Category: Finance

MIL-OSI: Orezone Gold Announces Full Exercise of Over-Allotment Option

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) announces that Canaccord Genuity Corp., the sole underwriter and bookrunner for the Company’s previously announced C$35 million bought deal financing that closed on March 13, 2025 (the “Offering”), has now fully exercised their over-allotment option (the “Over-Allotment Option”) under the Offering to acquire an additional 6,402,450 common shares of the Company (the “Shares”) at a price of C$0.82 per Share for additional gross proceeds of C$5,250,009. The issuance and purchase of the additional 6,402,450 Shares closed earlier today.

The Company intends to use the net proceeds from the Over-Allotment Option to accelerate both stage 2 of the hard rock expansion and additional exploration at its Bomboré Gold Mine, as well as for working capital and general corporate purposes, as further described in the Company’s short form prospectus dated March 7, 2025.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

Contact Information

Patrick Downey
President and Chief Executive Officer

Kevin MacKenzie
Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements regarding the use of proceeds of the Over-Allotment Option.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

The MIL Network –

March 20, 2025

MIL-OSI: XBP Europe Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Full Year 2024 Highlights

Revenue of $142.8 million, decrease of 8.0% year-over-year
Gross margin of 26.8%, a 110 bps increase year-over-year
Operating profit of $3.5 million, an increase of $2.4 million year-over-year
Approximately $25M of ACV in active ramp, resulting in an incremental step-up in margin contribution in the second half of 2024
Signed an exclusive, non-binding LOI to acquire Exela Technologies BPA, LLC, a potentially transformational deal that could expand XBP Europe’s revenue to ~$1 billion annually

Fourth Quarter 2024 Highlights

Revenue of $35.6 million, decrease of 7.5% year-over-year and increase of 0.7% sequentially
Gross margin of 28.3%, a 480 bps increase year-over-year and 440 bps decrease sequentially
Operating profit of $1.0 million, an increase of $3.4 million year-over-year and a decrease of $1.5 million sequentially
Net loss of $2.7 million includes $0.5 million of FX losses, an improvement of $2.4 million year-over-year and $0.1 million sequentially

LONDON and SANTA MONICA, Calif., March 19, 2025 (GLOBE NEWSWIRE) — XBP Europe Holdings, Inc. (“XBP Europe” or “the Company”) (NASDAQ: XBP), a pan-European integrator of bills, payments, and related solutions and services seeking to enable the digital transformation of its clients, announced today its financial results for the quarter and full year ended December 31, 2024.

“We ended 2024 with growing momentum, as we continued to ramp our recently awarded contracts, leading to improving profitability and operating metrics. We are excited about our organic growth trajectory in 2025 and we continue to work towards a potential acquisition of Exela Technologies BPA, LLC in 2025 so that we can benefit from global scale,” said Andrej Jonovic, Chief Executive Officer of XBP Europe.

Full Year Highlights

Revenue: Total Revenue for 2024 was $142.8 million, a decline of 8.0% year-over-year, primarily due to completion of projects, lower volumes, and client contract ends, offset by positive impact of newly won business.
- Bills & Payments segment revenue was $101.9 million, a decline of 7.8% year-over-year, primarily attributable to completion of one-time projects, lower volumes, and client contract end, offset by the positive impact of newly won business.
- Technology segment revenue was $40.9 million, a decrease of 8.5% year-over-year, largely due to a lower volume of licenses sold, offset by a drop in technology implementation and professional services revenue.

Operating Profit: Operating Profit was $3.5 million, an increase of $2.4 million compared to 2023. This improvement was driven primarily by higher gross margins coupled with SG&A cost optimizations. Our operating expenses include costs associated with accelerated migration to the cloud.

Net Loss: Net loss from continuing operations was $6.5 million, compared with a net loss from continuing operations of $5.6 million in 2023. The year-over-year increase was primarily driven by higher income tax expense and interest expense, offset by higher operating profit and lower related party interest expense.

Adjusted EBITDA⁽¹⁾: Adjusted EBITDA from Continuing Operations was $13.4 million, a decrease of $2.4 million or 15.1% compared to 2023. Adjusted EBITDA margin was 9.4%, a decrease of 80 basis points from 10.2% in 2023.

Capital Expenditures: Capital expenditures were 1.2% of revenue compared to 1.7% of revenue in 2023, with the decrease primarily due to lower purchases of PP&E.

Adequate Liquidity: The Company’s cash and cash equivalents totaled $12.1 million as of December 31, 2024.

Other Highlights:

Pending Acquisition: As announced on March 4, 2025, XBP Europe has entered into an exclusive, non-binding letter of intent with Exela Technologies, Inc. to acquire Exela Technologies BPA, LLC (“BPA”), a leading provider of business process automation solutions. The closing of the acquisition will be subject to BPA completing a corporate reorganization which is expected to create a sustainable capital structure with a substantially deleveraged balance sheet. If completed, the acquisition will expand XBP Europe’s revenue to more than $1 billion from $145 million on a pro forma basis for the twelve months ending September 30, 2024. The parties have agreed to act in good faith to negotiate definitive agreements, complete due diligence, undertake necessary regulatory approvals, and seek any necessary approvals, including from XBP Europe’s shareholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Readers are cautioned that those portions of the LOI that describe the proposed transaction are non-binding. XBP Europe only intends to announce additional details regarding the proposed transaction if and when a definitive agreement is executed.

Segment Revenue and Profitability:

	Three months ended December 31, 2024
	Bills & Payments		Technology		Total
Revenue, net	$	25,851	$	9,794	$	35,645
Cost of revenue	20,460		5,108		25,568
Segment Gross Profit	5,391		4,686		10,077

	Three months ended December 31, 2023
	Bills & Payments		Technology		Total
Revenue, net	$	27,368	$	11,165	$	38,533
Cost of revenue	24,203		5,270		29,472
Segment Gross Profit	3,165		5,895		9,061

	Twelve months ended December 31, 2024
	Bills & Payments		Technology		Total
Revenue, net	$	101,850	$	40,922	$	142,772
Cost of revenue	85,454		19,059		104,513
Segment Gross Profit	16,396		21,863		38,259

	Twelve months ended December 31, 2023
	Bills & Payments		Technology		Total
Revenue, net	$	110,458	$	44,719	$	155,177
Cost of revenue	95,572		19,738		115,310
Segment Gross Profit	14,886		24,981		39,867

Below is the note referenced above:

(1) Adjusted EBITDA is a non-GAAP measure. A reconciliation of Adjusted EBITDA is attached to this release.

Supplemental Investor Presentation
An investor presentation relating to our fourth quarter and full year 2024 performance is available at investors.xbpeurope.com. This information has also been furnished to the SEC in a current report on Form 8-K.

About Non-GAAP Financial Measures
This press release includes constant currency, EBITDA and Adjusted EBITDA, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). XBP Europe believes that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance, results of operations and liquidity and allows investors to better understand the trends in our business and to better understand and compare our results. XBP Europe’s board of directors and management use constant currency, EBITDA and Adjusted EBITDA to assess XBP Europe’s financial performance, because it allows them to compare XBP Europe’s operating performance on a consistent basis across periods by removing the effects of XBP Europe’s capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the combination with CF Acquisition Corp. VIII. on November 29, 2023). Adjusted EBITDA also seeks to remove the effects of restructuring and related expenses and other similar non-routine items, some of which are outside the control of our management team. Restructuring expenses are primarily related to the implementation of strategic actions and initiatives related to right sizing of the business. All of these costs are variable and dependent upon the nature of the actions being implemented and can vary significantly driven by business needs. Accordingly, due to that significant variability, we exclude these charges since we do not believe they truly reflect our past, current or future operating performance. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency revenue on a constant currency basis by converting our current-period local currency revenue using the exchange rates from the corresponding prior-period and compare these adjusted amounts to our corresponding prior period reported results. XBP Europe does not consider these non-GAAP measures in isolation or as an alternative to liquidity or financial measures determined in accordance with GAAP. A limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in XBP Europe’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures and therefore the basis of presentation for these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this release.

Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of XBP Europe, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by XBP Europe and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against XBP Europe or others and any definitive agreements with respect thereto; (2) the inability to meet the continued listing standards of Nasdaq or another securities exchange; (3) the risk that the business combination disrupts current plans and operations of XBP Europe and its subsidiaries; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of XBP Europe and its subsidiaries to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the business combination; (6) changes in applicable laws or regulations; (7) the possibility that XBP Europe or any of its subsidiaries may be adversely affected by other economic, business and/or competitive factors; (8) risks related to XBP Europe’s potential inability to achieve or maintain profitability and generate cash; (9) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (10) volatility in the markets caused by geopolitical and economic factors; (11) the ability of XBP Europe to retain existing clients; (12) the potential inability of XBP Europe to manage growth effectively; (13) the ability to recruit, train and retain qualified personnel, and (14) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Reports on Form 10-K filed on April 1, 2024 and, our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (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. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XBP Europe gives no assurance that either XBP Europe or any of its subsidiaries will achieve its expected results. XBP Europe undertakes no duty to update these forward-looking statements, except as otherwise required by law.

About XBP Europe
XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The Company’s name – ‘XBP’ – stands for ‘exchange for bills and payments’ and reflects the Company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimize clients’ bills and payments and related digitization processes. The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and services partner for its clients. Its cloud-based structure enables it to deploy its solutions across the European market, along with the Middle East and Africa. The physical footprint of XBP Europe spans 15 countries and 32 locations and a team of approximately 1,500 individuals. XBP Europe believes its business ultimately advances digital transformation, improves market wide liquidity by expediting payments, and encourages sustainable business practices. For more information, please visit: www.xbpeurope.com.

For more XBP Europe news, commentary, and industry perspectives, visit: https://www.xbpeurope.com/
And please follow us on social:
X: https://X.com/XBPEurope
LinkedIn: https://www.linkedin.com/company/xbp-europe/

The information posted on XBP Europe’s website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Europe should monitor XBP Europe’s website and its social media accounts in addition to XBP Europe’s press releases, SEC filings and public conference calls and webcasts.

Investor and/or Media Contacts:
investors@xbpeurope.com


XBP Europe Holdings, Inc. Consolidated Balance Sheets For the years ended December 31, 2024 and 2023 (in thousands of United States dollars except share and per share amounts)

	December 31,
	2024		2023
ASSETS
Current assets
Cash and cash equivalents	$	12,099	$	6,537
Accounts receivable, net of allowance for credit losses of $1,198 and $1,183, respectively		19,810		30,238
Inventories, net		3,823		4,045
Prepaid expenses and other current assets		4,228		6,550
Current assets held for sale		1,378		2,497
Total current assets		41,338		49,867
Property, plant and equipment, net of accumulated depreciation of $40,325 and $39,876, respectively		11,272		12,811
Operating lease right-of-use assets, net		4,805		5,206
Goodwill		21,666		22,823
Intangible assets, net		1,121		1,498
Deferred income tax assets		7,026		6,811
Other noncurrent assets		817		705
Noncurrent assets held for sale		—		3,018
Total assets	$	88,045	$	102,739

LIABILITIES AND STOCKHOLDERS’ DEFICIT
LIABILITIES
Current liabilities
Accounts payable	$	12,553	$	13,281
Related party payables		5,443		13,012
Accrued liabilities		17,993		23,850
Accrued compensation and benefits		16,482		16,267
Customer deposits		277		323
Deferred revenue		6,870		6,004
Current portion of finance lease liabilities		12		91
Current portion of operating lease liabilities		1,734		1,562
Current portion of long-term debts		4,958		3,863
Current liabilities held for sale		2,443		3,818
Total current liabilities		68,765		82,071
Related party notes payable		1,451		1,542
Long-term debt, net of current maturities		23,966		12,763
Finance lease liabilities, net of current portion		—		23
Pension liabilities		10,339		12,208
Operating lease liabilities, net of current portion		3,271		3,785
Other long-term liabilities		1,599		1,635
Noncurrent liabilities held for sale		—		1,280
Total liabilities	$	109,391	$	115,307


STOCKHOLDERS’ DEFICIT
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		—		—
Common Stock, par value of $0.0001 per share; 200,000,000 shares authorized; 30,166,102 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		30		30
Additional paid in capital		1,611		—
Accumulated deficit		(23,705)		(11,339)
Accumulated other comprehensive loss:
Foreign currency translation adjustment		474		(1,416)
Unrealized pension actuarial gains, net of tax		244		157
Total accumulated other comprehensive loss		718		(1,259)
Total stockholders’ deficit		(21,346)		(12,568)
Total liabilities and stockholders’ deficit	$	88,045	$	102,739

XBP Europe Holdings, Inc. Consolidated Statements of Operations For the years ended December 31, 2024 and 2023 (in thousands of United States dollars except share and per share amounts)

	Year ended December 31,
	2024		2023
Revenue, net	$	142,408	$	154,943
Related party revenue, net		364		234
Cost of revenue (exclusive of depreciation and amortization)		104,467		115,234
Related party cost of revenue		47		76
Selling, general and administrative expenses (exclusive of depreciation and amortization)		26,525		31,173
Related party expense		5,101		4,633
Depreciation and amortization		3,160		2,944
Operating profit		3,472		1,117
Other expense (income), net
Interest expense, net		6,232		5,035
Related party interest expense, net		90		1,971
Foreign exchange losses, net		2,520		599
Changes in fair value of warrant liability		(43)		(597)
Pension income, net		(1,705)		(929)
Net loss before income taxes		(3,622)		(4,962)
Income tax expense		2,911		606
Net loss from continuing operations		(6,533)		(5,568)
Net loss from discontinued operations, net of income taxes		(5,833)		(5,479)
Net loss	$	(12,366)	$	(11,047)
Loss per share:
Basic and diluted – continuing operations	$	(0.22)	$	(0.25)
Basic and diluted – discontinued operations		(0.19)		(0.24)
Basic and diluted	$	(0.41)	$	(0.49)

XBP Europe Holdings, Inc. Consolidated Statements of Cash Flows For the years ended December 31, 2024 and 2023 (in thousands of United States dollars)

	Years ended December 31,
	2024		2023
Cash flows from operating activities
Net loss	$	(12,366)	$	(11,047)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		2,965		3,467
Amortization of intangible assets		750		384
Debt issuance cost amortization		216		—
Impairment of goodwill		87		—
Credit loss expense		16		343
Changes in fair value of warrant liability		(43)		(597)
Stock-based compensation expense		1,611		—
Unrealized foreign currency losses (gains)		2,428		(616)
Change in deferred income taxes		(247)		(422)

Change in operating assets and liabilities
Accounts receivable		9,568		5,990
Inventories		240		(58)
Prepaid expense and other assets		2,297		2,123
Accounts payable		(365)		(2,417)
Related party payables		(8,446)		(843)
Accrued expenses and other liabilities		(4,848)		2,629
Deferred revenue		1,099		67
Customer deposits		(189)		(538)
Net cash used in operating activities		(5,227)		(1,535)

Cash flows from investing activities
Purchase of property, plant and equipment		(1,263)		(2,330)
Cash paid for costs of fulfilling a contract		—		(339)
Additions to internally developed software		(447)		—
Net cash used in investing activities		(1,710)		(2,669)

Cash flows from financing activities
Borrowings under secured borrowing facility		—		87,635
Principal repayment on borrowings under secured borrowing facility		(79)		(91,662)
Borrowings under 2024 Term Loan A Facility		3,834		—
Borrowings under 2024 Term Loan B Facility		11,360		—
Borrowings under 2024 Revolving Credit Facility		15,352		—
Cash paid for debt issuance costs		(1,527)		—
Principal payments on 2024 Term Loan A Facility		(383)		—
Principal payments on 2024 Term Loan B Facility		(1,136)		—
Principal payments on long-term obligations		(15,270)		(920)
Proceeds from Secured Credit Facility		930		223
Principal payments on finance leases		(635)		(786)
Proceeds from Business Combination, net of transaction expenses		—		5,205
Net cash provided by (used in) financing activities		12,446		(305)
Effect of exchange rates on cash and cash equivalents		(308)		3,941
Net increase (decrease) in cash and cash equivalents		5,201		(568)

Cash and equivalents, beginning of period, including cash from discontinued operations		6,905		7,473
Cash and equivalents, end of period, including cash from discontinued operations	$	12,106	$	6,905

Supplemental cash flow data:
Income tax payments, net of refunds received		567		1,059
Interest paid		3,429		1,798

XBP Europe Holdings, Inc. Schedule 1: Reconciliation of Adjusted EBITDA and constant currency revenues

Reconciliation of Non-GAAP Financial Measures to GAAP Measures

Non-GAAP constant currency revenue reconciliation
	Twelve Months ended December 31,
($ in thousands)	2024	2023
Revenues, as reported (GAAP)	142,772	155,177
Foreign currency exchange impact ⁽¹⁾	(1,055)	–
Revenues, at constant currency (Non-GAAP)	141,717	155,177

Reconciliation of Adjusted EBITDA from Continuing Operations
	Year Ended December 31,
(dollars in thousands)	2024		2023
Net loss from continuing operations	$	(6,533)	$	(5,568)
Income tax expense		2,911		606
Interest expense including related party interest expense, net		6,322		7,006
Depreciation and amortization		3,160		2,944
EBITDA from continuing operations		5,860		4,988
Restructuring and related expenses ⁽²⁾		1,879		5,053
Employee litigation matter ⁽³⁾		1,283		1,431
Related party management fee and royalties ⁽⁴⁾		—		1,330
Foreign exchange losses, net		2,520		599
Non-cash equity compensation ⁽⁵⁾		1,611		—
Changes in fair value of warrant liability		(43)		(597)
Transaction Fees ⁽⁶⁾		280		2,970
Adjusted EBITDA from continuing operations	$	13,390	$	15,774

(1)   Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the year ended December 31, 2023, to the revenues during the corresponding period in 2024.
(2)   Adjustment represents costs associated with restructuring, including employee severance and vendor and lease termination costs.
(3)   Represents litigation settlement and associated expenses incurred in connection with the Company subsidiary litigation.
(4)   Primarily represents management fee incurred in exchange for services, which included provision of legal, human resources, corporate finance, and marketing support. The management services agreement was terminated in connection with the Business Combination and was replaced by the related party service fee pursuant to the Services Agreement which reduced the fee and modified the services provided.
(5)   Represents the non-cash charges to restricted stock units and options.
(6)   Represents transaction costs incurred as part of the Business Combination.


