate, up 27% as compared to $96.8 million for the same period in 2024. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s leasing, parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

    “WLFC’s strong first quarter 2025 financial results reflect the strength in our business model, which enables us to provide advanced and efficient solutions to airlines,” said Austin C. Willis, Chief Executive Officer of WLFC. “While concerns over tariffs have created market volatility, we remain confident in the drivers of our business. The cost of new engines continues to drive operators towards leasing, and our maintenance capabilities and programs provide value and certainty for cost conscious airlines.”

    First Quarter 2025 Operating Results

    Maintenance reserve revenue for the quarter ended March 31, 2025, was $54.9 million, compared to $43.9 million for the quarter ended March 31, 2024, reflecting the increased size of the Company’s lease portfolio and leases on short-term lease conditions.

    Engines on lease with “non-reimbursable” usage fees generated $45.3 million of short-term maintenance revenues for the quarter ended March 31, 2025, compared to $37.6 million for the quarter ended March 31, 2024.

    During the first quarter of 2025, the Company recognized $9.6 million of long-term maintenance revenue, compared to $6.3 million for the quarter ended March 31, 2024. Long-term maintenance revenue is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.

    Spare parts and equipment sales increased to $18.2 million for the quarter ended March 31, 2025, compared to $3.3 million for the quarter ended March 31, 2024. The year-over-year increase in spare parts sales reflects the heightened demand for surplus material as operators extend the lives of their current generation engine portfolios. The increase was influenced by a discrete $7.0 million sale. Equipment sales for the three months ended March 31, 2025, were $2.2 million for the sale of one engine. There were no equipment sales for the three months ended March 31, 2024.

    For the quarter ended March 31, 2025, the gain on sale of leased equipment was $4.4 million, reflecting the sale of seven engines, one airframe, and other parts and equipment from the lease portfolio. During the three months ended March 31, 2024, the Company sold eight engines and other parts and equipment for a net gain of $9.2 million.

    General and administrative expenses were influenced by an $11.4 million increase in consultant-related fees predominantly related to the Company’s sustainable aviation fuel project. As the project is in its early design stage, we have expensed the related costs, which is in line with accounting principles generally accepted in the United States (“GAAP”).

    The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,219.9 million as of March 31, 2025.

    Balance Sheet

    As of March 31, 2025, the Company’s lease portfolio was $2,819.5 million, consisting of $2,597.8 million of equipment held in its operating lease portfolio, $179.3 million of notes receivable, $25.2 million of maintenance rights, and $17.3 million of investments in sales-type leases, which represented 347 engines, 15 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2024, the Company’s lease portfolio was $2,872.3 million, consisting of $2,635.9 million of equipment held in its operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel and other leased parts and equipment.

    Conference Call

    WLFC will hold a conference call today at 10:00 a.m. Eastern Daylight Time to discuss its first quarter 2025 results. To participate in the conference call or webcast, please use the following dial-in numbers or visit the webcast link.

    U.S. and Canada: +1 (800) 289-0459
    International: +1 (646) 828-8082
    Conference ID: 578662
    https://event.webcasts.com/starthere.jsp?ei=1716437&tp_key=f56060bee8

    A replay of the conference call will be available two hours after the completion of the conference call. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    About Willis Lease Finance Corporation

    Willis Lease Finance Corporation 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. Additionally, 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.

    Forward-Looking Statements

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Any forward-looking statement made by the Company is based only on information currently available to the Company and speaks only as of the date on which it is made. We undertake no obligation to update them, except as may be required by law. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. 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 pandemics; 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 reports filed with the Securities and Exchange Commission.

       
    Contact: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      561.413.0112
       

    Unaudited Condensed Consolidated Statements of Income
    (In thousands, except per share data) 

      Three months ended March 31,    
        2025       2024     % Change
    REVENUE          
    Lease rent revenue $ 67,739     $ 52,881       28.1 %
    Maintenance reserve revenue   54,859       43,870       25.0 %
    Spare parts and equipment sales   18,240       3,288       454.7 %
    Interest revenue   3,934       2,269       73.4 %
    Gain on sale of leased equipment   4,437       9,201       (51.8) %
    Gain on sale of financial assets   378       —     nm
    Maintenance services revenue   5,586       5,227       6.9 %
    Other revenue   2,559       2,347       9.0 %
    Total revenue   157,732       119,083       32.5 %
               
    EXPENSES          
    Depreciation and amortization expense   25,024       22,486       11.3 %
    Cost of spare parts and equipment sales   15,323       2,705       466.5 %
    Cost of maintenance services   5,329       5,574       (4.4) %
    Write-down of equipment   2,109       261       708.0 %
    General and administrative   47,720       29,581       61.3 %
    Technical expense   6,230       8,255       (24.5) %
    Net finance costs:          
    Interest expense   32,094       23,003       39.5 %
    Total net finance costs   32,094       23,003       39.5 %
    Total expenses   133,829       91,865       45.7 %
               
    Income from operations   23,903       27,218       (12.2) %
    Income from joint ventures   1,351       2,674       (49.5) %
    Income before income taxes   25,254       29,892       (15.5) %
    Income tax expense   8,385       9,023       (7.1) %
    Net income   16,869       20,869       (19.2) %
    Preferred stock dividends   1,323       900       47.0 %
    Accretion of preferred stock issuance costs   70       12       483.3 %
    Net income attributable to common shareholders $ 15,476     $ 19,957       (22.5) %
               
    Basic weighted average income per common share $ 2.34     $ 3.12      
    Diluted weighted average income per common share $ 2.21     $ 3.00      
               
    Basic weighted average common shares outstanding   6,606       6,387      
    Diluted weighted average common shares outstanding   7,000       6,659      
                       

    Unaudited Condensed Consolidated Balance Sheets
    (In thousands, except per share data)

        March 31, 2025   December 31, 2024
    ASSETS        
    Cash and cash equivalents   $ 32,356     $ 9,110  
    Restricted cash     116,737       123,392  
    Equipment held for operating lease, less accumulated depreciation     2,597,792       2,635,910  
    Maintenance rights     25,167       31,134  
    Equipment held for sale     19,125       12,269  
    Receivables, net     41,504       38,291  
    Spare parts inventory     67,318       72,150  
    Investments     65,210       62,670  
    Property, equipment & furnishings, less accumulated depreciation     54,342       48,061  
    Intangible assets, net     1,601       2,929  
    Notes receivable, net     179,283       183,629  
    Investments in sales-type leases, net     17,271       21,606  
    Other assets     56,927       56,045  
    Total assets   $ 3,274,633     $ 3,297,196  
             
    LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Accounts payable and accrued expenses   $ 56,855     $ 75,983  
    Deferred income taxes     191,297       185,049  
    Debt obligations     2,231,593       2,264,552  
    Maintenance reserves     104,452       97,817  
    Security deposits     24,090       23,424  
    Unearned revenue     37,666       37,911  
    Total liabilities     2,645,953       2,684,736  
             
    Redeemable preferred stock ($0.01 par value)     63,192       63,122  
             
    Shareholders’ equity:        
    Common stock ($0.01 par value)     74       72  
    Paid-in capital in excess of par     57,967       50,928  
    Retained earnings     505,083       491,439  
    Accumulated other comprehensive income, net of tax     2,364       6,899  
    Total shareholders’ equity     565,488       549,338  
    Total liabilities, redeemable preferred stock and shareholders’ equity   $ 3,274,633     $ 3,297,196  

    The MIL Network –

  • MIL-OSI: ARRAY Technologies, Inc. Reports Financial Results for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    2025 First Quarter Highlights

    • Revenue of $302.4 million
    • Gross Margin of 25.3%
    • Adjusted gross margin(1) of 26.5%
    • Net income to common shareholders of $2.3 million
    • Adjusted EBITDA(1) of $40.6 million
    • Net income per basic and diluted share of $0.02
    • Adjusted net income per diluted share(1) of $0.13
    • Total executed contracts and awarded orders at March 31, 2025 were $2.0 billion
    • Successfully amended and extended our Revolving Credit Facility(2)

    ALBUQUERQUE, N.M., May 06, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, systems and services, today announced financial results for its first quarter ended March 31, 2025.

    “ARRAY is off to a great start for 2025 with first quarter high double digits revenue growth compared with the first quarter of 2024, and achieving the second largest quarter of volume shipped since 2023, indicating solid market share recovery and the strength of our execution capabilities. We are now able to provide customers with quotes for our 100% domestic content trackers under Table I of the Inflation Reduction Act (“IRA”), an important milestone for ARRAY, reflecting our continued commitment to supply chain resilience and ability to minimize effects of geopolitical uncertainty, including tariffs. With electricity demand increasing and utility-scale solar being the lowest cost and fastest-growing energy source, domestic customers are expressing greater interest in Volume Commitment Agreements, and we are well positioned to help our customers deploy projects quickly and efficiently. We have a strong orderbook with 18% sequential growth in contracting for the quarter, gaining meaningful traction with Independent Power Producers across Europe, the Middle East and Asia, where we are seeing strong contracting momentum,” said Chief Executive Officer, Kevin G. Hostetler.

    Mr. Hostetler continued, “Amidst global economic uncertainty related to tariffs, and potential changes to the IRA, we are confident in our ability to navigate changes in the utility-scale solar landscape. As we look forward to building on a strong first quarter, we have flexibility with the strength of our available liquidity, no near-term refinancing requirements, robust operational capabilities and an agile team. We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership.”

    Full Year 2025 Guidance

    For the year ending December 31, 2025, the Company maintains guidance:

    • Revenue to be in the range of $1.05 billion to $1.15 billion
    • Adjusted EBITDA(3)(4) to be in the range of $180 million to $200 million
    • Adjusted net income per share(3)(4) to be in the range of $0.60 to $0.70

    (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

    (2) Matures October 2028 or July 2027 if Term Loan under the Credit Agreement remains outstanding as of July 2027.

    (3) Guidance includes benefits related to the Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit for torque tube and structural fastener manufacturing.

    (4) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

    Supplemental Presentation and Conference Call Information

    ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (May 6, 2025) at 8:00 a.m. (ET). The conference call can be accessed live over the phone by dialing (877)869-3847 (domestic) or (201)689-8261 (international) and entering the passcode 13752974, or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)660-6853 (domestic), or (201)612-7415 (international), with the passcode 13752974. The replay will be available until 11:59 p.m. (ET) on May 20, 2025. The online replay will be available for 30 days on the same website, immediately following the call.

    About ARRAY Technologies, Inc.

    ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Investor Relations Contact:

    H. Keith Jennings
    505-437-0010
    investors@arraytechinc.com

    Media Contact:

    Nicole Stewart
    505-589-8257

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing and investment plans, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating the implementation of tariffs and changes in trade policy, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

    Array’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in the cost and availability of raw materials as a result of tariffs and other geopolitical uncertainty, changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the IRA or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

    Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Non-GAAP Financial Information

    This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

    We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax expense (benefit), (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) certain legal expenses, and (xii) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) other costs, and (ix) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, and (iii) other costs. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment.

    A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

    We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

    Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

    You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

    Array Technologies, Inc. 
    Condensed Consolidated Balance Sheets (unaudited)
    (in thousands, except per share and share amounts)
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS
    Current assets      
    Cash and cash equivalents $ 348,324     $ 362,992  
    Restricted cash   1,169       1,149  
    Accounts receivable, net of allowance of $6,601 and $4,848, respectively   282,575       275,838  
    Inventories, net   186,875       200,818  
    Prepaid expenses and other   157,348       157,927  
    Total current assets   976,291       998,724  
           
    Property, plant and equipment, net   28,740       26,222  
    Goodwill   164,221       160,189  
    Other intangible assets, net   176,347       181,409  
    Deferred income tax assets   16,049       17,754  
    Other assets   64,110       41,701  
    Total assets $ 1,425,758     $ 1,425,999  
           
    LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
    Current liabilities      
    Accounts payable $ 153,781     $ 172,368  
    Accrued expenses and other   77,576       91,183  
    Accrued warranty reserve   2,045       2,063  
    Income tax payable   8,734       5,227  
    Deferred revenue   120,225       119,775  
    Current portion of contingent consideration   2,528       1,193  
    Current portion of debt   34,472       30,714  
    Other current liabilities   9,132       15,291  
    Total current liabilities   408,493       437,814  
           
    Deferred income tax liabilities   21,634       21,398  
    Contingent consideration, net of current portion   5,179       7,868  
    Other long-term liabilities   17,311       18,684  
    Long-term warranty   5,021       4,830  
    Long-term debt, net of current portion   644,520       646,570  
    Total liabilities   1,102,158       1,137,164  
           
    Commitments and contingencies (Note 11)      
           
    Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 468,122 and 460,920 shares issued as of March 31, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates   421,374       406,931  
           
    Stockholders’ equity      
    Preferred stock of $0.001 par value – 4,500,000 shares authorized; none issued at respective dates   —       —  
    Common stock of $0.001 par value – 1,000,000,000 shares authorized; 152,512,805 and 151,951,652 shares issued at respective dates   151       151  
    Additional paid-in capital   286,079       297,780  
    Accumulated deficit   (353,878 )     (370,624 )
    Accumulated other comprehensive income   (30,126 )     (45,403 )
    Total stockholders’ equity   (97,774 )     (118,096 )
    Total liabilities, redeemable perpetual preferred stock and stockholders’ equity $ 1,425,758     $ 1,425,999  
    Array Technologies, Inc.
    Condensed Consolidated Statements of Operations (unaudited)
    (in thousands, except per share amounts)
     
      Three Months Ended March 31,
        2025       2024  
    Revenue $ 302,363     $ 153,403  
    Cost of revenue      
    Cost of product and service revenue   222,296       94,674  
    Amortization of developed technology   3,639       3,639  
    Total cost of revenue   225,935       98,313  
    Gross profit   76,428       55,090  
           
    Operating expenses      
    General and administrative   43,945       37,784  
    Change in fair value of contingent consideration   (150 )     (735 )
    Depreciation and amortization   5,349       9,627  
    Total operating expenses   49,144       46,676  
           
    Income from operations   27,284       8,414  
           
    Other expense, net   23       814  
    Interest income   3,319       3,680  
    Foreign currency gain (loss), net   689       (499 )
    Interest expense   (8,035 )     (8,940 )
    Total other expense, net   (4,004 )     (4,945 )
           
    Income before income tax expense   23,280       3,469  
    Income tax expense   6,534       1,304  
    Net income   16,746       2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
           
    Income (loss) per common share      
    Basic $ 0.02     $ (0.07 )
    Diluted $ 0.02     $ (0.07 )
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       151,351  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows (unaudited)
    (in thousands)
     
      Three Months Ended March 31,
        2025       2024  
    Operating activities      
    Net income $ 16,746     $ 2,165  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Provision for bad debts   1,671       896  
    Deferred tax expense (benefit)   1,024       (13 )
    Depreciation and amortization   5,932       10,125  
    Amortization of developed technology   3,639       3,639  
    Amortization of debt discount and issuance costs   1,506       1,553  
    Equity-based compensation   2,798       3,926  
    Change in fair value of contingent consideration   (150 )     (735 )
    Warranty provision   1,720       (1,138 )
    Inventory reserve   839       600  
    Changes in working capital, net   (48,784 )     26,484  
    Net cash provided by (used in) operating activities   (13,059 )     47,502  
    Investing activities      
    Purchase of property, plant and equipment   (2,352 )     (2,396 )
    Retirement/disposal of property, plant and equipment   —       10  
    Net cash used in investing activities   (2,352 )     (2,386 )
    Financing activities      
    Proceeds from issuance of other debt   7,862       2,283  
    Principal payments on other debt   (7,294 )     (3,781 )
    Principal payments on term loan facility   (1,075 )     (1,070 )
    Contingent consideration payments   (1,204 )     (1,427 )
    Other financing   (14 )     (580 )
    Net cash used in financing activities   (1,725 )     (4,575 )
    Effect of exchange rate changes on cash and cash equivalent balances   2,488       (2,001 )
    Net change in cash and cash equivalents and restricted cash   (14,648 )     38,540  
    Cash and cash equivalents, and restricted cash beginning of period   364,141       249,080  
    Cash and cash equivalents and restricted cash, end of period $ 349,493     $ 287,620  
    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles Gross profit to Adjusted gross profit:
      Three Months Ended March 31,
      2025   2024
    Revenue 302,363     153,403  
    Cost of revenue 225,935     98,313  
    Gross profit 76,428     55,090  
    Gross margin 25.3 %   35.9 %
           
    Amortization of developed technology 3,639     3,639  
    Adjusted gross profit 80,067     58,729  
    Adjusted gross margin 26.5 %   38.3 %

    The following table reconciles net income (loss) to Adjusted EBITDA:

      Three Months Ended March 31,
        2025       2024  
    Net income $ 16,746     $ 2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
    Other expense, net   (3,342 )     (4,494 )
    Foreign currency gain (loss), net   (689 )     499  
    Preferred dividends and accretion   14,443       13,502  
    Interest expense   8,035       8,940  
    Income tax expense (benefit)   6,534       1,304  
    Depreciation expense   1,043       883  
    Amortization of intangibles   4,889       9,254  
    Amortization of developed technology   3,639       3,639  
    Equity-based compensation   2,798       4,020  
    Change in fair value of contingent consideration   (150 )     (735 )
    Certain legal expenses(a)   1,083       730  
    Other costs(b)   —       42  
    Adjusted EBITDA $ 40,586     $ 26,247  


    (a)     Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles net income (loss) to Adjusted net income:
      Three Months Ended March 31,
        2025       2024  
    Net income $ 16,746     $ 2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
    Amortization of Intangibles   4,889       9,254  
    Amortization of developed technology   3,639       3,639  
    Amortization of debt discount and issuance costs   1,393       1,552  
    Series A Pref stock accretion   7,241       6,665  
    Equity based compensation   2,798       4,020  
    Change in fair value of contingent consideration   (150 )     (735 )
    Certain legal expenses (a)   1,083       730  
    Other costs(b)   —       42  
    Income tax expense of adjustments(c)   (3,474 )     (4,852 )
    Adjusted net income $ 19,722     $ 8,978  
           
    Income (loss) per common share      
    Basic $ 0.02     $ (0.07 )
    Diluted $ 0.02     $ (0.07 )
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       151,351  
           
    Adjusted net income per common share      
    Basic $ 0.13     $ 0.06  
    Diluted $ 0.13     $ 0.06  
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       152,243  


    (a)     Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles General and administrative expense to Adjusted general and administrative expense:
      Three Months Ended March 31,
      2025   2024
    General and administrative expense 43,945     37,784  
    Equity based compensation (2,798 )   (4,020 )
    Certain legal expenses(a) (1,083 )   (730 )
    Other costs(b) —     (42 )
    Adjusted general and administrative expense 40,064     32,992  


    (a)     Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    The following table reconciles cash provided by (used in) operating activities to Free cash flow:

      Three Months Ended March 31,
      2025   2024
    Net cash provided by (used in) operating activities (13,059 )   47,502  
    Purchase of property, plant and equipment (2,352 )   (2,396 )
    Free cash flow (15,411 )   45,106  

    The MIL Network –

  • MIL-OSI: Enlight Renewable Energy Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, May 06, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

    Financial Highlights

    3 months ending March 31, 2025

    • Revenues and income of $130m, up 39% year over year
    • Adjusted EBITDA1 of $132m, up 84% year over year
    • Net income of $102m, up 316% year over year
    • Cash flow from operations of $44m, up 24% year over year
      For the three months ended
     ($ millions) 31/03/2025 31/03/2024 % change
    Revenues and Income 130 94 39%
    Net Income 102 24 316%
    Adjusted EBITDA 132 72 84%
    Cash Flow from Operating Activities 44 35 24%

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

    • In January 2025, the Company announced the sale of 44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of $52m at a valuation of $119m, and deconsolidated the cluster from its balance sheet. The transaction added $42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and $80m to net profit in the 1Q25 results.
    • A detailed analysis of financial results appears below

    Impact of U.S. Tariffs on the Company’s Operations

    Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partners allow for a significant distribution of the impact of tariffs.

