Category: Finance

  • MIL-OSI: Micron Appoints Mark Liu and Christie Simons to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, March 05, 2025 (GLOBE NEWSWIRE) — Micron Technology Inc. (Nasdaq: MU) today announced it has appointed two experienced business leaders, Mark Liu and Christie Simons, to its board of directors.

    Liu spent over 30 years with Taiwan Semiconductor Manufacturing Company (TSMC), where he held increasingly important leadership positions, including senior vice president (2004-2012), co-chief operations officer (2012-2013), president and co-CEO (2013-2018), and executive chairman (2018-2024). Under his leadership, TSMC became the world’s largest semiconductor foundry. Currently, he is the founder and chairman of J&M Copper Beech Ventures, a multi-strategy investment fund. Liu began his career at Intel Corporation as part of the company’s development of its 32-bit microprocessor technology. He then moved to AT&T Bell Laboratory where he conducted fundamental high-speed electronics research. Liu’s other board commitments include the University of California, Berkeley Engineering Advisory Board. He holds a bachelor’s degree in electrical engineering from National Taiwan University, and master’s and Ph.D. degrees in electrical engineering and computer science from the University of California, Berkeley.

    “Mark is a visionary leader with deep technical expertise and business acumen. He has decades of experience leading one of the world’s most advanced and sophisticated semiconductor companies, with fab operations at the largest scale,” said Micron Chairman, President and CEO Sanjay Mehrotra. “His experience will help guide Micron as we scale our business to address the growing opportunities unleashed by AI — from the data center to the edge.”

    Simons is a senior audit and assurance partner of Deloitte & Touche LLP. She is retiring from the company in May with nearly 30 years of experience serving technology clients worldwide. She has held several significant leadership roles at Deloitte while leading teams to address clients’ most challenging problems, including global equity and debt offerings and enterprise-wide digital transformations. Simons recently led Deloitte’s Global Semiconductor Center of Excellence, integrating the organization’s multifaceted capabilities to serve global semiconductor clients across consulting, advisory, tax, and assurance. She also recently served as the U.S. Technology, Media, and Telecommunications industry leader for Deloitte’s audit and assurance practice. Simons holds a bachelor’s degree in international business and finance from the Leeds School of Business at the University of Colorado, Boulder, is a Certified Public Accountant in California, and is a member of the American Institute of CPAs.

    “Christie’s extensive experience in global technology and finance will provide invaluable insights as we continue to optimize Micron’s business to focus on innovation and growth,” said Mehrotra. “Her specific experience with the semiconductor industry will be a great asset as our board continues to shape Micron’s strategy to address the opportunities ahead.”

    “I am very pleased to welcome Mark and Christie to the Micron board of directors,” said Lynn Dugle, Micron’s lead independent director. “Mark’s executive experience with the world’s largest semiconductor foundry and Christie’s work delivering an array of services to global semiconductor companies bring additional strength to our board. We look forward to their contributions as we continue to position Micron for long-term success.”

    About Micron Technology, Inc.
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Media Relations Contact
    Mark Plungy
    Micron Technology, Inc.
    +1 (408) 203-2910
    mplungy@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    Micron Technology, Inc.
    +1 (408) 450-6199
    satyakumar@micron.com

    The MIL Network

  • MIL-OSI: Zscaler Reports Second Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Highlights

    • Revenue grows 23% year-over-year to $647.9 million
    • Calculated billings grows 18% year-over-year to $742.7 million
    • Deferred revenue grows 25% year-over-year to $1,878.5 million
    • GAAP net loss of $7.7 million compared to GAAP net loss of $28.5 million on a year-over-year basis
    • Non-GAAP net income of $127.1 million compared to non-GAAP net income of $99.4 million on a year-over-year basis

    SAN JOSE, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its second quarter of fiscal year 2025, ended January 31, 2025.

    “Growing adoption of Zero Trust and AI is driving strong demand for our platform, resulting in yet another strong quarter that exceeded our guidance on both top and bottom line. We are leading the industry towards Zero Trust Everywhere by transforming security from legacy appliance-based to a Zero Trust architecture,” said Jay Chaudhry, Chairman and CEO of Zscaler. “By combining AI with Zero Trust, we are delivering several key innovations to secure our customers’ use of AI applications, creating new avenues of growth.”

    Second Quarter Fiscal 2025 Financial Highlights

    • Revenue: $647.9 million, an increase of 23% year-over-year.
    • Income (loss) from operations: GAAP loss from operations was $40.1 million, or 6% of revenue, compared to $45.5 million, or 9% of revenue, in the second quarter of fiscal 2024. Non-GAAP income from operations was $140.5 million, or 22% of revenue, compared to $103.2 million, or 20% of revenue, in the second quarter of fiscal 2024.
    • Net income (loss): GAAP net loss was $7.7 million, compared to $28.5 million in the second quarter of fiscal 2024. Non-GAAP net income was $127.1 million, compared to $99.4 million in the second quarter of fiscal 2024.
    • Net income (loss) per share, diluted: GAAP net loss per share was $0.05, compared to $0.19 in the second quarter of fiscal 2024. Non-GAAP net income per share was $0.78, compared to $0.63 in the second quarter of fiscal 2024.
    • Cash flows: Cash provided by operations was $179.4 million, or 27% of revenue, compared to $142.1 million, or 27% of revenue, in the second quarter of fiscal 2024. Free cash flow was $143.4 million, or 22% of revenue, compared to $100.8 million, or 19% of revenue, in the second quarter of fiscal 2024.
    • Deferred revenue: $1,878.5 million as of January 31, 2025, an increase of 25% year-over-year.
    • Cash, cash equivalents and short-term investments: $2,880.2 million as of January 31, 2025, an increase of $470.6 million from July 31, 2024.

    Recent Business Highlights

    • Introduced the industry’s first Zero Trust Segmentation solution for branches and cloud environments. The new solution improves customers’ security posture by preventing lateral movement from ransomware attacks, while cutting firewall and infrastructure spend in half.
    • Started offering the Zero Trust Network Access (ZTNA) service natively integrated within RISE with SAP. Zscaler Private Access™ (ZPA™) for SAP helps enable SAP customers with on-premises ERP workloads to simplify and de-risk their cloud migration, without the complexity and risk associated with traditional VPNs.
    • Appointed Phil Tee as EVP of AI Innovations. Tee previously co-founded an enterprise AI-driven provider of intelligent monitoring solutions for DevOps and ITOps.
    • Achieved FedRAMP authorization for Zscaler Zero Trust Browser. The authorization assures agencies of compliance with rigorous security standards, facilitating cloud adoption and streamlining the procurement process.
    • Announced that Nokia, a multinational technology leader, is migrating from its traditional firewall-based security model to the Zscaler Zero Trust Exchange to enhance its security, improve operational efficiency, and strengthen cloud capabilities.

    Change in Non-GAAP Measures Presentation

    Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    Financial Outlook

    For the third quarter of fiscal 2025, we expect:

    • Revenue of $665 million to $667 million
    • Non-GAAP income from operations of $140 million to $142 million
    • Non-GAAP net income per share of approximately $0.75 to $0.76, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

    For the full year of fiscal 2025, we expect:

    • Revenue of approximately $2.640 billion to $2.654 billion
    • Calculated billings of $3.153 billion to $3.168 billion
    • Non-GAAP income from operations of $562 million to $572 million
    • Non-GAAP net income per share of $3.04 to $3.09, assuming approximately 163.5 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

    These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

    For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

    Conference Call and Webcast Information

    Zscaler will host a conference call for analysts and investors to discuss its second quarter of fiscal 2025 and outlook for its third quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

    Date: Wednesday, March 5, 2025
    Time: 1:30 p.m. PT
    Webcast: https://ir.zscaler.com 
    Dial-in: To join by phone, register at the following link: (https://register.vevent.com/register/BI81201a44d72f48cab018ea30aa79b03b). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.
       

    Upcoming Conferences

    Third quarter of fiscal 2025 investor conference participation schedule:

    • Morgan Stanley Technology, Media and Telecom Conference in San Francisco
      Thursday, March 6, 2025
    • Susquehanna Travel, Tech + Gambling Forum (Virtual)
      Friday, March 7, 2025
    • Loop Capital Markets 2025 Investor Conference (Virtual)
      Monday, March 10, 2025
    • Stifel Technology 2025 Technology One-on-One Conference in New York City
      Tuesday, March 11, 2025
    • Cantor Global Technology Conference in New York City
      Wednesday, March 12, 2025

    Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the third quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.

    Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 filed on December 5, 2024 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    Use of Non-GAAP Financial Information

    We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

    About Zscaler

    Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

    Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Investor Relations Contacts

    Ashwin Kesireddy
    VP, Investor Relations and Strategic Finance
    (415) 798-1475
    ir@zscaler.com

    Natalia Wodecki
    Media Relations Contact
    press@zscaler.com

     
    ZSCALER, INC.
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                   
      Three Months Ended   Six Months Ended
      January 31,   January 31,
      2025   2024   2025   2024
    Revenue $ 647,900     $ 524,999     $ 1,275,855     $ 1,021,702  
    Cost of revenue(1) (2)   148,498       117,199       289,960       228,593  
    Gross profit   499,402       407,800       985,895       793,109  
    Operating expenses:              
    Sales and marketing(1) (2)   307,872       276,481       613,959       543,592  
    Research and development(1) (2)   170,860       122,181       325,114       235,720  
    General and administrative(1)   60,810       54,595       117,629       105,311  
    Total operating expenses   539,542       453,257       1,056,702       884,623  
    Loss from operations   (40,140 )     (45,457 )     (70,807 )     (91,514 )
    Interest income   30,878       28,385       60,926       54,327  
    Interest expense(3)   (2,339 )     (3,605 )     (5,482 )     (6,764 )
    Other income (expense), net   (4,936 )     172       (5,588 )     (1,040 )
    Loss before income taxes   (16,537 )     (20,505 )     (20,951 )     (44,991 )
    Provision for (benefit from) for income taxes(4)   (8,813 )     7,964       (1,176 )     16,961  
    Net loss $ (7,724 )   $ (28,469 )   $ (19,775 )   $ (61,952 )
    Net loss per share, basic and diluted $ (0.05 )   $ (0.19 )   $ (0.13 )   $ (0.42 )
    Weighted-average shares used in computing net loss per share, basic and diluted   153,672       148,951       153,114       148,287  
    (1) Includes stock-based compensation expense and related payroll taxes as follows:
    Cost of revenue $ 17,619     $ 13,434     $ 33,412     $ 26,389  
    Sales and marketing   69,979       65,855       134,845       124,523  
    Research and development   65,896       44,120       124,761       85,163  
    General and administrative   22,862       22,127       43,912       42,190  
    Total $ 176,356     $ 145,536     $ 336,930     $ 278,265  
    (2) Includes amortization expense of acquired intangible assets as follows:
    Cost of revenue $ 3,815     $ 2,717     $ 7,490     $ 5,434  
    Sales and marketing   425       226       850       452  
    Research and development   5       140       145       233  
    Total $ 4,245     $ 3,083     $ 8,485     $ 6,119  
    (3) Includes amortization of debt issuance costs $ 982     $ 978     $ 1,963     $ 1,955  
    (4) Benefit from a release of valuation allowance (*) $ 17,188     $     $ 17,188     $  
                                   

    (*) During the three months ended January 31, 2025, we recognized a tax benefit of $17.2 million attributable to the release of the valuation allowance on United Kingdom (U.K.) deferred tax assets.

     
    ZSCALER, INC.
    Condensed Consolidated Balance Sheets
    (in thousands)
    (unaudited)
      January 31,   July 31,
      2025   2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 1,758,506     $ 1,423,080  
    Short-term investments   1,121,734       986,574  
    Accounts receivable, net   514,314       736,529  
    Deferred contract acquisition costs   156,079       148,873  
    Prepaid expenses and other current assets   114,573       101,561  
    Total current assets   3,665,206       3,396,617  
    Property and equipment, net   422,315       383,121  
    Operating lease right-of-use assets   83,703       89,758  
    Deferred contract acquisition costs, noncurrent   284,286       296,525  
    Acquired intangible assets, net   55,658       63,835  
    Goodwill   417,730       417,029  
    Other noncurrent assets   77,070       58,083  
    Total assets $ 5,005,968     $ 4,704,968  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 24,600     $ 23,309  
    Accrued expenses and other current liabilities   90,626       91,708  
    Accrued compensation   140,430       160,810  
    Deferred revenue   1,595,780       1,643,919  
    Convertible senior notes   1,147,513       1,142,275  
    Operating lease liabilities   49,917       50,866  
    Total current liabilities   3,048,866       3,112,887  
    Deferred revenue, noncurrent   282,725       251,055  
    Operating lease liabilities, noncurrent   40,912       44,824  
    Other noncurrent liabilities   26,119       22,100  
    Total liabilities   3,398,622       3,430,866  
    Stockholders’ Equity      
    Common stock   155       152  
    Additional paid-in capital   2,797,350       2,426,819  
    Accumulated other comprehensive loss   (22,304 )     (4,789 )
    Accumulated deficit   (1,167,855 )     (1,148,080 )
    Total stockholders’ equity   1,607,346       1,274,102  
    Total liabilities and stockholders’ equity $ 5,005,968     $ 4,704,968  
                   
     
    ZSCALER, INC.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
      Six Months Ended
      January 31,
      2025   2024
    Cash Flows from Operating Activities      
    Net loss $ (19,775 )   $ (61,952 )
    Adjustments to reconcile net loss to cash provided by operating activities:      
    Depreciation and amortization expense   45,911       29,361  
    Amortization expense of acquired intangible assets   8,485       6,119  
    Amortization of deferred contract acquisition costs   79,191       61,504  
    Amortization of debt issuance costs   1,963       1,955  
    Non-cash operating lease costs   31,565       21,633  
    Stock-based compensation expense   329,295       269,570  
    Accretion of investments purchased at a discount   (10,110 )     (9,582 )
    Unrealized losses on hedging transactions   3,036       2,841  
    Deferred income taxes   (17,359 )     (1,437 )
    Other   1,303       1,403  
    Changes in operating assets and liabilities, net of effects of business acquisitions:      
    Accounts receivable   222,043       102,374  
    Deferred contract acquisition costs   (74,158 )     (67,744 )
    Prepaid expenses, other current and noncurrent assets   (12,144 )     2,660  
    Accounts payable   98       (2,412 )
    Accrued expenses, other current and noncurrent liabilities   (11,481 )     6,020  
    Accrued compensation   (20,380 )     562  
    Deferred revenue   (16,469 )     62,477  
    Operating lease liabilities   (30,246 )     (22,477 )
    Net cash provided by operating activities   510,768       402,875  
    Cash Flows from Investing Activities      
    Purchases of property, equipment and other assets   (32,043 )     (59,553 )
    Capitalized internal-use software   (43,416 )     (17,816 )
    Payments for business acquisitions, net of cash acquired   (834 )     (4,377 )
    Purchase of strategic investments   (786 )     (2,000 )
    Purchases of short-term investments   (729,066 )     (761,796 )
    Proceeds from maturities of short-term investments   605,003       594,687  
    Proceeds from sale of short-term investments         2,105  
    Net cash used in investing activities   (201,142 )     (248,750 )
    Cash Flows from Financing Activities      
    Proceeds from issuance of common stock upon exercise of stock options   3,456       3,848  
    Proceeds from issuance of common stock under the employee stock purchase plan   22,344       18,407  
    Net cash provided by financing activities   25,800       22,255  
    Net increase in cash and cash equivalents   335,426       176,380  
    Cash and cash equivalents at beginning of period   1,423,080       1,262,206  
    Cash and cash equivalents at end of period $ 1,758,506     $ 1,438,586  
                   