Reconciliation of Adjusted EBITDA from Discontinued Operations
	Year Ended December 31,
(dollars in thousands)	2024		2023
Net loss from discontinued operations, net of income taxes	$	(5,833)	$	(5,479)
Income tax expense		—		—
Interest expense, net		145		189
Depreciation and amortization		555		907
EBITDA from discontinued operations		(5,133)		(4,383)
Restructuring and related expenses ⁽⁷⁾		38		187
Related party service fees and royalties		—		25
Impairment of goodwill		87		—
Foreign exchange losses (gains), net		211		(5)
Adjusted EBITDA from discontinued operations	$	(4,797)	$	(4,176)

(7) Adjustment represents costs associated with restructuring related to employee severance.

Source: XBP Europe Holdings, Inc.

The MIL Network –

March 20, 2025

MIL-OSI: Expansion in Nickel Mining Market Thriving from Heightened Demand Around the Globe

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the nickel mining industry worldwide is expected to reach a projected revenue of US$83.813 Billion by 2030. A compound annual growth rate of 6.6% is expected of the worldwide nickel mining industry from 2023 to 2030.Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. Another Grand View Research report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors. The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the market today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Ballard Power Systems (NASDAQ: BLDP), First Hydrogen Corp. (OTCPK: FHYDF) (TSX-V: FHYD), Bloom Energy Corporation (NYSE: BE), FuelCell Energy, Inc. (NASDAQ: FCEL).

Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade. Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region. North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral. In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

Geologic Hydrogen: Ophiolites and Peridotite

Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

“Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring,” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at: https://www.fanickel.com/archive

In other market news of interest:

Ballard Power Systems (NASDAQ: BLDP) recently announced a multi-year supply agreement from Manufacturing Commercial Vehicles (‘MCV’, www.mcv-eg.com), a leading commercial vehicle manufacturer based in Egypt, for fuel cell engines totaling approximately 5 MW.

The supply agreement for 50 FCmove^®-HD+ engines, and initial order of 35 units, represents the continued growth of the relationship with MCV which started in 2022 with fuel cell engine integration support and the first fuel cell engine order placed in 2023. Deliveries of the 50 engines are expected between 2025 and 2026 and will initially support projects in the EU.

First Hydrogen Corp. (TSXV: FHYD) (OTCPK: FHYDF) recently announced the launch of its subsidiary, First Nuclear Corp., an initiative dedicated to advancing clean energy through the innovative use of Small Modular Reactors (SMRs). First Nuclear Corp. (“First Nuclear”) aims to revolutionize green hydrogen production, supporting global decarbonization efforts and paving the way for a sustainable, zero-emission future.

Harnessing the Power of SMRs for Green Hydrogen – First Nuclear seeks to integrate advanced nuclear technology with green hydrogen production. SMRs, known for their compact design, scalability, and ability to provide a continuous, weather-independent power supply, are the cornerstone of this initiative. By leveraging SMRs, First Nuclear ensures a stable, cost-effective, and efficient process for producing green hydrogen, addressing the growing demand for clean energy solutions worldwide. IDTechEx anticipates the installation rate of SMRs to grow significantly addressing the climate crisis. They project the global market for SMRs to reach US$72.4 billion by 2033 and US$295 billion by 2043, reflecting a compound annual growth rate (CAGR) of 30%.

Bloom Energy Corporation (NYSE: BE), a global leader in power solutions, announced recently an expansion of its longstanding relationship with Equinix, the world’s digital infrastructure company^®. The collaboration now exceeds 100MW of electricity capacity to support Equinix’s International Business Exchange™ (IBX^®) data centers across the United States.

With approximately 75MW already operational and another 30MW under construction, this latest expansion marks a significant milestone in the companies’ decade-long collaboration. What began as a pilot program in 2015 with just 1MW of fuel cells at a single IBX data center in Silicon Valley has scaled one hundredfold, supporting the critical digital infrastructure needed to meet increasing energy needs of AI-driven computing.

FuelCell Energy, Inc. (NASDAQ: FCEL) and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), a wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (MHB), have announced the signing of a Joint Development Agreement (JDA) to co-develop large-scale hydrogen production systems and technologies across Asia, New Zealand, and Australia.

Building on a memorandum of understanding signed in February 2023, the JDA represents a pivotal step for the two companies, driven by a shared vision to make clean hydrogen production easily accessible and viable. The collaboration underscores FuelCell Energy and MHB’s commitment to advancing green energy solutions and supporting global decarbonization and energy transition goals.

About FN Media Group:
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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated thirty four hundred dollars for news coverage of the current press releases issued by First Atlantic Nickel Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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SOURCE: FN Media Group

The MIL Network –

March 20, 2025
MIL-OSI: Global Interest in Nickel Mining Booming as Demand Skyrockets Around the World

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the global nickel mining market size was estimated at USD 50.40 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. The report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors.   The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the markets today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Vale S.A. (NYSE: VALE), Chevron Corporation (NYSE: CVX), Glencore plc (OTCPK: GLNCY) (OTCPK: GLCNF), Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC).

Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade.   Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region.   North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral.   In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

Geologic Hydrogen: Ophiolites and Peridotite

Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

“Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at:   https://www.fanickel.com/archive

In other market news of interest:

Vale S.A. (NYSE: VALE) noted the Company leads the production of nickel metal that is considered one of the most versatile. Hard but also malleable, it is corrosion resistant and retains its properties even when subjected to extreme temperatures. It is part of everyday life: it is used in the production of batteries and items ranging from coins to cars.

Highlights: The ore obtained from our mines contains more than just nickel. Therefore, by extracting and processing it, we also produce cobalt, copper and precious metals. Where we operate: Brazil, Canada and Indonesia.

Chevron Corporation (NYSE: CVX) recently announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.   The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.

The Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.

Ceibo, a clean copper extraction technology company, and Glencore plc‘s (OTCPK: GLNCY) (OTCPK: GLCNF) Lomas Bayas Mining Company have recently entered into a partnership to deploy Ceibo’s proprietary leaching technologies that enable a more effective extraction of copper from low-grade sulfides at one of Chile’s leading mines. Lomas Bayas has validated Ceibo’s technology and is moving toward scaling up to assess this as an alternative to extend the life of their mining operations. This partnership follows two years of testing by Glencore, an important contributor to Chile’s position as the world’s largest copper producer.

Under the terms of the memorandum of understanding, Ceibo’s technology will scale up with on-site testing through the Lomas Lab, a Glencore world-scale test site, and the company’s research and development branch. This agreement opens a significant commercial avenue for Ceibo, demonstrating its unique approach with a major mining company and affirming the value that Ceibo’s advanced leaching technologies bring to copper assets globally.

Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC) recently announced the signing of a Memorandum of Understanding (MOU) with Black Tree Energy Group Sàrl (BTEG), a Swiss-based energy infrastructure and project development firm. This partnership reinforces QIMC’s strategic expansion into the U.S., a key market for accelerating the commercialization of natural hydrogen. Together, QIMC and BTEG will drive large-scale hydrogen projects by integrating technical expertise with financial strategy, project development, and execution capabilities.

With strong support for clean natural hydrogen initiatives, the United States presents a substantial opportunity for natural hydrogen development. Through this Memorandum of Understanding (MOU), QIMC intends to capitalize on its established expertise in natural renewable hydrogen—encompassing geological and geophysical analyses, project evaluation, and hydrogen fieldwork and drilling—to identify high-potential U.S. sites and accelerate the path to commercial production.

About FN Media Group:

At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated thirty four hundred dollars for news coverage of the current press releases issued by First Atlantic Nickel Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

SOURCE: FN Media Group

The MIL Network –

March 20, 2025
MIL-OSI: FloQast Named “Best Finance Automation Platform” in 2025 FinTech Breakthrough Awards

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, March 19, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, is proud to announce it has been selected as the winner of the “Best Finance Automation Platform” award in the 2025 FinTech Breakthrough Awards. The prestigious awards program recognizes outstanding financial technology companies and products from around the world.

In its ninth year, the FinTech Breakthrough Awards received over 4,500 nominations globally, with winners selected through a rigorous evaluation process. The program celebrates innovation and excellence across various financial services categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, and InsurTech.

“We’re excited to be recognized for our work in transforming accounting workflows with AI and automation,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “Our goal has always been to help accountants work more efficiently and strategically, and this award reinforces that mission. By bringing innovative technology to everyday accounting tasks, we’re giving accounting and finance teams the tools to move faster, stay on top of their numbers, and tackle audits with confidence.”

FloQast’s accounting platform was purpose-built by accountants for accountants, focusing on enhancing team collaboration, efficiency, and accuracy in financial processes. The platform’s AI-driven capabilities enable accounting professionals to streamline their workflows while maintaining the highest standards of accuracy and control.

“The 2025 FinTech Breakthrough Awards celebrate the most innovative companies and technologies shaping the future of financial services. FloQast stands out in the FinTech universe for its deep understanding of accountants’ needs and its innovative approach to solving real-world challenges in financial operations,” said Steve Johansson, Managing Director at FinTech Breakthrough. “Their platform demonstrates how thoughtfully applied automation and AI can transform accounting processes, enabling finance teams to focus on higher-value strategic activities.”

For more information about FloQast and its award-winning platform, visit www.floqast.com.

About FloQast

FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 global accounting teams – including Twilio, Los Angeles Lakers, and Zoom – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com

The MIL Network –

March 20, 2025
MIL-OSI: Apollo Funds to Acquire OEG, a Leading Provider of Core Services to the Offshore Energy Industry

Source: GlobeNewswire (MIL-OSI)

LONDON and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo funds”) have agreed to acquire a majority stake in OEG Energy Group (“OEG” or the “Company”), a leading offshore energy solutions business, from funds managed by the Power Opportunities strategy of Oaktree Capital Management, LP (“Oaktree”) and other investors. The transaction implies a headline valuation of more than $1 billion for OEG, and Oaktree and others will retain a minority equity interest in the Company.

OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil & gas (O&G) and wind end markets for more than 50 years. The Company owns and operates one of the world’s largest fleets of cargo carrying units (CCUs), with 75,000+ units, enabling the safe transportation of essential cargo to and from offshore energy installations. OEG’s Renewables segment is a global, integrated provider of key technical solutions and services to the offshore wind sector.

John Heiton, CEO of OEG, said: “Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain. As energy producers across Europe and around the globe continue to invest in energy transition, we are committed to expanding and enhancing our capabilities as a key partner. We look forward to working with Apollo as we enter this new and exciting chapter for our business and remain focused on supporting our customers with the same quality service they have come to expect.”

Wilson Handler, Partner at Apollo, said: “John and team have built OEG into a global leader and trusted provider of offshore equipment and services, with an integrated business model that has scaled across cycles. We see a tremendous opportunity to invest in the Company’s future growth as secular tailwinds drive demand for services enabling efficient energy production and renewable power. Bringing to bear the scale of Apollo’s integrated platform and deep expertise in energy services, we look forward to working with the talented team at OEG to unlock value for its various stakeholders and loyal customer base via organic and inorganic channels.”

Francesco Giuliani, Managing Director and Assistant Portfolio Manager in Oaktree’s Power Opportunities strategy, said: “We are proud of our partnership with the management team at OEG and the success achieved during Oaktree’s period of ownership. During that time, increased focus on the energy transition and global supply dynamics has made investment for core energy infrastructure even more important. We continue to have strong conviction in OEG’s growth trajectory and are thrilled to maintain a minority interest alongside Apollo funds.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billionⁱ of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in Q2 2025.

Banco Santander SA acted as financial advisor and Vinson & Elkins LLP served as legal counsel to the Apollo funds on the transaction.

Goldman Sachs International acted as financial adviser to Oaktree, while Gibson, Dunn & Crutcher LLP (corporate) and Latham & Watkins (financing & antitrust) served as legal advisers.

White & Case LLP served as legal counsel to OEG management.

___________________

_{ⁱ As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.}

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About OEG Energy Group

OEG is a leading offshore energy solutions business providing infrastructure assets, technologies and services to the global energy industry. From the company’s beginning in 1973, OEG has evolved significantly, growing both organically and through strategic acquisitions, to become a pivotal link in the global energy supply chain.

OEG delivers specialized and complementary solutions for above-water, on-water and below-water applications across the full energy lifecycle. From the provision of offshore logistics equipment and bespoke solutions, through to the delivery of integrated services for larger project work scopes, OEG plays an important role in supporting the production of the world’s energy needs whether that be electricity, gas or oil.

Headquartered in Aberdeen, UK, OEG has over 1,300 employees and operates in more than 65 countries.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $202 billion in assets under management as of December 31, 2024. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Oaktree Press Contacts

FGS Global
Rory King / Hannah Ratcliff
Rory.King@fgsglobal.com / Hannah.Ratcliff@fgsglobal.com

The MIL Network –

March 20, 2025
MIL-OSI: Tastytrade Expands Crypto Trading with New Digital Assets, Powered by Zero Hash
Source: GlobeNewswire (MIL-OSI)

CHICAGO, March 19, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure provider, today announced that tastytrade, a leading brokerage with an award winning platform for traders, has expanded their relationship with Zero Hash, enabling trading of five additional digital assets. Having launched crypto trading capability in 2020, through Zero Hash, this expansion meets increased customer demand for more crypto trading options.

Tastytrade clients can now trade Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), AAVE (AAVE), and Avalanche (AVAX) through Zero Hash. This week, tastytrade will also add support for Pepe (PEPE), Stellar (XLM), Tezos (XTZ), Sui (SUI), and Aptos (APT).

“We were early crypto supporters, launching this set up with Zero Hash in 2020, furthering our mission of integrated access to all asset classes – including a growing number of digital assets,” said Ryan Grace, Head of Digital Assets at IG North America. “We will continue giving customers more choices in the fast-moving crypto space while maintaining the powerful, intuitive, and trusted experience they expect from tastytrade.”

The expansion follows record crypto trading volume in Q4 2024 on the tastytrade platform. By leveraging Zero Hash’s full-stack API, tastytrade can quickly integrate the most popular digital assets without added complexity.

“Zero Hash continues to power the infrastructure behind the biggest players in traditional brokerage, including tastytrade,” said Edward Woodford, Founder and CEO of Zero Hash. “Our ever-scaling partnership with tastytrade is another example of how we enable trading platforms to seamlessly integrate digital assets, and grow their offering to provide traders unparalleled, simplified access to crypto markets.”

Zero Hash’s crypto brokerage infrastructure powers access to crypto for leading traditional brokers, including tastytrade and Interactive Brokers. The Zero Hash APIs enable:
- Liquidity provision and seamless trade execution
- Ensure regulatory compliance and secure custody solutions
Disclosures

Cryptocurrency trading at tastytrade is provided by Zero Hash Liquidity Services LLC, MSB # 31000181510564, and cryptocurrency custody provided by Zero Hash LLC NMLS # 169937. Zero Hash is a licensed virtual currency business by the NYDFS. Cryptocurrency accounts are not protected by SIPC coverage. Cryptocurrencies are not covered by the FDIC, which covers fiat currency. Cryptocurrency trading is not suitable for all investors due to the number of risks involved, including volatile market prices, illiquid market conditions, lack of regulatory oversight, market manipulation, and other risks. You are solely responsible for evaluating your financial circumstances and determining whether or not trading cryptocurrencies is appropriate for you. Please read the General Risks of Digital Assets risk disclosure. tastytrade, Inc. is a separate company and is not an affiliate company of Zero Hash Liquidity Services LLC or Zero Hash LLC.

About tastytrade
Tastytrade is an award-winning brokerage firm established in 2017 to change the way people invest. tastytrade, named Best Broker for Options in 2024 by Investopedia and Best Broker in North America by TradingView, empowers investors seeking to actively manage their own money with a powerful platform and access to educational content for options, futures, crypto and equities trading. tastytrade is an indirect subsidiary of IG US Holdings, Inc., parent to tastylive, the financial content and education platform, tasty Software Solutions, LLC, and a subsidiary of IG Group Holdings plc (LON:IGG), a global fintech company that provides award-winning products, platforms and access to ~19,000 financial markets to investors around the world. Learn more at www.tastytrade.com.  

About Zero Hash
Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto, and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

Through its embeddable infrastructure, start-ups, enterprises, and Fortune 500 companies build a diverse range of use cases, including cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, and on/off-ramps.

Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

Media Contacts

Zero Hash
Shaun O’Keeffe
(855) 744-7333
media@zerohash.com

Tastytrade
Laura Hayes
laura.hayes@ig.com

The MIL Network –
March 20, 2025
MIL-OSI: Canadian Net REIT Announces the Issuance of Units for Services Rendered and Grant of Performance Units in Relation With Its Unit Compensation Plan

Source: GlobeNewswire (MIL-OSI)

MONTRÉAL, March 19, 2025 (GLOBE NEWSWIRE) — (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) announces the issuance of 36,577 units of the Trust at a price of $5.68 per unit, which equates to $207,757, and 106,710 deferred trust units as partial compensation for the services rendered by certain employees, members of management and the board of trustees during the fiscal year ended on December 31^st, 2024.