    Costs

    • Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure
    • 80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing

    Revenues

    • Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs

    “Enlight showed strong financial results for 1Q25, including 84% growth in Adjusted EBITDA and a 316% rise in net profit,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from cost increases. As a result, our U.S. projects now under construction, with total capex of $1.7bn, have no solar panel exposure under the current tariff policy. Selecting Tesla as our primary storage supplier further strengthens this position – its substantial levels of U.S. manufacturing offer greater tariff protection than other battery suppliers.

    “Securing $1.8bn in financing over recent months marks a significant milestone, and was achieved through three financial closings, a sale of a stake in the Sunlight cluster to institutional investors, and a successful bond issuance. This funding will enable the launch of our aggressive plan to begin construction on 4.7 FGW of capacity in 2025. Combined with our existing operating portfolio, these projects represent 90% of the capacity required to reach an annual revenue and income run rate of $1.4bn by 2027.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 19.2 GW of generation capacity and 49.8 GWh storage (33.4 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.8 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual revenues &
    income run rate ($m)
    Operating Commercial operation 3.0 ~5003
    Under Construction Under construction 1.8 ~305
    Pre-Construction 0-12 months to start of construction 3.8 ~615
    Total Mature Portfolio Mature 8.6 1,420~
    Advanced Development 13-24 months to start of construction 7 –
    Development 2+ years to start of construction 17.8 –
    Total Portfolio   33.4 –

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • The operational portfolio totals 3 GW of capacity is spread over three regions: 44% of the capacity is located in 7 European countries, 29% is located in Israel, and 27% in the U.S.
      • 81% of the operational capacity sells electricity under PPA agreements, with 29% of the power sold under inflation-linked PPAs.
      • The operational portfolio generates annualized revenues and income of approximately $500 million.
         
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; the solar and storage cluster in Israel; and the addition of storage capacity at project Bjornberget in Sweden. Approximately half of the cluster is expected to reach COD in 2025, with the rest expected to commission in 2026.
      • Projects under construction are expected to contribute $305m to the annual revenues and income run rate during their first full year of operation
         
    • Pre-construction component of the portfolio: 3.8 FGW
       
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $455m to revenues and income on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25. The Pre-construction portion of the Mature portfolio includes additional projects in Israel, Hungary, and the US with a combined capacity of 0.9 FGW.
      • Pre-construction projects are expected to contribute $615m in revenues and income in their first full year of operations.

        The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGW and the annualized revenue and income run rate to $1.4bn.

    • Advanced Development component of the portfolio component: 7 FGW
      • 5.7 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. pipeline includes several mega-projects, including the 1.4 FGW Cedar Island facility in Oregon and the 1.1 FGW Blackwater project in Virginia.
      • The U.S. portfolio includes several follow-ons to Mature projects, such as Atrisco 2 (0.7 FGW), the energy storage expansion at CO-Bar (0.9 FGW), and Snowflake B (1.3 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 0.6 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.4 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
         
    • Development component of the portfolio: 17.8 FGW
      • 12 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The storage portion of the US portfolio has grown by 5.6 FGW to reflect greater demand for energy storage in this region.
      • 3 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2.8 FGW in MENA, focused on solar combined storage projects and stand-alone storage facilities.

    Mature Portfolio Components Expected to Generate Annualized Revenues and Income of ~$1.4bn4,5

    ________________________
    4 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects
    5 The company’s revenues from tax benefits are estimated at approximately 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate for December 2026, and approximately 26-30% of the total revenue run rate for December 2027

    Financing Activities

    • During the quarter, the Company secured $1bn in financial closings for the Country Acres and Quail Ranch projects, representing 830 FMW of combined capacity.
    • Along with the financial close on the 560 FMW Roadrunner project in December 2024, the financing for the second wave of U.S. projects in now complete, with a total of $1.5bn raised.
    • Raising $245m through the sale of Series G and H bonds to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $52m cash at a valuation of $119m, generating Adjusted EBITDA of $42m (actual consideration received less associated book value of assets) and a pre-tax profit of $97m.
    • As of the balance sheet date, the Company maintained $350m of revolving credit facilities, of which none have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 0.9 FGW of capacity, which is expected to add approximately $148-152m to annualized revenues and income and $129-133m annualized EBITDA, starting in 2026.
    • Starting construction on 2.9 FGW of capacity, which is expected to add approximately $487-495m in annualized revenues and income and approximately $428-436m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income6 for 2025 are expected to range between $490m and $510m. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA7 for 2025 is expected to range between $360m and $380m.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    7 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenues & Income by Segment
    ($ millions) For the three months ended  
    Segment 31/03/2025 31/03/2024 % change
    MENA 42,867 28,474 51%
    Europe 51,384 59,160 (13%)
    U.S. 34,789 4,495 674%
    Other 829 1,532 (46%)
    Total Revenues & Income 129,869 93,661 39%


    Revenues & Income

    In the first quarter of 2025, the Company’s total revenues and income increased to $130m, up from $94m last year, a growth rate of 39% year over year. This was composed of revenues from the sale of electricity, which rose 21% to $110m compared to $90m in the same period of 2024, as well as recognition of $20m in income from tax benefits, up 516% compared to $3m in 1Q24.

    The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster, with $11m, while Pupin contributed $6m. In total, new projects contributed $30m to revenues from the sale of electricity.

    Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. In addition, generation at project Bjornberget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a complete shutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of $4m from Bjornberget’s operating contractor in lieu of the lost revenues, which is recorded in other income.

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 39% in Euros, and 27% denominated in US Dollars.

    Net Income

    In the first quarter of 2025, the Company’s net income amounted to $102m compared to $24m last year, an increase of 316% year over year. This increase stems from the $28m increase in revenues and income and $80m profit from the partial sale of the Sunlight cluster. This was offset by higher total operating expenses of $17m and net financial expenses of $10m (all after tax).

    Adjusted EBITDA8

    The Company’s Adjusted EBITDA grew by 84% to $132m in the first quarter of 2025, compared to $72m for the same period in 2024. Of this increase, $36m was driven by the factors described in the Revenues and Income section. The partial sale of the Sunlight cluster contributed $42m, representing the actual consideration received less the book value of the associated assets. Offsetting this growth was an increase of $11m in COGS linked to the addition of new projects, and an increase of $4m in operating expenses. Adjusting for the effects of this transaction, 1Q25 Adjusted EBITDA grew by 25% year-on-year to $90m.

    ________________________
    8 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in 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 other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income    
        For the three months ended at
    March 31
        2025   2024(*)
        USD in   USD in 
        Thousands   Thousands
             
    Revenues   109,758   90,397
    Tax benefits   20,111   3,264
    Total revenues and income   129,869   93,661
             
    Cost of sales (**)   (26,638)   (15,436)
    Depreciation and amortization   (33,789)   (25,604)
    General and administrative expenses   (11,846)   (8,859)
    Development expenses   (2,564)   (2,418)
    Total operating expenses   (74,837)   (52,317)
    Gains from projects disposals   97,262   27
    Other income (expenses), net   (1,105)   1,517
    Operating profit   151,189   42,888
             
    Finance income   6,695   8,065
    Finance expenses   (30,203)   (19,493)
    Total finance expenses, net   (23,508)   (11,428)
             
    Profit before tax and equity loss   127,681   31,460
    Share of losses of equity accounted investees   (1,227)   (144)
    Profit before income taxes   126,454   31,316
    Taxes on income   (24,651)   (6,831)
    Profit for the period   101,803   24,485
             
    Profit for the period attributed to:        
    Owners of the Company   94,458   16,763
    Non-controlling interests   7,345   7,722
        101,803   24,485
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.80   0.14
    Diluted earnings per share   0.75   0.14
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,783,541   117,963,310
    Diluted per share   125,316,177   122,889,909
             

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 8.
    (**) Excluding depreciation and amortization.

    Consolidated Statements of Financial Position as of        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   449,530   387,427
    Restricted cash   82,692   87,539
    Trade receivables   73,125   50,692
    Other receivables   71,475   99,651
    Other financial assets   405   975
    Assets of disposal groups classified as held for sale   –   81,661
    Total current assets   677,227   707,945
             
    Non-current assets        
    Restricted cash   59,964   60,802
    Other long-term receivables   62,092   61,045
    Deferred costs in respect of projects   392,119   357,358
    Deferred borrowing costs   61   276
    Loans to investee entities   32,329   18,112
    Investments in equity accounted investees   49,303   –
    Fixed assets, net   3,961,021   3,699,192
    Intangible assets, net   293,035   291,442
    Deferred taxes assets   8,023   10,744
    Right-of-use asset, net   210,739   210,941
    Financial assets at fair value through profit or loss   74,555   69,216
    Other financial assets   63,903   59,812
    Total non-current assets   5,207,144   4,838,940
             
    Total assets   5,884,371   5,546,885
             
    Consolidated Statements of Financial Position as of (Cont.)        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity        
             
    Current liabilities        
    Credit and current maturities of loans from banks and other financial institutions   207,662   212,246
    Trade payables   167,765   161,991
    Other payables   101,928   107,825
    Current maturities of debentures   23,049   44,962
    Current maturities of lease liability   10,192   10,240
    Other financial liabilities   5,777   8,141
    Liabilities of disposal groups classified as held for sale   –   46,635
    Total current liabilities   516,373   592,040
             
    Non-current liabilities        
    Debentures   549,517   433,994
    Other financial liabilities   118,891   107,865
    Convertible debentures   232,536   133,056
    Loans from banks and other financial institutions   2,024,315   1,996,137
    Loans from non-controlling interests   79,081   75,598
    Financial liabilities through profit or loss   25,985   25,844
    Deferred taxes liabilities   62,310   41,792
    Employee benefits   1,092   1,215
    Lease liability   209,958   211,941
    Deferred income related to tax equity   387,943   403,384
    Asset retirement obligation   85,141   83,085
    Total non-current liabilities   3,776,769   3,513,911
             
    Total liabilities   4,293,142   4,105,951
             
    Equity        
    Ordinary share capital   3,323   3,308
    Share premium   1,028,528   1,028,532
    Capital reserves   49,890   25,273
    Proceeds on account of convertible options   25,083   15,494
    Accumulated profit   202,377   107,919
    Equity attributable to shareholders of the Company   1,309,201   1,180,526
    Non-controlling interests   282,028   260,408
    Total equity   1,591,229   1,440,934
    Total liabilities and equity   5,884,371   5,546,885
             
    Consolidated Statements of Cash Flows        
             
        For the three months ended
    at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows for operating activities        
    Profit for the period   101,803   24,485
             
    Income and expenses not associated with cash flows:        
    Depreciation and amortization   33,789   25,604
    Finance expenses, net   22,388   11,486
    Share-based compensation   1,710   3,117
    Taxes on income   24,651   6,831
    Tax benefits   (20,111)   (3,264)
    Other income (expenses), net   1,105   (134)
    Company’s share in losses of investee partnerships   1,227   144
    Gains from projects disposals   (97,262)   (27)
        (32,503)   43,757
             
    Changes in assets and liabilities items:        
    Change in other receivables   (856)   (2,142)
    Change in trade receivables   (20,376)   (16,909)
    Change in other payables   8,604   (539)
    Change in trade payables   7,802   71
        (4,826)   (19,519)
             
    Interest receipts   2,512   2,928
    Interest paid   (22,298)   (15,624)
    Income Tax paid   (1,075)   (798)
             
    Net cash from operating activities   43,613   35,229
             
    Cash flows for investing activities        
    Sale (Acquisition) of consolidated entities, net   36,223   (1,388)
    Changes in restricted cash and bank deposits, net   8,176   (4,988)
    Purchase, development, and construction in respect of projects   (255,862)   (199,733)
    Loans provided and Investment in investees   (7,430)   (11,284)
    Repayments of loans from investees   30,815   –
    Payments on account of acquisition of consolidated entity   (7,447)   (10,851)
    Purchase of financial assets measured at fair value through profit or loss, net   (3,040)   (8,409)
    Net cash used in investing activities   (198,565)   (236,653)
             
    Consolidated Statements of Cash Flows (Cont.)      
        For the three months ended at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows from financing activities        
    Receipt of loans from banks and other financial institutions   143,578   71,371
    Repayment of loans from banks and other financial institutions   (108,922)   (10,448)
    Issuance of debentures   125,838   –
    Issuance of convertible debentures   114,685   –
    Repayment of debentures   (21,994)   (1,284)
    Dividends and distributions by subsidiaries to non-controlling interests   –   (108)
    Deferred borrowing costs   (35,199)   (2,682)
    Repayment of loans from non-controlling interests   –   (955)
    Increase in holding rights of consolidated entity   (1,392)   –
    Exercise of share options   11   –
    Repayment of lease liability   (4,058)   (3,671)
    Proceeds from investment in entities by non-controlling interest   7,732   152
             
    Net cash from financing activities   220,279   52,375
             
    Increase (Decrease) in cash and cash equivalents   65,327   (149,049)
             
    Balance of cash and cash equivalents at beginning of period   387,427   403,805
             
    Effect of exchange rate fluctuations on cash and cash equivalents   (3,224)   (4,905)
             
    Cash and cash equivalents at end of period   449,530   249,851
             


    Information related to Segmental Reporting

      For the three months ended at March 31, 2025
      MENA(**)   Europe(**)  

    USA

    		   Total reportable segments   Others   Total
      USD in thousands
    Revenues 42,867   51,384   14,678   108,929   829   109,758
    Tax benefits –   –   20,111   20,111   –   20,111
    Total revenues and income 42,867   51,384   34,789   129,040   829   129,869
                           
    Segment adjusted EBITDA 68,017   44,663   30,549   143,229   81   143,310
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (11,701)
    Intersegment profit   106
    Gains from projects disposals   54,973
    Depreciation and amortization and share-based compensation   (35,499)
    Operating profit   151,189
    Finance income   6,695
    Finance expenses   (30,203)
    Share in the losses of equity accounted investees   (1,227)
    Profit before income taxes   126,454
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, the Israel segment has been incorporated into the MENA segment, and the Management and Construction segment has been excluded. The comparative figures for the three months ended March 31, 2024, have been updated accordingly.

    Information related to Segmental Reporting

      For the three months ended at March 31, 2024
      MENA   Europe  

    USA

    		   Total reportable segments   Others   Total
      USD in thousands
    Revenues 28,474   59,160   1,231   88,865   1,532   90,397
    Tax benefits –   –   3,264   3,264   –   3,264
    Total revenues and income 28,474   59,160   4,495   92,129   1,532   93,661
                           
    Segment adjusted EBITDA 24,528   50,707   3,122   78,357   668   79,025
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (7,606)
    Intersegment profit   190
    Depreciation and amortization and share-based compensation   (28,721)
    Operating profit   42,888
    Finance income   8,065
    Finance expenses   (19,493)
    Share in the losses of equity accounted investees   (144)
    Profit before income taxes   31,316
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

     
    ($ thousands)   For the three months ended at
        March 31, 2025   March 31, 2024
    Net Income   101,803   24,485
    Depreciation and amortization   33,789   25,604
    Share based compensation   1,710   3,117
    Finance income   (6,695)   (8,065)
    Finance expenses   30,203   19,493
    Gains from projects disposals (*)   (54,973)   –
    Share of losses of equity accounted investees   1,227   144
    Taxes on income   24,651   6,831
    Adjusted EBITDA   131,715   71,609
             
    * Profit from revaluation linked to partial sale of asset.
       

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of March 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity

    The company’s equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.