     
    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except percentages)
    (unaudited)
                   
      Three Months Ended   Six Months Ended
      January 31,   January 31,
      2025   2024   2025   2024
                   
    Revenue $ 647,900     $ 524,999     $ 1,275,855     $ 1,021,702  
                   
    Non-GAAP Gross Profit and Non-GAAP Gross Margin              
    GAAP gross profit $ 499,402     $ 407,800     $ 985,895     $ 793,109  
    Add: Stock-based compensation expense and related payroll taxes   17,619       13,434       33,412       26,389  
    Add: Amortization expense of acquired intangible assets   3,815       2,717       7,490       5,434  
    Non-GAAP gross profit $ 520,836     $ 423,951     $ 1,026,797     $ 824,932  
    GAAP gross margin   77 %     78 %     77 %     78 %
    Non-GAAP gross margin   80 %     81 %     80 %     81 %
                   
    Non-GAAP Income from Operations and Non-GAAP Operating Margin              
    GAAP loss from operations $ (40,140 )   $ (45,457 )   $ (70,807 )   $ (91,514 )
    Add: Stock-based compensation expense and related payroll taxes   176,356       145,536       336,930       278,265  
    Add: Amortization expense of acquired intangible assets   4,245       3,083       8,485       6,119  
    Non-GAAP income from operations $ 140,461     $ 103,162     $ 274,608     $ 192,870  
    GAAP operating margin (6 )%   (9 )%   (6 )%   (9 )%
    Non-GAAP operating margin   22 %     20 %     22 %     19 %
                                   
     
    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except per share amounts)
    (unaudited)
                   
      Three Months Ended   Six Months Ended
      January 31,   January 31,
      2025   2024   2025   2024
    Non-GAAP Net Income per Share, Diluted              
    GAAP net loss $ (7,724 )   $ (28,469 )   $ (19,775 )   $ (61,952 )
    Add: GAAP provision for (benefit from) income taxes   (8,813 )     7,964       (1,176 )     16,961  
    GAAP loss before income taxes   (16,537 )     (20,505 )     (20,951 )     (44,991 )
    Add:              
    Stock-based compensation expense and related payroll taxes   176,356       145,536       336,930       278,265  
    Amortization expense of acquired intangible assets   4,245       3,083       8,485       6,119  
    Amortization of debt issuance costs   982       978       1,963       1,955  
    Non-GAAP net income before income taxes   165,046       129,092       326,427       241,348  
    Non-GAAP provision for income taxes(1)   37,965       29,691       75,083       55,510  
    Non-GAAP net income $ 127,081     $ 99,401     $ 251,344     $ 185,838  
                   
    GAAP provision for (benefit from) income taxes $ (8,813 )   $ 7,964     $ (1,176 )   $ 16,961  
    Add: Income tax and other tax adjustments(2)   46,778       21,727       76,259       38,549  
    Non-GAAP provision for income taxes(1) $ 37,965     $ 29,691     $ 75,083     $ 55,510  
    Non-GAAP effective tax rate(1)   23 %     23 %     23 %     23 %
                   
    Non-GAAP net income   127,081       99,401       251,344       185,838  
    Add: Non-GAAP interest expense, net of tax related to the convertible senior notes   276       276       552       552  
    Numerator used in computing non-GAAP net income per share, diluted $ 127,357     $ 99,677     $ 251,896     $ 186,390  
                   
    GAAP net loss per share, diluted $ (0.05 )   $ (0.19 )   $ (0.13 )   $ (0.42 )
    Stock-based compensation expense and related payroll taxes   1.09       0.91       2.08       1.75  
    Amortization expense of acquired intangible assets   0.03       0.02       0.05       0.04  
    Amortization of debt issuance costs   0.01       0.01       0.01       0.01  
    Income tax and other tax adjustments(2)   (0.29 )     (0.14 )     (0.47 )     (0.24 )
    Non-GAAP interest expense related to the convertible senior notes                      
    Adjustment to total fully diluted earnings per share(3)   (0.01 )     0.02       0.01       0.03  
    Non-GAAP net income per share, diluted $ 0.78     $ 0.63     $ 1.55     $ 1.17  
                   
    Weighted-average shares used in computing GAAP net loss per share, diluted   153,672       148,951       153,114       148,287  
    Add: Outstanding potentially dilutive equity incentive awards   2,988       4,670       2,848       4,226  
    Add: Convertible senior notes   7,626       7,626       7,626       7,626  
    Less: Antidilutive impact of capped call transactions(4)   (1,769 )     (2,093 )     (1,505 )     (1,254 )
    Weighted-average shares used in computing non-GAAP net income per share, diluted   162,517       159,154       162,083       158,885  

    ___________

    (1) Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    (2) Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three months ended January 31, 2025, the adjustments exclude the tax benefit of $17.2 million attributable to the release of the valuation allowance on U.K. deferred tax assets.

    (3) The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

    (4) We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.

     
    ZSCALER, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (in thousands, except percentages)
    (unaudited)
                   
      Three Months Ended   Six Months Ended
      January 31,   January 31,
      2025   2024   2025   2024
    Calculated Billings              
    Revenue $ 647,900     $ 524,999     $ 1,275,855     $ 1,021,702  
    Add: Total deferred revenue, end of period   1,878,505       1,502,175       1,878,505       1,502,175  
    Less: Total deferred revenue, beginning of period   (1,783,720 )     (1,399,544 )     (1,894,974 )     (1,439,676 )
    Calculated billings $ 742,685     $ 627,630     $ 1,259,386     $ 1,084,201  
                   
    Free Cash Flow              
    Net cash provided by operating activities $ 179,433     $ 142,069     $ 510,768     $ 402,875  
    Less: Purchases of property, equipment and other assets   (15,018 )     (30,894 )     (32,043 )     (59,553 )
    Less: Capitalized internal-use software   (20,987 )     (10,387 )     (43,416 )     (17,816 )
    Free cash flow $ 143,428     $ 100,788     $ 435,309     $ 325,506  
                   
    Free Cash Flow Margin              
    Net cash provided by operating activities, as a percentage of revenue   27 %     27 %     40 %     39 %
    Less: Purchases of property, equipment and other assets, as a percentage of revenue (2 )%   (6 )%   (3 )%   (6 )%
    Less: Capitalized internal-use software, as a percentage of revenue (3 )%   (2 )%   (3 )%   (2 )%
    Free cash flow margin   22 %     19 %     34 %     32 %
                                   
     
    ZSCALER, INC.
    Explanation of Non-GAAP Financial Measures
     

    In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

    Expenses Excluded from Non-GAAP Measures

    Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.

    Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

    Non-GAAP Financial Measures

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

    Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.

    Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

    Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

    The MIL Network

  • MIL-OSI: Silvaco Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Achieved record gross bookings of $65.8 million and revenue of $59.7 million in full-year 2024

    Signed 46 new customers in 2024 and expanded relationship with existing customers across key markets including power, automotive, memory, foundry, and display

    Expanded Product Portfolio with the Acquisition of Cadence’s Process Proximity Compensation Product Line

    SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its fourth quarter and full year 2024 results.

    “We are proud to close out the year with strong momentum and growing customer traction, including 46 new customer wins in 2024 and multiple bookings on our AI based, flagship FTCO platform,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “Our first acquisition as a public company marks a significant milestone in executing our M&A strategy for talent, technology and expanding through inorganic growth. With a continued focus on innovation and execution, we are well-positioned to build on this success and drive further growth in 2025 for our EDA and TCAD product lines.”

    Fourth Quarter 2024 and Recent Business Highlights

    • Acquired 13 new customers across key markets including Photonics, Power, Automotive, Memory, and Foundry, which represented approximately 9% of gross bookings for the quarter.
    • Announced a partnership with Micon Global to expand Silvaco’s reach across the EMEA market, leveraging Micon’s expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new customers.
    • Joined the SMART USA Institute under the CHIPS Manufacturing USA program to advance digital twin technologies in semiconductor manufacturing, reinforcing Silvaco’s leadership in innovation. We received our first booking from this program.
    • Received a $5.0 million follow-on order for FTCO™ digital-twin modeling product from a strategic memory customer. This order extends the footprint of our FTCO™ product line and further validates our strategic focus on this unique technology.
    • Achieved ISO 9001 certification, underscoring Silvaco’s commitment to quality and continuous improvement across its TCAD, EDA, and SIP product portfolio.
    • On March 4, 2025, Silvaco closed the acquisition of the Process Proximity Compensation (PPC) product line from Cadence Design Systems, Inc. The addition, an optical proximity correction suite of tools, is highly complementary to Silvaco’s EDA and TCAD tool suites.

    Full Year 2024 Business Highlights

    • Acquired 46 new customers across key markets including Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, and Foundry, which represented approximately 10% of gross bookings for the year.
    • Expanded Victory TCAD and Digital Twin Modeling Platform to Planar CMOS, FinFET and Advanced CMOS Technologies which is a necessary step to enable FTCO for Advanced Process.
    • Silvaco Announced that the Ninth Circuit Court of Appeals affirmed the dismissal of all claims against Silvaco brought by Aldini AG.
    • Silvaco was added to the Russell 2000®, Russell 3000®, and Russell Microcap® indexes in September 2024.
    • Completed initial public offering in May 2024, raising $106 million net of underwriters’ fees.

    Fourth Quarter 2024 Financial Results

    GAAP Financial Results

    • Revenue of $17.9 million, up 43% year-over-year and up 63% quarter-over-quarter.
      • TCAD revenue of $12.7 million, up 65% year-over-year.
      • EDA revenue of $4.2 million, up 57% year-over-year.
      • SIP revenue of $0.9 million, down 57% year-over-year.
    • GAAP gross profit and GAAP gross margin were $15.4 million and 86%, respectively, which includes the impact of $194,000 stock-based compensation expense, $249,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $9.8 million and 79% in Q4 2023.
    • GAAP net income of $4.2 million, compared to a GAAP net loss of $2.2 million in Q4 2023.
    • GAAP basic and diluted net income per share of $0.14, compared to GAAP basic and diluted net loss per share of $(0.11) in Q4 2023.
    • As of December 31, 2024, cash and cash equivalents and marketable securities totaled $87.5 million.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $20.3 million, up 30% year-over-year.
    • As of December 31, 2024, the remaining performance obligation balance of $34.3 million, 46% of which is expected to be recognized as revenue in the next 12 months.
    • Non-GAAP gross profit and non-GAAP gross margin were $16.0 million and 89%, respectively, up from $9.8 million and 79% year-over-year.
    • Non-GAAP net income of $4.3 million, compared to Non-GAAP net loss of $(1.6) million in Q4 2023.
    • Non-GAAP diluted net income per share of $0.15, compared to Non-GAAP diluted net loss per share of $(0.08) in Q4 2023.

    Full Year 2024 Financial Results

    GAAP Financial Results

    • Revenue of $59.7 million, up 10% year-over-year.
      • TCAD revenue of $40.2 million, up 25% year-over-year.
      • EDA revenue of $14.6 million, up 4% year-over-year.
      • SIP revenue of $4.9 million, down 40% year-over-year.
    • GAAP gross profit and GAAP gross margin were $47.6 million and 80%, respectively, which includes the impact of $3.0 million stock-based compensation expense, $747,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $44.9 million and down from 83% in 2023.
    • GAAP net loss of $(39.4) million, compared to $(0.3) million in 2023.
    • GAAP basic and diluted net loss per share of $(1.53), compared to $(0.02) in 2023.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $65.8 million, up 13% year-over-year.
    • Non-GAAP gross profit and non-GAAP gross margin were $51.4 million and 86%, respectively, up from $44.9 million and 83% year over year.
    • Non-GAAP net income of $6.7 million, compared to $3.4 million in 2023.
    • Non-GAAP diluted net income per share of $0.25, compared to $0.17 in 2023.

    For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

    Supplementary materials to this press release, including our fourth quarter 2024 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

    First Quarter and Full Year 2025 Financial Outlook

    As of March 5, 2025, Silvaco is providing guidance for its first quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and payroll tax from the IPO lock-up release. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, IPO preparation costs, and executive severance costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Based on current business trends and conditions, the Company expects for first quarter 2025 the following:

    • Gross bookings in the range of $16.0 million to $19.0 million, which would compare to $16.1 million in the first quarter of 2024.
    • Revenue in the range of $14.5 million to $17.0 million, which would compare to $15.9 million in the first quarter of 2024.
    • Non-GAAP gross margin in the range of 84% to 87%, which would compare to 88% in the first quarter of 2024.
    • Non-GAAP operating income in the range of ($1.0) million loss to $1.0 million income, compared to $3.3 million in the first quarter of 2024.
    • Non-GAAP diluted net income per share in the range of ($0.03) loss to $0.03, compared to $0.12 in the first quarter of 2024.

    For full year 2025, the Company expects:

    • Gross bookings in the range of $72.0 million to $79.0 million, which would represent a 9% to 20% increase from $65.8 million in 2024.
    • Revenue in the range of $66.0 million to $72.0 million, which would represent a 11% to 21% increase from $59.7 million in 2024.
    • Non-GAAP gross margin in the range of 84.0% to 89.0%, which would compare to 86% in 2024.
    • Non-GAAP operating income in the range of $2.0 million to $7.0 million, which would compare to $5.5 million in 2024.
    • Non-GAAP diluted net income per share in the range of $0.07 to $0.19, compared to $0.25 in 2024.