The issuance of the units and deferred trust units of Canadian Net constitutes a portion of salaries as per the Equity Incentive Plan approved by unitholders on May 25, 2022 (the “Equity Incentive Plan”).

Canadian Net also announces the grant of 154,048 performance units (“Performance Units”) to certain members of management under the Equity Incentive Plan. These units will vest in accordance with the criteria set forth in the Equity Incentive Plan and the achievement of performance targets, set by the board of trustees.

About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not intend or undertake to update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

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

For further information please contact Kevin Henley at (450) 536-5328.

The MIL Network –

March 20, 2025
MIL-OSI Security: Maryland Man Sentenced to Federal Prison for Pandemic Relief Loan Fraud and Commercial Loan Fraud

Source: United States Department of Justice (National Center for Disaster Fraud)

Defendant admitted to spending portions of fraudulent-loan proceeds on a Lamborghini and home renovations.

Greenbelt, Maryland – U.S. District Judge Lydia K. Griggsby sentenced Andra Shirone Thompson, 48, of Silver Spring, Maryland, to a year and a day for two counts of conspiracy to commit wire fraud.

Thompson pled guilty to conspiring to defraud Coronavirus Aid, Relief, and Economic Security (CARES) Act loan programs and his role in a years-long scheme to defraud commercial equipment financing companies. He was also sentenced to three years of supervised released and ordered to forfeit $847,280, and pay $813,363.01 in restitution to the victims of his schemes.

Kelly O. Hayes, U.S. Attorney for the District of Maryland, made the announcement with Supervisory Official Matthew Galeotti, Justice Department’s Criminal Division; Executive Special Agent in Charge Kareem Carter, IRS Criminal Investigation (IRS-CI) Washington, D.C., Field Office; Jeffrey D. Pittano, Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), Mid-Atlantic Region; Special Agent in Charge Amaleka McCall-Braithwaite, Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region; and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

According to his guilty plea, Thompson admitted to participating in a conspiracy to submit fraudulent applications for Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans on behalf of companies he controlled. The companies included Alpha Bravo Tango LLC., Senergy Consulting Group Inc., and Novus Ordo Seclorum LLC. Through the scheme, Thompson fraudulently obtained $716,375. He spent a portion of the proceeds on vehicles, including a 2014 Lamborghini Aventador, and on renovating a home in North Carolina.

Thompson also joined a conspiracy to defraud equipment financing companies by submitting fraudulent invoices that falsely showed the sale of substantial quantities of computer servers and related equipment. Thompson and his co-conspirators caused borrowers to submit fraudulent invoices to lenders to support their loan applications to purchase items. After approval, lenders deposited loan proceeds into accounts controlled by Thompson and his co-conspirators. The lenders were unaware that the sales on the invoices never occurred. Thompson and his co-conspirators typically “kicked back” a portion of the proceeds to the borrower who submitted the application and kept the rest for themselves. Thompson personally participated in three executions of this scheme, causing approximately $813,362 in fraudulently induced lending.

Additionally, the co-conspirators caused more than $60 million of fraudulently induced lending across more than 350 separate loans through this scheme. Thompson’s principal co-conspirator, Craig David Davis, 49, of Venice, California, pleaded guilty to wire fraud in the U.S. District Court for the Eastern District of Virginia and was sentenced earlier this month to 93 months incarceration.

Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and other expenses, through the PPP, administered through the Small Business Administration (SBA). The SBA also offered an EIDL and/or an EIDL advance to help businesses meet their financial obligations.

The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the CARES Act. The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

U.S. Attorney Hayes commended the IRS-CI, FDIC-OIG, SBA-OIG, and the FBI who investigated the case. Ms. Hayes also thanked Assistant U.S. Attorney Joseph Wenner, along with Trial Attorney David A. Peters from the Department of Justice’s Criminal Division’s Fraud Section, who prosecuted the federal case.

For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

# # #

MIL Security OSI –

March 20, 2025
MIL-OSI: How Artificial Intelligence (AI) is Undeniably Reshaping The Landscape of The Mortgage Industry
Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Industry insiders are saying that the mortgage industry is undergoing a transformative shift with the integration of Artificial Intelligence (AI). This cutting-edge technology is revolutionizing various aspects of the mortgage process, from application to regulatory compliance. A recent article by one such insider focused on AI in the Mortgage Industry said: “In the contemporary landscape of the mortgage industry, the infusion of Artificial Intelligence (AI) has ushered in a paradigm shift, influencing various facets of the lending process. Embracing AI in mortgage services has become synonymous with innovation, offering a spectrum of benefits to both lenders and borrowers. AI in mortgage industry manifests through sophisticated algorithms and machine learning models that power automated decision-making processes, commonly known as AI mortgage services. These services streamline and optimize tasks such as underwriting and risk assessment, ensuring faster and more accurate lending decisions. The integration of AI in mortgage lending not only expedites processes but also enhances the overall efficiency of loan origination.” Active Companies in the markets today include: Beeline Holdings, Inc. (NASDAQ: BLNE), Rocket Companies (NYSE: RKT), Redfin Corporation (NASDAQ: RDFN), loanDepot, Inc. (NYSE: LDI), Better Home & Finance Holding Company (NASDAQ: BETR).

The article continued: “One of the key advantages of AI in the mortgage industry lies in its ability to provide personalized experiences for borrowers. AI-driven virtual assistants navigate complex mortgage terms, address borrower queries, and facilitate smoother communication channels. This not only fosters customer satisfaction but also contributes to a more transparent and engaging lending experience. The role of AI in the mortgage industry goes beyond individual transactions; it extends to the broader scope of the industry itself. Artificial intelligence in mortgage lending is a proactive force in fraud detection and prevention. Through the analysis of intricate patterns in financial data, AI can identify anomalies and potential fraudulent activities, bolstering the security of mortgage transactions and safeguarding the interests of both lenders and borrowers.”

Beeline Holdings, Inc. (NASDAQ: BLNE) AI Sales Agent ‘Bob 2.0’ Delivers 6X More Leads than Human Chat – Revolutionizing Mortgage Sales at Near Zero Cost – Beeline Holdings, Inc. (#BLNE), a leader in AI-driven mortgage technology, has launched Bob 2.0, the next evolution of its AI-powered sales agent, driving a 6X increase in qualified leads over human agents while running 24/7 at minimal cost.

“Bob changes the game for scaling front-end mortgage operations,” said Nick Liuzza, CEO of Beeline. “With Bob we’re able to engage more prospects, generate more leads, and streamline sales, all while keeping our Loan Guides focused on closing deals.” Bob is among the 1st ever AI Mortgage sales bots and was released by Beeline in June 2023.

AI That Delivers Real Results:

Bob 2.0 doesn’t just respond to inquiries—it actively drives conversations toward a sales outcome:
- Engages 3X more website visitors than standard chat solutions
- Delivers 6X more leads from conversations—double the industry standard
- Generates 8X more mortgage applications
- Operates 24/7, handling lead generation tasks at a scale no human team could match
Bob’s Adaptive AI—A Smarter Sales Agent

What sets Bob apart is its ability to respond, adapt, and sell like a human—but without fatigue, missed opportunities, or salary and other overhead. Bob can:
- Guide users through personalized sales journeys based on proven strategies
- Maintain focus in conversations, handling interruptions with precision
- Retain and apply user-provided details, ensuring seamless interactions
- Recognize buyer motivations, responding in a way that builds trust and engagement
- Support Spanish-language interactions, automatically adapting based on user preferences
Beyond Chat: Bob Is Expanding Into SMS, Voice & Live Appointments

Bob’s evolution is far from over. Over the next 90 days, Beeline will integrate Bob with:
- Calendly-powered appointment booking and live handovers to Loan Guides
- AI-driven SMS and voice channels to qualify leads and assist customers throughout the loan application process
- Real-time loan approvals—turning mortgage origination into a 24/7 operation
Future Expansion: AI-Powered Underwriting & Market Growth

Bob’s success has spurred the launch of MagicBlocks, an AI startup seed-funded by Beeline, to bring its AI-powered sales technology to a broader market. Looking ahead, Bob is expected to begin underwriting by Q3 2025, adding a new level of efficiency and further streamlining Beeline’s mortgage process. “As the mortgage market normalizes, AI gives us the ability to scale operations dynamically without added costs,” said Liuzza. “Bob is just the beginning of how AI will redefine mortgage lending.” Continued… Read more about BLNE by going to: https://makeabeeline.com/investor-relations/

Other recent developments in the markets include:

Rocket Companies (NYSE: RKT), the Detroit-based fintech platform consisting of mortgage, real estate and personal finance businesses, recently announced it has entered into an agreement to purchase Redfin Corporation (NASDAQ: RDFN), a leading digital real estate brokerage, in an all-stock transaction for a value of $12.50 per Redfin share, or $1.75 billion of equity value.

“Rocket and Redfin have a unified vision of a better way to buy and sell homes,” said Varun Krishna, CEO of Rocket Companies. “Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers.”

For 40 years, Rocket’s digital platform has grown to provide home financing in all 50 states across 3,000+ counties and parishes. By combining Redfin’s home search and real estate agent network with Rocket’s mortgage origination and servicing capabilities, the company envisions a more seamless experience from search to close, to servicing and future transactions.

“Rocket and Redfin’s approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical,” said Glenn Kelman, CEO of Redfin. “We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes. Varun and I see how much better real estate could be when AI guides customers not just through that first step in their search, but all the way home, through the sale, the loan and then a lifetime of accumulating equity and wealth.”

loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), a leading provider of products and services that power the homeownership journey, recently announced results for the fourth quarter ended December 31, 2024.

“2024 was a year of significant progress for loanDepot with the completion of our Vision 2025 strategic program,” said President and Chief Executive Officer Frank Martell. “The strategic imperatives of Vision 2025 served as our roadmap for successfully navigating the historical downturn in the housing and mortgage markets over the past three years. As the Company enters 2025, I believe team loanDepot is positioned to accelerate revenue growth and continue our progress towards sustainable profitability under the auspices of Project North Star that we announced in November 2024, and under Anthony Hsieh’s new leadership that was announced last week.

Better Home & Finance Holding Company (NASDAQ: BETR), the leading digital homeownership company, recently announced record growth in its Home Equity Line of Credit (HELOC) and Home Equity Loan (HELOAN) business, scaling loan volume 400% from $15 million per month in January 2024 to $60 million per month by October 2024. This acceleration establishes Better as the fastest-growing digital home equity lender in the market.

As traditional mortgage demand fluctuates, Better’s suite of home equity products helps strategically diversify its lending volume segments and helps homeowners access fast and flexible home equity lending solutions across market cycles. Better’s implementation of Betsy™ — the Company’s voice-based AI loan assistant — into its product funnel has since facilitated its home equity lending growth, cutting response times from hours to seconds while operating 24/7, 365 days a year with greater speed and cost efficiency than traditional lenders or mortgage call centers. The Company’s lending volume is also fueled by strategic partnerships with mortgage brokers and lenders who leverage Better’s technology and capital to offer HELOCs and HELOANs under correspondent and white-label arrangements.

About FN Media Group:
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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Beeline Holdings, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

SOURCE: FN Media Group

The MIL Network –
March 20, 2025
MIL-OSI: Australian Oilseeds Sees Surging Demand for its Canola Oil from China

Source: GlobeNewswire (MIL-OSI)

COOTAMUNDRA, Australia, March 19, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) today announced that it is seeing surging demand for its canola oil products from China in response to the ongoing trade war between China and Canada.

“Our high-quality oils are well positioned for growth in China and the partnership with Shanghai Maiwei Trading Co., which we announced in January 2025, provides a strong foundation to capitalize on the recent surge in demand for our canola oil,” said Gary Seaton, Chief Executive Officer. “We have received numerous inquiries from both private and state-owned enterprises and anticipate entering into several long-term supply agreements with Chinese companies over the next 12 months.”

According to the United States Trade Representative (USTR), in 2024, the United States (US) goods trade with Australia totaled an estimated $51.3 billion, with US goods exports to Australia at $34.6 billion and imports from Australia at $16.7 billion, resulting in a trade surplus of $17.9 billion for the US. Currently, a majority of sales are from the domestic market through major supermarkets and retailers, thus any current or future trade tariff’s implemented by US are expected to have no significant impact on sales or profitability of business.

About Australian Oilseeds Investments Pty Ltd. Australian Oilseeds Investments Pty Ltd. is an Australian proprietary company that, directly and indirectly through its subsidiaries, is focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, global economic conditions could in the future reduce demand for our products; we could in the future experience cybersecurity incidents; we may be unable to manage or sustain the level of growth that our business has experienced in prior periods; our financial resources may not be sufficient to maintain or improve our competitive position; we may be unable to attract new customers, or retain or sell additional products to existing customers; we may experience challenges successfully expanding our marketing and sales capabilities, including further specializing our sales force; customer growth could decelerate in the future; we may not achieve expected synergies and efficiencies of operations from recent acquisitions or business combinations, and we may not be able to pay off our convertible notes when due. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

Contact
Australian Oilseeds Holdings Limited
126-142 Cowcumbla Street
Cootamundra New South Wales 2590
Attn: Bob Wu, CFO
Email: bob@energreennutrition.com.au

Investor Relations Contact
Reed Anderson
(646) 277-1260
reed.anderson@icrinc.com

The MIL Network –

March 20, 2025
MIL-OSI: ECN Capital Announces Closing of C$75 Million Offering of 6.50% Convertible Senior Unsecured Debentures

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, March 19, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today announced that it has closed the previously announced offering (the “Offering”) of C$75 million aggregate principal amount of convertible senior unsecured debentures due April 30, 2030 (the “Debentures”). The Offering was conducted by a syndicate of underwriters co-led by CIBC Capital Markets, National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets, and including Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp. and Cormark Securities Inc. (collectively, the “Underwriters”). ECN Capital has also granted the Underwriters an option to purchase up to an additional C$11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering.

The Debentures bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, with the first interest payment on October 31, 2025. The Debentures are convertible at the option of the holder into common shares of the Company (“Common Shares”) at an initial conversion price of C$3.77 per Common Share, being a conversion ratio of approximately 265.2520 Common Shares for each C$1,000 principal amount of Debentures, subject to adjustment in certain circumstances. The Debentures will mature on April 30, 2030.

The Debentures will commence trading today on the Toronto Stock Exchange (“TSX”) under the symbol “ECN.DB.C”. Further details concerning the Offering are set out in ECN Capital’s prospectus supplement dated March 14, 2025, which is available on ECN Capital’s profile on SEDAR+ at www.sedarplus.com.

ECN Capital intends to use the net proceeds of the Offering to redeem all of its outstanding 6.00% senior unsecured debentures due December 31, 2025 (the “2025 Debentures”), on April 25, 2025 (the “Redemption Date”). Notice of the redemption will be delivered to the registered holder(s) of the 2025 Debentures through the debenture trustee, Computershare Trust Company of Canada (“Computershare Trust”), in accordance with the trust indenture governing the 2025 Debentures between ECN Capital and Computershare Trust dated September 3, 2020. ECN Capital has obtained the consent of the majority of lenders required under its senior credit facility in order to proceed with the redemption of the 2025 Debentures prior to the maturity date.

On the Redemption Date, the Company will pay holders of the 2025 Debentures a redemption price equal to the outstanding principal amount of 2025 Debentures held, plus accrued and unpaid interest thereon up to but excluding the Redemption Date, less any taxes required to be deducted or withheld.

The 2025 Debentures are currently listed on the TSX under the symbol ECN.DB. ECN Capital expects that the 2025 Debentures will be de-listed from the TSX following their redemption.

Beneficial holders of the 2025 Debentures are encouraged to contact their investment dealer if they have any questions about this redemption.

The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ECN Capital Corp.

With managed assets of US$6.9 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

Contact

Katherine Moradiellos
561-631-8739
kmoradiellos@ecncapitalcorp.com

Forward-Looking Statements

This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include those relating to the use of proceeds of the Offering, the redemption of the 2025 Debentures (including the expected delisting of the 2025 Debentures), the exercise of the over-allotment option and the trading of the Debentures on the Toronto Stock Exchange. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause ECN Capital’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with these forward-looking statements can be found in ECN Capital’s Management Discussion and Analysis for the year ended December 31, 2024 and ECN Capital’s 2024 Annual Information Form dated February 27, 2025, each of which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

The MIL Network –

March 20, 2025
MIL-OSI: CERo Therapeutics Holdings, Inc. Continues to Progress Toward Initial Dosing of Patients in Phase 1 Trial with Agreement with University of California Davis for Manufacturing Services

Source: GlobeNewswire (MIL-OSI)

Company continues to improve its market position as it nears launch of its Phase 1 clinical trial in AML

SOUTH SAN FRANSCISCO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces an agreement with the University of California Davis for the manufacturing of CER-1236 to be used in the Company’s upcoming Phase 1 clinical trial for Acute Myeloid Leukemia (AML). The Company believes it is on track for dosing the first patient in the first half of 2025.

CEO Chris Ehrlich commented, “The precision and compliance in manufacturing is critical to successful development and execution of clinical trials and UC Davis is a leading institution with an impeccable reputation in this area. The manufacturing of product is among the final steps necessary to have completed prior to patient dosing, and we are looking forward to continuing to drive the process forward.”

About CERo Therapeutics Holdings, Inc.

CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies.