    As of March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million).

    Net financial debt to net CAP

    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.

    As of March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.

    Net financial debt to EBITDA

    So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.

    As of March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8.

    Equity to balance sheet

    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.

    As of March 31, 2025, the equity to balance sheet ratio, as defined above, stands at 55%.

    An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94346603-d361-4e84-aabc-62db3e22c10c

    The MIL Network –

  • MIL-OSI: GSI Technology to Participate in the Sidoti May Micro-Cap Virtual Conference

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., May 06, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (Nasdaq: GSIT), the inventor of the Associative Processing Unit (APU), a paradigm shift in artificial intelligence (AI) and high-performance compute (HPC) processing providing true compute-in-memory technology, today announced that management is scheduled to virtually participate in the Sidoti May Micro-Cap Virtual Conference on May 21 – 22, 2025. On behalf of the company, Lee-Lean Shu, Chairman and Chief Executive Officer, and Didier Lasserre, Vice President of Sales and Investor Relations, will deliver a company presentation at 4:00 p.m. Eastern time on Wednesday, May 21 in Track 2 and host one-on-one virtual meetings on May 21st and 22nd.

    For more information about the conference or to schedule a virtual one-on-one meeting with GSI Technology, please visit: Sidoti May Virtual Conference. Note that the conference organizer reserves the right to adjust a company’s meeting schedule, including its presentation time. It is recommended that participants confirm all meeting times with the organizer.

    A webcast of GSI Technology’s presentation will be available on the company’s website under the Events and Presentations tab: https://ir.gsitechnology.com/events-and-presentations.

    ABOUT GSI TECHNOLOGY
    Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.

    Contacts:
    Investor Relations
    Hayden IR
    Kim Rogers
    541-904-5075
    Kim@HaydenIR.com

    Media Relations
    Finn Partners for GSI Technology
    Ricca Silverio
    (415) 348-2724
    gsi@finnpartners.com

    Company
    GSI Technology, Inc.
    Douglas M. Schirle
    Chief Financial Officer
    408-331-9802

    The MIL Network –

  • MIL-OSI: Carlos Scarpero Helps Veterans with Bad Credit Unlock the Door to Homeownership with VA Loans

    Source: GlobeNewswire (MIL-OSI)

    Dayton, Ohio, May 06, 2025 (GLOBE NEWSWIRE) — Veterans facing credit challenges now have a powerful ally in the mortgage process. Carlos Scarpero, a trusted mortgage broker based in Dayton, Ohio, is offering expert guidance to help veterans secure VA home loans, even with poor credit.

    Carlos Scarpero, a mortgage broker with Edge Home Finance

    In his newly published article, “How to Get a VA Home Loan with Bad Credit,” Scarpero outlines practical steps for veterans to qualify for home financing using their VA benefits, dispelling common myths about credit score requirements and loan eligibility.

    “Many veterans assume bad credit disqualifies them from homeownership,” says Scarpero. “That’s simply not true. With the right guidance and a little planning, it’s possible to buy a home—even with less-than-perfect credit.”

    Key Insights from the Guide:
    No Minimum Credit Score Set by the VA
    The VA doesn’t require a minimum credit score for home loans. However, individual lenders often set their own thresholds, commonly around 580 to 620.

    Lender Flexibility Exists
    Some lenders may consider applicants with scores as low as 500, especially if other financial strengths, such as stable income or savings, are present.

    Manual Underwriting as an Option
    For borrowers with unique financial circumstances or limited credit history, manual underwriting allows lenders to evaluate alternative data like rent and utility payment history.

    Handling Collections and Financial Setbacks
    Scarpero details how medical collections, child support, credit card debt, and IRS obligations are treated during the VA loan process—and how to address them effectively.

    Post-Bankruptcy and Foreclosure Recovery
    Veterans with a history of bankruptcy or foreclosure may still qualify for a VA loan, often with shorter waiting periods compared to other mortgage options.

    About Carlos Scarpero

    Carlos Scarpero is a licensed mortgage broker with Edge Home Finance, specializing in VA and non-traditional home loans. With over a decade of experience and a passion for helping veterans achieve homeownership, he serves clients throughout Ohio, including Dayton, Cincinnati, and Columbus.

    Scarpero’s approach is built on transparency, education, and tailored solutions—especially for those who may feel left behind by traditional lenders.

    To read the full guide or get started with a VA loan, visit:
    www.scarpero.com/how-to-get-a-va-home-loan-with-bad-credit

    The MIL Network –

  • MIL-OSI: CBAK Energy to Participate in Shenzhen International Battery Technology Conference & Expo on Tuesday, May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALIAN, China, May 06, 2025 (GLOBE NEWSWIRE) — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy”, or the “Company”), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced its participation in the upcoming Shenzhen International Battery Technology Conference & Expo (“CIBF 2025”, or the “Event”), scheduled from Tuesday, May 15, 2025 to Saturday, May 17, 2025.

    Event Details:

    • Date: May 15-17, 2025 (Beijing Time)
    • Location: Shenzhen International Convention & Exhibition Center, One Zhan Cheng Road, Bao’an District, Shenzhen, PRC
    • Booth Number: Booth 12T008, Hall 12

    CBAK Energy’s sales team and R&D department, along with key members of our management, will be attending the Event. All interested parties are welcomed to visit our booth and engage with our team.

    About CBAK Energy
    CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.

    For more information, please visit ir.cbak.com.cn

    About CIBF 2025
    CIBF 2025 is one of the largest and most influential international exhibitions in the global battery industry. Organized by the China Industrial Association of Power Sources, this event is expected to cover an exhibition area of over 300,000 square meters, with more than 3,000 exhibitors and over 400,000 professional visitors. The event will showcase the latest advancements in power batteries, energy storage solutions, hydrogen fuel cells, battery management systems (BMS), and sustainable energy innovations.

    For more information, plesase visit https://www.bat-expo.com

    For further inquiries, please contact:

    In China:

    CBAK Energy Technology, Inc.
    Investor Relations Department
    Email: ir@cbak.com.cn

    The MIL Network –

  • MIL-OSI: CLEAR Announces $0.125 Regular Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU) (“CLEAR” or the “Company”) today announced that its Board of Directors (the “Board”) declared a regular quarterly dividend of $0.125 per share, payable on June 17, 2025 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on June 10, 2025.

    The Company will fund the payment of the quarterly dividend from proportionate cash distributions by its subsidiary.

    The declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including CLEAR’s results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 30 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.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10-K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: 21Shares Launches Cronos ETP to Expand Access to Emerging Web3 Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    New product offers investors regulated exposure to the fast-growing Cronos blockchain, powered by Crypto.com

    Zurich, 6 May 2025 – 21Shares AG (“21Shares”), one of the world’s largest issuers of crypto exchange-traded products (“ETPs”), today announced the launch of the 21Shares Cronos ETP (ticker: CRON), offering investors exposure to CRO, the native token of the Cronos blockchain. 

    Exchange Product Name Ticker ISIN Fee
    Euronext Paris and Euronext Amsterdam 21Shares Cronos ETP CRON CH1443364232 2.50%

    Cronos is a fast, scalable, and low-cost Layer 1 blockchain designed to support decentralised finance (DeFi), NFTs, and Web3 applications. Built for interoperability, Cronos seamlessly integrates with both Ethereum and Cosmos networks, creating a multi-chain environment that bridges centralized and decentralised ecosystems. The network also stands at the forefront of Web3 innovation, merging blockchain technology with AI to power the next generation of finance, gaming, and business applications.

    “Cronos is uniquely positioned at the intersection of centralised access and decentralised innovation,” said Mandy Chiu, Head of Financial Products Development at 21Shares. “By launching a Cronos ETP, we are offering investors easy, regulated exposure to a blockchain ecosystem that is driving real-world adoption and pioneering the future of Web3.”

    “Providing more ways for traders to engage with cryptocurrencies is central to our vision of further mainstreaming crypto,” said Eric Anziani, President and COO of Crypto.com. “Crypto.com is proud to be a long-time supporter and contributor to the Cronos ecosystem, and we are incredibly excited to partner with 21Shares to enable even more exposure to Cronos and Web3 infrastructure.”

    The 21Shares Cronos ETP provides investors a straightforward way to integrate CRO into their portfolios through traditional banks and brokers, eliminating the need to directly handle digital wallets or exchanges. Cronos benefits from a strong network and offers a compelling investment case with its focus on scalability, interoperability, and AI-driven applications.

    Notes to editors

    About 21Shares

    21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com

    Media Contact
    Matteo Valli
    matteo.valli@21shares.com

    About Cronos

    Cronos (cronos.org) is a leading blockchain ecosystem, adopted by Crypto.com and more than 500 application developers and partners representing an addressable user base of more than 100 million people around the world. Cronos’ mission is to make it easy and safe for the next billion crypto users to adopt self-custody in Web3, with a focus on Decentralized Finance and Gaming.

    The Cronos universe encompasses 3 chains: Cronos (EVM), the leading Ethereum-compatible blockchain built on Cosmos SDK; Cronos POS, a leading Cosmos chain for payments and NFTs; and Cronos zkEVM, a new high performance layer 2 network.

    Cronos ranks among the top 15 blockchain ecosystems, safeguarding more than 6 billion dollars of user assets. Since launching in 2021, it has securely settled more than 100 million transactions.

    Cronos Labs is the $100M startup accelerator focused on Cronos.

    About Crypto.com

    Founded in 2016, Crypto.com is trusted by more than 140 million customers worldwide and is the industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.

    Learn more at https://crypto.com.

    DISCLAIMER

    This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.

    This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.

    This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.

    Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

    Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.

    The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.

    This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).

    ###

    The MIL Network –

  • MIL-OSI Russia: Iceland: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 6, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC: An International Monetary Fund mission, led by Magnus Saxegaard and comprising Thomas Gade, Amit Kara, and Yurii Sholomytskyi, conducted discussions for the 2024 Article IV consultation with Iceland virtually during April 7-11, 2025, and in Reykjavik, Iceland, during April 28 to May 5, 2025. At the conclusion of the visit, the mission issued the following statement:

    A successful tightening of macroeconomic policies has slowed the economy and reduced imbalances accumulated after the pandemic. The challenges now are to fully return inflation back to target while ensuring a soft landing for the economy; to build resilience by gradually increasing fiscal buffers; and to strengthen productivity and further diversify the economy to support medium-term growth and reduce Iceland’s vulnerability to shocks.

    The economy slowed sharply in 2024, but growth is expected to pick up in 2025 and medium-term prospects remain favorable. Growth slowed to 0.5 percent in 2024 (from 5.6 percent in 2023) due largely to idiosyncratic factors (e.g., a disappointing fishing season and constraints on energy supply) that reduced exports, as well as subdued consumption growth. Growth is expected to rise to 1.8 percent in 2025 and 2.4 percent in 2026 supported by a recovery in exports, higher real wages, and continued monetary easing. The direct impact of escalating global trade tensions is projected to be limited given that most goods exports are destined for Europe; this projection assumes that the pharmaceutical sector, which is more reliant on the US market, remains exempt from tariffs. However, Iceland will be indirectly affected by lower growth in its trading partners. Inflation is projected to remain sticky due to elevated inflation expectations and still high wage growth, declining gradually to the Central Bank of Iceland’s (CBI’s) 2.5 percent inflation target in the second half of 2026. The medium-term growth outlook is positive, with the expansion of higher value-added export-oriented sectors expected to boost productivity growth, and migrant labor inflows facilitating a modest increase in employment.

    Risks to growth are tilted to the downside while risks to inflation are broadly balanced. The impact of rising trade tensions could be larger than projected if US tariffs are extended to pharmaceuticals products, or if Iceland is affected by potential EU retaliation. Also, a reduction in the number of tourists travelling to and from the US could negatively impact tourism. Inflation could rise if trade tensions trigger supply chain disruptions or capital flight weakens the exchange rate. Conversely, capital inflows could put upward pressure on the exchange rate and weaken competitiveness. On the domestic side, attacks on physical or digital infrastructure could disrupt payment flows and thus economic activity and financial stability. A continuation of recent years’ dry weather could curtail energy supply and weaken exports. Second-round effects from higher wage growth could keep inflation elevated, while a premature loosening of monetary policy could further de-anchor inflation expectations. Upside risk include a reduction in household savings that would bolster consumption, and a faster-than-anticipated expansion of activity in pharmaceuticals and aquaculture.

    Fiscal Policy: Building Buffers to Bolster Resilience

    The authorities’ fiscal targets are suitably ambitious. The Medium-Term Fiscal Strategy (MTFS) projects a general government deficit this year of 1.3 percent of GDP, close to staff’s projection of 1.2 percent of GDP and down from 3.5 percent of GDP in 2024. The resulting 0.6 percentage point contractionary fiscal impulse is appropriate given still elevated inflation. The authorities’ medium-term fiscal targets, which entail turning the fiscal deficit into a surplus by 2028, are suitably ambitious considering that Iceland’s public indebtedness is higher than that of most Nordic countries despite the economy being more shock prone.

    The consolidation measures in the MTFS will help the authorities achieve their fiscal targets. Staff welcomes that this year’s MTFS identifies all fiscal measures planned by the authorities to achieve their medium-term fiscal targets; this significantly increases the credibility of the consolidation. Measures appropriately include a combination of expenditure reductions (e.g., streamlining operations and merging of institutions) and revenue measures (e.g., expanding kilometer-based taxation to all vehicles and increasing natural resource rent taxation on tourism and fisheries). Staff projections that only include measures that have been presented to Parliament in a legislative proposal, indicate that about 0.5 percent of GDP in additional measures will be needed over the next five years to meet the authorities’ targets. The measures outlined in the MTFS would cover this gap, but additional fiscal effort could be necessary if spending increases more than anticipated or if the yield from revenue measures falls short of expectations (see below).

    Increasing infrastructure spending while safeguarding fiscal sustainability would bolster Iceland’s growth prospects. The government’s intention to scale up public investment is welcome given infrastructure gaps in transport and energy. However, the MTFS projects a medium-term decline in government investment as a share of GDP compared to recent years. Staff recommends to, at a minimum, maintain the current level of government investment within the MTFS deficit targets. As noted in the MTFS, identifying opportunities for Iceland’s pension funds to scale up their financing of infrastructure in a manner consistent with their fiduciary duties could help complement these efforts, though care should be taken to contain any increase in fiscal risks. Partnering with multilateral investment banks or international infrastructure funds could provide useful expertise with private financing of infrastructure projects. Streamlining permitting and licensing procedures would help speed up infrastructure deployment.

    Additional fiscal effort could be required if planned measures fall short of expectations, or to scale up government investment. In such a scenario, the authorities could consider: (i) increasing the preferential VAT rate and/or limiting the items that benefit from it; (ii) increasing housing taxation (see below); (iii) streamlining R&D incentives including by reassessing the 2020 increase in the ceiling on eligible business R&D expenditure (see below); and (iv) carrying out a comprehensive review of public expenditure to identify potential savings.

    Activation of revised fiscal rules in 2026 is welcome; however, their credibility would be enhanced by strengthening the Fiscal Council.

    • The revised fiscal framework—which broadly aligns with staff’s recommendations in the 2024 Article IV—includes a net expenditure growth rule instead of the previous budget balance rule. It preserves the 30 percent of GDP net debt ceiling though the speed at which this is to be achieved will be more flexible than in the past. The revised framework will allow the authorities to factor in the state of the economy in their consolidation plans and reduce procyclicality.
    • The Fiscal Council, which will be responsible for monitoring compliance with the fiscal rules, should be tasked with evaluating the macroeconomic and fiscal projections underpinning the MTFS. The intention is also that the Council will be responsible for monitoring productivity developments and for making proposals for reforms. This would require a significant increase in the capacity and resources of the Fiscal Council.
    • To bolster transparency and enable the Fiscal Council to monitor fiscal developments and compliance with the fiscal rules on an ongoing basis, the authorities should start publishing fiscal data corresponding to the coverage of the fiscal rules on a quarterly rather than annual basis as is currently the case, and ensure that these data are independently verifiable. Expanding the coverage of the budget and the fiscal rules to encompass the entirety of the central government would facilitate these efforts. This would also reduce incentives to shift spending and borrowing to parts of the government not covered by the fiscal rules.

    Monetary Policy: Calibrating the Pace of Monetary Easing

    As inflation declines toward the target, the policy rate should be reduced. The current monetary stance is appropriately tight given still elevated inflation and inflation expectations. Staff’s inflation forecast, which envisions reaching the 2.5 percent target in the second half of 2026, is in the IMF’s view consistent with a 250 basis points reduction in the policy rate over the next 4–5 quarters. This policy trajectory, which maintains a tight policy stance (but progressively less so) until inflation expectations become reanchored to the inflation target, would balance the trade-offs between bringing inflation sustainably to target and the risk to the economy from an overly restrictive policy stance. Persistent wage increases above productivity growth or a rise in imported inflation would warrant a more gradual easing of the monetary policy stance, while indications that inflation is likely to undershoot the target on a sustained basis would call for a more rapid reduction in the policy rate. The current elevated uncertainty suggests the pace of monetary easing should be guided more than usual by incoming data. As uncertainty declines the CBI should transition to a more forecast-based inflation targeting environment to increase predictability and reduce financial market volatility.

    The CBI’s decision to commence regular purchases of foreign exchange is opportune given current favorable market conditions and will strengthen its ability to stabilize the foreign exchange market during times of stress. The purchase program, which will be revised as conditions warrant, will help offset a projected decline in reserve coverage over the next two years. Staff agree that, given the current uncertain external environment and the shock prone nature of the economy, it is prudent to maintain a level of reserves well above the lower end of the 100-150 percent of the Fund’s Reserve Adequacy (ARA) range. As noted in the 2024 Article IV consultation, the authorities should also explore options to gradually deepen the foreign currency derivatives market when conditions allow, to encourage greater participation of foreign investors in the domestic bond market and to facilitate hedging of foreign currency risk.