    Q4 2024 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Wednesday, March 5, 2025
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; (w) our use of the net proceeds from our initial public offering, and (x) our ability to successfully integrate, retain key personnel, and realize the anticipated benefits of the acquisition of Cadence’s PPC product line.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a mean to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and payroll tax from the IPO lock-up release. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, and executive severance costs. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands except share and par value amounts)
      December 31,   December 31,
      2024   2023
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 19,606     $ 4,421  
    Short-term marketable securities   63,071        
    Accounts receivable, net   9,211       4,006  
    Contract assets, net   11,932       8,749  
    Prepaid expenses and other current assets   3,460       2,549  
    Deferred transaction costs         1,163  
    Total current assets   107,280       20,888  
    Non-current assets:      
    Non-current marketable securities   4,785        
    Property and equipment, net   865       591  
    Operating lease right-of-use assets, net   1,711       1,963  
    Intangible assets, net   4,369       342  
    Goodwill   9,026       9,026  
    Non-current portion of contract assets, net   12,611       6,250  
    Other assets   1,698       1,825  
    Total non-current assets   35,065       19,997  
    Total assets $ 142,345     $ 40,885  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 3,316     $ 2,495  
    Accrued expenses and other current liabilities   19,801       10,255  
    Accrued income taxes   1,668       1,626  
    Deferred revenue, current   7,497       7,882  
    Operating lease liabilities, current   744       735  
    Related party line of credit         2,000  
    Vendor financing obligations, current   1,462        
    Total current liabilities   34,488       24,993  
    Non-current liabilities:      
    Deferred revenue, non-current   3,593       5,071  
    Operating lease liabilities, non-current   946       1,198  
    Vendor financing obligations, non-current   2,928        
    Other non-current liabilities   307       221  
    Total liabilities   42,262       31,483  
    Commitments and contingencies      
    Stockholders’ equity      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024; no shares authorized as of December 31, 2023          
    Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,526,615 shares issued and outstanding as of December 31, 2024; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding as of December 31, 2023   3       2  
    Additional paid-in capital   130,360        
    (Accumulated deficit) Retained earnings   (28,012 )     11,392  
    Accumulated other comprehensive loss   (2,268 )     (1,992 )
    Total stockholders’ equity   100,083       9,402  
    Total liabilities and stockholders’ equity $ 142,345     $ 40,885  
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited, in thousands except share and per share amounts)
                   
      Three months Ended December 31,   Twelve months Ended December 31,
        2024       2023       2024       2023  
                   
    Revenue:              
    Software license revenue $ 13,870     $ 8,738     $ 43,991     $ 39,331  
    Maintenance and service   3,989       3,748       15,689       14,915  
    Total revenue   17,859       12,486       59,680       54,246  
    Cost of revenue   2,422       2,682       12,042       9,354  
    Gross profit   15,437       9,804       47,638       44,892  
    Operating expenses:              
    Research and development   5,283       3,337       20,740       13,170  
    Selling and marketing   3,983       3,833       18,300       12,707  
    General and administrative   7,529       4,570       37,571       17,881  
    Estimated litigation claim   (3,782 )           11,306        
    Total operating expenses   13,013       11,740       87,917       43,758  
    Operating (loss) income   2,424       (1,936 )     (40,279 )     1,134  
    Loss on debt extinguishment               (718 )      
    Interest income   1,077       2       2,976       6  
    Interest and other expenses, net   (67 )     (95 )     (899 )     (630 )
    (Loss) income before income tax provision   3,434       (2,029 )     (38,920 )     510  
    Income tax provision (benefit)   (723 )     218       484       826  
    Net (loss) income $ 4,157     $ (2,247 )   $ (39,404 )   $ (316 )
    (Loss) earnings per share attributable to common stockholders:              
    Basic and diluted $ 0.14     $ (0.11 )   $ (1.53 )   $ (0.02 )
    Weighted average shares used in computing per share amounts:              
    Basic and diluted   28,734,082       20,000,000       25,672,845       20,000,000  
                   
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
      Year Ended December 31
        2024       2023  
    Cash flows from operating activities:      
    Net loss $ (39,404 )   $ (316 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
    Depreciation and amortization   1,285       601  
    Stock-based compensation expense   26,915        
    Provision for credit losses   351       220  
    Accretion of discount on marketable securities, net   (1,685 )      
    Estimated litigation claim   11,306        
    Loss on debt extinguishment   718        
    Change in fair value of contingent consideration   (27 )     325  
    Changes in operating assets and liabilities:      
    Accounts receivable   (5,971 )     1,378  
    Contract assets   (10,293 )     (5,208 )
    Prepaid expense and other current assets   (790 )     133  
    Other assets   57       (267 )
    Accounts payable   1,326       156  
    Accrued expenses and other current liabilities   (2,160 )     2,015  
    Accrued income taxes   74       (23 )
    Deferred revenue   (1,585 )     2,268  
    Other non-current liabilities   109       (102 )
    Net cash (used in) provided by operating activities   (19,774 )     1,180  
    Cash flows from investing activities:      
    Purchases of marketable securities   (99,630 )      
    Maturities of marketable securities   33,600        
    Purchases of property and equipment   (505 )     (339 )
    Net cash used in investing activities   (66,535 )     (339 )
    Cash flows from financing activities:      
    Proceeds from initial public offering, net of underwriting fees   106,020        
    Proceeds from issuance of convertible note, net of debt issuance costs   4,852        
    Proceeds from loan facility   4,250        
    Repayment of loan facility   (4,250 )      
    Proceeds from related party line of credit         1,000  
    Repayment of related party line of credit   (2,000 )     (1,000 )
    Proceeds from issuance of common stock for share-based awards   315        
    Payroll taxes related to shares withheld from employees   (4,575 )      
    Deferred transaction costs   (2,649 )     (650 )
    Contingent consideration   (74 )     (1,002 )
    Payments of vendor financing obligation   (588 )      
    Net cash provided by (used in) financing activities   101,301       (1,652 )
    Effect of exchange rate fluctuations on cash and cash equivalents   193       (246 )
    Net increase (decrease) in cash and cash equivalents   15,185       (1,057 )
    Cash and cash equivalents, beginning of period   4,421       5,478  
    Cash and cash equivalents, end of period $ 19,606     $ 4,421  
           
    SILVACO GROUP, INC.
    REVENUE
    (Unaudited)
                             
        2023   2024
        Q1 Q2 Q3 Q4 Year   Q1 Q2 Q3 Q4 Year
    Revenue by Region:                        
    Americas   35 % 29 % 31 % 29 % 31 %   27 % 51 % 31 % 40 % 38 %
    APAC   51 % 62 % 61 % 63 % 59 %   62 % 41 % 58 % 52 % 53 %
    EMEA   14 % 9 % 8 % 8 % 10 %   11 % 8 % 11 % 8 % 9 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 % 100 % 100 % 100 % 100 %
                             
    Revenue by Product Line:                        
    TCAD   62 % 62 % 52 % 62 % 59 %   66 % 69 % 59 % 71 % 68 %
    EDA   29 % 20 % 31 % 22 % 26 %   30 % 20 % 24 % 24 % 24 %
    SIP   9 % 18 % 17 % 16 % 15 %   4 % 11 % 17 % 5 % 8 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 % 100 % 100 % 100 % 100 %
                             
    Revenue Item Category:                        
    Software license revenue   75 % 71 % 74 % 70 % 73 %   77 % 74 % 62 % 78 % 74 %
    Maintenance and service   25 % 29 % 26 % 30 % 27 %   23 % 26 % 38 % 22 % 26 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 % 100 % 100 % 100 % 100 %
                             
    Revenue by Country:                        
    United States   34 % 28 % 28 % 28 % 30 %   51 % 30 % 39 % 39 % 37 %
    China   19 % 29 % 16 % 29 % 23 %   17 % 25 % 23 % 23 % 18 %
    Other   47 % 43 % 56 % 43 % 47 %   32 % 45 % 38 % 38 % 45 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 % 100 % 100 % 100 % 100 %
    SILVACO GROUP, INC.
    GAAP to Non-GAAP Reconciliation
    (Unaudited, in thousands except per share amounts)
                   
      Three Months Ended   Twelve Months Ended
      12/31/2024   12/31/2023   12/31/2024   12/31/2023
                   
    GAAP Cost of revenue $ 2,422     $ 2,682     $ 12,042     $ 9,354  
    Less: Stock-based compensation expense   (194 )           (2,974 )      
    Less: Amortization of acquired intangible assets   (249 )           (747 )      
    Less: Payroll tax from the IPO lock-up release   (80 )           (80 )      
    Non-GAAP Cost of revenue $ 1,899     $ 2,682     $ 8,241     $ 9,354  
    GAAP Gross profit $ 15,437     $ 9,804     $ 47,638     $ 44,892  
    Add: Stock-based compensation expense   194             2,974        
    Add: Amortization of acquired intangible assets   249             747        
    Add: Payroll tax from the IPO lockup release   80             80        
    Non-GAAP Gross profit $ 15,960     $ 9,804     $ 51,439     $ 44,892  
    GAAP Research and development $ 5,283     $ 3,337     $ 20,740     $ 13,170  
    Less: Stock-based compensation expense   (535 )           (5,091 )      
    Less: Executive severance   (215 )           (215 )      
    Less: Payroll tax from the IPO lock-up release   (397 )           (397 )      
    Less: Amortization of acquired intangible assets   (43 )     (82 )     (206 )     (339 )
    Non-GAAP Research and development $ 4,093     $ 3,255     $ 14,831     $ 12,831  
    GAAP Sales and marketing $ 3,983     $ 3,833     $ 18,300     $ 12,707  
    Less: Stock-based compensation expense   (388 )           (4,319 )      
    Less: Payroll tax from the IPO lock-up release   (85 )           (85 )      
    Less: IPO preparation costs               (178 )      
    Non-GAAP Sales and marketing $ 3,510     $ 3,833     $ 13,718     $ 12,707  
    GAAP General and administrative $ 7,529     $ 4,570     $ 37,571     $ 17,881  
    Less: Stock-based compensation expense   (1,410 )           (14,531 )      
    Less: Acquisition-related estimated litigation claim and legal costs   (523 )     (515 )     (4,629 )     (1,707 )
    Less: Executive severance   (200 )           (200 )      
    Less: Payroll tax from the IPO lock-up release   (163 )           (163 )      
    Less: IPO preparation costs         (45 )     (695 )     (1,221 )
    Non-GAAP General and administrative $ 5,233     $ 4,010     $ 17,353     $ 14,953  
    GAAP Estimated Litigation claim $ (3,782 )   $     $ 11,306     $  
    Add (Less): Acquisition-related estimated litigation claim and legal costs   3,782             (11,306 )      
    Non-GAAP Litigation claim $     $     $     $  
    GAAP Operating expenses $ 13,013     $ 11,740     $ 87,917     $ 43,758  
    Less: Stock-based compensation expense   (2,333 )           (23,941 )      
    Less: Acquisition-related estimated litigation claim and legal costs   3,259       (515 )     (15,935 )     (1,707 )
    Less: Executive severance   (415 )           (415 )      
    Less: Payroll tax from the IPO lock-up release   (645 )           (645 )      
    Less: IPO preparation costs         (45 )     (873 )     (1,221 )
    Less: Amortization of acquired intangible assets   (43 )     (82 )     (206 )     (339 )
    Non-GAAP Operating expenses $ 12,836     $ 11,098     $ 45,902     $ 40,491  
    GAAP Operating (loss) income $ 2,424     $ (1,936 )   $ (40,279 )   $ 1,134  
    Add: Stock-based compensation expense   2,527             26,915        
    Add (Less): Acquisition-related estimated litigation claim and legal costs   (3,259 )     515       15,935       1,707  
    Add: Payroll tax from the IPO lockup release   725             725        
    Add: Executive severance   415             415        
    Add: IPO preparation costs         45       873       1,221  
    Add: Amortization of acquired intangible assets   292       82       953       339  
    Non-GAAP Operating (loss) income $ 3,124     $ (1,294 )   $ 5,537     $ 4,401  
    GAAP Net (loss) income $ 4,157     $ (2,247 )   $ (39,404 )   $ (316 )
    Add: Stock-based compensation expense   2,527             26,915        
    Add: Amortization of acquired intangible assets   292       82       953       339  
    Add (Less): Acquisition-related estimated litigation claim and legal costs   (3,259 )     515       15,935       1,707  
    Add: Payroll tax from the IPO lockup release   725             725        
    Add: Executive Severance   415             415        
    Add: IPO preparation costs         45       873       1,221  
    Add: Loss on debt extinguishment               718        
    Add (Less): Change in fair value of contingent consideration   (9 )     (7 )     (27 )     325  
    Add (Less): Foreign exchange (gain) loss   (14 )     (3 )     404       335  
    Add: Income tax effect of non-GAAP adjustment   (566 )     (27 )     (831 )     (169 )
    Non-GAAP Net (loss) income $ 4,268     $ (1,642 )   $ 6,676     $ 3,442  
    GAAP Net income (loss) per share:              
    Basic and diluted: $ 0.14     $ (0.11 )   $ (1.53 )   $ (0.02 )
    Non-GAAP Net income (loss) per share:              
    Basic $ 0.15     $ (0.08 )   $ 0.26     $ 0.17  
    Diluted $ 0.15     $ (0.08 )   $ 0.25     $ 0.17  
    Weighted average shares used in GAAP and non-GAAP net income (loss) per share:              
    Basic   28,734,082       20,000,000       25,672,845       20,000,000  
    Diluted   28,849,041       20,000,000       26,841,901       20,000,000  
                   

    Investor Contact:
    Greg McNiff
    investors@silvaco.com

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network

  • MIL-OSI: Climb Global Solutions Reports Record Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FY 2024 Net Income up 51% to $18.6 Million or $4.06 per share; Adjusted Net Income up 64% to $24.0 Million or $5.26 per share; Adjusted EBITDA up 61% to $39.6 Million

    Q4 & FY 2024 Net Sales, Gross Profit, Net Income, EPS and Adjusted EBITDA Increase to Record Levels

    EATONTOWN, N.J., March 05, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Summary vs. Same Year-Ago Quarter

    • Net sales increased 51% to $161.8 million.
    • Net income increased 33% to $7.0 million or $1.52 per diluted share.
    • Adjusted net income (a non-GAAP financial measure defined below) increased 87% to $10.3 million or $2.26 per diluted share.
    • Adjusted EBITDA (a non-GAAP financial measure defined below) increased 75% to $16.1 million.
    • Gross billings (a key operational metric defined below) increased 52% to $605.0 million. Distribution segment gross billings increased 57% to $582.0 million, and Solutions segment gross billings decreased 9% to $23.0 million.

    FY 2024 Summary vs. FY 2023

    • Net sales increased 32% to $465.6 million.
    • Net income increased 51% to $18.6 million or $4.06 per diluted share.
    • Adjusted net income (a non-GAAP financial measure defined below) increased 64% to $24.0 million or $5.26 per diluted share.
    • Adjusted EBITDA (a non-GAAP financial measure defined below) increased 61% to $39.6 million.
    • Gross billings (a key operational metric defined below) increased 42% to $1.8 billion. Distribution segment gross billings increased 44% to $1.7 billion, and Solutions segment gross billings increased 7% to $89.8 million.