Forward-Looking Statements

This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo the timing and completion of the reverse stock split, and the acceptance and implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 2, 2024, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its 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. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Chris Ehrlich
Chief Executive Officer
chris@cero.bio

Investors:
CORE IR
investors@cero.bio

The MIL Network –

March 20, 2025
MIL-OSI: Toobit Obtains VASP License in Poland

Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands, March 19, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning cryptocurrency derivatives trading platform, has successfully secured the Poland VASP (Virtual Asset Service Provider) license from the Polish Financial Supervision Authority (KNF).

As part of its registration, the leading global exchange was assessed on its anti-money laundering measures and know-your-customer processes, both which currently align with the EU’s latest financial standards.

“Obtaining the Polish VASP license is a representation of our commitment to operating within a regulated framework,” said Mike Williams, Chief Communication Officer of Toobit, “With the European Union preparing to roll out MiCA, this milestone is especially significant as it puts us ahead in regulatory compliance.”

With the license, the exchange expects continued growth in Poland, a growing crypto market with increasing adoption of digital assets. Statista indicates that the number of cryptocurrency users in the region is projected to reach 7.91m users by 2025. Projected revenue in the cryptocurrency markets in Poland is expected to reach US$514.2m as a result.

The Polish VASP (Virtual Asset Service Provider) license is issued by the Ministry of Finance of Poland and regulated by the KNF. Licensed VASPs are required to comply with Poland’s AML (Anti-Money Laundering) and Counter-Terrorist Financing (CTF) regulations

About Toobit

Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.

Email: market@toobit.com

Website: www.toobit.com

Disclaimer: This press release is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aac03e62-d5c8-4274-975d-812e0c9148c9

The MIL Network –

March 20, 2025
MIL-OSI: Vocodia Holdings Corp. Announces Engagement of Alpine Securities Corporation as Investment Banker

Source: GlobeNewswire (MIL-OSI)

BOCA RATON, Fla., March 19, 2025 (GLOBE NEWSWIRE) — Vocodia Holdings Corp. (OTC: VHAI) (“Vocodia”), a leader in AI software development focusing on practical AI applications, is pleased to announce the engagement of Alpine Securities Corporation (“Alpine”) as its new investment banker. This strategic partnership aims to enhance Vocodia’s financial strategies and support its continued growth in the AI industry.

Alpine Securities Corporation is a broker-dealer and boutique investment firm known for its expertise in providing tailored financial solutions to emerging companies. Their commitment to understanding the unique needs of their clients aligns with Vocodia’s innovative approach to AI technology

Brian Podolak, CEO of Vocodia, commented on the engagement: “Partnering with Alpine Securities Corporation represents a significant step forward in our mission to revolutionize the AI landscape. Their deep industry knowledge and personalized approach to investment banking will be invaluable as we continue to expand our offerings and reach new markets.”

This engagement underscores Vocodia’s commitment to leveraging strategic partnerships to drive growth and innovation in the AI sector. The company looks forward to a fruitful collaboration with Alpine Securities Corporation

About Vocodia Holdings Corp.

Vocodia is an AI software company that develops practical AI solutions, making them easily accessible for businesses through cloud-based platforms. These solutions are cost-effective and scalable to enterprise levels. Vocodia specializes in conversational AI, providing scalable enterprise-level AI sales and customer service solutions. Their Digital Intelligent Sales Agents (DISAs) are designed to sound and feel human, performing tasks that require human-like conversation, thereby reducing labor costs and enhancing communication effectiveness. For more information, please visit: http://www.vocodia.com

About Alpine Securities Corporation

Alpine Securities Corporation is a broker-dealer and boutique investment firm offering a range of financial services, including investment banking, brokerage, and advisory services. With a focus on personalized client solutions, Alpine is committed to supporting the growth and success of emerging companies across various industries.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. 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 and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-269489) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date and undertake no duty to update such information except as required under applicable law.

Investor Relations Contact:
650-789-6556
ir@vocodia.com

Investors can also call Vocodia’s Investor Relations (IR) line, DISA, 24×7 at 650-789-6556 for inquiries.

The MIL Network –

March 20, 2025
MIL-OSI: Global Expansion of Turbo Energy Gains Momentum with Launch of Turbo Energy Solutions’ New Business Line in Latin America
Source: GlobeNewswire (MIL-OSI)

Introduces New Energy-as-a-Service (EaaS) Financing Model to Mitigate Large Initial Investments in Sustainable Energy Technologies by Customers in Chile

Performance of the First SUNBOX Industry Installation in Temuco, Chile Successfully Put to the Test During Recent Massive Country-Wide Blackout Just Days After Activation

VALENCIA, Spain, March 19, 2025 (GLOBE NEWSWIRE) — Turbo Energy, S.A. (NASDAQ:TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, today proudly announced its expansion into Latin America with the formation of Turbo Energy Solutions (“TES”), a wholly owned subsidiary of the Company created to offer advanced, fully integrated, end-to-end solutions for scalable generation, storage and intelligent AI-optimized management of solar energy for commercial and industrial (“C&I”) customers in Chile.

Turbo Energy Solutions, in collaboration with the Molina Brothers’ Smart Dock group, complete installation of Latin America’s first fully integrated solar generation, storage and AI-optimized energy management system at Alto Labranzo Shopping Center in Chile

Through TES, the Company has also introduced its new Energy-as-a-Service financing program, which enables C&I customers in Chile to acquire, deploy and capitalize on advanced solar energy production systems integrated with SUNBOX Industry and its innovative AI-powered energy management system, without the need to make large upfront investments in equipment. Customers benefit from an optimized, efficient and sustainable energy supply while also taking full economic advantage of a payment system based on SUNBOX Industry’s AI-powered energy management performance. The EaaS financing program represents a potentially lucrative new recurring revenue stream for Turbo Energy that is expected to fuel exponential growth for the Company as market acceptance and adoption of SUNBOX Industry gains momentum in the region.

Senior officials from Turbo Energy Solutions and the Smart Dock industrial group: (left to right) Andres Molina, TES Business Partner; Rafael Gonzalez, TES Solar Self-Consumption Director; Agustin Molina, TES Business Partner; Santiago Molina, TES Business Partner; Felipe Bozzo, TES LATAM Strategy Director; Javier Ferrer, TES Business Development Manager, SUNBOX Industry

Marking the first project in partnership with the Smart Dock industrial group, an enterprise owned and operated by Chile’s prominent Molina Garcia family, TES completed the debut installation of the SUNBOX Industry smart energy storage system in the Alto Labranza shopping center located in Temuco, Chile. The full project involved the implementation of a hybrid solar generation and active storage system consisting of a photovoltaic installation integrated with the SUNBOX Industry system featuring 102.4 kWh of capacity and supported by Turbo Energy’s AI-optimized energy management system. It is estimated that Alto Labranza will produce more than 147 MWh of clean energy annually, while optimizing its energy efficiency.

Within days following the live activation of the system at Alto Labranza, on February 26, 2025, Chile suffered a massive blackout that affected much of the country, from Arica to the Los Lagos region, including the nation’s capital, Santiago. Despite the widespread power outage, the Alto Labranza shopping center remained fully operational without interruptions, validating the viability, reliability and efficiency of renewable energy and smart storage in the operation of commercial facilities.

“The installation in the Labranza center signifies the achievement of double milestones for our Company. On the one hand, it represents Turbo Energy’s entry into a leading country in renewable energy with an innovative business model, further demonstrating that execution of our planned global expansion initiative is on track and gaining traction. On the other hand, it represents the first smart storage system implemented in Latin America, setting a precedent for the incorporation of new models that promote the economic decarbonization of this high growth region,” said Mariano Soria, CEO of Turbo Energy.

For more information on SUNBOX Industry smart energy storage solutions, please email Turbo Energy at sales@Turbo-e.com.

About Turbo Energy, S.A.

Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and Latin America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management. Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies. For more information, please visit www.turbo-e.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. 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, including the risks described in our registration statements and annual report under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:
At Turbo Energy, S.A.
Dodi Handy, Director of Communications
Phone: 407-960-4636
Email: dodihandy@turbo-e.com

Attachments
- Alto Labranzo Shopping Center in Chile
- Senior officials from Turbo Energy Solutions and the Smart Dock industrial group
The MIL Network –
March 20, 2025
MIL-OSI: Standard Lithium Appoints Karen G. Narwold to the Board of Directors

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium company, is pleased to announce the appointment of Karen G. Narwold, NACD.DC as an independent member of its board of directors.

Robert Cross, Non-Executive Chairman of the Board of Directors, commented, “The Standard Lithium Board is excited to welcome Karen as an independent director. Karen brings over 30 years of executive leadership experience within the manufacturing and chemicals space, including most recently as Chief Administrative Officer, General Counsel and Corporate Secretary at Albemarle Corporation. Her significant experience in legal, governance, regulatory and government affairs and operational matters will be invaluable as Standard Lithium seeks to develop its world class projects across the Smackover.”

“Karen is an accomplished senior executive with an impressive breadth of experience that will be a significant addition to Standard’s board,” said David Park, Chief Executive Officer and Director of Standard Lithium. “Her leadership at Albemarle was critical as they transformed into a global leader in lithium production, and we expect her experience will be crucial as Standard Lithium seeks to do the same.”

Ms. Narwold brings over 30 years of experience leading legal, compliance, external affairs, governance, human resources and corporate development functions for multinational companies. Prior to her service at Albemarle, from which she retired in 2023, Ms. Narwold served as Vice President and Strategic Counsel of Barzel Industries, and as Vice President, General Counsel, Human Resources and Corporate Secretary for GrafTech International. Ms. Narwold currently serves on the Board of Directors for Ingevity Corporation, where she is a member of the Audit Committee and the Chair of the Sustainability & Safety Committee.

Ms. Narwold is NACD Directorship Certified® and holds a Bachelor of Arts in political science from the University of Connecticut and a Juris Doctor from the University of Connecticut School of Law.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”. For more information on Standard Lithium, please visit the Company’s website at www.standardlithium.com.

Investor and Media Inquiries

Chris Lang
Standard Lithium Ltd.
+1 604 409 8154
investors@standardlithium.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “will”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, outcomes of commercialization, regulatory or government requirements or approvals, the reliability of third party information, continued production of lithium chloride solutions, consistent ongoing lithium recovery quantities, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

The MIL Network –

March 20, 2025
MIL-OSI: Newly awarded public tender: Establishment and operation of an external hosting environment for Brugerklubben SBSYS
Source: GlobeNewswire (MIL-OSI)

Press release

Newly awarded public tender: Establishment and operation of an external hosting environment for Brugerklubben SBSYS

Aalborg, 19 March 2025 – Contain by Netic, a Trifork subsidiary, has recently been awarded a public tender for the establishment and operation of an external hosting environment for Brugerklubben SBSYS. Brugerklubben SBSYS is a Danish association of 41 municipalities and 2 regions that oversees the development of the Electronic Document and Records Management Systems (EDRMS), SBSYS, and SBSIP, which in total support the daily workflow for more than 50,000 users.

Contain by Netic has been selected to establish and operate an external operating environment that will facilitate the operation of SBSYS and SBSIP for all members. The project involves migrating key components from Hetzner in Germany to Contain by Netic’s Danish infrastructure. Additionally, operations will be consolidated from members’ decentralized environments into a centralized, external hosting environment in Netic’s data center.

As part of the agreement, Contain by Netic is delivering a PaaS (Platform as a Service) solution based on Managed Kubernetes. This enables Brugerklubben SBSYS to offload all complexity to Contain by Netic while maintaining the flexibility to scale as needed.

Claus Hansen, CCO at Netic, comments on the agreement:

“It is a great recognition of our expertise that Brugerklubben SBSYS has chosen Contain by Netic as the managed platform for their critical EDRM systems. With more than 50,000 daily users, reliability and scalability are paramount, and we are proud to take on this critical responsibility. As part of the project, we are moving key components from Germany to a Danish public cloud hosted in Netic’s local data center – an essential step for data protection and compliance. We appreciate the trust placed in us and look forward to a strong four-year partnership, where we will provide modern, secure, and future-proof operations for Brugerklubben SBSYS.”

The contract has a duration of 48 months. During this period, Contain by Netic will ensure stable and consistent operations while maintaining seamless collaboration with Brugerklubben SBSYS’s other vendors.

Investor and media contact

Frederik Svanholm
Group Investment Director, Head of IR & PR
frsv@trifork.com, +41 79 357 7317

About Trifork

Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

Attachment
- PR_2025_Contain_Netic
The MIL Network –
March 20, 2025
MIL-OSI Economics: RBI Bulletin – March 2025
Source: Reserve Bank of India

Today, the Reserve Bank released the March 2025 issue of its monthly Bulletin. The Bulletin includes four speeches, five articles and current statistics.

The five articles are: I. State of the Economy; II. Spatial Distribution of Monsoon and Agricultural Production; III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey; IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis; and V. Market Access and IMF Arrangements: Evidence from Across the Globe.

I. State of the Economy

The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth. Amidst these challenges, the Indian economy continues to demonstrate resilience as evident in the robust performance of the agriculture sector and improving consumption. The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices.

II. Spatial Distribution of Monsoon and Agricultural Production

By Abhinav Narayanan and Harendra Kumar Behera

This article analyses the impact of spatial variation of rainfall across districts on production of Kharif crops. It also examines how deficient or excess rainfall during specific periods impact the production of specific crops.

Highlights:
- Extreme weather events such as excessive or insufficient rainfall cause significant crop damages leading to disruptions in production resulting in reduced yields or lower quality of produce.
- The timing of extreme weather events is crucial, as crop production cycles vary.
- Insufficient rainfall in the months of June and July negatively impacts cereal and pulses production, while oilseeds are particularly vulnerable to excessive rainfall during the harvesting period (August-September).
III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey

By Dhirendra Gajbhiye, Sujata Kundu, Alisha George, Omkar Vinherkar, Yusra Anees, Jithin Baby

This article analyses the results of the sixth round of India’s remittances survey conducted for 2023-24. It captures various dimensions of inward remittances to India – country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent mode of transmission, cost of sending remittances and share of remittances transmitted through the digital modes vis-à-vis cash.

Highlights:
- India’s inward remittances have more than doubled during 2010-11 to 2023-24 and have been a stable source of external financing during this period. Following a pandemic-led contraction during 2020-21, remittances to India in the post pandemic period recorded a significant surge.
- The survey results indicate that the share of inward remittances from advanced economies has risen, surpassing the share of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora.
- Maharashtra, followed by Kerala and Tamil Nadu, continue to be the dominant recipient of remittances.
- The cost of sending remittances to India has moderated significantly, driven by digitalisation, but remains higher than the SDG target of 3 per cent.
- Additionally, on an average, 73.5 per cent of total remittances received by the money transfer operators in 2023-24 were through digital mode.
- Furthermore, fintech companies offer affordable cross-border remittance services, fostering competition among different remittance service providers.
IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis

By Madhuresh Kumar, Shobhit Goel, Manu Sharma, Muskan Garg

This article examines the drivers behind India’s CO₂ emissions growth from 2012 to 2022 using the Logarithmic Mean Divisia Index (LMDI) decomposition method. It breaks down total emissions into key contributing factors, including the impact of GDP growth (activity effect), improvements in energy efficiency (energy intensity effect), shifts in the economic structure (structural effect), changes in the composition of fuel (fuel mix effect), and the growing share of renewable energy in electricity generation, which reduces the carbon intensity of electricity (emission factor effect).

Highlights:
- During 2012-22, energy-related CO2 emissions increased by 706 million tons. The main contributor was economic growth (+1073 Mt), with a smaller impact from the change in fuel mix of the economy (+78 Mt). However, gains in energy efficiency (-399 Mt), structural changes (-15 Mt), and improvements in emission intensity of electricity due to increased use of renewables (-30 Mt) helped curb emissions.
- India’s energy efficiency improved by 1.9 per cent annually, exceeding the global average.
- India’s growth decoupled from emissions, with a decoupling elasticity of 0.59, comparable to other lower-middle-income countries.
- Renewables have had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23.
- Going ahead, the emission factor effect is expected to play a more prominent role as renewables increasingly replace fossil fuels and green hydrogen usage expands in industries.
V. Market Access and IMF Arrangements: Evidence from Across the Globe

By Shruti Joshi and PSS Vidyasagar

The article analyses loans availed by various countries from the International Monetary Fund (IMF) during 2000-2023 and finds a negative relation between market access and dependence on IMF’s loan for those countries which resorted to IMF loans.

Highlights:
- During 2000-2023, dependence of Emerging Market and Developing Economies (EMDEs) on IMF resources increased on account of their limited access to international financial markets and alternate sources of funding. Several fast growing large EMDEs, including India and China, however, did not have to take recourse to the IMF loans.
- During the crisis periods, especially the Global Financial Crisis and Euro-Zone Crisis, some Advanced Economies also resorted to IMF loans due to their reduced market access on account of sovereign rating downgrades.
- Among countries that resorted to IMF loans, those which faced a larger country risk premium availed larger funding.
- Access to alternative sources of funding such as Regional Financing Arrangements (RFAs) and swap lines reduces the dependence on IMF loans.
The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2418
MIL OSI Economics –
March 20, 2025
MIL-OSI Africa: Deputy President stresses importance of coordinated approach to challenges

Source: South Africa News Agency

Deputy President Paul Mashatile has stressed the need for a coordinated approach to peacebuilding and economic resilience.

This as he highlighted that the conflicts between Russia and Ukraine and conflicts in the eastern Democratic Republic of Congo, Sudan, in the Sahel, and in Gaza, continue to exert a heavy human toll while heightening global insecurity.

The Deputy President was speaking at the United Nations University (UNU) in Tokyo, Japan on Tuesday.