    Financial Sector: Maintaining a Robust Financial System

    The banking system remains resilient and systemic risks are contained, but pockets of vulnerabilities remain that require continued vigilance. Financial institutions are well capitalized and have ample liquidity buffers, while non-performing loans remain low compared to their pre-pandemic average. The financial cycle has decelerated but remains somewhat elevated, while the CBI’s domestic systemic risk indicator has increased slightly although it is below its long-term average. These indicators suggest risks are primarily concentrated in the housing market. An abrupt fall in house prices combined with higher-for-longer interest rates and an economic slowdown could result in a deterioration in asset quality. Risks are partially mitigated by conservative loan-to-value ratios and the strong equity position of most borrowers. Corporate credit risk has increased modestly, including in the hospitality sector, and could rise further if rising trading tensions trigger a decline in tourist arrivals. Meanwhile, cybersecurity threats are an increasing concern, and staff welcomes the authorities’ efforts to enhance operational security and enhance the resilience of the domestic payment system.

    The current macroprudential stance is broadly appropriate, though there may be scope for some easing if financial conditions improve as anticipated. Overall capital requirements on Icelandic banks are relatively high compared to other European countries, bolstering banks’ resilience in a shock prone economy. While these requirements are broadly appropriate given still elevated risks in the housing market, there may be scope for some easing if systemic risks recede. It would be prudent to defer such a decision until the impact of the Capital Requirements Regulation (CRR) III—expected to take effect by mid-2025—is clear. Any easing of the macroprudential stance should take care to safeguard the availability of releasable capital under the countercyclical capital buffer (CCyB). Borrower-based measures (BBMs) have contributed to contain household credit risk and should remain on hold for now. The government’s plans to reduce the prevalence of CPI-indexed mortgage loans should be carefully timed given the beneficial impact indexation has had on borrower resilience and financial stability.

    Sustaining the momentum in implementing Financial Sector Assessment Program (FSAP) recommendations will require continued efforts. Staff welcomes the significant progress achieved in implementing the recommendations from the 2023 FSAP. Since the 2024 Article IV, progress has been made on operationalizing an Emergency Liquidity Assistance (ELA) framework, while efforts are ongoing with technical assistance from the Fund to enhance AML/CFT supervision of banks. Steps have been taken to strengthen the supervision of pension funds, but more progress is needed on legislative changes to enhance pension fund governance, internal risk controls, and risk management. Focusing on incremental changes rather than comprehensive reforms may facilitate progress moving forward. Further steps are also needed to safeguard the independence and effectiveness of the CBI’s supervisory activities, including through a streamlined and independent budgetary process for financial supervision and improved legal protection for supervisors. Lastly, efforts should continue to strengthen the CBI’s and the financial sector’s operational risk management capacity.

    Structural Policies to Boost Productivity and Diversify the Economy

    Investments in physical and human capital, along with continued efforts to promote innovation and improve allocative efficiency are needed to sustain productivity growth.

    • While the level of labor productivity is high, productivity growth has slowed since the global financial crisis due to lower total factor productivity (TFP) growth and decreasing capital intensity. Staff analysis suggests this is largely the result of a lower share of jobs in high productivity sectors (likely due to the financial sector shrinking to more sustainable levels and the expansion of the tourism sector) rather than a decline in within-sector productivity growth. Meanwhile, the share of fast-growing firms that can drive economy-wide productivity gains is below the EU average.
    • The authorities’ ambition to increase productivity growth is welcome. To achieve this they should: (i) focus on improving infrastructure to facilitate firms’ access to domestic and international markets; (ii) continue their efforts to promote innovation and the creation of more high-growth businesses; (iii) work with stakeholders in the labor market to strengthen incentives for pursuing higher education in fields where there is a shortage of skills; and (iv) streamline professional licensing requirements for foreign nationals.

    Incentives to promote innovation and diversification of the economy are bearing fruit, but there is scope to improve the efficiency of R&D support schemes. Generous tax incentives have made Iceland one of the most attractive jurisdictions in the OECD for R&D investment and contributed to the emergence of several fast-growing innovative firms. However, the sharp increase in public R&D spending has raised concerns about budgetary costs and efficiency. Plans to revise the R&D legislation provide an opportunity to clarify eligibility criteria and thus increase the predictability of the scheme. Also, as noted previously, there may be merit in reassessing the 2020 increase in the ceilings on eligible business R&D expenditures given that it primarily benefits medium and large firms where research suggests R&D support has less impact. Allowing businesses to deduct R&D expenses from payroll taxes could bolster the impact of the scheme given evidence that payroll tax offsets have a greater impact on firms’ R&D tax expenditure. This would also reduce administrative costs by eliminating the need for refunds to loss-making companies.

    Integration of Artificial Intelligence (AI) could bolster productivity growth. Iceland’s strong digital infrastructure, relatively high levels of human capital, and robust legal framework suggest that it is well placed to benefit from AI. Staff analysis indicates that the proportion of jobs that are well positioned to take advantage of productivity gains from AI is higher than in other advanced economies. Conversely, the share of jobs at risk of displacement from AI is smaller, though still significant. To mitigate potential disruptions to the labor market the authorities should provide opportunities for re-skilling and scale up active labor market policies to facilitate the movement of workers between sectors and provide support to the most vulnerable.

    Further efforts are needed to develop a housing strategy that meets the needs of Iceland’s growing population. The government’s plans to tighten control over short-term rentals and increase the supply of housing could help improve housing affordability. Targeted homeowner assistance programs can play a complementary role, though such programs would need to be designed in a way that minimizes fiscal risks and risks to macroeconomic and financial stability. Housing taxation can also play a supportive role in reducing housing market imbalances. For instance, increasing capital gains taxation on secondary homes and investment properties and raising the tax rate on vacant lots in urban areas could not only raise revenue but also play a supportive role in curbing speculative demand and incentivizing supply.

    The IMF team would like to thank the authorities and other interlocutors for their generous hospitality and constructive dialogue.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/05/mcs-iceland-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Correction: Director/PDMR Shareholding

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA/VTAS)

    Notification of transactions by directors, persons discharging managerial
    responsibilities and persons closely associated with them

    NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

    *****
    Guernsey, 2 May 2025

    Pursuant to the announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors fees, Volta Finance Limited (the “Company” or “Volta”) has purchased 3,307 ordinary shares of no par value in the Company (“Ordinary Shares”) at an average price of €6.18 per share.

    Each director receives 30% of their Director’s fees for any year in the form of shares, which they are required to retain for a period of no less than one year from their respective date of issue.

    The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“MAR“) are “persons discharging managerial responsibilities” (a “PDMR“).

    • Dagmar Kershaw, Chairman and a PDMR for the purposes of MAR, acquired 1,018 additional Ordinary Shares in the Company. Following the settlement of this transaction, Ms Kershaw will have an interest in 34,903 Ordinary Shares, representing 0.09% of the issued shares of the Company;
    • Stephen Le Page, Director and a PDMR for the purposes of MAR, acquired 712 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mr Le Page will have an interest in 52,707 Ordinary Shares, representing 0.14% of the issued shares of the Company;
    • Yedau Ogoundele, Director and a PDMR for the purposes of MAR acquired 712 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mrs Ogoundele will have an interest in 9,007 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
    • Joanne Peacegood, Director and a PDMR for the purposes of MAR acquired 865 additional Ordinary Shares in the Company. Following the settlement of this transaction, Mrs Peacegood will have an interest in 6,110 Ordinary Shares, representing 0.01% of the issued shares of the Company;

    The notifications below, made in accordance with the requirements of MAR, provide further detail in relation to the above transactions:

    1. Details of the person discharging managerial responsibilities / person closely associated
    a)   Dagmar Kershaw
    CHAIRMAN & DIRECTOR      		 b) Stephen Le Page
    DIRECTOR    		   c) Yedau Ogoundele
    DIRECTOR    		 d) Joanne Peacegood
    DIRECTOR
    1. Reason for the notification
    a. Position/status Director
    b. Initial notification/Amendment Initial notification
    1. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a. Name Volta Finance Limited
    b. LEI 2138004N6QDNAZ2V3W80
    1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
    a. Description of financial instrument, type of instrument Ordinary Shares
    b. Identification code GG00B1GHHH78
    c. Nature of the transaction Purchase and allocation of Ordinary Shares relation to the part-payment of Directors’ fees for the quarter ended 30 April 2025.
    d. Price(s) €6.18 per share
    e. Volume(s) Total: 3,307
    f. Date of transaction 2 May 2025
    g. Place of transaction On-market – London
    1. Aggregate Purchase Information
    a)
    Dagmar Kershaw
    Chairman and Director    		 b)
    Stephen Le Page
    Director    		   c)
    Yedau Ogoundele
    Director    		 d)
    Joanne Peacegood
    Director
    Aggr. Volume:
    1,018

    Price:
    €6.18 per share

    		 Aggr. Volume:
    712

    Price:
    €6.18per share

    		   Aggr. Volume:
    712

    Price:
    €6.18 per share

    		 Aggr. Volume:
    865

    Price:
    €6.18 per share

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    The MIL Network –

  • MIL-OSI Europe: Guest Speaker: George Papaconstantinou, Former Minister of Finance in Greece

    Source: Universities – Science Po in English

    On 29 April, we were honoured to welcome George Papaconstantinou, former Minister of Finance in Greece, Director of the Florence School of Transnational Governance at the European University Institute, and Jean Pisani-Ferry, Professor of Economics at Sciences Po. This event was titled “New World New Rules: Global Cooperation in a World of Geopolitical Rivalries” and organised by the Paris School of International Affairs (PSIA) with the Centre for International Studies (CERI). Arancha González, Dean of PSIA, chaired the event.

    The need for collective action has never been greater, it’s one of today’s most pressing global policy challenges.

    In a sense, the demand for global governance rules has never been as big as it is today. On the supply side, there has never before, in the last 30, 40 years, been so little appetite for rules. States are really not willing to give up their ability to set their own rules and subject themselves to general rules that we would all abide by. And perhaps the most emblematic case of all is not China, it’s America.

    George Papaconstantinou

    Our guest speakers examined governance practices across several key policy areas – climate, health, trade and competition, banking and finance, taxation, migration and the digital economy. They considered what works and what doesn’t, outlined a new agenda for global governance, and discussed the role of Europe in this new environment.

    > Watch the full event now:

    MIL OSI Europe News –

  • MIL-OSI: Best Personal Loans for Bad Credit Guaranteed Approval $100- $5,000 – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., May 06, 2025 (GLOBE NEWSWIRE) — Navigating the world of personal loans, including $5,000 personal loans for bad credit, can be daunting, especially for those with bad credit.

    Fortunately, there are options available that offer guaranteed approval for personal loans for bad credit, even if your minimum credit score isn’t ideal.

    This article explores what personal loans are, clarifies the concept of bad credit, and highlights how iOnline Payday Loans can assist in finding the best deals.

    From $5,000 loans to easy and low-interest options for secured loans, this information aims to help you secure the financing you need and compare multiple personalized loan offers.

    >> Click Here to Apply for No Credit Check Loans >>

    ✅Key Takeaways:

    IOnline payday loans can aid in obtaining guaranteed approval for bad credit personal loans and emergency loan options.

    Options such as small, legit, easy, low interest, and secured personal loans for bad credit.

    To qualify for a guaranteed approval bad credit personal loan, check credit score, consider alternative lenders, provide collateral or a co-signer, and show proof of income.

    >> Click Here to Apply for No Credit Check Loans >>

    What is a Personal Loan?

    A personal loan is an unsecured loan that individuals can obtain from banks, credit unions, or online lenders, typically for various purposes such as debt consolidation, medical expenses, or home improvements. These loans serve as a financial lifeline, enabling borrowers to access funds quickly without the need for collateral.

    >> Click Here to Apply for No Credit Check Loans >>

    There are several types of personal loans available, including fixed-rate loans, where the monthly payment remains constant throughout the repayment period, and variable-rate loans, which can fluctuate based on market conditions. The primary purpose of these loans often centers around improving cash flow or managing unexpected expenses.

    Interest rates for personal loans are determined by multiple factors, with the borrower’s credit score playing a crucial role in assessing risk for lenders. Generally, a higher credit score can lead to lower interest rates, positively impacting monthly payments.

    Online lenders have emerged as popular alternatives to traditional banks, often offering quicker approval processes and competitive rates. Credit unions may also provide attractive options with lower fees and rates for their members.

    Check the dynamics of personal loans, including how long to pay off and early payoff penalty considerations, give the power to individuals to make informed decisions and select a financing solution that best meets their needs.

    >> Click Here to Apply for No Credit Check Loans >>

    What is Bad Credit?

    Bad credit refers to a low credit score, which can significantly hinder a person’s ability to obtain loans, credit cards, and favorable interest rates. A credit score is a numerical representation that lenders use to assess an individual’s credit risk, calculated based on factors such as payment history, credit utilization, and the length of credit history.

    Borrowers will encounter varying credit score requirements for personal loans, with many lenders establishing a minimum credit score necessary for qualification. This makes it challenging for those with bad credit to secure the financing they need. In a financial context, bad credit is typically defined as a credit score below 580, which is categorized as poor. This situation often arises from numerous missed payments or excessive credit utilization, resulting in limited loan options, higher interest rates, or outright denial of credit applications.

    Financial experts classify credit scores into ranges, with poor credit receiving the lowest rating:

    • Excellent: 750-850
    • Good: 700-749
    • Fair: 580-699
    • Poor: 300-579

    Consequently, individuals with bad credit frequently have restricted loan options, as lenders are reluctant to offer loans without imposing steep terms. This can lead to high fees and/or collateral requirements, severely limiting financial possibilities.

    Guaranteed Approval for Bad Credit Personal Loans

    Guaranteed approval for personal loans designed for individuals with bad credit is an essential option for borrowers who have been affected by their financial situation and are seeking immediate solutions. These loans typically have less stringent credit score requirements, enabling individuals to apply even if they have been rejected by other lenders.

    Lenders offering guaranteed approval are more likely to provide secured personal loans that require collateral, giving borrowers access to the funds they need while also providing lenders with a level of assurance. It is crucial for borrowers to understand the terms, interest rates, and fees associated with these loans.

    What Does Guaranteed Approval Mean?

    Guaranteed approval refers to a lender’s commitment to provide a loan to a borrower, regardless of their credit score, as long as the borrower meets certain terms and conditions. This promise is especially appealing to individuals with poor credit, who often struggle to secure financing through traditional avenues due to stringent credit score requirements.

    Guaranteed approval loans direct lenders access to a market of borrowers who frequently feel neglected and excluded from the financial system. Typical requirements for these loans may include the verification of steady income and the provision of collateral, which help lenders mitigate some of the risks associated with lending to those with bad credit.

    Such loans can be crucial for addressing urgent financial needs, allowing borrowers to cover immediate expenses or consolidate existing debts. However, it is important to be cautious of the potential risks involved. High-interest rates and fees can significantly impact borrowers’ ability to repay the loans, and if not managed properly, can lead to a cycle of debt.

    Ultimately, while guaranteed approval loans provide a pathway for individuals with poor credit to obtain financing, careful examination of the terms and conditions is essential to avoid the associated risks.

    How Can IOnline Payday Loans Help with Bad Credit Personal Loans Guaranteed Approval?

    IOnline payday loans offer a valuable option for personal loans, particularly for individuals with bad credit. They provide emergency cash solutions for those who may be unable to secure loans through traditional banks and lenders, which often have stricter requirements. These loans can be beneficial for individuals who have difficulty obtaining financing from conventional sources, as they may not involve the same credit checks that standard banks do.

    The application process is straightforward through platforms like Acorn and other quick loan marketplaces, allowing potential borrowers to submit their applications with just a few clicks. Once approved, funds can be transferred into the borrower’s account within hours, providing immediate assistance in times of need.

    However, the higher interest rates associated with personal loans for bad credit are a significant concern, as they can lead to a debt spiral if not managed properly. Therefore, it is crucial for those seeking this type of loan to fully understand the implications of the loan’s terms and conditions.

    The Best Personal Loans for Bad Credit Guaranteed Approval

    Finding the best personal loans for bad credit with guaranteed approval can be challenging, but viable options do exist. These loans are available in various amounts, such as bad credit personal loans guaranteed approval $5,000, and may be secured.

    Many lenders now offer customized solutions that facilitate easy access to funds, even for those with poor credit histories, during emergencies or unexpected expenses.

    $5,000 Personal Loans for Bad Credit

    A $5,000 personal loan for bad credit is designed for individuals who need cash quickly and may face challenges in securing traditional loans. These loans typically offer flexible repayment terms; however, they often come with higher costs due to elevated interest rates, and approval times can vary depending on the lender’s specific criteria.

    It is important for individuals to understand the unique conditions associated with this type of loan product in order to gain better control over their finances and explore top lenders for personal loans in states like California and Hawaii.

    The first step in obtaining a personal loan is to review the eligibility requirements, which generally include the following:

    • Age: Must be 18 years or older
    • Income: A consistent source of income is required
    • Residency: Proof of residency in the U.S. is necessary

    Interest rates on $5,000 personal loans for bad credit can vary significantly based on the borrower’s risk profile. Key aspects to consider include:

    • Loan Amounts: While $5,000 is the standard amount, ensure that the lender can provide the exact sum you require.
    • Loan Terms: Terms typically range from 1 to 5 years, with monthly payments tailored to fit your budget.
    • Application Process: Most applications can be completed online, leading to a quick turn around time.

    To maximize the chances of loan approval, individuals should consider applying with multiple lenders. It is also essential to compare the total cost of borrowing, including not only the interest rate but also any hidden fees, to secure the best deal.