    Management Commentary

    “Our fourth quarter performance capped off an exceptional 2024, marking another year of record results across all key financial metrics,” said CEO Dale Foster. “Throughout the year, we evaluated over 120 vendors and signed agreements with only 13 of them, demonstrating our commitment to partnering with the most innovative technologies in the market. We also added scale and expertise to our North America operations through the acquisition of Douglas Stewart Software & Services, LLC (“DSS”), which was immediately accretive to earnings. I’m proud of our team’s hard work in generating double-digit organic growth in both the U.S. and Europe, reinforcing our commitment to deepening relationships with our partners across our global footprint.

    “Looking ahead, we have a solid foundation in place to continue driving strong organic growth while further improving operating leverage through the implementation of our ERP system. We will also continue to evaluate M&A opportunities that can enhance our service and solutions offerings, as well as expand our geographic footprint in the U.S. and overseas. These initiatives, coupled with our demonstrated track record of execution and a robust balance sheet, will enable us to deliver on our organic and inorganic growth initiatives in 2025.”

    Dividend

    Subsequent to quarter end, on February 28, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on March 21, 2025, to shareholders of record on March 17, 2025.

    Fourth Quarter 2024 Financial Results

    Net sales in the fourth quarter of 2024 increased 51% to $161.8 million compared to $106.8 million for the same period in 2023. This reflects organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the fourth quarter of 2024 increased 52% to $605.0 million compared to $397.0 million in the year-ago period.

    Gross profit in the fourth quarter of 2024 increased 48% to $31.2 million compared to $21.1 million for the same period in 2023. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

    Selling, general, and administrative (“SG&A”) expenses in the fourth quarter of 2024 were $17.1 million compared to $12.4 million in the year-ago period. DSS represented $2.2 million of the increase. SG&A as a percentage of gross billings decreased to 2.8% for the fourth quarter of 2024 compared to 3.1% in the year-ago period.

    Net income in the fourth quarter of 2024 increased 33% to $7.0 million or $1.52 per diluted share, compared to $5.2 million or $1.15 per diluted share for the same period in 2023. Net income was impacted by a $2.5 million charge related to a change in fair value of acquisition contingent consideration associated with Spinnakar Limited. Adjusted net income increased 87% to $10.3 million or $2.26 per diluted share, compared to $5.5 million or $1.21 per diluted share for the year-ago period.

    Adjusted EBITDA in the fourth quarter of 2024 increased 75% to $16.1 million compared to $9.2 million for the same period in 2023. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 780 basis points to 51.5% compared to 43.7% for the same period in 2023.

    On December 31, 2024, cash and cash equivalents were $29.8 million compared to $36.3 million on December 31, 2023, while working capital decreased by $9.3 million during this period. The decrease in cash was primarily attributed to $20.4 million of cash paid at closing for the acquisition of DSS, as well as the timing of receivable collections and payables. Climb had $0.8 million of outstanding debt on December 31, 2024, with no borrowings outstanding under its $50 million revolving credit facility.

    For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

    Conference Call

    The Company will conduct a conference call tomorrow, March 6, 2025, at 8:30 a.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2024.

    Climb management will host the conference call, followed by a question-and-answer period.

    Date: Thursday, March 6, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 225-9448
    International dial-in number: (203) 518-9708
    Conference ID: CLIMB
    Webcast: Climb’s Q4 & FY 2024 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Non-GAAP Financial Measures

    Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

    Key Operational Metric

    Gross Billings

    Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisitions of Data Solutions Holdings Limited and Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact
    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
      (Unaudited)
    (Amounts in thousands, except share and per share amounts)
             
        December 31,
    2024
      December 31,
    2023
             
    ASSETS
             
    Current assets      
      Cash and cash equivalents $ 29,778     $ 36,295  
      Accounts receivable, net of allowance for doubtful accounts of $588 and $709, respectively   341,597       222,269  
      Inventory, net   2,447       3,741  
      Prepaid expenses and other current assets   6,874       6,755  
    Total current assets   380,696       269,060  
             
    Equipment and leasehold improvements, net   12,853       8,850  
    Goodwill   34,924       27,182  
    Other intangibles, net   36,550       26,930  
    Right-of-use assets, net   1,965       878  
    Accounts receivable long-term, net   1,174       797  
    Other assets   824       1,077  
    Deferred income tax assets   193       324  
             
    Total assets $ 469,179     $ 335,098  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY
             
    Current liabilities      
      Accounts payable and accrued expenses $ 370,397     $ 249,648  
      Lease liability, current portion   654       450  
      Term loan, current portion   560       540  
    Total current liabilities   371,611       250,638  
             
      Lease liability, net of current portion   1,685       879  
      Deferred income tax liabilities   4,723       5,554  
      Term loan, net of current portion   191       752  
      Non-current liabilities   381       2,505  
             
    Total liabilities   378,591       260,328  
             
             
    Stockholders’ equity      
      Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares      
      issued, and 4,601,302 and 4,573,448 shares outstanding , respectively   53       53  
      Additional paid-in capital   37,977       34,647  
      Treasury stock, at cost, 683,198 and 711,052 shares, respectively   (13,337 )     (12,623 )
      Retained earnings   68,787       53,215  
      Accumulated other comprehensive loss   (2,892 )     (522 )
    Total stockholders’ equity   90,588       74,770  
    Total liabilities and stockholders’ equity $ 469,179     $ 335,098  
             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Amounts in thousands, except per share data)
                       
          Year ended   Three months ended
          December 31,   December 31,
            2024       2023       2024       2023  
                       
    Net Sales   $ 465,607     $ 352,013     $ 161,760     $ 106,783  
                       
    Cost of sales     374,527       287,766       130,513       85,713  
                       
    Gross profit     91,080       64,247       31,247       21,070  
                       
    Selling, general and administrative expenses     56,508       44,330       17,075       12,400  
    Depreciation & amortization expense     4,269       2,798       1,336       864  
    Acquisition related costs     2,311       629       1,110       352  
    Total selling, general and administrative expenses     63,088       47,757       19,521       13,616  
                       
    Income from operations     27,992       16,490       11,726       7,454  
                       
    Interest, net     917       927       162       168  
    Foreign currency transaction (loss) gain     (273 )     (636 )     415       (536 )
    Change in fair value of acquisition contingent consideration     (3,618 )           (2,466 )      
    Income before provision for income taxes     25,018       16,781       9,837       7,086  
    Provision for income taxes     6,408       4,458       2,847       1,840  
                       
    Net income   $ 18,610     $ 12,323     $ 6,990     $ 5,246  
                       
    Income per common share – Basic   $ 4.06     $ 2.72     $ 1.52     $ 1.15  
    Income per common share – Diluted   $ 4.06     $ 2.72     $ 1.52     $ 1.15  
                       
    Weighted average common shares outstanding – Basic   4,465       4,401       4,485       4,427  
    Weighted average common shares outstanding – Diluted   4,465       4,401       4,485       4,427  
                       
    Dividends paid per common share   $ 0.68     $ 0.68     $ 0.17     $ 0.17  
                       
                       
    Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)        
    (Amounts in thousands, except per share data)                
                       
    The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):
                       
          Year ended   Three months ended
          December 31, December 31,   December 31, December 31,
            2024       2023       2024       2023  
                       
    Net income   $ 18,610     $ 12,323     $ 6,990     $ 5,246  
      Provision for income taxes     6,408       4,458       2,847       1,840  
      Depreciation and amortization     4,269       2,798       1,336       864  
      Interest expense     335       264       69       170  
    EBITDA     29,622       19,843       11,242       8,120  
      Share-based compensation     4,070       4,148       1,260       726  
      Acquisition related costs     2,311       629       1,110       352  
      Change in fair value of acquisition contingent consideration     3,618             2,466        
    Adjusted EBITDA   $ 39,621     $ 24,620     $ 16,078     $ 9,198  
                       
                       
          Year ended   Three months ended
          December 31, December 31,   December 31, December 31,
    Components of interest, net     2024       2023       2024       2023  
                       
      Amortization of discount on accounts receivable with extended payment terms   $ (34 )   $ (50 )   $ (11 )   $ (9 )
      Interest income     (1,218 )     (1,141 )     (220 )     (329 )
      Interest expense     335       264       69       170  
    Interest, net   $ (917 )   $ (927 )   $ (162 )   $ (168 )
                       

    (1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):
                       
          Year ended   Three months ended
        December 31, December 31,   December 31, December 31,
          2024     2023     2024     2023
                       
      Net income   $ 18,610   $ 12,323   $ 6,990   $ 5,246
      Acquisition related costs, net of income taxes     1,733     472     833     264
      One-time CEO stock grant         1,796        
      Change in fair value of acquisition contingent consideration     3,618         2,466    
      Adjusted net income   $ 23,961   $ 14,591   $ 10,289   $ 5,510
                       
      Adjusted net income per common share – diluted   $ 5.26   $ 3.24   $ 2.26   $ 1.21
                               

    (2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes, the stock compensation expense recognized for the one-time CEO stock grant, and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    The table below presents the operational metric of gross billings by segment (3):
                       
          Year ended   Three months ended
        December 31, December 31,   December 31, December 31,
          2024     2023     2024     2023
                       
      Distribution gross billings   $ 1,695,538   $ 1,176,866   $ 581,963   $ 371,673
      Solutions gross billings     89,764     83,516     23,045     25,370
      Total gross billings   $ 1,785,302   $ 1,260,382   $ 605,008   $ 397,043
                       

    (3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

    The MIL Network

  • MIL-OSI: Tactile Medical to Present at the Oppenheimer 35th Annual Healthcare MedTech & Services Conference

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 05, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that management will participate in the Oppenheimer 35th Annual Healthcare MedTech & Services Conference, which is being virtually held from March 17th – 20th. Management will participate in a virtual presentation on Tuesday, March 18th at 12:00 p.m. Eastern Time.

    A live audio webcast of the presentation will be accessible under the “Events & Webcasts” section of the Company’s investor relations website at http://investors.tactilemedical.com. An archive of the webcast will be available for replay following the conference.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network

  • MIL-OSI Global: Investors value green labels — but not always for the right reasons

    Source: The Conversation – Canada – By Vasundhara Saravade, Postdoctoral Fellow, Institute of the Environment, L’Université d’Ottawa/University of Ottawa

    Imagine you are choosing between two similar investment options. One has a green label, promising to fund climate-friendly projects and assets. The other offers a slightly higher return, but has no green label. Which do you choose?

    My recent study explored this question. My co-researchers and I found that, for most retail investors — individual, non-professional investors — the presence of a green label mattered more than the actual environmental impact of the bond or the higher financial return of a non-green option.

    This finding raises critical questions about how sustainable finance is marketed and whether green labels alone are enough to drive real environmental change.

    Green bonds and retail investors

    Green bonds are a financial tool designed to fund environmentally friendly projects. Institutional investors and governments have embraced them, but their adoption by everyday retail investors remains low.

    The Canadian market was one of the first to provide access to retail-level green bonds, but demand for such bonds was always oversubscribed. Low interest rates made it difficult to balance investor returns with lending profits. This imbalance squeezed sustainable investment firms like CoPower, which ultimately led to its green bond model winding down.

    With the urgent need to attract capital for climate financing, the role of retail investors is now a key topic of discussion. In 2021, these investors accounted for 52 per cent of global assets under management in 2021 — a figure expected to jump to nearly 61 per cent by 2030. This presents a massive opportunity to mobilize private capital toward sustainable finance.

    However, before retail investors venture into the green bond market, the sustainable finance sector must address a key question: do people invest in green bonds because they believe in their environmental benefits or simply because of the “green” label?

    And, more importantly, does the green label alone persuade retail investors to accept a “greenium” — choosing a lower-return green bond over a higher-return non-green bond — like professional investors do?

    The ‘green-label effect’ is real

    To determine this, my co-researchers and I conducted an experiment with over 1,000 self-identified retail investors to see how different framing techniques — such as labels, environmental impact and reporting descriptions — shaped their willingness to invest in green bonds.

    Our study identified a “green label effect.” Most retail investors relied on green labels as a shortcut to save time and avoid having to evaluate the environmental impact of a bond. Investors often relied on simplified decision cues like labels and financial returns to navigate complex financial information.




    Read more:
    Sustainable finance: Canada risks being left behind in low-carbon economy


    However, a small subset of environmentally conscious investors researched the validity of green bonds and aligned their investments with their values, even at the cost of lower returns.

    This highlights the need for green bonds that offer a competitive return, given that a majority still invest based on financial returns in addition to labelling. Labelling alone is not enough to drive mainstream retail investment in sustainable finance.

    Our study also found that certain types of personal characteristics made people more likely to invest in labelled green bonds, even if those bonds had the lowest financial returns. Investors with a high-risk tolerance were more likely to invest in green bonds.

    Additionally, previous investment experience played a role. Those who had moderately invested in stocks, had none to high levels of experience investing in bonds.

    The greenwashing challenge

    Our findings highlight both the potential and pitfalls of sustainable finance. The popularity of green-labelled bonds suggests that retail investors are open to sustainable investment and would help to drive growth in this market considerably.

    However, the fact that many choose labels without finding out whether the bond is actually green raises concerns about greenwashing. This practice occurs when companies exploit sustainability branding and use green labels on non-green bonds to avoid delivering environmental impact.

    If investors rely too much on green labels without verifying the actual impact of their investments, they may inadvertently support projects that fail to make a meaningful difference.

    As green finance regulations evolve, governments must strengthen labelling standards and transparency. This would ensure that labelled green bonds deliver on their promises.

    Stronger green taxonomies and consumer oversight mechanisms would help prevent misleading claims, protect investors and ensure sustainable finance can scale quickly. Without these safeguards, green bonds could lose credibility and fail to scale effectively.

    What should policymakers do?

    To expand the green bond market and align it with Canada’s climate goals, policymakers could introduce tax-free government green bonds or green infrastructure bonds. These would incentivize retail investors and raise their awareness of sustainable finance.

    Policymakers could allow banks to add green bonds to registered products like tax-free savings accounts or registered retirement savings plans. They could create new green registered products that would encourage individual-level savings and investment, like the first home savings account.

    Making verified climate-related financial disclosures easier to use could help retail investors better understand the impact of green products. This would reduce reliance on labels alone and encourage more informed decision-making.

    Green bonds have the potential to be a powerful tool in the fight against climate change, but only if they’re backed by real accountability. As our study shows, labels matter a lot — but what’s behind them matters most.

    Vasundhara Saravade is affiliated with the Smart Prosperity Institute.

    ref. Investors value green labels — but not always for the right reasons – https://theconversation.com/investors-value-green-labels-but-not-always-for-the-right-reasons-251021

    MIL OSI – Global Reports

  • MIL-OSI Security: Putnam County Business Owner Pleads Guilty to Employment Tax Crimes

    Source: Office of United States Attorneys

    HUNTINGTON, W.Va. – Dean E. Dawson, 65, of Hurricane, pleaded guilty today to one count of willful failure to pay over employment taxes on behalf of his business.