The UNU, in partnership with the Embassy of South Africa in Japan, is co-hosting a symposium exploring South Africa’s G20 Presidency and steps to ensure solidarity, equality and sustainability for all.

Touching on the deepening conflict and instability across Africa and the world, the Deputy President said this requires coordinated preventive action including dedicated intervention on peace building that is programmatic in nature.

“We are encouraged by the partnership between the United Nations University and the University of South Africa (UNISA) in cooperation with other relevant partner organisations to co-design and co-deliver required capacity building programmes for African leaders and mediators for resolving conflicts and blazing a path towards achieving peace, security and prosperity, “the Deputy President explained.

He further emphasised the urgent need for comprehensive, African-centred peace-building research and training programmes that span throughout Africa to address the urgent demand for capacity for conflict management and resolution, as well as society reconstruction.

G20 Presidency

“In our G20 Presidency, South Africa will continue to advocate for diplomatic solutions. Inclusive dialogue is the foremost guarantor of sustainable peace.
“South Africa has shown a firm resolve in its foreign policy by promoting principles of justice, solidarity, equality, peace, and respect, underpinned by its commitment to human dignity and leaving no one behind,” he said.

This was the reason South Africa has placed solidarity, equality, sustainability at the centre of its G20 Presidency.

As part of South Africa’s G20 intention to place Africa’s development at the top of the agenda, Mashatile outlined four key priorities which are strengthening disaster resilience, ensuring debt sustainability for developing economies, mobilising finance for a just energy transition, and harnessing critical minerals for sustainable growth.

“Our hosting of the G20 Finance Ministers and Central Bank Governors Meeting, and the Business 20 provided an opportunity for us to promote South Africa and Africa as a business and investment destination and for the country to take the lead on providing solutions to global economic challenges,” he said.

He emphasised the country’s commitment to driving economic reforms, increasing investor confidence, and enhancing structural efficiencies in energy, water, and transport sectors.

“We believe that addressing structural concerns is essential to maintaining investor confidence and ensuring long-term economic stability. It is only by accelerating structural reforms and harnessing the power of the private sector that the country can sustain economic momentum and attract further foreign investment.

“As the South African government, we are implementing extensive structural, policy, and regulatory reforms to enhance the economy’s performance,” he said.

AI role in shaping Africa’s economic future

The Deputy President also emphasised the role of artificial intelligence (AI) and digital transformation in shaping Africa’s economic future, calling for greater collaboration between African institutions and international organisations.

Quoting Professor Tshilidzi Marwala, he noted the need for South Africa to embrace AI while also ensuring ethical considerations remain central to its deployment.

He urged institutions like UNU to partner with African universities to foster digital skills development and AI-driven innovation.

As the G20 Presidency has shifted to South Africa, the Deputy President said that AI has emerged as a key area of focus.

Through the G20 Presidency, he said the country aims to harness AI to advance the Sustainable Development Goals agenda and address global challenges.

“We encourage the United Nations University to work alongside Africa in the development of AI, which has the potential to considerably boost the continent’s economies. You must cooperate with additional universities in South Africa and throughout Africa to help overcome digital barriers, promote equality, and support inclusive sustainable development,” he said.

Mashatile added that African governments are also recognising the importance of the digital economy, which is heavily influenced by artificial intelligence. He noted that the digital economy and AI are becoming more important drivers of economic and social value creation throughout the world.

“We are investing in digital infrastructure, skills development, and entrepreneurship to assist Africa’s digital economy to expand,” he said. – SAnews.gov.za

MIL OSI Africa –

March 20, 2025
MIL-OSI Africa: SA’s G20 Presidency an opportune time to advocate for investment in Africa

Source: South Africa News Agency

Trade, Industry and Competition Deputy Minister, Andrew Whitfield, says South Africa’s G20 Presidency is an opportune time to advocate for investments in Africa’s infrastructure and productive sector in order to promote meaningful integration of African countries in global trade.

Whitfield on Tuesday made the opening remarks at the first G20 Trade and Investment Working Group meeting hosted virtually by the Department of Trade, Industry and Competition (the dtic) as part of the G20 programme that will culminate in the main summit in November 2025.

South Africa officially took over the Presidency of the Group of Twenty (G20) in December last year from Brazil. South Africa’s Presidency is being held under the theme: “Solidarity, Equality, Sustainability”, with a strong focus on Africa’s development.

The first G20 Trade and Investment Working Group session was attended by representatives from the G20 and other invited countries.

Also present at the meeting were international organisations such as the World Trade Organisation (WTO), the United Nations Trade and Development (UNTAD), the Organisation for Economic Cooperation and Development (OECD) and African regional communities.

The Working Group’s primary focus is on four priority areas, namely, trade and inclusive growth; a responsive trade agenda to address global commons; green industrialisation, and the reform of the World Trade Organisation.

“These areas are essential to ensuring that our global economy is more inclusive and responsive to the needs of all nations, particularly developing countries,” Whitfield said.

He told attendees that South Africa sees its Presidency as a platform to champion the growth and development of the African continent.

“Africa is poised to be the next frontier for global growth. With its abundant natural resources and the youngest population, Africa offers immense potential.

“The African Continental Free Trade Area (AfCFTA) has the power to transform the continent’s economic and social landscape. South Africa will seek the G20’s support for the implementation of the AfCFTA, in particular the adjustment fund,” Whitfield said.

Deliberations at the working group meetings will reflect on the successes and failures of the last 30 years of the multilateral trade system and to send a clear message on reforms to be undertaken to inform the work of the WTO, given the emerging challenges in global trade.

“Through our G20 Presidency, South Africa is committed to advancing global cooperation and building strong partnerships that will drive growth and development for all… Together, we can overcome the challenges of our time and secure a more inclusive and sustainable future.

“The nations of the world look to the G20 for leadership on the most pressing issues confronting our world and we dare not fail,” he said. – SAnews.gov.za

MIL OSI Africa –

March 20, 2025
MIL-OSI: Oxbridge / SurancePlus Announces Partnership with Plume, Expanding Access to Millions of Potential Investors
Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, March 19, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), through its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities, today announced SurancePlus’ partnership with Plume, a leading blockchain optimized for Real-World Asset Finance (RWAfi). This collaboration aims to significantly expand the distribution of SurancePlus’ 2025-2026 tokenized reinsurance securities – EtaCat Re and ZetaCat Re – which target annual returns of 20% and 42%, respectively.

Plume provides an extensive ecosystem for distributing tokenized assets, making this collaboration a significant step toward increasing investor participation in high-yield, RWA backed securities. Plume provides seamless RWA distribution to over 18 million unique addresses, facilitating more than 280 million transactions, with $4.5 billion in committed assets on its platform. This underscores its influence in the tokenized finance space, presenting a valuable distribution opportunity for SurancePlus’ securities.

Jay Madhu, CEO of Oxbridge, commented, “Announcing this partnership at Digital Assets Summit 2025 aligns perfectly with our vision of democratizing access to institutional-grade reinsurance investments. Plume’s ecosystem presents a strong opportunity to expand the distribution of our 2025 reinsurance securities and connect with a broader audience of investors seeking high yield opportunities that are uncorrelated to the capital markets. SurancePlus’ parent company, Nasdaq-listed Oxbridge, brings critical elements of compliance and transparency, bridging the gap between blockchain/RWAs and the SEC.”

Chris Yin, CEO & Co-Founder of Plume, commented: “Plume is committed to bridging traditional finance and blockchain by offering access to yield-bearing real world assets. Working with SurancePlus aligns perfectly with our mission. Their balanced yield offering, EtaCat Re, and their high-yield offering, ZetaCat Re, represent exactly the type of opportunities our investors are looking for.”

Why This Collaboration Matters
- Expanded Investor Reach: Plume’s extensive ecosystem and DeFi infrastructure provide immediate access to millions of active users, significantly broadening the potential investor base for EtaCat Re and ZetaCat Re.
- Efficient & Scalable Distribution: Plume’s full-stack, vertically integrated technology ensures seamless issuance, trading, and integration of RWAs, enhancing the liquidity and accessibility of SurancePlus’ tokenized securities.
- Alignment with Institutional & Retail Demand: Plume specializes in connecting investors with yield-generating RWAs, ensuring that SurancePlus’ offerings reach the right audience – those seeking stable, transparent, and high-yield investment opportunities.
By integrating with Plume, SurancePlus builds on its position as a leader in tokenized reinsurance securities, reinforcing its commitment to providing investors with access to fully collateralized, high-return digital securities backed by real-world reinsurance contracts.

Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the ZetaCat Re or EtaCat Re tokenenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

About Plume

Plume is the first full-stack L1 RWA chain purpose-built for Real World Asset Finance (RWAfi), enabling the integration and adoption of real world assets through its ecosystem. With 180+ protocols building on the network and a $25M RWAfi Ecosystem Fund for early-stage projects, Plume offers a composable, EVM-compatible environment for onboarding and managing diverse real world assets. Coupled with an end-to-end tokenization engine and a network of financial infrastructure partners, Plume enables seamless DeFi integration for RWAs so anyone can tokenize real world assets, distribute them globally, and make them useful for blockchain native users.

Learn More:
https://plumenetwork.xyz and https://x.com/plumenetwork

Company Contact:
press@plumenetwork.xyz

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

The MIL Network –
March 20, 2025
MIL-OSI Africa: Mashatile to lead official World TB Day and National End TB campaign

Source: South Africa News Agency

The Chairperson of the South African National AIDS Council (SANAC), Deputy President Paul Mashatile, will deliver the keynote address at the national World TB Day commemorative event on Monday, 24 March 2025.

World TB Day is commemorated annually on the 24th of March to raise public awareness about the global epidemic of tuberculosis (TB) and highlight efforts to eliminate the disease.

The day is also designated to highlight the devastating health, social and economic impact of TB.

During the event on Monday, the Deputy President will also launch the National End TB Campaign at the Ugu Sports and Leisure Centre in Gamalakhe Township, Ugu District, KwaZulu-Natal.

According to the Presidency, South Africa is one of the countries most affected by TB and remains the leading cause of death in the country, claiming approximately 56 000 lives each year, with 54% of these deaths among people living with HIV.

This year’s official country theme for World TB Day is “Yes! You and I Can End TB – Commit, Invest, Deliver”.

“This is a clarion call for leaders to champion TB efforts in their respective constituencies and encourage individual action from all South Africans to contribute to the national effort against TB.“

The Deputy President’s Office said the significance of this year’s commemoration will be marked by the launch of the National End TB campaign designed to substantially reduce TB incidence and mortality in South Africa by 2035.

This campaign will be carried out in phases, beginning with a focus on case finding and linking patients to care in the year 2025/26.

The campaign aims to diagnose 250 000 new TB cases by 2025/26 through targeted testing of five million people.

This will be accomplished by implementing Accelerated Targeted Universal TB Testing (TUTT) to reach individuals living with HIV and household contacts with confirmed TB cases.

The Deputy President will be joined by the Minister of Health Dr Aaron Motsoaledi, Premier of KwaZulu-Natal Thamsanqa Ntuli, SANAC Civil Society Chairperson Solly Nduku, Chairperson of the SANAC Private Sector Forum Mpumi Zikalala, and SANAC CEO Dr Thembi Xulu.

They will also be joined by representatives from development partners inclusive of the United Nations agencies, United States government agencies, research entities, civil society movements and the private sector. – SAnews.gov.za

MIL OSI Africa –

March 20, 2025

MIL-OSI: One Stop Systems Reports Q4 2024 Results

Source: GlobeNewswire (MIL-OSI)

Strength in both segments contributed to consolidated year-over-year revenue growth for Q4 2024

Consolidated revenue increased sequentially every quarter throughout 2024, reflecting the success of the Company’s transformation strategy to higher-growth markets

Management expects double-digit consolidated revenue growth in 2025, driven by anticipated OSS segment revenue of over 20% and consolidated EBITDA break even for the year

ESCONDIDO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) autonomy and sensor processing at the edge, reported results for the three- and twelve-month periods ended December 31, 2024. Comparisons for the three- and twelve-month periods are to the same year-ago periods unless otherwise noted.

“I am pleased to report a return to consolidated year-over-year revenue growth for the fourth quarter, as sales from both our OSS and Bressner segments grew at double digit rates. Throughout 2024 we executed on our multi-year transformation, making significant progress in shifting our business toward higher-margin, higher-growth markets. We invested in our platform, strengthened our pipeline, and deepened collaboration with customers developing high-performance, Enterprise Class, edge computing solutions for both commercial and defense applications,” stated OSS President and CEO, Mike Knowles.

“As efforts to reposition the Company for revenue growth gained momentum during 2024 and our business model evolved, we adjusted our legacy inventory and program costs to better align with our focus on improving efficiencies and increasing profitability. We believe the progress we made in 2024 strengthened our business, positioning the Company for higher sales and profitability in 2025 and beyond,” concluded Mr. Knowles.

2024 Fourth-Quarter Financial Summary

Consolidated revenue was $15.1 million, compared to $13.2 million in the fourth quarter of 2023. The 15.1% year-over-year increase was a result of a $1.3 million increase in Bressner segment revenue and a $642,000 year-over-year increase in OSS segment revenue. The 10% year-over-year increase in OSS segment revenue was primarily due to higher revenue from defense and commercial customers, as well as new customer-funded development orders, aligned directly with the Company’s strategic focus and plan.

The following table sets forth net revenue by segment for the three months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

	Three Months Ended
Entity:	December 31, 2024		% of Net Revenue		December 31, 2023		% of Net Revenue		% Change
OSS	$	7,042,613	46.5	%	$	6,401,047	48.7	%	10.0	%
Bressner		8,097,533	53.5	%		6,754,161	51.3	%	19.9	%
Total net revenue	$	15,140,146	100.0	%	$	13,155,209	100.0	%	15.1	%

During the fourth quarter ended December 31, 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022. This charge reduced reported gross margin, net income, and adjusted EBITDA for the three- and twelve-month periods ended December 31, 2024. Management does not currently foresee any further charges related to this customer-funded development contract.

Consolidated gross margin percentage was 15.7%, compared to 33.7% in the prior year quarter. Gross margin, excluding the one-time charges, was 23.8%, compared to 33.7% in the same period last year. The decrease in gross margin was primarily due to product mix.

On a segment basis, the OSS segment had a gross margin of 9.4%, compared to 45.9% for the same period a year ago. OSS segment gross margin, excluding the one-time charges, was 26.8%, compared to 45.9%. The decrease from the same period last year was primarily driven by product mix. The Company’s Bressner segment had a gross margin percentage of 21.2%, compared to 22.2% in the same period last year.

Total operating expenses increased 15.1% to $5.5 million. This increase was predominantly attributable to higher general and administrative costs related to planned sales and program management investments made during the quarter.

The Company reported a net loss of $3.1 million, or $(0.15) per share, as compared to a net loss of $278,000, or $(0.01) per share, in the prior year period.

Adjusted EBITDA, a non-GAAP metric, was a loss of $2.3 million, inclusive of $1.2 million in one-time charges, compared to adjusted EBITDA of $322,000 in the prior year period.

As of December 31, 2024, the Company reported cash and short-term investments of $10.0 million and total working capital of $24.0 million, compared to cash and short-term investments of $11.8 million and total working capital of $35.6 million at December 31, 2023. The reduction in cash and short-term investments was primarily driven by the paydown of $1 million of notes payable.

2024 Twelve Months Financial Summary

Consolidated revenue was $54.7 million, compared to $60.9 million for the same period last year. The 10.2% year-over-year reduction in consolidated revenue was primarily a result of approximately $4.8 million related to a former media customer, for whom shipments ceased in the second quarter of 2023. This decrease was partially offset by higher sales to customers in the military and defense end markets. In addition, Bressner segment revenue declined by $2.0 million on a year-over-year basis, associated with slower economic activity in the German economy.

The following table sets forth net revenue by segment for the twelve months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

	Twelve Months Ended
Entity:	December 31, 2024		% of Net Revenue		December 31, 2023		% of Net Revenue		% Change
OSS	$	24,558,809	44.9	%	$	28,809,888	47.3	%	(14.8	)%
Bressner		30,135,550	55.1	%		32,086,910	52.7	%	(6.1	)%
Total net revenue	$	54,694,358	100.0	%	$	60,896,798	100.0	%	(10.2	)%

For the year ended December 31, 2024, the Company incurred a total of $8.3 million of one-time charges that reduced reported gross margin, net income, and adjusted EBITDA. During the fourth quarter of 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022. Additionally, during the year, OSS incurred $7.1 million of inventory charges related to obsolete and slow-moving inventory associated with the transition of the Company’s business model and operating strategies, as well as slower adoption and movement in certain commercial and defense edge compute markets. Management does not currently foresee any further significant adjustments to costs related to this customer-funded development contract or inventory charges, outside of historical trends.

Consolidated gross margin percentage was 14.1%, compared to 29.5% in the prior year. On a full year basis, consolidated gross margin, excluding one-time charges, was 29.3%, compared to 29.5% in 2023.

On a segment basis, the Company’s OSS segment had a gross margin of 2.5%, compared to 35.6% for the same period a year ago. OSS segment gross margin, excluding one-time charges, was 36.4%, up from 35.6% for 2023. The Company’s Bressner segment had a gross margin of 23.5%, compared to 24.0% in the same period last year.

Total operating expenses decreased 18.6% to $21.1 million. This decrease was predominantly attributable to a charge of $5.6 million for an impairment of goodwill that occurred during the 2023 twelve-month period, the elimination of costs associated with organizational restructuring, timing of certain new product introduction activities and the deployment of engineering resources onto customer funded development efforts, partially offset by increased costs for personnel and for tradeshow participation.