    Understanding what to look for in a lender—such as customer service, clarity of terms and conditions, and repayment options—can significantly influence your experience in the long run.

    Small Personal Loans for Bad Credit

    Small Personal loans for bad credit offer access to minimal financial assistance without the burden of large debt, allowing you to apply online at Acorn and explore options such as borrowing $10,000 at 6.99%. These small personal loans for bad credit are specifically designed for those whose credit history does not accurately reflect their current ability to repay loans. They can be particularly helpful when unexpected costs arise.

    Typically ranging from a few hundred to a few thousand dollars, personal loans for bad credit help borrowers cover emergency expenses, medical bills, or necessary repairs without overwhelming them with significant debt, allowing for monthly payment on personal loans and considering the average interest rate personal loans. The concept of easy personal loans enables individuals to quickly apply online through a simplified process that prioritizes their immediate financial needs.

    Additionally, these loans often come with flexible terms, allowing borrowers to choose repayment schedules that suit their specific circumstances. Overall, small personal loans are a valuable resource for those struggling with bad credit, enabling them to improve their financial situation while paving the way for better credit in the future.

    Legit Personal Loans for Bad Credit

    Legitimate personal loans for bad credit are available through established online lenders and credit unions such as Acorn Finance, Avant, LendingPoint, Oportun, Universal Credit, OneMain, Best Egg, Upstart, that are more understanding of their needs. Borrowers seeking financial assistance and guidance should take the time to research how to find authentic personal loans.

    Discovering legitimate personal loans becomes easier when borrowers take the following steps:

    • First, investigate the reputation of any lender by reading customer reviews and ratings, including checking offers for personal loans from reputable companies.
    • Next, compare various loan offers and lenders to secure better rates and terms.
    • It is also essential to read the fine print to understand all applicable costs and conditions.

    This knowledge can help borrowers avoid scams that target those in need of financial support. By knowing what questions to ask and recognizing warning signs, borrowers can make more informed decisions. Additionally, consulting with financial advisors or utilizing online resources can help them identify better lending options.

    Easy Personal Loans for Bad Credit

    Easy personal loans for bad credit are financial solutions that enable individuals to quickly borrow cash when needed and are generally easier to qualify for compared to other types of loans. These loans are often available online and feature fast approval times, making them ideal for emergency situations. However, borrowers should be aware that the terms and interest rates for easy personal loans can vary significantly among lenders.

    Designed to assist those in challenging financial situations, easy personal loans for bad credit prioritize accessibility and quick logistics tailored to urgent needs. One of the most appealing aspects of these loans is the quick application process; applicants can often receive a decision within a few hours, alleviating the stress that comes with unexpected expenses.

    To maximize the benefits of personal loans, individuals should:

    • Explore multiple lenders and select the one offering the most favorable terms.
    • Read reviews about the lending company thoroughly.
    • Assess their ability to repay the loan before committing.
    • Ensure there are no hidden fees.

    By following these guidelines, individuals can ensure they choose the loan option that best suits their financial situation.

    Low Interest Personal Loans for Bad Credit

    Low-interest personal loans for bad credit are particularly beneficial for borrowers, as they help reduce overall repayment amounts. By comparing offers from multiple lenders, borrowers can identify loans with relatively low interest rates that align with their financial situation. While loans with low interest rates may require a slightly higher credit score than other bad credit loans, borrowers should be prepared to shop around and negotiate terms to secure the best possible rates.

    Understanding how to navigate the loan landscape is essential, especially for those with poor credit. By investing time in finding low-interest loans, borrowers can significantly decrease their total repayment amount.

    Here are three key tips to help borrowers effectively compare lenders:

    • Determine the total loan cost, including interest rates and any applicable fees.
    • Research lender reputations through online reviews and personal recommendations.
    • Consider the flexibility of repayment terms, as longer or varied terms may provide added benefits.

    It’s important to note that these lower rates may come with certain trade-offs. Borrowers should be cautious, as some lenders may impose additional fees or have stricter credit requirements. Therefore, carefully assessing the overall financial impact is crucial.

    Secured Personal Loans for Bad Credit

    Secured personal loans for bad credit allow borrowers to obtain funds by offering collateral, which reduces the risk for lenders and often results in better terms and lower interest rates. These loans provide bad credit borrowers with access to financing that they might not otherwise qualify for, and the collateral used to secure the loan significantly increases their chances of approval.

    However, borrowers should be aware of the advantages and disadvantages of putting their assets on the line. Risks include the possibility of losing the collateral and restrictions on how these assets can be used. By securing a loan with an asset, borrowers are putting that asset at risk in the event of default.

    Common types of collateral include real estate properties, vehicles, savings accounts, and other valuable assets that lenders consider secure based on the amount they can lend against them.

    Secured personal loans offer borrowers essential funds at lower rates compared to unsecured loans, which typically carry higher interest rates due to the increased risk for lenders. Additionally, the repayment terms for secured loans are often more flexible, making it easier for borrowers to manage their budgets.

    Assets Used as Collateral:

    • Real estate properties
    • Automobiles
    • Investment accounts
    • Valuable collectibles

    Advantages of Secured Loans:

    • Lower interest rates
    • Higher borrowing limits
    • Improved approval odds

    Risks Involved:

    • Potential loss of collateral
    • Impact on credit score if default occurs

    Unlike unsecured loans, which rely solely on the borrower’s creditworthiness, secured personal loans provide an affordable means of accessing funds while also involving certain risks.

    How to Qualify for a Guaranteed Approval Bad Credit Personal Loan

    To qualify for a guaranteed approval bad credit personal loan, you need to meet the requirements set by lenders and explore options that enhance your chances of approval, including understanding the minimum credit score personal loans require and considering a secured loan for bad credit.

    These requirements may include providing collateral, proof of income, or having a co-signer, which can significantly improve your likelihood of getting approved despite having low credit.
    Borrowers should carefully review different personal loan offers, as the requirements and terms can vary from one lender to another.

    Check Your Credit Score

    Checking your credit score is the first and most crucial step in the qualification process for any personal loan, especially when seeking guaranteed approval for bad credit personal loans, as understanding the credit score to qualify can improve your prospects.

    Knowing your credit score helps you understand your chances of being approved for a loan and identify the areas of your credit profile that you may want to improve before applying. Monitoring your credit score also enables you to make informed decisions and prepares you for discussions with potential lenders.

    To check your credit score effectively, there are several resources available. Many financial institutions and credit card companies offer free access to credit scores, while dedicated online services provide comprehensive reports for a nominal fee. Several factors influence credit scores, including:

    • Payment history
    • Utilization rate
    • Length of credit history
    • Types of credit accounts
    • Recent inquiries

    Understanding these factors not only helps individuals grasp their current financial standing but also emphasizes the importance of maintaining a healthy credit score. A good credit score significantly increases the likelihood of loan approval, as lenders use it as a key tool to assess repayment ability.

    Before applying for loans, it is wise to review your credit reports for any errors. Regular monitoring and taking corrective actions can help improve your credit score over time. Good habits include making payments on time, reducing outstanding debts, and avoiding the application for multiple loans simultaneously, as the latter can negatively impact your score.

    By understanding credit scores, individuals can position themselves for more favorable loan terms and conditions.

    Provide Collateral or a Co-Signer

    Using collateral or having a co-signer is one of the most effective ways to apply for personal loans fast for individuals with bad credit. Collateral protects lenders, which reduces their risk and can lead to a favorable interest rate for personal loans.

    Similarly, having a co-signer with a stronger credit score can enhance your application, as lenders will consider both of your credit scores, increasing the likelihood of qualifying for a secured personal loan. Properly utilizing collateral and co-signers can enable borrowers to access capital that they might not otherwise be able to obtain.

    Collateral typically refers to tangible assets such as vehicles, property, or savings accounts, which give lenders reassurance that they have something to collect in case the loan defaults. Conversely, a co-signer agrees to take on the responsibility of repaying the loan if the primary borrower is unable to meet their obligations.

    Here are some important considerations when involving a co-signer:

    • They must maintain good credit, as their credit score is part of the loan approval process, increasing the chance of loan approval with bad credit.
    • They need to be financially capable of making payments if you are unable to do so.
    • Their credit score will be affected by the loan.

    While using collateral and co-signers can improve access to financing, both options carry risks. It is crucial for borrowers to carefully assess their ability to repay the loan and understand the potential implications for the financial circumstances of the co-signer or collateral holder.

    Show Proof of Income

    Providing proof of income is one of the most crucial steps when applying for personal loans, particularly for borrowers with bad credit seeking guaranteed approval. Lenders require this documentation to assess a borrower’s ability to repay the loan, which is a key consideration in their decision-making process.

    Typically, lenders ask personal loan applicants to submit documents such as pay stubs, bank statements, or tax returns to verify their income. By providing clear and accurate information, you can expedite the loan approval process, making it possible to apply for a personal loan quickly.

    Offering a comprehensive view of your financial situation enhances your credibility and reassures lenders about your ability to repay the loan, making it easier to check offers for personal loans.

    Proof of income consists of several documents that demonstrate an applicant’s earnings over a specific time frame. To gather your documentation, consider the following tips:

    • Collect and organize your pay stubs from the last few months, as they are the most current and straightforward source of proof of income. Ensure that they align with your expectations and reflect any deductions that may apply.
    • Compile your bank statements, which can supplement your pay stubs and provide lenders with insight into your financial health and regular income deposits.
    • If you are self-employed, be prepared to present tax returns along with profit and loss statements that detail your income sources.
    • Stay informed about any changes in your employment or income. Keeping your lender updated can significantly enhance trust and confidence in their decision to lend you money.

    Consider Alternative Lenders

    Alternative lenders can broaden your options when searching for personal loans for bad credit, as they often have different criteria and may be more lenient in granting loans to individuals with lower credit scores. Many of these lenders operate online, making it easy to review offers for personal loans and assess the terms and rates available without the pressure of a traditional bank setting.

    It is essential to conduct thorough research to ensure you are working with reliable lenders. Exploring alternatives such as peer-to-peer lending platforms or credit unions can help borrowers find better solutions that may better suit their circumstances. These alternatives often offer flexible repayment terms and more favorable interest rates compared to conventional banks.

    When considering these lenders, it is important to:

    • Evaluate Interest Rates: Compare the annual percentage rates (APRs) of various lenders like Avant and LendingPoint to secure the best deal.
    • Evaluate Loan Terms: Ensure that repayment schedules are clear and that there are no hidden fees.
    • Evaluate Credibility: Look up reviews or ratings of the lender from previous borrowers to ensure their reliability.

    By assessing these criteria, individuals can make informed decisions that align with their financial interests.

    Conclusion: Finding the Right Guaranteed Approval Bad Credit Personal Loan for You

    Finding the right guaranteed approval personal loan for those with bad credit requires time and effort. It is crucial for individuals in need of this resource to conduct thorough research on various loan options to avoid taking on loans they may struggle to repay.

    According to an article by Expert Market Research titled “How to Get a Personal Loan with Bad Credit in 2025,” borrowers can take control of their financial situations by applying online through platforms like Acorn and comparing offers from top lenders. This approach allows them to select options that provide the necessary support at an affordable cost.

    Understanding the loan terms, interest rates, and potential fees is essential for making informed decisions, especially when you apply online at Acorn Finance.

    Conducting thorough research not only give the power tos borrowers but also reduces the risk of falling into predatory lending situations.
    It is advisable to review customer testimonials, assess each lender’s reputation, and evaluate how each loan aligns with personal financial goals.

    By considering these factors, borrowers can ensure that any loans they take on will facilitate rather than hinder their future financial growth and stability. As many individuals turn to personal loans for financial recovery and stability, being diligent, informed, and seeking multiple offers is the best course of action.

    Remember that investing time in searching for the best options can lead to greater financial security and peace of mind.

    Remember to pay more than minimum payment whenever possible to reduce the total interest paid.

    Frequently Asked Questions

    What are the best personal loans for bad credit guaranteed approval?

    The best personal loans for bad credit guaranteed approval include options from reputable lenders such as IOnline Payday Loans and platforms like Pay Day Ventures.

    These loans offer a guaranteed approval for individuals with a poor credit score and may range from $5,000 to smaller amounts like $500.

    Can I get a small personal loan with bad credit?

    Yes, there are options for small personal loans for bad credit. These loans typically have a lower loan amount, such as $500 or less, and may have higher interest rates. It’s important to compare offers and choose a reputable lender.

    Are there legit personal loans for bad credit?

    Yes, there are legit personal loans for bad credit from reputable lenders. It’s important to do your research and choose a lender with a good reputation and fair terms. IOnline Payday Loans is a trusted brand that offers legit personal loans for bad credit.

    Can I borrow $10 with easy personal loans for bad credit?

    There are options for easy personal loans for bad credit, but it’s important to be cautious of predatory lenders. Look for lenders like IOnline Payday Loans that offer a simple application process and quick approval, but also have fair terms and rates.

    Can I get a low interest personal loan with bad credit?

    While it may be more challenging to find a low interest personal loan with bad credit, it is possible. Look for lenders that specialize in bad credit loans, and compare offers to find the best rate. Keep in mind that a bad credit score may result in a higher interest rate compared to someone with good credit.

    Is a secured personal loan a good option for bad credit?

    A secured personal loan, where you use collateral such as a car or home to secure the loan, may be a good option for bad credit, especially with lenders like Oportun, Universal Credit, and OneMain.

    This can help lower the risk for the lender and may result in a lower interest rate. However, it’s important to carefully consider the potential consequences if you’re unable to repay the loan.

    Media Contact:
    Company Name: IOnline Payday Loans
    Registered Office Address: 1095 Sugar View Dr Ste 500 Sheridan, WY 82801
    Company Website: https://ionlinepaydayloans.com/
    Email: mria@ionlinepaydayloans.com
    Phone: 307-777-7311
    Contact person name: Mria

    Disclaimer: This announcement contains general information about Ionline payday loan services and should not be considered financial advice. Ionline Payday Loans does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/caf8c62c-a5ca-4e06-8304-be78011c432e

    The MIL Network –

  • MIL-OSI United Kingdom: SNP urged to back Green action on property-hoarding tax avoiders

    Source: Scottish Greens

    06 May 2025 Finance

    Homes are too important to be treated as toys for millionaires.

    More in Finance

    The Scottish Government has been urged to back Green plans to crack down on property-hoarding tax avoiders which are due to be voted on today in Parliament.

    The proposals, which will be presented by Scottish Green MSP Ross Greer, would end the tax break currently enjoyed by two types of companies infamous for buying up and hoarding property – Open-ended Investment Companies and Residential Property Holding Companies.

    Mr Greer’s amendments to the Housing (Scotland) Bill would see both company types lose their exemption from paying Land and Buildings Transaction Tax when buying property.

    Greer will also propose an additional charge for overseas buyers to crack down on property speculators based in tax havens buying up homes and properties across Scotland.

    These efforts come after a report earlier this year found that the UK had become the world’s top destination for overseas property investment firms.

    Mr Greer said:

    “Everyone agrees that Scotland is in a housing emergency, but the Government still allows these companies to buy up properties without paying the tax that anyone else would when buying a home.

    “This is one of the many factors which make it so hard for young people to get their first home in particular. They would need to pay tax, but the companies they could be bidding against do not, so can make a higher offer.

    “These companies are financial leeches only interested in making a profit, even if it means buying up properties and leaving them empty for months or even years at a time.

    “Scotland can be a society where everyone has a warm, safe and affordable place to call home, but that won’t happen for as long as so much of the market is tilted in favour of tax avoiders and the ultra-wealthy.

    “People have had enough of the international super rich and dodgy businesses treating Scottish homes like cash cows. My proposals would force them to either pay their fair share, or make way and free up more homes for people and families who really need them.”

    MIL OSI United Kingdom –

  • MIL-OSI: Municipality Finance issues SEK 500 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    6 May 2025 at 10:00 am (EEST)

    Municipality Finance issues SEK 500 million notes under its MTN programme

    Municipality Finance Plc issues SEK 500 million notes on 7 May 2025. The maturity date of the notes is 28 December 2027. The notes bear interest at a floating rate equal to 3-month Stibor plus 13 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 7 May 2025.

    Danske Bank A/S act as the Dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-Evening Report: As Warren Buffett prepares to retire, does his investing philosophy have a future?

    Source: The Conversation (Au and NZ) – By Angel Zhong, Professor of Finance, RMIT University

    Warren Buffett, the 94-year-old investing legend and chief executive of Berkshire Hathaway, has announced plans to step down at the end of this year.

    His departure will mark the end of an era for value investing, an investment approach built on buying quality companies at reasonable prices and holding them for the long term.

    Buffett’s approach transformed Berkshire Hathaway from a small textile business in the 1960s into a giant conglomerate now worth more than US$1.1 trillion (A$1.7 trillion).

    He built his fortune backing US industry in energy and insurance and American brands, including big stakes in household names such as Coca-Cola, American Express and Apple.

    At Berkshire’s annual meeting at the weekend, held in an arena with thousands of devoted investors, Buffett named Greg Abel as his successor.

    Abel, 62, is currently chairman and chief executive of Berkshire Hathaway Energy, as well as vice chairman of Berkshire Hathaway’s vast non-insurance operations.

    He’s known for his disciplined, no-nonsense management style. The company’s board has now voted unanimously to approve the move.

    This changing of the guard comes at a pivotal moment. Donald Trump’s return to the US presidency has already delivered significant economic policy shifts.

    Meanwhile, questions about US economic dominance grow louder against China’s continued rise.

    The ‘Oracle of Omaha’

    Few names command as much respect in the world of finance as Warren Buffett. Born in Omaha, Nebraska, in 1930, Buffett displayed an early genius for numbers and investing. He bought his first stock at age 11.