    According to court documents and statements made in court, Dawson operated RPC Group LLC, a Hurricane, West Virginia, real estate appraisal business. Dawson was responsible for withholding employment taxes from RPC Group’s employees and paying over those funds to the IRS. Between 2015 and 2022, however, Dawson willfully failed to pay over to the IRS the employment taxes withheld from his employees’ paychecks. He also used the RPC Group’s business accounts to pay for personal expenses, including personal credit cards and his wife’s home mortgage, and issued checks to his wife from RPC Group even though she was not an employee of the business. In addition, from 2018 to 2023, Dawson did not file personal tax returns or pay income taxes. In total, Dawson caused a tax loss to the IRS exceeding $250,000.

    Dawson is scheduled to be sentenced on June 23, 2025, and faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine. Dawson also owes restitution in an amount to be determined by the Court.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Lisa G. Johnston for the Southern District of West Virginia made the announcement.

    The Internal Revenue Service-Criminal Investigations (IRS-CI) is investigating the case.

    United States District Judge Robert C. Chambers presided over the hearing. Trial Attorneys Brian E. Flanagan and Rebecca A. Caruso of the Tax Division and Assistant U.S. Attorney Jonathan T. Storage for the Southern District of West Virginia are prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 3:24-cr-120.

    ###

     

     

    MIL Security OSI

  • MIL-OSI Security: Dominican National Pleads Guilty To Multi-Year Conspiracy To Traffic Cocaine Into The United States

    Source: Office of United States Attorneys

    Tampa, FL – Acting United States Attorney Sara C. Sweeney announces that Elyn Carpio-Pena (47, Dominican Republic) has pleaded guilty to conspiring to import cocaine into the United States. Carpio-Pena faces a minimum of 10 years, up to life, in federal prison. A sentencing date has not yet been set.

    According to court documents, between October 2014 and May 2019, while residing in Mexico, Carpio-Pena served as an intermediary between drug suppliers in Mexico and wholesale narcotics purchasers in the United States, connecting the sellers and buyers and receiving a commission for each kilogram of cocaine purchased in the United States. Carpio-Pena also arranged for the drug proceeds to be laundered.

    In May 2019, Carpio-Pena moved from Mexico to the La Guajira area of Colombia. While there, he organized the maritime smuggling of cocaine from Colombia to the Dominican Republic with the ultimate destination often being the United States. Not only did Carpio-Pena serve as the intermediary between the cocaine buyers and cocaine owners, but he also arranged, organized, and coordinated the maritime cocaine shipments from Colombia to the Dominican Republic. Carpio-Pena was responsible for no fewer than 20 maritime cocaine shipments during his time living in Colombia, totaling at least 5,000 kilograms. Two of these cocaine shipments were interdicted and seized in Puerto Rico.

    In October 2021, Carpio-Pena left Colombia and returned home to the Dominican Republic where he continued to coordinate drug shipments. For the next three months, until January 2022, he received cocaine from Colombia via maritime vessel over the Caribbean Ocean no fewer than three times, totaling approximately 900 kilograms. The ultimate destination for this cocaine was often the United States.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi- jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the OCDETF Panama Express Strike Force is to disrupt and dismantle Transnational Criminal Organizations involved in large scale drug trafficking, money laundering, and related activities. The OCDETF Panama Express Strike Force is comprised of agents and officers from the Coast Guard Investigative Service, Drug Enforcement Administration, Federal Bureau of Investigation, and Homeland Security Investigations. The prosecution is being led by the Office of the United States Attorney for the Middle District of Florida. The case is being prosecuted by Assistant United States Attorney David Pardo.

    MIL Security OSI

  • MIL-OSI Security: Lake County Man Pleads Guilty In Federal Firearms Trafficking Investigation

    Source: Office of United States Attorneys

    Ocala, Florida – Acting United States Attorney Sara C. Sweeney announces that Jose G. Medina (49, Leesburg) has pleaded guilty to three counts of knowingly making a materially false statement in connection with the acquisition of a firearm and three counts of causing a Federal Firearm Licensee (FFL) to maintain false information in its official records. Medina faces up to 10 years in federal prison for each false statement offense and up to 5 years’ imprisonment for each record-keeping offense. A sentencing date has not yet been set. 

    According to court records, between January 1 and December 31, 2023, Medina straw-purchased multiple firearms for other individuals. Some of these firearms were intercepted by the United States Custom and Border Patrol (CBP) as other individuals attempted to transport them across the border into Mexico.

    On May 27, 2023, an individual was encountered by CBP as he tried to make entry into Mexico at the Eagle Pass (Texas) Port of Entry. He was attempting to bring 10 handguns, 9 rifles, 7 shotguns, 20 ammunition magazines, and large amounts of assorted ammunition into Mexico. The individual stated that he was traveling from Orlando to San Diego de la Union, Guanajuato, Mexico. Medina had purchased one of these recovered firearms nine days earlier. 

    Firearms and ammunition seized at the U.S. border on May 27, 2023.

     

    On November 17, 2023, CBP officers stopped another individual at the Eagle Pass (Texas) Port of Entry who also was attempting to bring five firearms into Mexico. Medina had purchased two of these firearms less than two weeks earlier.  

    A record check by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) showed that between January 1 and December 31, 2023, Medina had purchased 82 firearms for a total of $42,085.61—an amount that exceeded his reported annual income. The investigation also revealed that another firearm purchased by an associate of Medina had recently been recovered and electronically traced by Mexican law enforcement using ATF’s e-Trace system.    

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, the Drug Enforcement Administration, the Eustis Police Department, and the Lake County Sheriff’s Office. It is being prosecuted by Assistant United States Attorney Hannah Nowalk Watson.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 05.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    5 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 05.03.2025

    Espoo, Finland – On 5 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,314,879 4.70
    CEUX 962,572 4.70
    BATE
    AQEU 215,318 4.70
    TQEX 150,000 4.70
    Total 3,642,769 4.70

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 5 March 2025 was EUR 17,116,279. After the disclosed transactions, Nokia Corporation holds 146,047,975 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes Visit to Mozambique

    Source: Africa Press Organisation – English (2) – Report:

    MAPUTO, Mozambique, March 5, 2025/APO Group/ —

    • IMF staff and the Mozambican authorities have discussed performance and policies underpinning the Fifth and Sixth Reviews of the Extended Credit Facility (ECF) arrangement. Discussions were fruitful and will continue virtually in the coming weeks.

    An International Monetary Fund (IMF) team, led by Mr. Pablo Lopez Murphy, conducted discussions from February 19 to March 4, 2025, with the Mozambican authorities on policies underpinning the Fifth and Sixth Reviews under the Extended Credit Facility (ECF)-supported arrangement.  

    At the end of the IMF team’s visit, Mr. Lopez Murphy issued the following statement:

    “The IMF team has held constructive discussions with the Mozambican authorities on the fiscal, financial, and structural policies needed to support the completion of the Fifth and Sixth Reviews of the ECF arrangement.

    “Economic activity contracted sharply in the last quarter of 2024, reflecting the impact of social unrest. Real GDP declined -4.9 percent (yoy) in 2024Q4 from growth of 3.7 percent (yoy) in 2024Q3. Overall growth in 2024 was 1.9 percent. For 2025, growth is projected to recover to 3.0 percent as social conditions normalize and economic activity picks up, especially in services.

    “Preliminary estimates suggest that there were significant fiscal slippages in 2024 that are in part explained by the slowdown in economic activity during the last quarter. Fiscal consolidation in 2025 is necessary to secure fiscal and debt sustainability and preserve macroeconomic stability. Wage bill spending overruns continue crowding out important spending priorities including social transfers and infrastructure. Rationalizing wage bill spending and reducing tax exemptions should underpin fiscal consolidation, social spending should be prioritized, and debt management could be further strengthened to avoid arrears.

    “Inflation pressures picked up but remain controlled. The Bank of Mozambique initiated a loosening cycle in January 2024, cutting the policy rate by 500bps so far (to 12.25 percent). The central bank also reduced reserve requirements on local currency deposits, from about 39 to 29 percent, in late January 2025. Despite supply-chain disruptions and higher food prices related to social unrest, inflation remained below the implicit target of 5 percent.

    “The IMF staff team met with President Daniel Chapo, Prime Minister Maria Levy, Minister of Finance Carla Loveira, Governor of the Bank of Mozambique Rogério Zandamela, and other senior officials. The mission also met with representatives of civil society, political parties, development partners, and the private sector.

    “The team wishes to thank the Mozambican authorities for their excellent cooperation and for the frank and constructive dialogue during the mission. Discussions related to the program reviews will continue in the coming weeks.”

    MIL OSI Africa

  • MIL-OSI Security: Southwest Nova — Southwest Nova District RCMP charge several people, seize drugs and weapons in multiple drug trafficking investigations

    Source: Royal Canadian Mounted Police

    Southwest Nova District RCMP seizes illicit drugs, including suspected fentanyl and 3 kgs of cocaine, and charges several people after executing four search warrants between February 26 and 28 as part of ongoing, individual drug trafficking investigations.

    “Our teams are continuing their strategic work to address drug trafficking in communities across Southwest Nova,” says Supt. Jason Popik, District Policing Officer, Southwest Nova District RCMP. “Whether it’s to address trafficking in illicit drugs and substances or the illegal sale of cannabis, we’re committed to enforcement that helps make our communities safer.”

    On February 26, the Southwest Nova Street Crime Enforcement Unit (SCEU), with assistance of Meteghan RCMP Detachment, executed a search warrant at a home on Hwy. 1 in Salmon River. RCMP officers seized pre-filled syringes containing suspected fentanyl and two firearms. Two men were safely arrested inside the residence.

    Jordan Louis Comeau, 26, of Salmon River, has been charged with Possession for the Purpose of Trafficking (fentanyl), and Kim Louis Comeau has been charged with Unsafe Storage of a Firearm, Unauthorized Possession of a Firearm and Possession of a Firearm Knowing its Possession is Unauthorized.

    On February 27, Digby RCMP Detachment, with assistance of RCMP Police Dog Services and Yarmouth Rural RCMP, executed a search warrant at two apartments on Prince William St. in Digby. Officers seized a quantity of crack cocaine and cash. Three men were safely arrested inside the apartments.

    Roy Charles McCullough, 51, and Brian Kelly Height, both of Digby, and Xander Jordan, 25, of Falmouth, have each been charged with Possession of the Purpose of Trafficking (cocaine) and Possession of Property Obtained by Crime. Height has also been charged with Failure to Comply with Order (two counts).

    On February 28, the Southwest Nova SCEU, with assistance of the RCMP/HRP Integrated Criminal Investigation Division, West Hants RCMP, East Hants District RCMP, RCMP Emergency Response Team, RCMP Police Dog Services and Forensic Identification Services, and RCMP Synthetic Drug Section, executed search warrants at a home in South Rawdon and a home in Bramber. Officers safely arrested a woman and man at the residence in South Rawdon.

    Officers seized a quantity of cocaine (approx. 3 kgs), methamphetamines, cannabis edibles, dried cannabis (approx. 1 kg), unstamped tobacco, and cash; imitation handgun; brass knuckles; and a travel trailer.

    Melissa Sharon Millett, 40, of South Rawdon, and Marshall Garwin Burgess, 32, of Lower Burlington, have each been charged with:

    · Possession for the Purpose of Trafficking (cocaine)

    · Possession for the Purpose of Trafficking (methamphetamine)

    · Possession of Property Obtained by Crime

    · Possession of Unstamped Tobacco

    · Unlawful Possession of Tobacco Products for Sale or Distribution

    Burgess has also been charged with Possession of Cannabis for the Purpose of Selling, Prohibited Possession of Cannabis for the Purpose of Distribution, and Possession of Prohibited Weapon.

    All accused have been released pending upcoming court appearances.

    Nova Scotians are encouraged to contact their nearest RCMP detachment or local police to report crime, including the illegal sale of drugs, in their communities. Anonymous tips can be made by calling Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submitting a secure web tip at www.crimestoppers.ns.ca, or using the P3 Tips app.

    File #s: 2025-249648, 2024-996125, 2025-151939

    MIL Security OSI

  • MIL-OSI Security: Repeat Gun Offender Sentenced for Unlawful Possession of a Firearm and Aggravated Assault While Armed

    Source: Office of United States Attorneys

                WASHINGTON – Traquon Demonte McCalip, 21, of Washington D.C., was sentenced today in U.S. District Court to 114 months in federal prison for unlawfully possessing a Canik T9SF Elite 9mm handgun and using it to shoot a victim in the middle of the day at a busy fast-food restaurant parking lot on the 3900 block of Minnesota Avenue NE.

                The sentence was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent in Charge Sean T. Ryan of the Washington Field Office’s Criminal and Cyber Division, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

                McCalip pleaded guilty on August 23, 2024, to unlawful possession of a firearm and ammunition by a person convicted of a crime punishable by imprisonment for a term exceeding one year and to aggravated assault while armed. In addition to the prison term, U.S. District Court Judge Amit P. Mehta ordered McCalip to serve five years of supervised release.

                According to court documents, on March 20, 2024, McCalip approached an individual standing in a fast-food parking lot on the 3900-block of Minnesota Avenue NE, and claimed that he wanted to buy cigarettes from him. After discussing cigarette prices, McCalip attempted to take the individual’s bag. McCalip then drew his loaded, concealed handgun and shot the individual in the abdomen. As a struggle ensued between McCalip and the victim, McCalip spotted a marked police vehicle that had arrived on scene. McCalip took his firearm’s magazine that had fallen out of his gun, and fled in a vehicle that he had parked in the lot with his firearm’s magazine but left behind his firearm. Police chased McCalip and ultimately arrested him near 1805 Bladensburg Road NE. Officers recovered the firearm magazine and ammunition on the driver’s seat of the car McCalip was driving.

                This case was investigated by the Metropolitan Police Department and the Federal Bureau of Investigation’s Washington Field Office. It was prosecuted by Trial Attorney Ethan Cantor of the Department of Justice.

    24cr161

    MIL Security OSI

  • MIL-OSI Security: Ninedee Gang Member Sentenced to 35 Years in Prison for Murder of Former Federal Witness

    Source: Office of United States Attorneys

    Brooklyn Street Gang Plotted Retaliatory Murder of Shatavia Walls at the Pink Houses

    Earlier today, in federal court in Brooklyn, Quintin Green, also known as “Wild Child,” was sentenced by United States District Judge LaShann DeArcy Hall to 35 years’ imprisonment for the murder of former federal witness Shatavia Walls in July 2020.  Green, a member of the Ninedee Gang, a violent criminal enterprise operating out of the Louis H. Pink Houses in East New York, pleaded guilty in April 2024 to causing Walls’ death through use of firearms.  Green also pleaded guilty to attempted Hobbs Act robbery for attempting to steal televisions from a Target store in Staten Island in November 2020 and was sentenced to a concurrent term of five years in prison.