The Company reported a net loss of $13.6 million, or $(0.65) per share, as compared to a net loss of $6.7 million, or $(0.32) per share, in the prior year. Non-GAAP net loss and loss per share was $11.6 million, or $(0.56) per share, as compared to non-GAAP net loss and loss per share of $415,000, or $(0.02) per share, in the prior year period. Net loss and non-GAAP net loss for the period ended December 31, 2024, are inclusive of $8.3 million of one-time charges.

Adjusted EBITDA, a non-GAAP metric, was a loss of $10.3 million, inclusive of $7.1 million of inventory-related charges and a $1.2 million contract loss related to a customer-funded development contract that was entered into in 2022, compared to adjusted EBITDA of $1.1 million in the prior year.

2025 Full Year Outlook

The Company anticipates consolidated revenue of $59 to $61 million for the full year of 2025. This includes expected OSS segment revenue of approximately $30 million, representing over 20% year-over-year growth in the OSS segment. In addition, the Company expects to be EBITDA break-even for the full year of 2025. Management expects revenue and profitability to improve at a higher rate in the second half of 2025 based on current trends and the Company’s expanding sales pipeline.

Conference Call

OSS will hold a conference call to discuss its results for the fourth quarter of 2024, followed by a question-and-answer period.

Date: Wednesday, March 19, 2025
Time: 10:00 a.m. ET (7:00 a.m. PT)
Toll-free dial-in: 1-800-717-1738
International dial-in: 1-646-307-1865
Conference ID: 35863 (required for entry)
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706031&tp_key=7e52a82afd

A replay of the call will be available after 1:00 p.m. ET on March 19, 2025, through April 2, 2025.

Toll-free replay: 1-844-512-2921
International replay: 1-412-317-6671
Passcode: 1135863

About One Stop Systems

One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require—and OSS delivers—the highest level of performance in the most challenging environments without compromise.

OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

Non-GAAP Financial Measures

We believe that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) before interest, taxes, depreciation, amortization, acquisition expense, impairment of long-lived assets, financing costs, government funded programs, fair value adjustments from purchase accounting, stock-based compensation expense, and expenses related to discontinued operations.

Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States, or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

Our adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. Our adjusted EBITDA is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(3,134,782	)	$	(277,560	)	$	(13,634,333	)	$	(6,716,176	)
Depreciation and amortization of intangibles		226,417			263,743			1,041,837			1,077,516
Amortization of right-of-use assets, net of changes in lease liability		(2,488	)		(30,208	)		29,885			22,592
Stock-based compensation expense		564,176			454,461			1,988,125			2,345,358
Interest expense		3,206			29,662			74,116			117,774
Interest income		(100,805	)		(159,487	)		(477,745	)		(544,958	)
Impairment of goodwill		–			–			–			5,630,788
Employee retention credit (ERC)		–			–			–			(1,716,727	)
Provision for income taxes		157,120			41,796			726,502			927,128
Adjusted EBITDA	$	(2,287,156	)	$	322,407		$	(10,251,613	)	$	1,143,296

FOOTNOTE: Adjusted EBITDA for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Adjusted EBITDA for the full year ended December 31, 2024, also included inventory-related charges of $7.1 million.

(Dollars may not calculate due to rounding)

Adjusted EPS excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. We believe that exclusion of certain selected items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. We use this measure along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. The Company defines non-GAAP income (loss) as income or (loss) before amortization, government funded programs, impairment of long lived assets, stock-based compensation, expenses related to discontinued operations, and acquisition costs. Adjusted EPS expresses adjusted income (loss) on a per share basis using weighted average diluted shares outstanding.

Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

The following table reconciles non-GAAP net income and basic and diluted earnings per share:

	For the Three Months Ended December 31,						For the Full Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(3,134,782	)	$	(277,560	)	$	(13,634,333	)	$	(6,716,176	)
Amortization of intangibles		–			–			–			42,154
Impairment of goodwill		–			–			–			5,630,788
Employee retention credit (ERC)		–			–			–			(1,716,727	)
Stock-based compensation expense		564,176			454,461			1,988,125			2,345,358
Non-GAAP net loss	$	(2,570,606	)	$	176,901		$	(11,646,208	)	$	(414,603	)
Non-GAAP net loss per share:
Basic	$	(0.12	)	$	0.01		$	(0.56	)	$	(0.02	)
Diluted	$	(0.12	)	$	0.01		$	(0.56	)	$	(0.02	)
Weighted average common shares outstanding:
Basic		21,120,396			20,632,300			20,953,397			20,854,777
Diluted		21,120,396			20,632,300			20,953,397			20,854,777

FOOTNOTE: Non-GAAP net loss for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Non-GAAP net loss for the full year ended December 31, 2024, also included an inventory charge of $6.1 million.

(Dollars may not calculate due to rounding)

Forward-Looking Statements

One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved, including but not limited to, our ability to expand our product offerings and further penetrate our target markets, future demand for AI/ML integrations, expected or anticipated increase in revenues, and our business strategies. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Media Contacts:
Robert Kalebaugh
One Stop Systems, Inc.
Tel (858) 518-6154
Email contact

Investor Relations:
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
Email contact

ONE STOP SYSTEMS, INC. (OSS)
CONSOLIDATED BALANCE SHEETS

	Audited			Audited
	December 31,			December 31,
	2024			2023
ASSETS
Current assets
Cash and cash equivalents	$	6,794,093		$	4,048,948
Short-term investments		3,217,065			7,771,820
Accounts receivable, net		8,177,371			8,318,247
Inventories, net		13,176,156			21,694,748
Prepaid expenses and other current assets		836,364			611,066
Total current assets		32,201,048			42,444,829
Property and equipment, net		1,669,026			2,370,224
Operating lease right-of use assets		1,536,094			1,922,784
Deposits and other		38,093			38,093
Goodwill		1,489,722			1,489,722
Total Assets	$	36,933,982		$	48,265,652

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	2,068,017		$	1,201,781
Accrued expenses and other liabilities		4,806,675			3,202,519
Current portion of operating lease obligation		285,937			390,926
Current portion of notes payable		1,035,050			2,077,895
Total current liabilities		8,195,679			6,873,121
Deferred tax liability, net		52,574			44,673
Operating lease obligation, net of current portion		1,513,684			1,765,536
Total liabilities		9,761,937			8,683,330
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 50,000,000 shares authorized; 21,148,810 and 20,661,341 shares issued and outstanding at December 31, 2024 and 2023, respectively		2,115			2,066
Additional paid-in capital		49,082,737			47,323,673
Accumulated other comprehensive income		140,254			675,310
Accumulated deficit		(22,053,061	)		(8,418,727	)
Total stockholders’ equity		27,172,045			39,582,322
Total Liabilities and Stockholders’ Equity	$	36,933,982		$	48,265,652

ONE STOP SYSTEMS, INC. (OSS)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars may not calculate due to rounding)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024			2023			2024			2023
Revenue:
Product	$	14,280,939		$	12,335,554		$	51,003,350		$	59,200,580
Customer funded development		859,207			819,655			3,691,009			1,696,217
		15,140,146			13,155,209			54,694,358			60,896,797
Cost of revenue:
Product		10,829,859			8,229,397			42,953,344			41,907,604
Customer funded development		1,930,800			491,242			4,022,707			1,034,571
		12,760,659			8,720,639			46,976,051			42,942,175
Gross (loss) profit		2,379,487			4,434,570			7,718,307			17,954,622
Operating expenses:
General and administrative		2,413,102			1,970,746			8,971,909			9,264,447
Impairment of goodwill		–			–			–			5,630,788
Marketing and selling		1,821,918			1,667,765			8,005,982			6,651,516
Research and development		1,250,377			1,127,194			4,097,229			4,331,024
Total operating expenses		5,485,397			4,765,704			21,075,120			25,877,775
Loss from operations		(3,105,910	)		(331,134	)		(13,356,813	)		(7,923,153	)
Other income (expense), net:
Interest income		100,805			159,487			477,745			544,958
Interest expense		(3,206	)		(29,662	)		(74,116	)		(117,774	)
Employee retention credit (ERC)		–			418,431			–			1,716,727
Other income (expense), net		30,647			(452,886	)		45,353			(9,806	)
Total other income, net		128,246			95,370			448,982			2,134,105
Loss before income taxes		(2,977,664	)		(235,764	)		(12,907,831	)		(5,789,048	)
Provision for income taxes		157,119			41,796			726,502			927,128
Net loss	$	(3,134,783	)	$	(277,560	)	$	(13,634,333	)	$	(6,716,176	)

Net loss per share:
Basic	$	(0.15	)	$	(0.01	)	$	(0.65	)	$	(0.32	)
Diluted	$	(0.15	)	$	(0.01	)	$	(0.65	)	$	(0.32	)

Weighted average common shares outstanding:
Basic		21,120,396			20,632,300			20,953,397			20,854,777
Diluted		21,120,396			20,632,300			20,953,397			20,854,777

ONE STOP SYSTEMS, INC. (OSS)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Twelve Months Ended December 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(13,634,333	)	$	(6,716,176	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes		28,082			(95,496	)
Loss (gain) on disposal of property and equipment		354			–
Provision for bad debt		85,447			4,160
Impairment of goodwill		–			5,630,788
Warranty reserves		(79,962	)		11,846
Amortization of intangibles		–			42,154
Depreciation		1,041,837			1,035,362
Amortization of right-of-use assets		377,206			1,241,445
Inventory reserves		7,348,390			962,458
Stock-based compensation expense		1,988,125			2,345,358
Employee retention credit		–			(1,716,727	)
Changes in operating assets and liabilities:
Accounts receivable		(190,339	)		3,095,701
Inventories		658,303			(1,636,153	)
Prepaid expenses and other current assets		(238,554	)		(100,848	)
Accounts payable		926,231			(3,408,487	)
Accrued expenses and other liabilities		1,928,436			83,789
Operating lease liabilities		(347,321	)		(1,218,853	)
Net cash provided by operating activities		(108,098	)		(439,679	)

Cash flows from investing activities:
Redemption of short-term investment grade securities		4,553,535			2,342,552
Purchases of property and equipment, including capitalization of labor		(362,748	)		(821,753	)
Net cash provided by investing activities		4,190,787			1,520,799

Cash flows from financing activities:
Proceeds from exercise of stock options and warrants		237,749			62,422
Payment of payroll taxes on net issuance of employee stock options		(466,762	)		(597,856	)
Repayments on notes payable		(954,939	)		(1,352,637	)
Employee retention credit benefit		–			1,716,727
Net cash (used in) provided by financing activities		(1,183,952	)		(171,344	)

Net change in cash and cash equivalents		2,898,737			909,776
Effect of exchange rates on cash		(153,592	)		26,977
Cash and cash equivalents, beginning of period		4,048,948			3,112,196
Cash and cash equivalents, end of period	$	6,794,093		$	4,048,948

The MIL Network –

March 20, 2025

MIL-OSI United Kingdom: Chancellor’s National Wealth Fund to deliver growth and boost security
Source: United Kingdom – Executive Government & Departments

News story

Chancellor’s National Wealth Fund to deliver growth and boost security

Chancellor sets new strategy for National Wealth Fund to reflect our Plan for Change, unlocking billions of pounds of private investment into the UK.
New strategic steer will see National Wealth Fund take on higher risk projects as government goes further and faster to kickstart economic growth, make Britain a clean energy superpower and boost security.

Government also launches recruitment for a new National Wealth Fund CEO to build on the £1.8 billion unlocked in private investment since July.

The National Wealth Fund will unlock over £70 billion in private investment to help deliver economic growth, make Britain a clean energy superpower, and strengthen the defence sector, the Chancellor has confirmed today [19 March].

The new strategic direction sets clean energy, advanced manufacturing, digital technologies, and transport as new priority sectors for the National Wealth Fund. Money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports.

Crucially, the Chancellor’s steer will help direct investment to the industries our defence sector relies on – advanced manufacturing and digital and dual-use technologies – working with industry to keep Britain safe and building on the Government’s commitment to increase spending on defence and national security to 2.5% of GDP from April 2027.

The National Wealth Fund’s economic capital limit will also be increased from £4.5 billion to £7 billion, allowing it take on greater risk. This means it has more flexibility over its investments and can support more projects that struggle to access private finance.

Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, said:

My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people.

I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.

Since July last year, the National Wealth Fund has unlocked 9,900 jobs and nearly £1.8 billion of private investment in growth-driving industries like green energy and technology.

Investment has already started flowing into priority sectors including £55 million for Connected Kerb to increase coverage of EV charging networks and a £28.6 million investment into Cornish Metals.

The Chancellor’s strategic steer comes as a new £9.6 million National Wealth Fund investment was announced today for Solihull Council to improve the area’s heating infrastructure and reduce bills, providing low carbon heating, hot water and power to town centre buildings.

To lead this new chapter for the UK’s flagship public investor, the Government has also launched a recruitment campaign for the National Wealth Fund’s next CEO.

John Flint will step down from the role of CEO in the summer after successfully seeing through the National Wealth Fund’s transition from the UK Infrastructure Bank.

The Chancellor will also establish a new UK Strategic Public Investment Forum joining up the UK’s leading policymakers and public financial institutions including the CEOs of the National Wealth Fund, British Business Bank, UK Export Finance, Homes England, Innovate UK, and Great British Energy and The Crown Estate.

The forum – the first of its kind – will cooperate on delivering investments to the priority areas set out by the Chancellor and will be tasked with ensuring the Government is getting maximum impact for its investments.

Stemming from this, the National Wealth Fund will work closely with Great British Energy to support its quick establishment as a publicly owned clean energy company that will boost Britain’s energy security making it a clean energy superpower, lower bills, create jobs, and grow the economy.

Investing in homegrown clean energy industries is an essential part of the government’s drive to replace the UK’s dependency on fossil fuel markets controlled by petrostates and dictators with clean, homegrown power.

Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers.

We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.

More details on Great British Energy’s developer mandate have also been released today.

The partnership between Great British Energy and the National Wealth Fund will see the former bringing project development expertise as well as investment, and the latter providing finance, a model already being deployed in Japan and Denmark.

Harnessing private investment via the National Wealth Fund is part of the Government’s wider efforts to kickstart economic growth and deliver a new era of security and renewal through our Plan for Change.

Cutting red tape so major infrastructure projects can progress, removing unnecessary hurdles in the planning system so more homes can be built, and progressing new economic partnerships with international partners like Japan and India is part of the work being undertaken to grow the economy and put more money in people’s pockets.

More information

Investments made by the National Wealth Fund can be found on the National Wealth Fund website

Further details of the Chancellor’s strategic steer for the National Wealth Fund can be found in the Statement of Strategic Priorities to the National Wealth Fund

Further details of the recruitment of the National Wealth Fund’s next CEO can be found in the National Wealth Fund Candidate Information Pack CEO (PDF, 463 KB, 13 pages).

The findings of the public financial institution stocktake including a landscape map can be found in the Launch of the UK Strategic Public Investment Forum

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Published 19 March 2025
MIL OSI United Kingdom –
March 20, 2025
MIL-OSI USA: NSF Project Evaluates Students’ Attitudes Toward Human Rights in Engineering
Source: US State of Connecticut

Every year, more than 2 million tourists flock to the Peruvian Andes town of Cusco, to visit remnants of the Inca Empire and its world-famous citadel, Machu Picchu. Rapid urbanization with this tourism boom however, didn’t develop at the same pace as infrastructure and transportation services.

“As a result, low-income residents who live on the outskirts of the city’s center have less access to employment, medical care, education, and social events because they don’t own a private vehicle or their communities lack public transportation,” explains Davis Chacón-Hurtado, an assistant professor jointly appointed in Civil and Environmental Engineering and the Gladstein Family Human Rights Institute. “This is a key barrier for many people to access opportunities and services, resulting in barriers to participation and disparities in access.”

By using an engineering for human rights-based approach, Chacón-Hurtado and doctoral student Ashley Benítez Ou developed a metric of transport disadvantage and equal access in Cusco’s outer districts. Their goal is to provide data-driven insights so that rural Cusco residents have equal access to essential services.

“We as engineers have the potential to either alleviate or intensify societal challenges. Engineering shapes every facet of human life, and with this level of influence comes a profound responsibility.” — Davis Chacón-Hurtado

“Having the ability to see a doctor or travel to the inner city to work is a human right,” Chacón-Hurtado says. “We as engineers have the potential to either alleviate or intensify societal challenges. Engineering shapes every facet of human life, and with this level of influence comes a profound responsibility.”

Chacón-Hurtado is Principal Investigator on a recently awarded National Science Foundation grant, “Measuring Changes in Attitudes Towards Human Rights in Engineering Students,” that explores ways expand students’ awareness of engineering’s societal impact. He and fellow UConn researchers will use the study’s findings to shape human rights curriculum for engineering students.

Other members of the research team include Arash Esmaili Zaghi, professor of civil and environmental engineering; Shareen Hertel, Wiktor Osiatyński Chair of Human Rights and professor of political science; and Betsy McCoach, professor of research methods, measurements, and evaluation from the Neag School of Education. Chacón-Hurtado and Hertel also co-direct UConn’s Engineering for Human Rights Initiative, a collaborative venture between UConn’s College of Engineering and the UConn’s Gladstein Family Human Rights Institute.

“As students progress through their undergraduate education, their concern for societal well-being tends to diminish,” Chacón-Hurtado says. “The Measuring Changes project proposes that incorporating human rights—particularly principles like indivisibility of rights, accountability, and participation—into the engineering curricula can bridge this gap, fostering a more socially aware generation of engineers.”