    His investment philosophy – buying undervalued companies with strong fundamentals – would later earn him the nickname the “Oracle of Omaha” for his uncanny ability to predict market trends and identify winning investments years before others did.

    Value investing

    Buffett drew his investment approach from the value investment principles of British-born US economist Benjamin Graham.

    He preferred businesses with lasting advantages and a clear value proposition. Some of his key investments included insurance company GEICO, railroad company BNSF, and more recently Chinese electric vehicle maker BYD.

    He avoided speculative bubbles (such as the dotcom bubble of the late 1990s and, more recently, cryptocurrencies) and preached long-term patience to investors. As he famously wrote in a 1988 letter to shareholders:

    In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

    Buffett’s guidance helped Berkshire navigate many economic booms and recessions. Over his six decades at the helm, the company delivered impressive compounded annual returns of almost 20% – virtually double those of the S&P 500 index.

    Beyond financial success, Buffett championed ethical business practices and pledged to donate more than 99% of his wealth through the Giving Pledge, which he cofounded with Bill Gates and Melinda French Gates.



    Read more:
    How Warren Buffett’s enormous charitable gifts reflect the ‘inner scorecard’ that has guided him up to the billionaire’s planned retirement

    Challenges to Buffett’s strategy in today’s world

    In an op-ed for the New York Times in 2008, Buffett famously shared the maxim that guides his investment decisions:

    Be fearful when others are greedy, and be greedy when others are fearful.

    But his strategy thrived in an era of increasing globalisation, free trade, and US economic supremacy. The world has shifted since Buffett’s heyday.

    There are concerns about the recent underperformance of value investing. Technology companies now dominate older industries.

    This raises questions about whether those who succeed Buffett can spot the next major industry disruptors.

    America first?

    Trump’s return as US president heralds major changes in economic policy. Trade restrictions might hurt some of Berkshire’s international investments. However, these same policies might benefit Buffett’s US-focused investments.

    The idea of US economic superiority also faces new questions. China may overtake the US economy in the 2030s. The US share of global economic output has fallen from about 22% in 1980 to about 15% today.

    Buffett’s “never bet against America” mantra faces new scrutiny.

    Warren Buffett discusses trade deficits and protectionism on May 3.

    The challenges for Buffett’s successor

    Abel inherits a company with about US$348 billion (A$539 billion) in cash. That’s a serious amount of capital to deploy wisely amid global economic uncertainty and Trump’s trade war.

    Abel will likely maintain Berkshire’s core values while updating its approach. His challenges include:

    1. Maintaining the “Buffett premium”: Abel lacks Buffett’s cult-like following among investors, which may gradually erode the additional value the market assigns to Berkshire due to Buffett’s leadership.

      Without Buffett’s reputation, Abel may face increased pressure to effectively deploy Berkshire’s massive cash pile in a still-expensive stock market, where valuations are high and finding bargains is harder than ever.

    2. Technological adaptation: while Berkshire has increased its technology investments over the years (including positions in Apple and Amazon), balancing its legacy holdings (such as Coca-Cola and railroads) with growth sectors (AI, renewables) remains challenging.

    3. Environmental concerns: Berkshire Hathaway’s heavy reliance on coal and gas-fired utilities has drawn growing criticism as investors and regulators demand cleaner energy solutions.

    4. Replicating the “golden touch”: Buffett’s genius wasn’t just in picking stocks. It was also in capital allocation, deal-making, and crisis management (for example, buying into Goldman Sachs during the global financial crisis). Can Abel replicate that?

    After Buffett

    Buffett’s principles – patience, intrinsic value and betting on America – are timeless. But the world has moved on. His successor must navigate geopolitical risks, technological disruption, and the rise of passive investing while preserving Berkshire’s unique culture.

    The post-Buffett era represents more than just a leadership change. It’s a test of whether Buffett’s principles can survive in an increasingly short-term, technology-dominated, and geopolitically complex world.

    Abel’s leadership will reveal the enduring power – or limitations – of Buffett’s philosophy.

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

    – ref. As Warren Buffett prepares to retire, does his investing philosophy have a future? – https://theconversation.com/as-warren-buffett-prepares-to-retire-does-his-investing-philosophy-have-a-future-255867

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Congressman Johnson Introduces TRUST Act To Hold Judges Accountable for Misconduct

    Source: United States House of Representatives – Representative Hank Johnson (GA-04)

    “Transparency and Responsibility in Upholding Standards in the Judiciary Act (TRUST Act)” Ensures Misconduct By Federal Judges Investigated Even If They Resign, Retire

    WASHINGTON, D.C. — Today, Congressman Hank Johnson (GA-04), Ranking Member of the Judiciary Subcommittee on Courts, Intellectual Property, Artificial Intelligence and the Internet, introduced the Transparency and Responsibility in Upholding Standards in the Judiciary Act (TRUST Act). The legislation ensures that pending misconduct complaints will still be fully investigated even if a federal judge resigns, retires, or passes away while under investigation.

    All federal judges – other than Supreme Court justices – can face misconduct investigations if a formal complaint is filed. However, a loophole allows judges to resign or retire to halt an ongoing investigation. As a result, alleged misconduct often goes unexamined, and judges accused of wronging still retire with full pensions if they meet age and service requirements.

    “They say sunlight is the best disinfectant,” said Ranking Member Johnson. “To root out misconduct, we need sunlight on both the perpetrators and the systems that allowed the misconduct to continue. Judges and courts should not be allowed to sweep bad behavior under the rug. This is a necessary first step in ensuring that our courts are places of integrity and safe for judiciary employees.”

    In 2016, Chief Judge José Antonio Fusté of the U.S. District Court for the District of Puerto Rico resigned after a law clerk reported his alleged sexual harassment, stopping any investigation. Similarly,  Ninth Circuit Judge Alex Kozinski resigned in 2017 amid allegations that he subjected female law clerks to inappropriate sexual behavior, similarly halting an inquiry.

    WHAT THEY ARE SAYING

    “The Legal Accountability Project (LAP) has long advocated for Congress to close the troubling loophole that allows judges to step down to evade accountability,” said President and Founder Aliza Shatzman. “Particularly in light of former Minnesota bankruptcy judge Kesha Tanabe’s recent resignation, likely to evade discipline, we applaud Rep. Johnson’s efforts to introduce the TRUST Act, a common-sense fix that will foster greater trust among judiciary employees, lawyers, and the public in the courts. Given how rarely judicial law clerks are empowered to file misconduct complaints against judges, the judiciary should do everything in its power to fully investigate each complaint, even if the judge leaves the bench. LAP is grateful for Rep. Johnson’s leadership, and we urge all members of Congress to support the TRUST Act.”

    “After the Judge Kozinski scandal, it was clear the judiciary needed to examine the circumstances that allowed such rank misconduct to continue for so long,” said Fix the Court Executive Director Gabe Roth. “Though a new comment was added to the rules governing complaints saying the judiciary ‘may […] take action on potential institutional issues’ after a resignation, that hasn’t been good enough. Rep. Johnson’s bill would ensure that post-resignation court officials have the statutory imperative to review both the complaint itself and the conditions that may have fostered impropriety, with an eye toward taking proactive steps to improve courthouse protocols and protect judiciary employees. It’s a needed improvement, and I applaud Rep. Johnson’s work.”

    “The proper functioning of our courts depends on an accountable judiciary,” said Debra Perlin, Vice President for Policy at Citizens for Responsibility and Ethics in Washington (CREW). “But currently, if a judge who commits misconduct leaves office, the judiciary’s investigation of that misconduct stops. Rep. Johnson’s bill closes this loophole, ensuring that the judiciary’s thorough investigation and review continues after a judge’s departure. A judge’s resignation does not absolve past misconduct, nor does it prevent such misconduct from recurring. The judiciary must investigate potential breaches of the public trust, and we urge Congress to pass this important legislation to require it to do just that.”

    “When a federal judge is accused of serious misconduct, including sexual harassment, they should be held accountable. But right now, there’s a loophole that lets them off the hook. If they resign or retire, the investigation ends, no matter how serious the allegations,” said Alison Gill, Director of Nominations & Democracy at the National Women’s Law Center Action Fund. “The TRUST Act would finally close that loophole by making sure complaints are fully investigated, even if a judge steps down or passes away. We’re grateful to Representative Johnson for championing this crucial bill to help promote accountability and integrity in our courts.”

    “Legal Momentum, The Women’s Legal Defense and Education Fund is proud to endorse the TRUST Act to strengthen protections for judicial workers and to hold the system and individuals accountable for misconduct,” said Legal Director Azaleea Carlea. “As civil servants, federal judicial workers deserve the opportunity to fully seek justice and closure for workplace violations.  Judges must also be held accountable for the very behavior they are tasked with reprimanding even after they step down from the bench. This bill is a historic step in the right direction to support women and their ability to perform their duties in a safe and supportive environment, which in turn advances a more equitable workplace for all.”

    Text of bill HERE.

    Cosponsors: Eleanor Holmes Norton [DC00], Jasmine Crockett [TX30], Yvette D. Clarke [NY09], Valerie P. Foushee [NC04, Lloyd Doggett [TX37], Deborah K. Ross [NC02], Rashida Tlaib [MI12], Alexandria Ocasio-Cortez [NY14], Madeleine Dean [PA04].

    The TRUST Act is endorsed by Legal Momentum, People’s Parity Project, National Women’s Law Center Action Fund, Citizens For Responsibility and Ethics in Washington (CREW), and The Legal Accountability Project.

    ###
     

    MIL OSI USA News –

  • MIL-OSI: International Petroleum Corporation Announces First Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 06, 2025 (GLOBE NEWSWIRE) — William Lundin, IPC’s President and Chief Executive Officer, comments: “We are pleased to announce another strong quarter of operational and financial performance for Q1 2025. IPC achieved an average net daily production during the quarter of 44,400 barrels of oil equivalent per day (boepd). Our results during the quarter were in line with the 2025 guidance announced at our Capital Markets Day in February as we continue to execute according to plan across our operations in Canada, Malaysia and France. Notably, the transformational Blackrod Phase 1 development project in Canada has progressed substantially during the quarter and forecast first oil is maintained with the original project sanction guidance for late 2026. We also continued with purchases of IPC common shares under the normal course issuer bid, having completed approximately 60% of the current 2024/2025 program between December 2024 to March 2025.”

    Q1 2025 Business Highlights

    • Average net production of approximately 44,400 boepd for the first quarter of 2025, within the guidance range for the period (52% heavy crude oil, 15% light and medium crude oil and 33% natural gas).(1)
    • Continued progressing Phase 1 development activity as well as future phase resource maturation works at the Blackrod asset.
    • At Onion Lake Thermal, all four planned production infill wells and the final Pad L well pair have been successfully drilled.
    • 3.9 million IPC common shares purchased and cancelled during Q1 2025 and continuing with target to complete the full 2024/2025 NCIB this year.

    Q1 2025 Financial Highlights

    • Operating costs per boe of USD 17.3 for Q1 2025, in line with guidance.(3)
    • Operating cash flow (OCF) generation of MUSD 75 for Q1 2025, in line with guidance.(3)
    • Capital and decommissioning expenditures of MUSD 99 for Q1 2025, in line with guidance.
    • Free cash flow (FCF) generation for Q1 2025 amounted to MUSD -43 (MUSD 37 pre-Blackrod capital expenditure).(3)
    • Gross cash of MUSD 140 and net debt of MUSD 314 as at March 31, 2025.(3)
    • Net result of MUSD 16 for Q1 2025.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)

    2025 Annual Guidance

    • Full year 2025 average net production guidance range forecast maintained at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs guidance range forecast maintained at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF revised guidance estimated at between MUSD 240 and 270 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from previous guidance of between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)(4)
    • Full year 2025 capital and decommissioning expenditures guidance forecast maintained at MUSD 320.
    • Full year 2025 FCF revised guidance estimated at between MUSD -135 and -110 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from previous guidance of between MUSD -150 and -80 (assuming Brent USD 65 to 85 per barrel), after taking into account MUSD 230 of forecast full year 2025 capital expenditures relating to the Blackrod asset.(3)(4)
      Three months ended March 31
    USD Thousands 2025 2024
    Revenue 178,492   206,419  
    Gross profit 44,149   55,184  
    Net result 16,231   33,719  
    Operating cash flow(3) 74,790   89,301  
    Free cash flow(3) (43,172)   (43,311)  
    EBITDA(3) 70,946   87,020  
    Net cash/(debt)(3) (314,255)   (60,572)  
             

    During the first quarter of 2025, oil prices were relatively stable, with Brent prices averaging just below USD 76 per barrel. Following the quarter, commodity prices pulled back with spot Brent rates falling to USD 60 per barrel in April 2025. The physical crude market remained tight throughout the first quarter, prompting OPEC and the OPEC+ group to increase supply ahead of expectations. The timing of the supply increases coincided with the United States proposing harsh tariffs to countries deemed in a trade surplus of US goods. These two events have impacted future crude supply and demand outlooks, in turn weighing on spot and future oil benchmark prices. Despite the poor market sentiment, global inventories remain below the 5-year average, high geopolitical tensions persist, non-OPEC 2025 oil production (namely, in the US) is unlikely to grow at current prices, and US Federal Reserve Bank rate cuts are likely to occur in the near future. IPC prudently supplemented downside protection measures at the beginning of the first quarter of 2025 through financial swap hedging arrangements which in total represent nearly 40% of our forecast 2025 oil production at around USD 76 and USD 71 per barrel for Dated Brent and West Texas Intermediate (WTI), respectively, for the remainder of 2025.

    In Canada, WTI to Western Canadian Select (WCS) crude price differentials during the first quarter of 2025 averaged just under USD 13 per barrel, with spot differentials decreasing to around USD 9 per barrel in April 2025. The Western Canadian Sedimentary Basin (WCSB) petroleum producers have greatly benefited from the TMX pipeline expansion with differentials tightening to levels not seen since 2020. There are currently no tariffs on Canadian crude exports to the United States, which remain covered by the US Mexico Canada free trade agreement. IPC has hedged the WTI/WCS differential for approximately 50% of our forecast 2025 Canadian oil production at USD 14 per barrel for 2025.

    Natural gas markets in Canada for the first quarter of 2025 remained weak, given the softer than average winter weather conditions and high natural gas storage levels. The average AECO gas price was CAD 2.1 per Mcf for the first quarter of 2025. The forward strip implies improved pricing for Canadian gas benchmark prices, driven by the pending startup of the West Coast LNG Canada project later this year. Approximately 50% of our net long exposure is hedged at CAD 2.4 per Mcf to end October 2025, dropping to around 15% for November and December at CAD 2.6 per mcf.

    First Quarter 2025 Highlights and Full Year 2025 Guidance

    During the first quarter of 2025, our portfolio delivered average net production of 44,400 boepd, in line with guidance. Operational performance from our producing assets was strong to start the year as high facility and well uptimes were achieved. Drilling activity commenced in the first quarter of 2025 at Onion Lake Thermal, which aims to sustain production levels at the asset for 2025. In Malaysia, drilling and well maintenance works are planned to start in the second quarter of 2025, in line with plan. We maintain the full year 2025 average net production guidance range of 43,000 to 45,000 boepd.(1)

    Our operating costs per boe for the first quarter of 2025 was USD 17.3, in line with guidance. Full year 2025 operating expenditure guidance of USD 18.0 to 19.0 per boe remains unchanged.(3)

    Operating cash flow (OCF) generation for the first quarter of 2025 was MUSD 75. Full year 2025 OCF guidance is tightened to MUSD 240 to 270 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025).(3)(4)

    Capital and decommissioning expenditure for the first quarter of 2025 was MUSD 99 in line with guidance. Full year 2025 capital and decommissioning expenditure of MUSD 320 is maintained.

    Free cash flow (FCF) generation was MUSD -43 (MUSD 37 pre-Blackrod capital expenditure) during the first quarter of 2025. Full year 2025 FCF guidance is tightened to MUSD -135 to -110 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) after taking into account MUSD 320 of forecast full year 2025 capital expenditures (including MUSD 230 relating to the Blackrod asset).(3)(4)

    As at March 31, 2025, IPC’s net debt position was MUSD 314, from a net debt position of MUSD 209 as at December 31, 2024, mainly driven by the funding of forecast capital expenditures and the continuing share repurchase program (NCIB). Gross cash on the balance sheet as at March 31, 2025 amounts to MUSD 140 and IPC has access to an undrawn Canadian credit facility of greater than 130 MUSD. The access to liquidity supports IPC to follow through on its key strategic objectives of enhancing stakeholder value through organic growth, stakeholder returns, and pursuing value adding M&A.(3)

    Blackrod

    During the first quarter of 2025, IPC continued to advance the Phase 1 development of the Blackrod asset. Growth capital expenditure to first oil is maintained at MUSD 850. First oil of the Phase 1 development is estimated to be in late 2026, with forecast net production of 30,000 boepd by 2028. IPC forecasts capital expenditure in 2025 at the Blackrod asset of MUSD 230, of which MUSD 77 was invested in the Phase 1 development project during Q1 2025. Since the transformational organic growth project was sanctioned in early 2023, MUSD 669, or approximately 80% of the total multi-year project capital budget, has been incurred.(1)

    Project activities for the multi-year Blackrod Phase 1 development have progressed according to plan. Engineering, procurement and fabrication is substantially complete with greater than 90% of all facility modules delivered to site. Equipment installation, piping inter-connects, electrical and instrumentation are the key areas of focus for construction at the Central Processing Facility (CPF) and well pad facilities.