    John J. Durham, United States Attorney for the Eastern District of New York, Leslie R. Backschies, Acting Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the sentence.

    “The calculated murder of Shatavia Walls by members and associates of the Ninedee Gang arose from a twisted desire to murder her in retaliation for her federal testimony and perceived disrespect of the gang,” stated United States Attorney Durham.  “Quintin Green shot an unarmed woman in cold blood to make a name for himself in the gang, but he should be called out for what he truly is, a cowardly killer.  He deservedly will spend decades in a federal prison.  I commend the FBI special agents, the NYPD detectives and the prosecutors in my Office who worked tirelessly to dismantle this gang, achieve justice for Ms. Walls and make the Pink Houses and the surrounding area in East New York a safer place for the law-abiding residents of that community.”

    “Along with other Ninedee members, Quintin Green targeted and callously killed Shatavia Walls and then bragged across social media about his abhorrent crimes in an effort to bolster the gang’s dangerous reputation,” stated FBI Acting Assistant Director in Charge Backschies.  “This premeditated ambush was an unjust retributive attack against a former government witness trying to protect her community from further gang violence. May today’s sentencing reflect the FBI’s continued refusal to tolerate any attempts to intimidate those who speak out against gang violence.”

    “Today, we are bringing a cold-blooded murderer to justice,” stated NYPD Commissioner Tisch.  “Quintin Green and the Ninedee Gang terrorized their neighborhood, put children in danger, and viciously killed an unarmed woman. Let this serve as a clear message that we will go after violent gangs that break the law and cause widespread harm and fear. I thank the NYPD detectives and the prosecutors in this case for their tireless work to hold these perpetrators accountable.”

    As set forth in [the government’s sentencing memorandum and other court filings], Green and other members of the Ninedee Gang targeted Walls for murder because she testified against a Ninedee Gang member in federal court in Brooklyn in 2019, had a confrontation with Ninedee Gang members who were setting fireworks off near children on July 4, 2020 and her affiliation with the rival “7” and “8” Pink House apartment buildings.  For those reasons, she was considered by the gang to be a high-value target. The defendant became known as “Wild Child” due to his reputation for violence and, in order to earn status in the gang, boasted about his willingness to shoot rivals.  He was one of two shooters who gunned Walls down on July 7, 2020.

    Further, as proven at the trial of Green’s co-defendant, Ninedee Gang leader Maliek Miller, Ninedee Gang members were affiliated with the “5” and “6” Pink Houses apartment buildings and engaged in ongoing gang-related violence within and outside of the New York City Housing Authority complex.  Ninedee Gang protected its turf through violence and sought to silence anyone who they perceived to be working with law enforcement. 

    The murder of Walls was coordinated by Ninedee Gang members, including Green.  Prior to her court testimony, fliers had been posted around the Pink Houses stating, “Shatavia Been a Rat And She Still Ratting.” 

    On July 4, 2020, Walls and others were involved in a physical altercation with members of Ninedee for lighting fireworks around young children.  Miller went to the scene of the altercation, called Walls a “snitch,” fought with her and fired a gunshot.  Following the altercation, Miller planned with other Ninedee Gang members, including Green, to kill Walls.

    On July 7, 2020, Walls was spotted by Green and his co-defendant Joe Santana.  Green and Santana began shooting at her.  Green then chased Walls down a path at the Pink Houses, continuing to shoot her. Walls suffered numerous gunshot wounds and died of her injuries 10 days later. 

    Co-defendant Shakur Bey destroyed the clothing that Green and Santana wore during the shooting by throwing the items down an incinerator chute. Co-defendant Kevin Wint, who was not present at the murder, rented a hotel room at a Best Western Hotel near John F. Kennedy International Airport to provide a place where Green and others could hide out overnight.  In the days after the murder, Green and Wint posted to social media claiming credit to the Ninedee Gang for the killing.   

    Miller was convicted in June 2024 of murder in-aid of racketeering and faces a mandatory term of life in prison when he is sentenced.  Santana and Fernandez pleaded guilty to their roles in the murder. Santana was sentenced to 22 years in prison and Fernandez is awaiting sentencing.  Wint pleaded guilty in March 2023 and was sentenced to 110 months’ imprisonment. Bey pleaded guilty in December 2023 and was sentenced to 60 months’ imprisonment.  Ninedee leader Raquel Dunton is charged with acting as an accessory after-the-fact to Walls’ murder and obstruction of justice for assisting fellow gang members in concealing evidence of the crime.  Dunton is also charged with trafficking cocaine and is awaiting trial.

    In addition to the murder, Green pleaded guilty to attempting to commit a November 3, 2020 robbery of a Staten Island Target store. Green attempted to steal two flat- screen televisions and was stopped by a security guard. Green punched the security guard causing her to fall and attempted to flee with one of the two televisions. He was arrested by police after fleeing the scene.

    The government’s case is being handled by the Office’s Organized Crime and Gang Section.  Assistant United States  Attorneys Emily J. Dean, Margi Schierberl and Irisa Chen are in charge of the prosecution with the assistance of Paralegal Specialist Elizabeth Reed and Intelligence Analysts Eungee Hwang and Ashley Hinkson.

    The Defendant:

    QUINTIN GREEN (also known as “Wild Child”)
    Age: 24
    Brooklyn, New York

    E.D.N.Y. Docket No. 20-CR-331 (LDH)

    Defendant Convicted at Trial:

    MALIEK MILLER
    Age: 31
    Brooklyn, New York

    E.D.N.Y. Docket No. 20-CR-331 (LDH)

    Defendants Who Previously Pleaded Guilty:

    JOE SANTANA (also known as “Baby Joe”)
    Age: 20
    Brooklyn, New York

    CHAYANNE FERNANDEZ (also known as “White Boy”)
    Age: 24
    Brooklyn, New York

    KEVIN WINT (also known as “Kev G”)
    Age: 31
    Brooklyn, New York

    SHAKUR BEY (also known as “Speedy”)
    Age: 27
    Brooklyn, New York

    E.D.N.Y. Docket No. 20-CR-331 (LDH)

    Defendant Awaiting Trial:

    RAQUEL DUNTON (also known as “Rah”)
    Age: 38
    Brooklyn, New York

    E.D.N.Y. Docket No. 24-CR-344 (LDH)

    MIL Security OSI

  • MIL-OSI United Nations: Disaster Risk Reduction Financing training

    Source: UNISDR Disaster Risk Reduction

    The UNDRR training series on How to Design National Financing Frameworks for Disaster Risk Reduction (DRR) builds capacity and increases awareness on how to develop national financing frameworks that foster investments in DRR.

    The training modules are designed to help increase understanding of how to mobilize financing for DRR from different sources (i.e., public, private, and international) and perform investment gap analyses. This training series is designed using UNDRR’s financing approach for DRR that has been collaboratively developed with experts and government partners.

    The series consists of:

    • Introduction: Five steps to disaster risk reduction financing
    • Module 1: Understanding the Financial Impact of Disasters
    • Module 2: Analyzing the Current Financial Landscape
    • Further reading

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts of the Human Rights Committee Commend Montenegro’s Measures Preventing Violence against Women, Raise Issues Concerning Corruption and Historic Human Rights Violations

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the second periodic report of Montenegro on how it implements the provisions of the International Covenant on Civil and Political Rights.  Committee Experts commended the State for its measures preventing violence against women, while raising issues concerning historic human rights violations committed during the armed conflict in the former Yugoslavia and corruption.

    One Committee Expert said the State Party had made notable progress in addressing violence against women, including adopting the Protocol on Prevention and Treatment in Cases of Domestic Violence and the National Plan for the Implementation of the Istanbul Convention.  What measures were in place to ensure that legal reforms translated into effective enforcement and that penalties reflected the severity of the crimes?

    Regarding serious human rights violations committed during the armed conflict in the former Yugoslavia, one Committee Expert expressed concern that impunity seemed to persist in many aspects.  There was increased negationist discourse, including denial of the Srebrenica genocide. Could the State party shed light on the fight against denialist discourse?  What measures were being taken to speed up investigations and prosecutions?

    Another Expert said that in Montenegro, corruption was perceived as an aspect of great concern for citizens.  What concrete measures had been put in place to ensure that cases of corruption by high-level officials resulted in appropriate convictions and penalties?

    Introducing the report, Bojan Božović, Minister of Justice of Montenegro and head of the delegation, said implementing the Covenant’s standards was of great importance to Montenegro, which was now striving for membership in the community of developed European democracies.

    Regarding violence against women, the delegation said that, in 2023, in addition to legal amendments, a mandatory instruction was adopted mandating all prosecutors to act proactively in cases of domestic violence and to apply the Istanbul Convention. Some 622 final judgements had been enacted on domestic violence cases in 2024, with the majority being convictions.

    Mr. Božović said Montenegro had placed the prevention and suppression of corruption at the top of the policy and law enforcement agenda.  In 2024, shortcomings identified in previous law enforcement practices were eliminated.  There were also plans to adopt new legal amendments to enable the Agency for the Prevention of Corruption to have direct access to public officials’ accounts. Through the adoption of the Law on Lobbying, the State aimed to prevent undue influence in legislative processes.

    Regarding historic human rights violations, the delegation said the most senior members of Government made efforts to memorialise the day of the Srebrenica genocide. Inappropriate statements would be sanctioned when made during elections.  There had also been a resolution adopted in Parliament on the genocide in Srebrenica.  There would no longer be impunity for war crimes in Montenegro and proactive action had been taken in this regard, the delegation said.  Cases which had been finalised would be reopened and thoroughly examined.  The strategy to combat war crimes was adopted in June 2024, which had resulted in four cases previously considered to be finalised being reopened.

    In concluding remarks, Blagoje Gledović, Director General of the Directorate for the International Cooperation and International Legal Aid, Ministry of Justice of Montenegro, and alternative head of the delegation, said that over the reporting period, the State party had undertaken several reforms to promote civil and political rights and to meet the requirements for accession to the European Union.  Montenegro remained committed to the implementation of the Covenant through national legislation and all other available measures.

    Changrok Soh, Committee Chairperson, said in concluding remarks that the dialogue had covered a wide range of topics related to the implementation of the Covenant by the State party, highlighting the progress made and challenges faced.  The Committee was committed to fulfilling its mandate to ensure the highest standard of implementation of the Covenant in Montenegro.

    The delegation of Montenegro was made up of representatives of the Ministry of Justice; the Ministry of Human and Minority Rights; the Ministry of the Interior; the Supreme State Prosecutor’s Office; the Supreme Court; the Police Directorate; the Parliament of Montenegro; and the Permanent Mission of Montenegro to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025. All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Wednesday, 5 March, to begin its consideration of the second periodic report of Burkina Faso (CCPR/C/BFA/2).

    Report

    The Committee has before it the second periodic report of Montenegro (CCPR/C/MNE/2).

    Presentation of Report

    BOJAN BOŽOVIĆ, Minister of Justice of Montenegro and head of the delegation, said implementing the Covenant’s standards was of great importance to Montenegro as a relatively young United Nations member but an old European state, now striving for membership in the community of developed European democracies.

    Montenegro had placed the prevention and suppression of corruption at the top of the policy and law enforcement agenda.  In 2024, through amendments to the Law on the Prevention of Corruption, the work of the Agency for the Prevention of Corruption was enhanced, and shortcomings identified in previous law enforcement practices were eliminated.  The State had continued to strengthen the anti-corruption framework in 2025, with plans to adopt new amendments to the law that would enable the Agency for the Prevention of Corruption to have direct access to public officials’ accounts. Through the adoption of the Law on Lobbying, the State aimed to prevent undue influence in legislative processes, increase institutional transparency, and increase the number of certified lobbyists registered in the official registry.

    Amendments to the Law on the Judicial Council and Judges were adopted in 2024, improving provisions related to the functioning of the Judicial Council, the system of ethical and disciplinary responsibility for judges and their evaluation.  Amendments to the Law on the State Prosecutor’s Office had also been enacted to enhance the autonomy, accountability, and efficiency of the Office and the Prosecutorial Council. In May 2024, the Government of Montenegro adopted the Judicial Reform Strategy 2024- 2027, accompanied by an action plan.  Efforts were also being made to ensure the judiciary’s efficiency and sustainability through the Judicial Network Rationalisation Plan, which provided for the reorganisation of Montenegro’s court network. 

    Regarding domestic violence, Montenegro had largely harmonised its domestic legislation with international standards, with a goal of zero tolerance and maximum protection for vulnerable groups.  The law amending the Law on Legal Aid, enacted in December 2024, guaranteed the right to legal aid for victims of torture, sexual offences, and children initiating proceedings to protect their rights.  The Law on Protection from Domestic Violence would be aligned with the Istanbul Convention, refining the definition of violence and granting victims individual rights.

    In the fight against human trafficking, amendments to the Criminal Code introduced abduction as one of the methods of committing the offence, as well as a non-punishment clause for victims.  For the first time, child trafficking was established as a distinct criminal offence. Montenegro had developed a comprehensive system covering the entire process of trafficking, from victim identification to full integration or reintegration into society.  This system was reinforced by strong and effective cooperation between competent State authorities and civil society organizations and steered by the Strategy for Combating Human Trafficking 2019–2024. Since its adoption, six annual action plans had been implemented.  Following evaluation of the strategy, a new Strategy for 2025–2028 was currently being drafted alongside an action plan.

    In 2023, Montenegro amended its Criminal Code to make the prosecution and execution of sentences for the criminal offence of torture no longer subject to any statute of limitations.  Sentencing guidelines had been tightened, particularly for offences committed by officials.  Additionally, activities had been carried out to improve accommodation capacities, living conditions, and the infrastructure of prison institutions.

    The implementation of the National Strategy for Gender Equality 2021-2025 and its accompanying action plans was progressing successfully, with a focus on promoting gender equality, strengthening the legal framework for gender policies, and preventing discrimination based on sex and gender.  The Ministry of Justice had significantly reinforced criminal law protections for journalists by introducing stricter penalties for attacks on journalists and other media workers.

    In 2024, the Ministry of Justice adopted key amendments to the Criminal Procedure Code, allowing for the unimpeded use of evidence gathered within the framework of the International Residual Mechanism for Criminal Tribunals in The Hague.  The Supreme State Prosecutor’s Office adopted the 2024-2027 Strategy for Investigating War Crimes, accompanied by an action plan.  As a result, new criminal cases were reopened concerning war crimes in countries such as Croatia, with the goal of delivering justice in cases linked to Montenegro.