The Learning Modules

Chacón-Hurtado and his team are developing contextualized training modules that will be deployed within current engineering curriculum. The four main modules are aligned with specific learning objectives. They cover foundational concepts of human rights and related ethical paradigms; historical perspectives and connections between engineering and human rights; human rights-based and ethical approaches to engineering practice; and tools used by engineers to assess the impact of human rights and consideration of human rights impacts. The content is based in part on critical observations gleaned during teaching that Chacón-Hurtado carried out jointly with Sandra Sirota, assistant professor in residence in Human Rights and Experiential Global Learning—in particular, from their course on “Engineering for Human Rights” (ENGR/HRTS 2300). The team has the help of a graduate research assistant, Natalie Goncalves, a Master’s student in Human Rights.

During the NSF grant period, the research team will integrate the four modules within a controlled comparative research setting, by applying them selectively to student cohorts across two classes: Transportation Engineering and Planning (CE 2710) and Civil Engineering Projects (CE 4900W). Not every student will receive the extra training modules. As part of this quasi-experimental design structure, one group is considered the “treatment” and the other the “control” group.

After deploying the modules, the team will survey both groups to measure the effectiveness of the modules by measuring the change in attitudes towards human rights in engineering. They’ll derive psychometric measures from the survey results and use statistical reports to support the quantitative differences. 

“Our hypothesis is that tailored engineering modules focused on human rights positively influence the attitudes of engineering students towards human rights and the social impact of engineering in society, when compared to a control group of students who do not receive human rights education using a quasi-experimental design,” Zaghi says.

Beyond UConn

Assistant Professor Davis Chacón-Hurtado, pictured here at an EWB project in Peru, received an NSF grant to study how engineering students perceive human rights in engineering. Findings from this project are relevant to broader human rights education in STEM (contributed photo)

Once the study is completed, the outcomes and modules will be available freely to both English and Spanish speakers on the Engineering for Human Rights website.

“We hope that these dissemination efforts will reach not only engineering educators but also human rights organizations and community-based groups with experience in engaging communities in New England and abroad,” Chacón-Hurtado says. “We hope this will also facilitate research on the development of practical and cross-culturally appropriate tools for education, training, and mentorship tools from diverse contexts and schools in both the U.S. and Global South.”

“Human rights are critical enablers of economic development and shared prosperity, promoting progress within the United States and throughout the world – whether in global regions like Cusco, Peru or rural parts of the US,” Chacón-Hurtado says.

Ongoing Efforts in Engineering for Human Rights

This innovative approach to engineering education is integral to the broader Engineering for Human Rights Initiative at UConn, which applies a human rights framework to diverse engineering challenges—from sanitation to sustainable transportation, and from environmental risk management to economic resilience research. Several students, faculty, and alumni have already completed projects in the discipline:
- Faculty are contributing to the UConn Brownfields Program, supporting the remediation of contaminated sites throughout New England.
- And alumnus Kevin Musco ’19 (ENG, Human Rights), H’23 JD is using his degree in human rights to objectively assess risk and opportunities in a more wholistic manner. He uses these skills in his current job as an associate attorney at Cohen and Wolf, P.C. in New York City.
“The field of human rights offers something for everyone,” Musco says in this past Engineering News article. “For those who currently study the natural or applied sciences, concepts from human rights can be applied to ‘humanize’ subjects which otherwise lack a prominent social aspect.”

Additionally, UConn has already gained national recognition for its novel integrative approach to developing the engineering and human curriculum.

In November 2024, Chacón-Hurtado and Hertel collaborated with staff of the National Academy of Engineering’s Cultural, Ethical, Social, and Environmental Responsibility in Engineering (CESER) Program and the National Academies’ Committee on Human Rights (CHR) to develop and host a two-day symposium on “Issues at the Intersection of Engineering and Human Rights.” The workshop engaged academic, industry, government and NGO representatives in considering together how engineering solutions could be aligned with human rights principles to address local and global challenges. Chacón-Hurtado, who was integral to the organizing committee, characterized the symposium as “an inspiring event to understand the many ways in which engineering can not only impact human rights but also be enriched by incorporating them at its core.”

Recordings of the symposium are available on YouTube.

Zaghi believes attitudes toward human rights in engineering should focus on epistemic justice, which means valuing diverse talent, perspectives, and knowledge without forcing any political agendas or ideologies.
“Engineering should serve humanity as a whole,” he says. “Engineers need to ensure fairness by including different voices and avoiding biased designs. The focus must remain on technical evidence and practical solutions rather than virtuous narratives. Human rights in engineering are about creating systems that are fundamentally fair, accessible, and enable economic development and shared prosperity. This approach keeps engineering grounded in universal principles and ensures that it benefits everyone.”

Read more about human-rights centered engineering at UConn in this recent UConn Today story.

MIL OSI USA News –
March 20, 2025
MIL-OSI: Blackford Capital Announces Hiring of Rick Lopez as Managing Director

Source: GlobeNewswire (MIL-OSI)

GRAND RAPIDS, Mich., March 19, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading private equity firm focused on investing in lower middle-market businesses, is pleased to announce the appointment of Rick Lopez as Managing Director. With over 25 years of experience in finance, investment banking, and private equity investing, Rick brings a wealth of expertise to the firm.

In his new role, Rick will primarily oversee Blackford Capital’s fundraising efforts, while also contributing to transaction sourcing, investment analysis, portfolio construction and management, deal financing, and internal operations. He will be based in the firm’s Chicago office.

“We are thrilled to welcome Rick to the Blackford Capital team,” said Martin Stein, Founder and Managing Director of Blackford Capital. “Rick’s extensive background in capital raising, deal structuring, and his deep understanding of both investment banking and private equity make him an ideal fit to help guide the firm through its next phase of growth.”

Prior to joining Blackford Capital, Rick was a Partner and Co-Founder at Rush Street Capital, a middle-market investment bank specializing in capital raising for private equity firms and their portfolio companies. In this capacity, he led the capital markets group and was responsible for deal sourcing, execution, sponsor and capital provider relationship management, and deal structuring and negotiation. Rick co-managed six deal professionals and over a dozen interns in his time at Rush Street. Additionally, Rick worked closely with Rush Street’s investment arm assisting with deal sourcing, fundraising, diligence, the closing process, portfolio management, and served on the boards of the two portfolio companies. While at Rush Street Capital, Rick was involved with 93 total successful middle market raises totaling over $1.4 billion in capital commitments.

Jeff Johnson, Managing Director of Blackford Capital, noted that, “Rick’s direct working experience with our team and our portfolio gives him a level of familiarity with Blackford Capital that has allowed him to be extremely effective since joining us.” Rick assisted Blackford Capital as an advisor while at Rush Street between 2016 and 2024. During that period, Rick successfully completed 18 different mandates for Blackford Capital raising over $367 million in capital. Rick completed raises for six of Blackford Capital’s current seven portfolio companies, including the initial platform investments for Helio Outdoors, Outova, PACIV, Security Fire Systems, and Design Environments. Rick also assisted with capital raises for key add-on acquisitions, such as Empire Distributing for Outova and Mortech Manufacturing for the recently exited Mopec investment.

Rick’s extensive career also includes over 15 years at major financial institutions, including Chase Bank, LaSalle Bank, BMO, and Huntington Bank, where he gained valuable experience in retail banking and corporate bond units as well as commercial lending.

Beyond his professional accomplishments, Rick is an active member of the business community, serving on several boards. He is also a board member and treasurer of the Kellogg Alumni Club of Chicago-Western Suburbs and actively participates in ACG Chicago’s Private Equity and M&A Committee.

Rick earned his bachelor’s degree in business management from the University of Illinois at Chicago and his MBA from Northwestern University’s Kellogg School of Management. Outside of work, Rick enjoys family time, early morning F3 Naperville bootcamps, and spending time at Wrigley Field.

“I am excited to join Blackford Capital and look forward to working with the team to help drive the firm’s mission of creating value for our investors and portfolio companies,” said Rick Lopez. “The firm’s strong track record and commitment to supporting industrial businesses in the lower middle-market space present great opportunities for growth, and I am eager to contribute to its continued success and lead our Chicago office.”

About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

Media Contact:
Lambert by LLYC
Jennifer Hurson
(845) 729-3100
jhurson@lambert.com

Jackson Lin
(646) 717-4593
jlin@lambert.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ba3b42a-a7d3-4c04-b62c-c1101dae6ee8

The MIL Network –

March 20, 2025

MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

Fourth Quarter 2024 Financial Highlights For Continuing Operations

Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

Full Year 2024 Financial Highlights For Continuing Operations

Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

“In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

Fourth Quarter 2024 Financial Results For Continuing Operations

Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

Full Year 2024 Financial Results For Continuing Operations

Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

Gain on Deconsolidation of Subsidiaries

Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

Net Income

Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

Liquidity for GDS Excluding DayOne

GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

Liquidity For DayOne

As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

Sales

Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

Data Center Resources

Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

Move-In

Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

Recent Development

Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

Business Outlook For Continuing Operations

For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

Non-GAAP Disclosure

Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

About GDS Holdings Limited

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com

Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com

Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com

GDS Holdings Limited

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of December 31, 2023		As of December 31, 2024
		RMB		RMB		US$

	Assets
Current assets
	Cash	7,354,809		7,867,659		1,077,865
	Accounts receivable, net of allowance for credit losses	2,493,059		3,021,956		414,006
	Value-added-tax (“VAT”) recoverable	214,385		240,506		32,949
	Prepaid expenses and other current assets	483,833		482,950		66,164
	Current assets of discontinued operations	437,567		0		0
	Total current assets	10,983,653		11,613,071		1,590,984

Non-current assets
	Long-term investments in equity investees	7,298		7,544,555		1,033,600
	Property and equipment, net	40,098,423		40,204,133		5,507,944
	Prepaid land use rights, net	22,388		21,774		2,983
	Operating lease right-of-use assets	5,310,723		5,193,408		711,494
	Goodwill and intangible assets, net	6,574,669		6,367,493		872,343
	Other non-current assets	2,538,542		2,704,194		370,473
	Non-current assets of discontinued operations	8,910,994		0		0
	Total non-current assets	63,463,037		62,035,557		8,498,837
	Total assets	74,446,690		73,648,628		10,089,821

	Liabilities, Mezzanine Equity and Equity
Current liabilities
	Short-term borrowings and current portion of long-term borrowings	2,582,350		4,341,649		594,803
	Convertible bonds payable, current	0		575		79
	Accounts payable	2,749,896		2,593,305		355,281
	Accrued expenses and other payables	1,265,259		1,389,072		190,302
	Operating lease liabilities, current	132,811		117,345		16,076
	Finance lease and other financing obligations, current	547,847		636,152		87,152
	Current liabilities of discontinued operations	1,027,313		0		0
	Total current liabilities	8,305,476		9,078,098		1,243,693

Non-current liabilities
	Long-term borrowings, excluding current portion	23,088,055		21,905,985		3,001,108
	Convertible bonds payable, non-current	8,434,766		8,576,583		1,174,987
	Operating lease liabilities, non-current	1,344,264		1,279,726		175,322
	Finance lease and other financing obligations, non-current	7,894,185		7,601,651		1,041,422
	Other long-term liabilities	1,586,012		1,537,952		210,699
	Non-current liabilities of discontinued operations	3,670,129		0		0
	Total non-current liabilities	46,017,411		40,901,897		5,603,538
	Total liabilities	54,322,887		49,979,995		6,847,231

Mezzanine equity
	Redeemable preferred shares	1,064,766		1,080,656		148,049
	Total mezzanine equity	1,064,766		1,080,656		148,049

GDS Holdings Limited shareholders’ equity
	Ordinary shares	516		527		72
	Additional paid-in capital	29,337,095		29,596,268		4,054,672
	Accumulated other comprehensive loss	(974,393	)	(1,094,377	)	(149,929	)
	Accumulated deficit	(9,469,758	)	(6,044,372	)	(828,075	)
	Total GDS Holdings Limited shareholders’ equity	18,893,460		22,458,046		3,076,740
Non-controlling interests		165,577		129,931		17,801
	Total equity	19,059,037		22,587,977		3,094,541

	Total liabilities, mezzanine equity and equity	74,446,690		73,648,628		10,089,821

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

		Three months ended								Year ended
		December 31, 2023		September 30, 2024		December 31, 2024					December 31, 2023		December 31, 2024
		RMB		RMB		RMB		US$			RMB		RMB		US$

Net revenue
Service revenue		2,465,283		2,619,578		2,690,482		368,595			9,781,884		10,321,888		1,414,093
Equipment sales		0		0		180		25			564		180		25
Total net revenue		2,465,283		2,619,578		2,690,662		368,620			9,782,448		10,322,068		1,414,118
Cost of revenue		(2,032,352	)	(2,061,995	)	(2,112,545	)	(289,417	)		(7,831,222	)	(8,099,439	)	(1,109,619	)
Gross profit		432,931		557,583		578,117		79,203			1,951,226		2,222,629		304,499

Operating expenses
	Selling and marketing expenses	(34,050	)	(32,356	)	(30,571	)	(4,188	)		(140,890	)	(116,440	)	(15,952	)
	General and administrative expenses	(246,274	)	(211,392	)	(259,048	)	(35,490	)		(965,982	)	(917,877	)	(125,748	)
	Research and development expenses	(12,800	)	(8,588	)	(6,862	)	(940	)		(38,159	)	(36,319	)	(4,976	)
	Impairment losses of long-lived assets	(3,013,416	)	0		0		0			(3,013,416	)	0		0
(Loss) income from continuing operations		(2,873,609	)	305,247		281,636		38,585			(2,207,221	)	1,151,993		157,823
Other income (expenses):
	Net interest expenses	(450,700	)	(463,327	)	(458,745	)	(62,848	)		(1,842,529	)	(1,834,851	)	(251,374	)
	Foreign currency exchange (loss) gain, net	(5,991	)	586		8,117		1,112			(1,573	)	18,942		2,595
	Others, net	30,347		5,001		29,727		4,072			109,729		49,057		6,721
Loss from continuing operations before income taxes		(3,299,953	)	(152,493	)	(139,265	)	(19,079	)		(3,941,594	)	(614,859	)	(84,235	)
Income tax benefits (expenses)		225,342		347		(34,144	)	(4,678	)		15,577		(156,053	)	(21,379	)
Net loss from continuing operations		(3,074,611	)	(152,146	)	(173,409	)	(23,757	)		(3,926,017	)	(770,912	)	(105,614	)

Discontinued operations
	Loss from operations of discontinued operations, net of income taxes	(90,033	)	(78,963	)	(190,491	)	(26,097	)		(359,376	)	(400,796	)	(54,909	)
	Gain on deconsolidation of subsidiaries	0		0		4,475,539		613,146			0		4,475,539		613,146
(Loss) income from discontinued operations		(90,033	)	(78,963	)	4,285,048		587,049			(359,376	)	4,074,743		558,237

Net (loss) income		(3,164,644	)	(231,109	)	4,111,639		563,292			(4,285,393	)	3,303,831		452,623

Net loss from continuing operations		(3,074,611	)	(152,146	)	(173,409	)	(23,757	)		(3,926,017	)	(770,912	)	(105,614	)
Net income from continuing operations attributable to non-controlling interests		(1,676	)	(1,755	)	(1,268	)	(174	)		(5,026	)	(6,209	)	(851	)
Net loss from continuing operations attributable to GDS Holdings Limited shareholders		(3,076,287	)	(153,901	)	(174,677	)	(23,931	)		(3,931,043	)	(777,121	)	(106,465	)

(Loss) income from discontinued operations		(90,033	)	(78,963	)	4,285,048		587,049			(359,376	)	4,074,743		558,237
Net loss from discontinued operations attributable to non-controlling interests		366		5,092		3,373		462			366		7,317		1,003
Net loss from discontinued operations attributable to redeemable non-controlling interests		0		35,432		75,550		10,350			0		120,447		16,501
Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders		(89,667	)	(38,439	)	4,363,971		597,861			(359,010	)	4,202,507		575,741

Net (loss) income attributable to GDS Holdings Limited shareholders		(3,165,954	)	(192,340	)	4,189,294		573,930			(4,290,053	)	3,425,386		469,276
Cumulative dividend on redeemable preferred shares		(13,679	)	(13,618	)	(13,679	)	(1,874	)		(53,625	)	(54,232	)	(7,430	)
Net (loss) income available to GDS Holdings Limited ordinary shareholders		(3,179,633	)	(205,958	)	4,175,615		572,056			(4,343,678	)	3,371,154		461,846

(Loss) income per ordinary share
Basic and diluted		(2.16	)	(0.14	)	2.81		0.39			(2.96	)	2.29		0.31

Weighted average number of ordinary share outstanding
Basic and diluted		1,469,982,015		1,476,130,132		1,484,083,188		1,484,083,188			1,468,187,956		1,475,079,754		1,475,079,754

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Foreign currency translation adjustments, net of nil tax	117,674		538,739		(391,639	)	(53,654	)	(125,118	)	74,741		10,239
Defined benefit plan, net of nil tax	0		0		(41	)	(6	)	0		(41	)	(6	)
Amounts reclassified from accumulated other comprehensive loss	0		0		(96,957	)	(13,283	)	0		(96,957	)	(13,283	)
Comprehensive (loss) income	(3,046,970	)	307,630		3,623,002		496,349		(4,410,511	)	3,281,574		449,573
Comprehensive (income) loss attributable to non-controlling interests	(1,678	)	(5,287	)	6,631		908		(5,575	)	(1,076	)	(147	)
Comprehensive (income) loss attributable to redeemable non-controlling interests	0		(107,365	)	126,721		17,361		0		24,904		3,412
Comprehensive (loss) income attributable to GDS Holdings Limited shareholders	(3,048,648	)	194,978		3,756,354		514,618		(4,416,086	)	3,305,402		452,838