    Resource maturation drilling for future phase expansion considerations took place during Q1 2025. Commercial operational readiness planning has ramped up in line with our progressive turnover strategy to ensure a seamless transition from build to start-up. IPC intends to fund the remaining Blackrod capital expenditure with forecast cash flow generated by its operations, cash on hand and drawing under the existing Canadian credit facility if needed.(3)

    Stakeholder Returns: Normal Course Issuer Bid

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024, 3.7 million common shares during Q1 2025, and a further 0.2 million common shares purchased under other exemptions in Canada. The average price of common shares purchased under the 2024/2025 NCIB during Q1 2025 was SEK 146 / CAD 20 per share.

    As at March 31, 2025, IPC had a total of 115,176,514 common shares issued and outstanding and IPC held no common shares in treasury. As at April 30, 2025, IPC had a total of 114,248,119 common shares issued and outstanding and IPC held no common shares in treasury.

    Notwithstanding the final major capital investment year at Blackrod in 2025, IPC had purchased and cancelled 73% of the maximum 7.5 million common shares allowed under the 2024/2025 NCIB by the end of April 2025 and intends to purchase and cancel the remaining 2.0 million common shares under that program in 2025. This would result in the cancellation of 6.2% of common shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding in combination with investing in long-life production growth at the Blackrod project will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    During the first quarter of 2025, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. IPC has also made a commitment to maintain 2025 levels of 20 kg CO2/boe through to the end of 2028.(5)

    Notes:

      (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the annual information form for the year ended December 31, 2024 (AIF) available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR+ at www.sedarplus.ca.
      (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value (NPV), are described in the AIF. NAV is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
      (3) Non-IFRS measures, see “Non-IFRS Measures” below and in the MD&A.
      (4) OCF and FCF forecasts at Brent USD 60 and 70 per barrel assume Brent to WTI differential of USD 3 and 5 per barrel, respectively, and WTI to WCS differential of USD 10 and 15 per barrel, respectively, for the remainder of 2025. OCF and FCF forecasts assume gas price on average of CAD 2.25 per Mcf for the remainder of 2025.
      (5) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
         

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		 Or Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
         

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CEST on May 6, 2025. The Corporation’s unaudited interim condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months ended March 31, 2025 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability to maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further Common Shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its greenhouse gas (GHG) emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, tariffs, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: the potential impact of tariffs implemented in 2025 by the U.S. and Canadian governments and that other than the tariffs that have been implemented, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; political or economic developments, including, without limitation, the risk that (i) one or both of the U.S. and Canadian governments increases the rate or scope of tariffs implemented in 2025, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory”), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2024, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated production and FCF generation are based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, less net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the AIF. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended March 31
    USD Thousands 2025   2024  
    Revenue 178,492   206,419  
    Production costs and net sales of diluent to third party 1 (103,188)   (115,745)  
    Current tax (514)   (1,373)  
    Operating cash flow 74,790   89,301  

    1Includes net sales of diluent to third party amounting to USD 191 thousand for the first quarter of 2025.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended March 31
    USD Thousands 2025   2024  
    Operating cash flow – see above 74,790   89,301  
    Capital expenditures (98,886)   (125,256)  
    Abandonment and farm-in expenditures1 (321)   (122)  
    General, administration and depreciation expenses before depreciation2 (4,358)   (3,653)  
    Cash financial items3 (14,397)   (3,581)  
    Free cash flow (43,172)   (43,311)  

    1 See note 16 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 4 and 5 to the Financial Statements

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended March 31
    USD Thousands 2025   2024  
    Net result 16,231   33,719  
    Net financial items 18,855   9,770  
    Income tax 4,679   7,746  
    Depletion and decommissioning costs 29,016   33,153  
    Depreciation of other tangible fixed assets 1,917   2,262  
    Exploration and business development costs 31   75  
    Sale of assets 1 (94)   –  
    Depreciation included in general, administration and depreciation expenses 2 311   295  
    EBITDA 70,946   87,020  

    1 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements
    2 Item is not shown in the Financial Statements

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended March 31
    USD Thousands 2025   2024  
    Production costs 103,379   115,745  
    Cost of blending (37,726)   (45,206)  
    Change in inventory position 3,500   5,277  
    Operating costs 69,153   75,816  
             

    Net cash/(debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands March 31, 2025   December 31, 2024
    Bank loans (4,449)   (5,121)  
    Bonds1 (450,000)   (450,000)  
    Cash and cash equivalents 140,194   246,593  
    Net cash/(debt) (314,255)   (208,528)  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the AIF. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

             
      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude
    Oil (Mbopd)    		 Conventional Natural Gas
    (per day)    		 Total
    (Mboepd)
    Three months ended        
    March 31, 2025 23.2 6.5 88.2 MMcf
    (14.7 Mboe)    		 44.4
    March 31, 2024 24.9 7.9 96.0 MMcf
    (16.0 Mboe)    		 48.8
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 52% of that production will be comprised of heavy oil, approximately 15% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars and to MUSD mean millions of United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI: Report for the three months ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Highlights

    • Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly as a result of weather impact and production curtailments related to the provision of ancillary services, for which the Company receives compensation.
    • Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.
    • Reached the ready-to-permit milestone on a second solar and battery project in the UK, bringing the total volume of ready-to-permit projects to 2.5 GW, with the sales process awaiting the conclusion of the ongoing grid connections reform.

    Consolidated financials

    • Cash flows from operating activities amounted to MEUR 0.6.

    Proportionate financials

    • Achieved electricity price amounted to EUR 40 per MWh, which resulted in a proportionate EBITDA of MEUR 0.4.
    • Proportionate net debt of MEUR 68.6, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

    Financial Summary

    Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

    Financial performance   Q1
    MEUR   2025 2024
    Revenue   9.3 12.3
    EBITDA   – 0.9 3.1
    Operating profit (EBIT)   – 5.2 – 1.0
    Net result   – 4.0 – 2.6
    Earnings per share – EUR   – 0.01 – 0.01
    Earnings per share diluted – EUR   – 0.01 – 0.01
    Alternative performance measures      
    Proportionate financials1      
    Power generation (GWh)   251 274
    Average price achieved per MWh – EUR   40 49
    Operating expenses per MWh – EUR   20 15
    Revenue   10.1 13.5
    EBITDA   0.4 5.1
    Operating profit (EBIT)   – 4.9 –
    1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures.
    For more details see section Key Financial Data in the Q1 Report 2025.

    Comment from Daniel Fitzgerald, CEO of Orrön Energy
    “Our greenfield platform is now well established after two years of investment, recruitment and project delivery. We have launched our first sales process in Germany for a 98 MW agri-PV project, and have around 2.5 GW of solar and battery projects in the UK at the ready-to-permit stage awaiting a final resolution from the ongoing grid connections reform. Over the course of 2025 and 2026, we expect to start monetising the first of these projects and I look forward to seeing the results of the hard work and dedication of the teams creating these opportunities. Our UK projects are amongst some of the largest solar projects in the country to date, and will make a significant contribution to the UK government’s ambition to reach net zero through renewable investment and decarbonisation of the power systems. The UK grid connections reform is still underway, and we expect to receive feedback during the fall of 2025, after which we expect to resume our sales process. It is unfortunate that the reform was launched mid-way through our sales process, and although we will see a delay, the value and interest from investors remains strong, as does the UK government’s support for projects such as ours. We expect to share more details on the outcome of the ongoing reform and our progress later this year.

    Our proportionate power generation in the first quarter amounted to 251 GWh, which was at the lower end of our outlook range, primarily due to weather conditions and curtailments linked to the ancillary services provided at our MLK windfarm. We are actively working to qualify additional sites for ancillary services, where we receive compensation when activated. This, alongside voluntary curtailments during periods of low electricity pricing, forms part of a broader set of measures we introduced last year to optimise our revenues and mitigate the ongoing volatility in power markets. Nordic electricity markets remain challenging with low prices and high volatility, and we are seeing that impact not only in our business, but across the sector with very few new renewable energy projects sanctioned.

    Financially resilient
    We remain in a strong financial position, with MEUR 100 of liquidity headroom, and have the ability to manage the pace of our investments as markets evolve. Proportionate revenues and other income for the quarter amounted to MEUR 10.2, and proportionate EBITDA was MEUR 0.4, reflecting the impact of electricity prices during the quarter. Project sales from our greenfield portfolio are expected to commence during the course of this year which should lead to a positive impact on our financial results and EBITDA. Our cost base will further reduce following the conclusion of the Sudan trial in the second quarter of 2026, strengthening our financial position going forward. Electricity prices are set to remain volatile, and future revenues from power sales will remain subject to the underlying Nordic electricity prices, which have been at sustained low levels for the last quarters. I expect to see this improve in the medium term given the lack of new power generation being built, especially in Sweden.

    Looking ahead
    The Company is continuing to deliver in line with our strategy to build a portfolio of producing assets and a pipeline of large-scale greenfield projects. We are making good progress on all fronts with optimisation and consolidation in our producing asset base and continued maturation in our project pipeline. We are supported by a highly skilled and committed team in the Nordics, and a dynamic development team driving our greenfield growth in the UK, Germany and France.

    The long-term outlook for renewable energy remains robust, underpinned by strong policy support, increasing electrification, and growing demand for low-carbon solutions across Europe. As we are investing in onshore technologies with the lowest breakeven price, I am confident that our portfolio is well positioned to deliver long-term value in this space and provide a much-needed new supply of low-cost energy to society. European electricity prices, especially in Germany and the UK, remain at elevated levels, well above the breakeven cost for new renewable projects to be sanctioned, which stands our greenfield portfolio in good shape for delivering long-term returns.

    I would like to once again thank our shareholders for your continued support, and look forward to further updates during 2025.”

    Webcast
    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast today at 14.00 CEST. The presentation will be followed by a question-and-answer session.

    Follow the presentation live on the below webcast link:
    https://orron-energy.events.inderes.com/q1-report-2025

    For further information, please contact:

    Robert Eriksson
    Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI: Inbank unaudited financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    In Q1 2025 Inbank earned a consolidated net profit of 4.5 million euros, increasing 14% year-on-year. The return on equity (ROE) in Q1 stood at 12.3%. 

    • In Q1 2025, Inbank’s total net income reached 20.7 million euros, reflecting an 18% increase compared to the same period last year, driven by consistently improving margins and portfolio growth across both CEE and the Baltics regions. Total operating expenses amounted to 11.1 million euros, which is an 11% increase year-on-year. As a result, Inbank’s cost-income ratio improved to 53.5% for the quarter. 
    • Inbank’s originated volume (OV) for the first quarter reached 166 million euros, which is 6% more than a year ago. 
    • Green financing in Poland grew strongly by 67% compared to a year ago and reached 33 million euros during the quarter. Merchant solutions remained the largest segment with 59.3 million euros in originated volume, but declined 7% compared to a year ago due to a strategic exit from lower-margin partners in Poland. Car financing recorded a 4% decrease year-on-year to 40.2 million euros, impacted by the newly introduced car tax in Estonia, which also contributed to a 2% decrease year-on-year in rental volumes to 11.6 million euros. Direct lending continued on a growth path, increasing 9% to 21.8 million euros. 
    • The loan and rental portfolio reached 1.18 billion euros increasing 11% year-on-year, while the deposit portfolio grew by 15% to 1.27 billion euros. As of the end of Q1, Inbank’s total assets stood at 1.5 billion euros growing 13% year-on-year. 
    • Inbank’s impairments on loans and receivables remained within the company’s target range, accounting for 1.54% of the average loan and rental portfolio. 
    • By the end of Q1, the number of active customer contracts reached 941,000 and 5,600 active partners, following the company’s strategic decision to exit lower-margin merchants.

    Priit Põldoja, Chief Executive Officer, comments on the results:

    “With a few challenging years behind us, Inbank is seeing steady improvement across its financial indicators. Key metrics such as return on equity, total income margin and cost-income ratio have shown consistent progress compared to the last three years and this positive trend is expected to continue. To improve profitability, we have found a better balance between the pace of growth and margin expansion. As of the end of Q1, Inbank’s total assets have surpassed 1.5 billion euros, and equity has exceeded 150 million euros. Remarkably, it was just nine quarters ago that we crossed the 1 billion euros and 100 million euro thresholds, respectively.

    Looking ahead, our improving financial performance and stronger capital base enable us to focus more intently on delivering value to our partners and end-customers. Inbank’s key competitive advantage lies in our broad partner network accompanied by the fastest, most convenient and automated loan origination and credit underwriting capabilities. Going forward we continue to focus on building on our strengths to grow our market position and profitability.”    

    Key financial indicators as of 31.03.2025 

    Total assets EUR 1.52 billion 
    Loan and rental portfolio EUR 1.18 billion
    Customer deposits EUR 1.13 billion
    Total equity EUR 152 million
    Net profit EUR 4.5 million
    Return on equity 12.3%

    Consolidated income statement (in thousands of euros)

      Q1 2025 Q1 2024 3 months 2025 3 months 2024
    Interest income calculated using effective interest method 31,273 28,768 31,273 28,768
    Interest expense -13,313 -13,612 -13,313 -13,612
    Net interest income 17,960 15,156 17,960 15,156
             
    Fee and commission income 7 111 7 111
    Fee and commission expenses -1,232 -1,186 -1,232 -1,186
    Net fee and commission income/expenses -1,225 -1,075 -1,225 -1,075
             
    Rental income 9,149 7,149 9,149 7,149
    Sale of assets previously rented to customers 3,961 4,583 3,961 4,583
    Other operating income 11 339 11 339
    Depreciation of rental assets -4,262 -3,331 -4,262 -3,331
    Other operating expenses -1,683 -1,458 -1,683 -1,458
    Cost of assets sold previously rented to customers -3,643 -4,350 -3,643 -4,350
    Net rental income/expenses 3,533 2,932 3,533 2,932
             
    Net gains/losses from financial assets measured at fair value 444 890 444 890
    Foreign exchange rate gain/losses 19 -339 19 -339
    Net gain/losses from financial items 463 551 463 551
             
    Total net income 20,731 17,564 20,731 17,564
             
    Personnel expenses -5,610 -4,771 -5,610 -4,771
    Marketing expenses -853 -633 -853 -633
    Administrative expenses -2,962 -2,838 -2,962 -2,838
    Depreciation, amortization -1,663 -1,756 -1,663 -1,756
    Total operating expenses -11,088 -9,998 -11,088 -9,998
             
    Share of profit from associates        
    Impairment losses on loans and receivables -4,470 -3,199 -4,470 -3,199
    Profit before income tax 5,173 4,367 5,173 4,367
             
    Income tax expense -642 -403 -642 -403
    Profit for the period 4,531 3,964 4,531 3,964
             
    Other comprehensive income that may be reclassified subsequently to profit or loss        
    Currency translation differences -107 20 -107 20
    Total comprehensive income for the period 4,424 3,984 4,424 3,984


    Consolidated statement of financial position (in thousands of euros)

      31.03.2025 31.12.2024
    Assets    
    Cash and cash equivalents 218,356 153,191
    Mandatory reserves at central banks 26,042 25,156
    Investments in debt securities 47,063 46,724
    Financial assets measured at fair value through profit or loss 103 27
    Loans and receivables 1,059,208 1,041,542
    Other financial assets 5,309 4,569
    Tangible fixed assets 100,263 98,069
    Right of use assets 19,775 20,551
    Intangible assets 32,022 31,560
    Other assets 9,532 9,718
    Deferred tax assets 4,973 4,707
    Total assets 1,522,646 1,435,814
         
    Liabilities    
    Customer deposits 1,267,247 1,171,359
    Financial liabilities measured at fair value through profit or loss 120 503
    Other financial liabilities 56,531 59,135
    Current tax liability 320 62
    Deferred tax liability 660 533
    Other liabilities 4,798 4,620
    Subordinated debt securities 40,896 52,046
    Total liabilities 1,370,572 1,288,258
         
    Equity    
    Share capital 1,152 1,152
    Share premium 54,849 54,849
    Statutory reserve 109 109
    Other reserves 1,316 1,329
    Retained earnings 94,648 90,117
    Total equity 152,074 147,556
         
    Total liabilities and equity 1,522,646 1,435,814

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,600 merchants, Inbank has 941,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    AS Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    Attachments

    The MIL Network –

  • MIL-OSI Global: Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal

    Source: The Conversation – Global Perspectives – By Eve Warburton, Research Fellow, Department of Political and Social Change, and Director, Indonesia Institute, Australian National University

    Last week, the Trump administration signed a deal with Ukraine that gives it privileged access to Ukraine’s natural resources.

    Some news outlets described the deal as Ukrainian President Volodymyr Zelensky “caving” to US President Donald Trump’s demands.

    But we see the agreement as the result of clever bargaining on the part of Ukraine’s war-time president.

    So, what does the deal mean for Ukraine? And will this be help strengthen America’s mineral supply chains?

    Ukraine’s natural resource wealth

    Ukraine is home to 5% of the world’s critical mineral wealth, including 22 of the 34 minerals identified by the European Union as vital for defence, construction and high-tech manufacturing.

    However, there’s a big difference between resources (what’s in the ground) and reserves (what can be commercially exploited). Ukraine’s proven mineral reserves are limited.

    Further, Ukraine has an estimated mineral wealth of around US$14.8 trillion (A$23 trillion), but more than half of this is in territories currently occupied by Russia.

    What does the new deal mean for Ukraine?

    American support for overseas conflict is usually about securing US economic interests — often in the form of resource exploitation. From the Middle East to Asia, US interventions abroad have enabled access for American firms to other countries’ oil, gas and minerals.

    But the first iteration of the Ukraine mineral deal, which Zelensky rejected in February, had been an especially brazen resource grab by Trump’s government. It required Ukraine to cede sovereignty over its land and resources to one country (the US), in order to defend itself from attacks by another (Russia).

    These terms were highly exploitative of a country fighting against a years-long military occupation. In addition, they violated Ukraine’s constitution, which puts the ownership of Ukraine’s natural resources in the hands of the Ukrainian people. Were Zelensky to accept this, he would have faced a tremendous backlash from the public.