    Questions by Committee Experts

    A Committee Expert said the Committee would like to receive more information on the various strategies mentioned in the report, as well as specific information on their implementation.  The State had launched a vast movement of reforms to strengthen human rights and the rule of law over the past ten years.  While the European Commission’s 2024 reports issued in the run-up to European Union accession were rather positive on issues including judicial independence, the fight against corruption, equality and non-discrimination, some of the reforms reportedly remained superficial, were not always coherent, and did not include civil society.  For example, there was no real human rights education and civic education was no longer compulsory.  Could information be provided on the inclusion of civil society in the reform process?  How was the second report prepared?  What measures were envisaged to strengthen the independence, impartiality and the effective and efficient functioning of the Ombudsperson?

    The issue of access to justice, truth and reparation for victims of serious human rights violations committed in the 1990s during the armed conflict in the former Yugoslavia was very complex.  The Committee took note of the information provided by the State on ongoing investigations and trials, however impunity seemed to persist in many aspects, which was concerning.  There was increased negationist discourse, including denial of the Srebrenica genocide.  The exercise of criminal justice was said to have been marked by numerous dysfunctions and obstacles, which cast doubt on the State’s willingness to establish responsibility for the commission of these war crimes and crimes against humanity.  There had been no proactive policy to establish criminal responsibility, not only for the direct perpetrators of war crimes but also for those responsible in the chain of command.  A low number of remains of disappeared people had been found and returned to their families.

    Could the State party shed light on the fight against denialist discourse and the policy of preserving memory, an important pillar of transitional justice?  What were the reasons for the persistent legal obstacles, including to the extradition to States requesting it?  What measures were being taken to strengthen the Special State Prosecutor’s Office to speed up investigations and prosecutions?  Was there any specialised training for judges in international human rights law?  What efforts were being undertaken to locate victims of enforced disappearance? Was enforced disappearance criminalised in domestic law in line with the United Nations Convention on Enforced Disappearance?

    A Committee Expert asked if the State party could provide details on the content of the training sessions organised by the Training Centre of the Judiciary, Public Prosecutor’s Office and the Human Resources Management Authority on the Covenant? How many judges, prosecutors, lawyers and parliamentarians had participated in these trainings?  Were these trainings compulsory or voluntary? Had there been specific modules focusing on the direct applicability of the Covenant in domestic law?  Could the State party provide specific examples of domestic courts directly invoking or applying the Covenant in their decisions? Were there any initiatives to raise awareness of the Covenant among the public, civil society or law enforcement officials?  How was it ensured that judges and legal practitioners actively implemented the Covenant in their professional practice?

    The Committee welcomed the State party’s efforts to establish a comprehensive reparations programme for victims of war crimes, which had led to financial compensation for nearly 200 cases up to September 2018 and more than 60 additional decisions from 2018 to 2022.  However, had the State party developed a comprehensive reparations programme that included restitution, rehabilitation, satisfaction and guarantees of non-repetition?  If such a programme had been drawn up, would these measures also be offered retroactively to victims who had already received financial compensation but who had not had access to these types of measures?  Had victims been provided with legal assistance to file their claims for reparations and, if not, did the Government plan to provide such assistance?  What measures were in place to ensure legal and comprehensive support for victims and their families?  What safeguards had been put in place to ensure that such crimes did not happen again? What steps have been taken to ensure that victims of war crimes in vulnerable situations had equal access to justice and redress mechanisms?

    Another Expert said the Committee had learned that in Montenegro, corruption was perceived as an aspect of great concern for citizens.  What concrete measures had been put in place to ensure that cases of corruption by high-level officials resulted in appropriate convictions and penalties?  What measures were being implemented to strengthen the effectiveness of the Anti-Corruption Agency to ensure that it was not pressured by political influences?  In 2022 and 2023, accusations against a former President of the Supreme Court and a former President of the Commercial Court, as well as two high-ranking prosecutors, highlighted the possible penetration of organised crime into judicial structures.  The positive action that those unfortunate incidents generated attested to Montenegro’s progress in its fight against organised crime and corruption.  Was Montenegro planning to improve the mechanisms for monitoring and accountability of judges and prosecutors to avoid conflicts of interest and increase public confidence in the judiciary?  What were the real quantities recovered for corruption cases?  Did the company “13.Jul-Plantaže” pay all the compensation to which it was sentenced?  What efforts had been made to increase public education on corruption perception and prevention?

    What specific mechanisms were in place to monitor and evaluate the implementation of the Law on the Prohibition of Discrimination, particularly regarding discrimination against the Roma, Ashkali and Egyptian communities?  What measures had been taken to ensure the long-term sustainability of the enjoyment of decent housing for these groups, and to address the factors that led to Roma, Ashkali and Egyptian children dropping out of school? What steps were being taken to ensure the inclusion of these groups in high-level political positions and structures? In Montenegro, there was an increase in hate speech directed at minorities.  Was the State aware of this phenomenon?  What measures were being implemented to prevent, control and punish it?

    Another Committee Expert asked about the strategy to improve the quality of life of lesbian, gay, bisexual, transgender and intersex persons, implemented in the periods 2013-2018 and 2019-2023.  It was alleged that there was limited implementation of this Strategy and that most of the actions were carried out by civil society.  Could more information on the strategy and its results be provided? Could the Committee have more information on the draft Law on the Legal Recognition of Gender Identity Based on Self-Determination, the approval of which was initially scheduled for the end of 2023 and then delayed until the end of 2024?

    In July 2020, the Law on Civil Unions of Persons of the Same Sex was adopted and began to be implemented in July 2021.  Since then, more than 20 civil unions had been registered.  Could the delegation comment on information that amendments to the regulations necessary for the proper implementation of the Law had not been made?  What measures had the State party taken to investigate attacks on lesbian, gay, bisexual, transgender and intersex persons and punish those responsible?  What was being done to prevent these from reoccurring?

    What had the Strategy for the Execution of Criminal Sanctions 2023-2026 achieved?  Did changes to the Criminal Code bring its definition of torture in line with that of the Convention Against Torture?  Was the Istanbul Protocol being properly applied in places of deprivation of liberty?  It had been alleged that the medical reports issued in these facilities did not properly document traces of torture or ill-treatment in the manner envisaged in the Protocol.  Why was this the case?  Was it due to a lack of staff?  Could the delegation provide updated official figures on the criminal investigations carried out and their results, including the number of officials convicted, for cases of torture and ill-treatment during the period covered by the report?

    A Committee Expert said the State Party had made notable progress in addressing violence against women, including adopting the Protocol on Prevention and Treatment in Cases of Domestic Violence and the National Plan for the Implementation of the Istanbul Convention (2023-2027), as well as amending its Criminal Code to introduce new offences such as stalking and enhanced penalties for domestic violence. Despite these advances, significant gaps in implementation remained.  Could the delegation provide updated data on the classification and prosecution of violence against women, particularly distinguishing between misdemeanours and criminal offences?  What measures were in place to ensure that legal reforms translated into effective enforcement and that penalties reflected the severity of the crimes? What reforms had been undertaken to eliminate harmful usage of confrontation techniques?

    Reports indicated that between 2020 and 2024, four out of six femicides involved victims who had previously sought help.  It was noted with satisfaction that there were plans to recognise femicide as a separate criminal offence.  What were the plans to ensure successful implementation of such a law?  While the State Party had established shelters and helplines for domestic violence victims, these services remained underfunded and insufficient.  Could the delegation provide updated figures on current shelter capacity and measures taken to ensure adequate and sustainable funding for these services? Could the delegation elaborate on plans to expand specialised services, such as psychological and legal assistance, across all regions?  Could an update be provided on the full implementation of the sex offender registry and the enforcement of post-sentence monitoring measures?  What were the main challenges in implementing the 2017-2021 Strategy on Prevention and Protection of Children from Violence and how were these challenges being addressed in the 2025-2029 Strategy? What legislative and policy measures were in place to combat online grooming and digital exploitation of children? How was it ensured that child victims of violence received adequate support?

    Responses by the Delegation 

    The delegation said upon the initiative of the non-governmental organisation Human Rights Action, a new criminal offence of enforced disappearance had been introduced and would be recognised as an offence in the Criminal Code.  The Law on the Prevention of Corruption was being amended, and two-thirds of recommendations from the civil sector had been accepted in this regard.  In Montenegro, there had been three Federal Governments over the past three years, which had led to a large number of decisions enacted in a short period of time.  There had been no intention to leave the civil and non-governmental organisation sector aside.  It was common that the most senior members of Government made efforts to memorialise the day of the Srebrenica genocide.  Sometimes, there were inappropriate statements made. However, it was hoped there would be less of these situations in the future and such statements would be sanctioned when made during elections.  There had also been a resolution adopted in Parliament on the genocide in Srebrenica.

    There would no longer be impunity for war crimes in Montenegro and proactive action had been taken in this regard.  Cases which had been finalised would be reopened, and thoroughly examined.  The strategy to combat war crimes was adopted in June 2024, which had resulted in four cases previously considered to be finalised being reopened.  In addition to this, the Special Case Prosecutor Service would look into other cases which had ended in a final judgement.  The Criminal Procedure Code was amended in June 2024, which had resulted in the inditement of a person for acts against humanity.  Two criminal cases were currently before the courts for alleged war crimes committed on the territory of Bosnia and Herzegovina. These cases were treated as a priority and were given special consideration by judges.  All victims of war crimes and their families were guaranteed access to justice and reparations.  Concrete examples could be provided of cases where courts had already awarded damages.

    In 2024, meetings had been held with the Chief Prosecutor in The Hague, and an initiative had been implemented to ensure training for Montenegro’s judges and prosecutors, based on the practices of The Hague.  Montenegro had signed the Ljubljana Hague Convention on war crimes last year.

    In 2023, the Criminal Code was amended to define the actions which constituted the criminal offence of domestic violence, as well as those who could receive safeguards under the law.  Sanctions for this offence were also increased and verbal threats were criminalised. A mandatory instruction was also adopted, mandating all prosecutors to act proactively in cases of domestic violence and to apply the Istanbul Convention.  A coordinator had been appointed at the level of the Supreme State Prosecutor and across local offices, providing periodic reporting and ensuring the speedy administration of justice.  Some 622 final judgements had been enacted on domestic violence cases in 2024, with the majority being convictions.

    There had been 364 applications for legal aid last year, and 318 of those cases were granted. A campaign had been developed to increase awareness of the availability of legal aid for all victims of domestic violence.  There were also information bulletins on trafficking in human beings available in five languages at legal aid clinics.

    Femicide was a serious, complex and tragic occurrence which needed to be tackled through various sectors.  Monitoring this criminal offence was a key challenge for Montenegro institutions. Special focus was devoted to victims, survivors and surviving family members.  In one case of femicide, the offender had been sentenced to 40 years imprisonment.

    The Judicial Council recently appointed ten judges of the High Court, which was a positive step forward.  The procedure was now simplified for recruiting new officers in the Anti-Corruption Agency.  There were now sixteen prosecutors in the Special Prosecutor’s Office, compared to six a few years ago.  The Centre for Training of Judges and Prosecutors tailored their training programmes annually.  Through the legislation harmonised with the Covenant, Montenegro aimed to implement the top international standards, including those enshrined within the Covenant.

    The Ministry of Human and Minority Rights focused on the protection of vulnerable groups, and the prevention of discrimination and inequality.  There was now a new strategy in place until 2028, focusing on the legislative framework.  This year, two million euros had been allocated for achieving non-governmental organisations’ projects.  During the last Pride event, the organisers had commended the Ministry for its contribution.  The Ministry was currently working on four important laws which addressed discrimination against the lesbian, gay, bisexual, transgender and intersex community, defined hate speech, and the forms of punishable behaviour, among other elements.

    Official political representatives and the public shared the view that forced sterilisation and removal of reproductive organs was an inhumane practice which the State needed to do away with. A law had been developed in this regard, which would be enacted in the first quarter of 2025.

    Work was being done to harmonise laws regarding the judiciary and healthcare.  The new law on protecting human rights and freedoms would ensure the Ombudsman would receive “A” status and be in line with the Paris Principles.  There had been imprisonment terms of between four to six months for those who committed attacks against transgender people.  In most cases, courts primarily referred to the European Convention of Human Rights, thereby invoking relevant international standards.  There had also been references to the Convention on the Elimination of Discrimination Against Women.  International treaties had supremacy over domestic legislation. 

    Pride events took place in Montenegro’s capital each year.  Last year, the event was held the day before an important local election. In the past, this could have been seen as an opportunity to radicalise the environment, however the event was held in complete peace.  It was hoped this would continue, and that the Pride Festival could be an event of freedom.

    There was zero tolerance for any form of torture and any officer reported was promptly investigated. In 2024, there were 21 cases against 38 police officers, with four resulting in convictions.

    Follow-Up Questions by Committee Experts

    An Expert asked about changes that the State party had observed regarding perceptions of stereotypes. The Committee was pleased that there were awareness campaigns and education initiatives around child marriages, but it was not clear if there had been a documented fall in child marriage. There had been legislative changes for the participation of women; had they given rise to the political participation of women in senior positions or in the Parliament?  When would the next parliamentary elections be held?  Would the State seek to ensure female representation was achieved?  What had been done to monitor and prevent selective abortion practices?

    A Committee Expert said the bill of law on gender determination could be adopted this year. When would it enter into force? Could more information on the restrictions in the bill be provided?  The medical reports issued in detention centres did not faithfully report on allegations of torture following instructions contained in the Istanbul Protocol.  Could the delegation elaborate on this?

    Another Committee Expert asked whether a national mechanism responsible for enacting the recommendations of United Nations treaty bodies existed in Montenegro.

    A Committee Expert asked what was being done to strengthen the institution of the Ombudsperson.

    Another Expert asked if more information could be provided on measures to combat violence against children.

    Responses by the Delegation

    The delegation said there were many politicians who believed that there needed to be a mandatory quota of 50 per cent of women represented in politics.  This was now in the stage of negotiations.  Women were the most active within the judiciary and the State was proud of this.  There were 169 female judges within the Montenegro judiciary, accounting for 64 per cent of all judges.  An association had been established to promote the role of women in the judiciary.

    The Supreme Court had supported analysis of the data, politics and practices in the fight against the exploitation of children.  One of the recommendations of this analysis was for the Supreme Court to adopt guidelines on assessing the trust environment, which would be implemented in all cases of violence against children, including cases of online violence. Courts avoided secondary victimisation of children.  Montenegro foresaw implementation of the Barnahus model, with the support of the United Nations Children’s Fund and the European Union. 

    Parliament made efforts to raise awareness on gender equality issues and to introduce its own gender equality mechanisms.