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Net loss (income) from discontinued operations	90,033		78,963		(4,285,048	)	(587,049	)	359,376		(4,074,743	)	(558,237	)
Depreciation and amortization	865,485		803,535		865,896		118,627		3,368,474		3,243,004		444,290
Amortization of debt issuance cost and debt discount	34,010		33,467		18,290		2,506		140,625		110,724		15,169
Share-based compensation expense	80,765		61,194		82,965		11,366		336,616		296,487		40,619
Impairment losses of long-lived assets	3,013,416		0		0		0		3,013,416		0		0
Others	(202,637	)	(63,810	)	(29,703	)	(4,069	)	(187,844	)	(115,941	)	(15,884	)
Changes in operating assets and liabilities	326,171		(42,362	)	315,821		43,267		(385,994	)	(543,700	)	(74,487	)
Net cash provided by operating activities from continuing operations	1,042,599		639,878		1,079,860		147,940		2,359,276		2,219,662		304,093
Net cash (used in) provided by operating activities from discontinued operations	(93,209	)	1,636		(150,554	)	(20,626	)	(294,019	)	(281,297	)	(38,538	)
Net cash provided by operating activities	949,390		641,514		929,306		127,314		2,065,257		1,938,365		265,555

Purchase of property and equipment and land use rights	(282,591	)	(788,123	)	(381,382	)	(52,249	)	(3,175,406	)	(2,965,384	)	(406,256	)
(Payments) receipts related to acquisitions and investments	(396,051	)	0		27,000		3,699		(1,339,639	)	1,125,023		154,128
Net cash used in investing activities from continuing operations	(678,642	)	(788,123	)	(354,382	)	(48,550	)	(4,515,045	)	(1,840,361	)	(252,128	)
Net cash used in investing activities from discontinued operations	(784,990	)	(2,110,682	)	(3,011,040	)	(412,511	)	(2,827,863	)	(6,920,177	)	(948,060	)
Net cash used in investing activities	(1,463,632	)	(2,898,805	)	(3,365,422	)	(461,061	)	(7,342,908	)	(8,760,538	)	(1,200,188	)

Net cash (used in) provided by financing activities from continuing operations	(271,778	)	(392,325	)	(612,447	)	(83,905	)	1,266,936		174,295		23,878
Net cash provided by financing activities from discontinued operations	958,799		2,334,112		11,441,448		1,567,472		2,892,824		16,883,042		2,312,967
Net cash provided by financing activities	687,021		1,941,787		10,829,001		1,483,567		4,159,760		17,057,337		2,336,845
Effect of exchange rate changes on cash and restricted cash	4,705		(28,109	)	(6,457	)	(885	)	154,302		(13,592	)	(1,862	)

Net increase (decrease) of cash and restricted cash	177,484		(343,613	)	8,386,428		1,148,935		(963,589	)	10,221,572		1,400,350
Cash and restricted cash at beginning of period	7,740,395		10,096,689		9,753,076		1,336,166		8,882,066		7,917,932		1,084,752
Reclassification as assets of disposal group classified as held for sale	53		0		0		0		(545	)	0		0
Cash and restricted cash at end of period	7,917,932		9,753,076		18,139,504		2,485,101		7,917,932		18,139,504		2,485,102
Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date	(420,610	)	(1,760,719	)	(10,045,974	)	(1,376,293	)	(420,610	)	(10,045,974	)	(1,376,293	)
Cash and restricted cash of continuing operations at end of period	7,497,322		7,992,357		8,093,530		1,108,808		7,497,322		8,093,530		1,108,809

GDS HOLDINGS LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
except for percentage data)

Three months ended

Year ended

December 31,
2023

September 30,
2024

December 31, 2024

December 31, 2023

December 31, 2024

RMB

US$

RMB

US$

Gross profit

432,931

557,583

578,117

79,203

1,951,226

2,222,629

304,499

Depreciation and amortization

775,122

731,630

786,869

107,801

2,974,546

2,947,444

403,798

Operating lease cost relating to prepaid land use rights

10,615

11,536

11,996

1,643

38,792

44,872

6,147

Accretion expenses for asset retirement costs

1,588

1,730

1,709

234

6,599

6,827

935

Share-based compensation expenses

29,066

20,549

18,002

2,466

116,467

92,402

12,659

Adjusted GP

1,249,322

1,323,028

1,396,693

191,347

5,087,630

5,314,174

728,038

Adjusted GP margin

50.7%

50.5%

51.9%

52.0%

51.5%

GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Loss (income) from discontinued operations	90,033		78,963		(4,285,048	)	(587,049	)	359,376		(4,074,743	)	(558,237	)
Net loss from continuing operations	(3,074,611	)	(152,146	)	(173,409	)	(23,757	)	(3,926,017	)	(770,912	)	(105,614	)
Net interest expenses	450,700		463,327		458,745		62,848		1,842,529		1,834,851		251,374
Income tax (benefits) expenses	(225,342	)	(347	)	34,144		4,678		(15,577	)	156,053		21,379
Depreciation and amortization	865,485		803,535		865,896		118,627		3,368,474		3,243,004		444,290
Operating lease cost relating to prepaid land use rights	27,199		27,602		27,609		3,782		106,964		110,126		15,087
Accretion expenses for asset retirement costs	1,588		1,730		1,709		234		6,599		6,827		935
Share-based compensation expenses	80,765		61,194		82,965		11,366		336,616		296,487		40,619
Impairment losses of long-lived assets	3,013,416		0		0		0		3,013,416		0		0
Adjusted EBITDA	1,139,200		1,204,895		1,297,659		177,778		4,733,004		4,876,436		668,070
Adjusted EBITDA margin	46.2%		46.0%		48.2%		48.2%		48.4%		47.2%		47.2%

Additional Information for Discontinued Operations (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of December 31, 2023	As of December 31, 2024
	RMB	RMB	US$
Property and equipment, net	7,401,071	16,646,191	2,280,519
Cash	355,902	9,930,915	1,360,530
Gross debt	5,169,734 ⁽¹⁾	10,417,647	1,427,212

Note:

Including amounts due to GDSH.

Additional Information for Discontinued Operations Cont’d (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)

	Three months ended				Year ended
	December 31, 2023	September 30, 2024	December 31, 2024		December 31, 2023	December 31, 2024
	RMB	RMB	RMB	US$	RMB	RMB	US$

Net revenue	102,853	363,209	443,413	60,747	175,737	1,262,063	172,902
Cost of revenue	(90,862)	(252,211)	(290,131)	(39,748)	(194,570)	(859,254)	(117,717)
Operating expenses	(66,214)	(88,776)	(150,543)	(20,624)	(233,249)	(400,336)	(54,846)
(Loss) income from operations	(54,223)	22,222	2,739	375	(252,082)	2,473	339
Other expenses, net	(35,020)	(110,846)	(126,457)	(17,324)	(106,494)	(346,145)	(47,422)
Loss from operations of discontinued operations before income taxes	(89,243)	(88,624)	(123,718)	(16,949)	(358,576)	(343,672)	(47,083)
Income tax (expenses) benefits	(790)	9,661	(66,773)	(9,148)	(800)	(57,124)	(7,826)
Loss from operations of discontinued operations, net of income taxes	(90,033)	(78,963)	(190,491)	(26,097)	(359,376)	(400,796)	(54,909)
Net interest expenses	42,060	76,069	102,991	14,110	107,286	280,652	38,449
Income tax expenses (benefits)	790	(9,661)	66,773	9,148	800	57,124	7,826
Depreciation and amortization	50,650	107,739	128,662	17,627	151,271	393,735	53,941
Operating lease cost relating to prepaid land use rights	295	0	1,778	244	1,290	1,782	244
Accretion expenses for asset retirement costs	52	0	(1)	0	206	(211)	(29)
Adjusted EBITDA	3,814	95,184	109,712	15,032	(98,523)	332,286	45,522
Adjusted EBITDA margin	3.7%	26.2%	24.7%	24.7%	(56.1)%	26.3%	26.3%

Net cash (used in) provided by operating activities	(93,209)	1,636	(150,554)	(20,626)	(294,019)	(281,297)	(38,538)
Net cash used in investing activities	(784,990)	(2,110,682)	(3,011,040)	(412,511)	(2,827,863)	(6,920,177)	(948,060)
Net cash provided by financing activities	958,799	2,334,112	11,441,448	1,567,472	2,892,824	16,883,042	2,312,967

The MIL Network –

March 20, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (100.59%), ULTY (79.43%), TSLY (76.84%), LFGY (66.79%), SNOY (63.58%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2640	33.60%	0.00%	0.00%	3/20/2025	3/21/2025
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4723	66.79%	0.00%	53.27%	3/20/2025	3/21/2025
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.3124	–	–	47.65%	3/20/2025	3/21/2025
RDTY	YieldMax™ R2000 0DTE Covered Call ETF	*Weekly*	$0.3193	–	–	0.00%	3/20/2025	3/21/2025
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.3175	–	–	100.00%	3/20/2025	3/21/2025
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.0977	79.43%	0.00%	100.00%	3/20/2025	3/21/2025
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.0850	29.28%	61.87%	24.87%	3/20/2025	3/21/2025
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1526	57.05%	85.03%	43.60%	3/20/2025	3/21/2025
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.6458	100.59%	3.00%	98.10%	3/20/2025	3/21/2025
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$0.6925	25.57%	122.88%	0.00%	3/20/2025	3/21/2025
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$0.7092	25.90%	67.34%	0.00%	3/20/2025	3/21/2025
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3284	33.98%	4.12%	0.00%	3/20/2025	3/21/2025
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.3210	51.60%	3.25%	71.26%	3/20/2025	3/21/2025
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.8119	63.58%	2.45%	0.00%	3/20/2025	3/21/2025
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.4638	76.84%	4.69%	94.16%	3/20/2025	3/21/2025
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.5772	47.98%	3.59%	93.02%	3/20/2025	3/21/2025
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.2950	26.06%	3.38%	77.73%	3/20/2025	3/21/2025
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.4357	56.11%	1.61%	97.70%	3/20/2025	3/21/2025
Weekly Payers & Group B ETFs scheduled for next week: GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY

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

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

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

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

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

² The Distribution Rate shown is as of close on March 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

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

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

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

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

Important Information

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

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

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

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

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

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

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

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

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

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

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

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

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

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

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

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

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

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

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

Risk Disclosure (applicable only to MARO)

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

Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

Risk Disclosures (applicable only to GDXY)

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

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

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

Risk Disclosures (applicable only to YBIT)

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

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

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

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

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

Risk Disclosures (applicable only to YQQQ)

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

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

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

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

The MIL Network –

March 20, 2025

MIL-OSI: InitVerse 2nd Anniversary Celebration — Full Breakdown of 500,000 $INI, Limited NFTs, and Exclusive Benefits
Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, March 19, 2025 (GLOBE NEWSWIRE) — InitVerse, the next-generation Web3 SaaS platform, has rapidly expanded its footprint across nine countries, including Japan, Vietnam, France, Eastern Europe, the Middle East, Turkey, the Philippines, Indonesia, and Thailand. With over 20 localized Telegram and Discord communities, InitVerse now boasts a global user base exceeding 400,000 users.

On March 17th, InitVerse celebrates its 2nd anniversary, marking an exciting Web3 carnival where technology, profitability, and exclusivity converge. To express gratitude to the global community, InitVerse is generously distributing 500,000 $INI tokens through various activities, including NFT minting, on-chain tasks, staking and mining, and community KOL recruitment. Each activity incorporates limited-edition elements and high-reward mechanisms, creating a thrilling event that blends innovation with financial rewards.

This article will dive deep into the anniversary celebration, focusing on technological empowerment, revenue strategies, and effective participation methods, helping you seize this golden opportunity to achieve high returns at zero cost.

Tech at the Core: How INIChain Redefines Blockchain with Privacy Computing and Dynamic Block Partitioning

From its inception to the upcoming 2025 mainnet launch, INIChain has established a foundational privacy computing infrastructure. Coupled with the InitVerse SaaS platform, which provides streamlined developer tools, the ecosystem covers the entire lifecycle of blockchain application development—from core privacy infrastructure to rapid dApp deployment. Together, INIChain and InitVerse have built a comprehensive ecosystem catering to miners, developers, and blockchain builders. At the core of this vibrant InitVerse ecosystem lies INIChain’s innovative technology, transforming traditional Proof-of-Work (PoW) from an “energy-intensive competition” into a collaborative privacy-computing infrastructure. The recent 2nd-anniversary event prominently showcased these groundbreaking technical capabilities:
1. TfhEVM: The “Invisibility Cloak” for Private Smart Contracts
  - Technology Overview: TfhEVM integrates Fully Homomorphic Encryption (TFHE) with Ethereum’s EVM, enabling real-time computations on encrypted data. Input data is transformed into randomized polynomial ciphertexts, ensuring results are verifiable without decrypting sensitive information.
  - Developer Advantages: Through the InitVerse SaaS platform, Ethereum developers can easily deploy or migrate dApps with just one click, significantly reducing costs while providing robust privacy protection.
2. DDA Mechanism: The “Hash Power Regulator” for Miners
  - Dynamic Block Partitioning: Blocks are segmented into high-privacy blocks (requiring TFHE computation) and standard blocks (traditional PoW). High-privacy blocks offer higher rewards but have a higher computational barrier, whereas standard blocks enable participation from regular CPU miners.
  - VersaHash Algorithm: A more equitable mining approach that dynamically adjusts computational difficulty, ensuring balanced earnings across miners of varying capabilities.
  - Miner Rewards Model:
    
    Base Reward: Each block consistently yields 727.39 $INI, distributed proportionally based on mining contributions.
    
    Privacy Computing Bonus: Miners participating in high-privacy block validation receive an additional 15% reward boost.
Earn 500,000 $INI Risk-Free: Events You Shouldn’t Miss!

The anniversary event offers a series of mini-challenges that caters to users of all levels, allowing you to get high returns and unique rewards. Participate via the official event page.

Event 1: Limited NFT Minting – Guaranteed 5 $INI for First 10,000 Participants + Exclusive Epic Cards!
- Total Rewards: 50,000 $INI + Limited Edition INIBoo NFTs
- Event Period: From March 17th to April 13th. Split into 4 batches, each batch lasting 7 days (the first batch ends on March 13th).
- Participation Steps: Log in to the Candy platform → Complete verification → Select the batch → Pay 0.5 $INI → Mint NFT and claim $INI.
How It Works:
- Step-by-Step Participation:
  - Follow InitVerse on X, join the Telegram and Discord groups—this grants eligibility for a free NFT mint.
  - $INI back immediately — even after deducting the 0.5 $INI mint cost, yielding a net profit of 4.5 $INI per mint.
- Guaranteed Earnings:
  Each mint directly returns rewards—every user will profit at least 4.5 $INI per NFT minted.
- Scarcity and Benefits:
  - The NFT collection “INIBoo” is limited, featuring epic cards whose availability decreases daily.
  - NFT holders get perks such as merchandise, early testing access, whitelist airdrops, exclusive event tickets, VIP privileges, and governance rights, with benefits expanding alongside ecosystem growth.
Event 2: Earn 10 $INI + Mining Rewards in 4 Easy Steps!
- Prize Pool: 100,000 $INI
- Event Window: March 28 – April 16 (UTC), limited to the first 10,000 participants.
Step-by-Step Guide:
1. Follow the InitVerse X account and retweet the pinned tweet.
2. Join the Telegram and Discord communities.
3. Perform 10 mainnet transactions (e.g., token transfers between your addresses).
4. Mine on C-Mining Pool via provided tutorials (only 5 hours required).
After completing these tasks, claim your guaranteed 10 $INI reward.

Extra Benefits: Double your earnings by stacking mining rewards and the 10 $INI task reward.

Event 3: High-Yield Staking—Earn up to 50% APR!
- Total Prize Pool: 300,000 $INI
- Event Duration: March 28–April 16 (UTC). The staking period is fixed at 20 days, after which participation closes.
- Eligibility: Must first complete Event 2.
Participation Details:
- Stake at least 10 $INI on the event page.
- Rewards released after completing a 20-day staking period.
- Open to all, making it accessible even to small token holders.
Dynamic Reward:
- If ≥50,000 participants join, staking rewards increase to 50%, encouraging collective community participation.
- Guaranteed Minimum: Even if fewer than 20,000 users join, participants will still earn a guaranteed 10% return, far exceeding typical DeFi standards.
- Low Barrier to Entry: Participation starts from just 10 $INI, with straightforward staking rules, ensuring inclusivity for small-scale holders.
Ideal for: Long-term holders, community governance participants, and those seeking to maximize returns.

Event 4: 50,000 $INI Partnership Program

Details:
Seeking partnerships and influencers who can bring additional traffic and collaborate with InitVerse.
- Application:
  Directly message on Telegram: @samylmz
Final Thoughts:

InitVerse’s 2nd anniversary emphasizes universal community engagement, attractive rewards, and unique privileges, distributing 450,000 $INI directly to participants, with an additional 50,000 $INI allocated to strategic partnerships. This celebration isn’t just about rewards—it’s a decentralized initiative showcasing the power of community-driven innovation, paving the way for blockchain’s future.

About InitVerse:

InitVerse is an automated Web3 SaaS platform designed for streamlined DApp development and deployment, backed by INIChain and INICloud. It simplifies blockchain app creation, enhancing development efficiency through comprehensive, user-friendly tools.

Contact:
Sami Yilmaz
support@inichain.com

Disclaimer: This press release is provided by INIChain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

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The MIL Network –
March 20, 2025

Category: Finance

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