    In comparison, the new deal sounds like a strategic and (potentially) commercial win for Ukraine.

    First, this agreement is more just, and it’s aligned with Ukraine’s short- and medium-term interests. Zelenksy describes it as an “equal partnership” that will modernise Ukraine.

    Under the terms, Ukraine will set up a United States–Ukraine Reconstruction Investment Fund for foreign investments into the country’s economy, which will be jointly governed by both countries.

    Ukraine will contribute 50% of the income from royalties and licenses to develop critical minerals, oil and gas reserves, while the US can make its contributions in-kind, such as through military assistance or technology transfers.

    Ukraine maintains ownership over its natural resources and state enterprises. And the licensing agreements will not require substantial changes to the country’s laws, or disrupt its future integration with Europe.

    Importantly, there is no mention of retroactive debts for the US military assistance already received by Ukraine. This would have created a dangerous precedent, allowing other nations to seek to claim similar debts from Ukraine.

    Finally, the deal also signals the Trump administration’s commitment to “a free, sovereign and prosperous Ukraine” – albeit, still without any security guarantees.

    Profits may be a long time coming

    Unsurprisingly, the Trump administration and conservative media in the US are framing the deal as a win.

    For too long, Trump argues, Ukraine has enjoyed US taxpayer-funded military assistance, and such assistance now has a price tag. The administration has described the deal to Americans as a profit-making endeavour that can recoup monies spent defending Ukrainian interests.

    But in reality, profits are a long way off.

    The terms of the agreement clearly state the fund’s investment will be directed at new resource projects. Existing operations and state-owned projects will fall outside the terms of the agreement.

    Mining projects typically work within long time frames. The move from exploration to production is a slow, high-risk and enormously expensive process. It can often take over a decade.

    Add to this complexity the fact that some experts are sceptical Ukraine even has enormously valuable reserves. And to bring any promising deposits to market will require major investments.

    What’s perhaps more important

    It’s possible, however, that profits are a secondary calculation for the US. Boxing out China is likely to be as – if not more – important.

    Like other Western nations, the US is desperate to diversify its critical mineral supply chains.

    China controls not just a large proportion of the world’s known rare earths deposits, it also has a monopoly on the processing of most critical minerals used in green energy and defence technologies.

    The US fears China will weaponise its market dominance against strategic rivals. This is why Western governments increasingly make mineral supply chain resilience central to their foreign policy and defence strategies.

    Given Beijing’s closeness to Moscow and their deepening cooperation on natural resources, the US-Ukraine deal may prevent Russia — and, by extension, China — from accessing Ukrainian minerals. The terms of the agreement are explicit: “states and persons who have acted adversely towards Ukraine must not benefit from its reconstruction”.

    Finally, the performance of “the deal” matters just as much to Trump. Getting Zelensky to sign on the dotted line is progress in itself, plays well to Trump’s base at home, and puts pressure on Russian President Vladimir Putin to come to the table.

    So, the deal is a win for Zelensky because it gives the US a stake in an independent Ukraine. But even if Ukraine’s critical mineral reserves turn out to be less valuable than expected, it may not matter to Trump.

    Eve Warburton receives funding from the Australian Research Council and the Westpac Scholars Trust.

    Olga Boichak is a director of the Foundation of Ukrainian Studies in Australia. She receives funding from the Australian Research Council and the Westpac Scholars Trust.

    – ref. Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal – https://theconversation.com/why-zelensky-not-trump-may-have-won-the-us-ukraine-minerals-deal-255875

    MIL OSI – Global Reports –

  • MIL-OSI: 26/2025・Trifork Group: Interim report for the quarter ending 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Trifork Group AG
    Company announcement no. 26/2025
    Schindellegi, Switzerland – 6 May 2025
    Interim Financial Report for the first quarter ending 31 March 2025

    Trifork Group reports revenue growth of 14.1% and EBITDA growth of 29.4% in Q1 2025

    CEO Jørn Larsen comments on the first quarter:
    “Q1 showed good progress toward our strategic ambition of becoming a more product- and solutions-led business. To support this direction, we revamped Trifork.com in Q1 to highlight our full range of products and platforms, and I invite you to explore our current offering. AI continues to break new ground, and we now discuss AI with most of our customers in one form or another. Our platforms Corax and AI Assist are seeing strong interest as they bring significant value to our customers very fast, in a very flexible, scalable, and secure way without customers needing to employ large data science teams.

    In Q1, we began to see the impact of several larger deals initiated in 2024. In Denmark, the good trend from Q4 continued in Q1, with the activities in the public sector increasing the most. The US business doubled its revenue and became the second-largest in the Group in Q1, proving that our IP-anchored strategy, executed in close collaboration with our Labs companies and global tech partners, can unlock new avenues of growth in revenue and profits.

    We have now completed most of the organizational changes announced last year and have identified cost-saving measures expected to deliver annual savings of EUR 10 million based on 2024 activity levels. For the remainder of 2025, we will continue to focus on further optimization and cost-efficiency across the Group, and I am encouraged by the strong and constructive cost savings efforts of our entire organization.”

    First quarter 2025

    • Trifork Group
      • In Q1 2025, Trifork Group revenue amounted to EURm 57.5, a net increase of 14.1% from Q1 2024, the combined result of an organic growth of 10.8% and an inorganic growth of 3.5%. In the quarter, Trifork had EURm 4.2 more revenue from hardware and third-party licenses compared to Q1 2024. Excluding these revenues, Group revenue growth was 5.9% in Q1 2025.
      • Trifork Group adjusted EBITDA amounted to EURm 6.9, corresponding to growth of 29.4% compared to Q1 2024. The margin was 11.9% (Q1 2024: 10.5%). No special items were recorded.
      • Trifork Group EBIT amounted to EURm 2.8, corresponding to growth of 95.5% compared to Q1 2024. The margin was 4.9% (Q1 2024: 2.8%).
    • Trifork Segment
      • In Q1 2025, adjusted EBITDA in the Trifork Segment amounted to EURm 7.4 (Q1 2024: EURm 5.8), corresponding to growth of 26.3%. The margin was 12.8% (Q1 2024: 11.6%).
      • Sub-segments
        • Inspire revenue increased by 25.0% to EURm 0.7 and realized an adjusted EBITDA of EURm -0.8 (Q1 2024: EURm -1.0).
        • Build revenue declined by -1.2% to EURm 38.3 and realized an adjusted EBITDA margin of 15.2% (Q1 2024: 15.7%).
        • Run revenue increased by 68.5% to EURm 18.5. Adjusted for hardware and third-party licenses, revenue growth was 33.9%. The adjusted EBITDA margin was 15.0% (Q1 2024: 13.1%).
    • Trifork Labs
      • In Q1 2025, fair value adjustment of Trifork Labs investments was EURm -0.1 (Q1 2024: EURm 2.0).
      • At 31 March 2025, the book value of active Labs investments amounted to EURm 82.7 (31 March 2024: EURm 73.4).

    The financial outlook for full-year 2025 provided on 28 February is maintained:

    • Revenue is expected to be in the range of EURm 215-225, equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Main events in the first quarter of 2025

    • Inspire
      Q1 is seasonally a quarter with low conference activity. With more than 2 million views in Q1, the online GOTO universe have reached 83 million video views in total. At the end of the quarter, we had 1.1 million video subscribers. We are continuously sharpening our planning of events and have optimized our cost structure. Our business development efforts are anchored in technology partnerships, where workshop and conference presentations are central to the efforts. We hosted multiple events, including our Observability day in Copenhagen, and attended NVIDIA GTC together with Lenovo, who also co-attended an industrial conference in Germany with us. We held multiple events focusing on SAP.
    • Build
      Build revenue accounted for 66.6% of Group revenue in Q1 and declined by 1.2% compared to the same quarter last year. We spent the quarter focusing our Build activities closer to our own product offerings so that focus is more on implementation, integration, and customization of these and building individual extensions on top. Generally, corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty, but our business development efforts made up for some of the private market weakness. Our public sector customer base primarily consists of Danish engagements. Danish public revenue grew 23.4% in Q1 compared to the same quarter last year and accounted for 47% of revenue in Denmark. In Q1, we announced new engagements with SBSYS (41 municipalities and two regions) and Aalborg University, and a new partnership with Cognizant focused on testing-as-a-service for implementation with KOMBIT (all Danish municipalities).
    • Run
      Run revenue accounted for 32.2% of Group revenue in Q1 and increased by 68.5% in Q1 compared to the same quarter last year (33.9% growth excluding revenues from third-party licenses and hardware, which can be volatile on a quarterly basis). In Q1, we revamped our website Trifork.com to increase focus on our products and platforms, which are central to our growth strategy and which provide more stability to our revenues as the licenses are sold on a recurring basis. Our Cloud Operations business has built a good pipeline supported by our Contain product offering, and it seems that the interest in cloud hosting in our Danish data centers increased in Q1. This was driven by both public and private customers. Our managed services security business continues to be in discussion with potential strategic partners to accelerate growth and market share, and we look forward to updating the market on the progress. Any potential deconsolidation is not included in the current financial guidance for the year. Overall, revenue within Hosting and Security operations increased by 23.2% in Q1.
    • Trifork Labs
      No new investments or exits were completed in Trifork Labs in Q1. Activities in the quarter primarily included reviewing investment proposals from new or existing investors in individual Labs companies in relation to upcoming financing rounds, including the announced EURm 11.5 financing round in Dawn Health led by existing investors Chr. Augustinus Fabrikker and the Export and Investment Fund of Denmark (EIFO). We see this as a testament to continued strong belief in the company’s potential after showing significant progress with large pharma partners such as Merck and Novartis. The investment is aimed at supporting Dawn Health’s strategy to deliver its platform and product suite through a SaaS model, while continuing to invest in further offerings within the Dawn Product Suite.

    Results presentation
    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 6 May 2025 at 11:00 CEST in a live webcast that can be accessed via the following link, or via the investor website:

    https://trifork.zoom.us/j/96719631909?pwd=sI6nAeNybYebaVXxyFn3Wp8tpU5BOL.1#success

    A recording will be made available on our investor website. More information can be found at https://investor.trifork.com/events/.

    Investor & Media contact
    Frederik Svanholm, Group Investment Director
    frsv@trifork.com, +41 79 357 7317


    About Trifork Group
    Trifork is a pioneering and global technology partner, empowering enterprise and public sector customers with innovative digital solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specializes in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Trifork also owns GOTO, which inspires the global tech community through conferences and an online video channel with over 1.1 million subscribers and 83 million views. Trifork Group AG is publicly listed on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachments

    The MIL Network –

  • MIL-OSI Australia: New flights to take off with upgrades to Perth airport

    Source: Australian Attorney General’s Agencies

    The Albanese Labor Government is investing $24.2 million dollars to deliver additional border services at airports, including a major boost to Perth airport to help cement the city as a world class tourist hub.

    The investment in additional staffing and equipment at Perth Airport will increase border and biosecurity capacity and in turn allow the airport to host more international flights.

    We are pleased that as a result of this investment, Qantas has today announced that it will recommence flights to Johannesburg, South Africa and Auckland New Zealand.

    Demand for services at Perth airport is rapidly growing. In January 2025, Perth airport saw 515,581 international passengers, breaking the record high set just the previous month in December 2024.

    The Government’s investment will allow Australian Border Force and the Department of Agriculture, Fisheries and Forestry, to ensure smooth operation for trade and tourism, while protecting our border from threats to Australia’s safety and security.

    This investment and the growth in flights is expected to support hundreds of new jobs in WA and enable the airport to continue processing record breaking numbers of passengers.

    Quotes attributable to the Minister for Trade and Tourism, Don Farrell:

    “More international flights into Perth is an outstanding outcome for our tourism industry.

    “This will deliver more tourists into Perth, additional connections for expat communities and another opportunity to showcase our country to the world.

    “The Albanese Labor Government has been working hard to see our tourism industries continue to grow and increasing international connectivity is an important part of that.”

    Quotes attributable to the Minister for Home Affairs and Immigration, Tony Burke:

    “This funding allows the capabilities of the Australian Border Force to grow in line with the sustained growth in passenger numbers at Perth Airport.

    “Investment in travel supports local businesses through attracting international tourism, and provides West Australians more job opportunities and more choices for their holidays.”

    Quotes attributable to the Minister for Agriculture, Fisheries and Forestry Julie Collins:

    “Every year millions of travellers come to Australia, and every year our frontline staff intercept biosecurity risks to our farmland and environment.

    “This funding will mean we can maintain our biosecurity standards at these airports and seaports, which is critical to protecting Australia from exotic pests or disease outbreaks.

    “It builds on the more than $1 billion in funding that the Albanese Labor Government has invested in Australia’s biosecurity system since 2022, cleaning up the mess the Liberals and Nationals left it in.”

    MIL OSI News –

  • MIL-OSI New Zealand: Significant cocaine seizure leads to arrests across NZ

    Source: New Zealand Police

    Canterbury Police, New Zealand Customs and Police’s National Organised Crime Group (NOCG) have made a significant dent in the supply of drugs into Christchurch, with the seizure of more than 25kg of cocaine.

    On 29 March, Police and Customs received information about a significant importation of cocaine that had come through Lyttelton Port.

    More than 25kg of the Class A Controlled Drug was seized, with a street value in excess of NZ$9 million.

    Search warrants have since been executed across New Zealand, utilising specialist teams to support investigators with evidence gathering.

    The investigation has been ongoing over the past six weeks and has led to the arrest of four men, aged 30-36, from Christchurch, Wellington, Tauranga and Auckland.

    They will face multiple charges, including possession of cocaine for supply and burglary, and will appear in various district courts across a range of dates.

    Detective Senior Sergeant Phil Sparks says this seizure equates to more than 250,000 doses of cocaine and $9 million of harm prevention.

    “That is an enormous amount of damage and misery that had been heading into our communities that has now been halted through this investigation.

    “Police and Customs continue to be committed to targeting those offenders causing the most harm, and are always looking for opportunities to disrupt the supply chain from organised criminal groups targeting New Zealanders.

    “Part of the investigation’s success was also due to the target hardening of Customs Controlled Areas in Christchurch and the excellent partnership between Customs and Police.

    “We continue to have a focus on engaging with businesses and supporting their legitimate services by keeping them safe with prevention advice to deter drug trafficking organisations’ attempts to exploit their people and premises.”

    Customs Acting Investigations Manager Rachael Manning says this investigation was the result of quick action and close collaboration between Police and Customs as well as industry partners who are committed to working alongside law enforcement to help stop organised criminal groups from operating in our regions and ports.

    “We know that transnational and serious organised crime groups are actively targeting New Zealand to drive up both demand and supply of illegal drugs such as cocaine for maximum profit. They’re using every method possible to exploit any vulnerabilities within international supply chains, whether that’s at seaports, in secure areas or on vessels themselves.

    “This result highlights that we are determined to find them, and we will not let legitimate businesses falling victim to these criminals’ methods. Everyone has a role they can play in protecting our country and communities from harm. Customs urges our industry stakeholders and public to remain vigilant at all times. You can raise any suspicions about possible smuggling behaviour by calling 0800 WE PROTECT (0800 937 768) in confidence, or Crimestoppers anonymously on 0800 555 111,” Ms Manning says.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI China: Germany’s CDU/CSU, SPD sign coalition deal for new gov’t

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

    The Christian Social Union (CSU) leader Markus Soeder (1st L), the Christian Democratic Union (CDU) leader Friedrich Merz (2nd L), the Social Democratic Party (SPD)’s co-leaders Lars Klingbeil (2nd R) and Saskia Esken attend the signing ceremony of a coalition agreement in Berlin, Germany, May 5, 2025. [Photo/Xinhua]

    Leaders of Germany’s conservative CDU/CSU and center-left Social Democratic Party (SPD) signed a coalition agreement on Monday, paving the way for the formation of a new federal government.

    Under the coalition pact finalized in April after weeks of negotiations, the parties pledged to enhance Germany’s economic competitiveness, strengthen national defense, and tighten migration policies.

    The CDU/CSU, unofficially the Union parties or the Union, is a conservative political alliance of two political parties in Germany.

    The Bundestag, Germany’s lower house of parliament, is scheduled to elect Friedrich Merz, leader of the CDU, as chancellor on Tuesday. Once Merz is elected, his government will take office, ending the current administration led by Chancellor Olaf Scholz, and SPD’s co-leader Lars Klingbeil will take the post of vice chancellor.

    According to SPD’s announcement of key positions in the new cabinet on Monday, Klingbeil will also take the helm of the Finance Ministry. Boris Pistorius will be retaining his post as defense minister. Baerbel Bas, former president of the Bundestag, has been nominated as minister of Labor and Social Affairs.

    Other nominations include 35-year-old Reem Alabali-Radovan as minister for Economic Cooperation and Development.

    Speaking at a press conference before the signing, Merz said the coalition aims to advance Germany with reforms and investments. Highlighting the capabilities of the new government, Merz vowed to implement reform from day one, build essential infrastructure, and make a strong contribution to Europe.

    “I am very confident that starting tomorrow, we will succeed in governing our country with strength, planning, and trust,” Merz said.

    At the press conference, Klingbeil said the new government will start its work swiftly to stimulate growth in Germany and attract future-oriented industries to Germany.

    During coalition negotiations, the two parties agreed to establish a 500-billion-euro (about 567 billion U.S. dollars) fund dedicated to infrastructure and climate-neutrality investments.

    Klingbeil pledged to cut bureaucracy and streamline procedures to accelerate the realization of infrastructure projects.

    Though the new government plans to tighten migration policies, Klingbeil reaffirmed that Germany remains a country of immigration, stressing that the country will manage migration with clear rules. (1 euro = 1.14 U.S. dollar)

    MIL OSI China News –