    ### Day 2

    In 2024, the Government adopted a strategy for the protection of children against violence for 2025 to 2029, promoting a zero tolerance of violence against children. The State party planned to implement recommendations from the Global Status Report on Violence Against Children, and United Nations mechanisms under the strategy, which also aimed to improve the legislative framework and change conservative societal norms that denied children rights.

    The national mechanism for the prevention of torture monitored torture at all levels, including in places of detention.  The State party had accepted Universal Periodic Review recommendations and had established a body for their implementation.

    There were restrictions within the law on self-determination of gender identity, but these were necessary to protect the rights of families.  The law was applicable to Montenegro nationals only and had been well-received by members of the lesbian, gay, bisexual, transgender and intersex community.

    The State party had mechanisms to prevent the misuse and abuse of laws on child marriage. There were exceptions allowing for child marriage, but several conditions needed to be fulfilled for such marriages to be permitted.  In all other cases, child marriage was criminalised.

    The mechanism for the protection of privacy rights in the health sector protected the privacy of patients.  The Government could not access certain information on health cards, such as information on surgeries and abortions.  The Government carried out awareness raising campaigns aiming to stop the practice of selective abortions.

    New legislation was being developed that aimed to bring the Office of the Ombudsman in line with the Paris Principles.

    Questions by Committee Experts

    A Committee Expert said a deinstitutionalisation strategy had been adopted to tackle overcrowding in psychiatric hospitals. Had the Government devoted sufficient resources to the strategy, and did it promote community care?  Detention facilities in police stations reportedly lacked natural light and did not have open-air spaces.  What measures were planned to address this situation?

    One of the judges of the Constitutional Court had reportedly been forced to resign due to a decision that was allegedly not in line with the Constitution.  Was the independence of judges guaranteed by law?  How did the State party prevent interference in the judiciary?  There was a lack of hearing chambers and judicial staff, contributing to a backlog in cases.  What measures were in place to address the backlog?  Did the 2024 changes made to the law on the council of the judiciary help judges with their work?  There were currently two Presidents of first instance courts who were on their third mandates, contrary to the law limiting tenures to two mandates. Why was this?  What measures were in place to raise awareness about the availability of free legal aid?

    Another Committee Expert welcomed the evaluation of the strategy for tackling trafficking in persons and the current strategy and national action plan.  Some improvements had been made in trafficking policies, but significant gaps reportedly remained, including in relation to the identification of victims. The anti-trafficking unit was severely under-resourced and the labour inspection unit lacked the capacity to identify labour exploitation effectively.  What measures would the State party take to strengthen the capacities of these units to better identify victims?  There was only one shelter for women victims of trafficking and none for men. Psychosocial assistance for victims was limited and no victims had received financial compensation.  What measures had the State party taken to separate child and adult victims in shelters, and to fund reintegration programmes for victims?

    The Committee welcomed training initiatives on data protection and privacy rights, but public awareness of privacy issues remained low.  What measures were in place to improve awareness and training for State officials on privacy issues?  How many privacy complaints had been investigated?  Were there plans to develop a data protection law?  One State official had been indicted for ordering the surveillance of 15 members of civil society.  The National Security Agency could access private data without court authorisation.  Were there plans to introduce judicial authorisation for such access?  What measures would the State party take to increase data protections and introduce remedies for victims of unauthorised data access?

    There had been 92 attacks against journalists between 2021 and 2024, a 200 per cent increase from the previous period.  What steps had been taken to enhance the safety of journalists, ensure accountability and prevent future attacks? What work was done by the commission monitoring attacks on journalists?  Recent legal amendments had strengthened protections for journalists, but strategic lawsuits against public participation remained a major concern. How would concerns related to these lawsuits be addressed?  Had the State party consulted with civil society concerning amendments to media regulations?

    A Committee Expert noted laws and other measures implemented to protect the rights of asylum seekers and refugees, which seemed to be in line with European Union laws and policies.  However, there were reports of increasing pushbacks at the border, deportation to unsafe countries and ill-treatment and detention of asylum seekers at the border for up to 28 days.  How was the State party preventing refoulement and protecting asylum seekers’ rights at the border?  Why were persons undergoing legal procedures related to statelessness not eligible for free legal aid?  Reported restrictions on access to healthcare and other State services for stateless persons were worrying.  The Committee welcomed that the State party had provided more than 16,000 Ukrainian refugees with temporary protection, but there were reports of Ukrainian children living in precarious circumstances and not being able to access State services. Could the delegation comment on these issues?

    The environment for non-governmental organizations was reportedly hostile, with some persons who criticised members of the Government or denounced corruption reportedly subjected to reprisals.  There was discourse related to a proposed “foreign agent law”, which would infringe freedom of expression.  Would such a law be implemented?  What measures were in place to protect whistleblowers?

    One Committee Expert welcomed the efforts of the State party to revise its law on access to information in line with international standards.  How did the law promote inclusion and accountability?  There was reportedly a growing trend in classifying public information as restricted.  What measures were in place to prevent the abuse of legislation on restricted information? What independent monitoring bodies could individuals appeal to regarding the restriction of information?

    What measures had the State party taken to ensure that the implementation of legislation on religious practices promoted freedom of religion?  Were the views of religious communities on these laws taken into account?  What measures were in place to punish hate speech, particularly Islamophobic hate speech?  What mechanisms existed to ensure transparency in the moderation of disputes between religious communities, and to protect the rights of minority religious communities?

    A Committee Expert noted progress in the appointment of the Anti-Corruption Agency, which had released reports related to the financing of electoral campaigns.  In the most recent election, regulations aiming to prevent corruption had reportedly not required candidates to record personal expenditure or spending on online advertising.  The Agency had issued 46 proposals to improve measures for the prevention of corruption. How did the State party ensure that these reforms were effectively implemented?  There had been accusations of vote buying; had these been investigated and the perpetrators punished?

    Responses by the Delegation

    The delegation said a strategy for the enforcement of criminal sanctions was in place to prevent acts of torture and other cruel, inhuman, or degrading treatment, and to promote the resocialisation of detainees.  Reforms had been developed to prevent the abuse of prisoners, in line with the recommendations of the European Court of Human Rights.  Construction had started on a special unit at a psychiatric hospital to resolve the issue of overcrowding.  The necessary resources would be devoted to ensuring the proper functioning of this unit.

    In 2023, based on the recommendations of the United Nations Subcommittee for the Prevention of Torture, the State party had approved measures to record the activities of police officers and the transfer of detainees, and to improve facilities for detainees in police stations. The deadline for implementing these was 2026.

    The Government had adopted a judicial reform strategy in 2024, which aimed to strengthen independence, accountability, transparency and trust in the judiciary.  Comprehensive legal reforms undertaken in 2024 had aligned the State’s judicial legislation with that of the European Union.  The Justice Minister was a member of the Judicial Council, but only had limited powers; he did not participate in matters concerning the election, discipline and dismissal of judges and could not be the Chair of the Council.  The participation of the Minister in this body did not affect the independence of the judiciary.  Future amendments to the Constitution would remove the Justice Minister from the Judicial Council.  When appointing Presidents of Courts, the Judicial Council took due care to assess whether the candidate had formerly been a President.  Recent reforms called for the work of Supreme Court judges to be evaluated every five years.  Restrictions were placed on the roles that judges could play when they were subject to disciplinary proceedings.  A working group had been set up to regulate the employment rights of judges, including their wages.  There were plans to increase the salaries of judges to ensure their independence.

    The Supreme Court had taken several actions to reduce the backlog of cases and to speed up proceedings.  There had been an increase in cases related to access to information; one individual had lodged 11,000 such cases.  The State party had streamlined proceedings related to the assessment of access to information cases.

    An amendment to the law on free legal aid was adopted in 2024.  It provided for free legal aid for vulnerable persons and persons who lodged claims in specified fields, including domestic violence and child protection.  The Government was implementing training to increase the number of legal aid practitioners, who needed to have specialised knowledge.  An awareness raising campaign on free legal aid had been implemented, targeting victims of domestic violence.  It had led to an increase in applications for legal aid.

    The Government was implementing several measures to combat trafficking in persons.  It had amended the Criminal Code to strengthen its response to trafficking. Abduction had been defined as a means of committing trafficking, and penalties for harming children and the sale of children had been increased.  In 2024, the Supreme State Prosecutor’s Office implemented measures to improve the identification of trafficking victims, including through information exchanges with neighbouring countries.  There had been an increase in the number of criminal offences of trafficking prosecuted in 2024.  Some 14 charges were issued against 25 individuals in 2024 for crimes of trafficking for the purposes of forced labour and sexual exploitation.

    The Ministry of Interior had undertaken several activities to strengthen the capacities of police officers and social and healthcare workers, to identify and support trafficking victims.  The system for the protection of victims of trafficking had been improved, thanks to the establishment of a State-funded shelter for women victims of trafficking in 2024.  Another shelter specifically prepared to house children was also operational; it had facilities for children with disabilities.

    Courts had made progress in prosecuting trafficking cases. Imprisonment terms of at least 15 years had recently been issued for two persons found guilty of trafficking, and other persons had received shorter prison terms for trafficking offences. When Montenegro entered the European Union, a law on compensation for victims of trafficking would enter into force. Guidelines had been issued to judges on compensation for victims.

    The Government strongly denied any allegations of violations of the rights of asylum seekers.  Border officials had received training on identifying trafficking victims.  A new law on the international protection of foreign nationals had been adopted in 2018, to increase the protection of their rights and the efficiency of the asylum process.  This law was fully aligned with relevant European Union Directives.  It ensured that decisions on asylum cases were reached within six months.

    A draft law on data protection had been prepared and was currently being assessed.  There were safeguards in place for the protection of personal data, including the personal data protection agency, which was mandated to regulate the processing of personal data by Government bodies.  The law on the National Security Agency required records to be kept of officers who had accessed personal data.  An amendment to the law had been approved by the Parliamentary Committee, which could visit the Agency and conduct checks on its practices.  The new law aimed to increase the transparency of the Agency’s activities.  Three charges had been lodged against the former Director of the Agency and another officer regarding unauthorised surveillance.  These cases were currently pending.

    The Government was promoting freedom of expression and strengthening legislation to protect journalists from attacks.  A commission dedicated to monitoring attacks against journalists had been set up and was operational.  It published reports and held regular meetings with officials on protection measures.  The law on the national public broadcaster was amended in 2024 to prevent undue political interference in its activities and in the election of its members, in line with the recommendations of the Venice Commission.  Prosecution teams had been set up to investigate the murders of three journalists.

    The Parliament organised public hearings and debates on proposed legislation, including the draft law on free access to information.  The Government would prioritise adoption of this law, which would promote transparency in access to information.

    Judges’ terms ceased when they reached statutory retirement age.  The Constitutional Court had failed to inform the Parliament that one of its judges had reached retirement age; the Parliament had issued a statement informing the Court of this fact.  The judge in question had filed a complaint with the Constitutional Court regarding her removal from the Court, but this had been rejected.

    The law on freedom of religious belief was amended in 2021; religious communities were not involved in this process, though they had been involved in drafting of the initial law.  The restitution of property to religious communities would be addressed in a forthcoming law.  Montenegro was committed to promoting the rights of religious communities.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on the State’s response to reports of excessive use of force at the borders and an increase in pushbacks; the availability of legal aid for asylum seekers; how Montenegro prevented third-party actors from influencing political processes; reasons for delays in prosecuting hate crimes; measures to address the low representation of women in political bodies; plans to address the Supreme Court’s case backlog; measures to prevent delayed responses to requests for information; and steps taken to open inquiries into religious hate speech and to punish these acts.

    Responses by the Delegation

    The delegation said the State had not received any allegations of pushbacks at the border.  All individuals who entered the territory of Montenegro had the right to request international protection.  The law on international protection guaranteed legal aid for all asylum seekers, which was provided through a non-governmental organization, financed by the United Nations High Commissioner for Refugees.  Legal aid was also guaranteed by law for victims of trafficking, domestic violence and sexual offences.  The State party was developing case management mechanisms to address the Supreme Court’s case backlog.

    One deputy prime minister needed to be of an underrepresented gender.  A women’s club was in place, as well as a quota system, for the management boards of public companies.

    Criticism of public officials was permitted, as long as it did not constitute hate speech.  A law was being drafted that would implement sanctions for hate speech. The Government sought to lift the immunity of one mayor who had discriminated against a religious group in public speeches, so that he could be prosecuted.

    A committee had been set up to develop amendments to legislation on elections and campaign financing.  Its work had been delayed, but it was due to develop this legislation by the end of this year.  Its membership had also been expanded.

    The fourth strategy on deinstitutionalisation was adopted in December 2024, along with its action plan.  Funding was provided for social care under the strategy, which envisaged licencing and training of social service providers, and setting norms and standards for social work.

    Complaints of hate speech against religious communities were handled by the Ombudsperson’s Office.  The State party was currently negotiating agreements with several religious communities.

    Although public statements related to laws on foreign agents had been made, no draft laws on foreign agents had been submitted to Parliament.  The State party promoted freedom of expression.

    Closing Statements

    BLAGOJE GLEDOVIĆ, Director General of the Directorate for the International Cooperation and International Legal Aid, Ministry of Justice of Montenegro, and alternative head of the delegation, said the exchange with the Committee had been lively and exhaustive.  Over the reporting period, the State party had undertaken several reforms to promote civil and political rights and to meet the requirements for accession to the European Union.  Significant efforts had been made by public servants and civil society to achieve Montenegro’s membership of the Union.  Montenegro remained committed to the implementation of the Covenant through national legislation and all other available measures.  The State party looked forward to receiving the Committee’s recommendations, which it would carefully consider and strive to implement.

    CHANGROK SOH, Committee Chairperson, thanked the delegation for engaging in dialogue with the Committee.  Discussions had covered a wide range of topics related to the implementation of the Covenant by the State party, highlighting the progress made and challenges faced.  The Committee was committed to fulfilling its mandate to ensure the highest standard of implementation of the Covenant in Montenegro.  Mr. Soh thanked all persons who had contributed to the dialogue.

     

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

     

     

    CCPR25.002E

    MIL OSI United Nations News

  • MIL-OSI USA: PHILADELPHIA – Governor Shapiro to Visit Temple University Health System to Highlight Proposed Investments to Grow Pennsylvania’s Nursing Workforce

    Source: US State of Pennsylvania

    March 06, 2025Philadelphia, PA

    ADVISORY – PHILADELPHIA – Governor Shapiro to Visit Temple University Health System to Highlight Proposed Investments to Grow Pennsylvania’s Nursing Workforce

    Governor Josh Shapiro will visit Temple Women & Families to highlight the major investments his 2025-26 Budget Proposal would make to address the ongoing nursing shortage – including $5 million to support workforce initiatives to educate, train, and recruit nursing professionals.

    Governor Shapiro’s budget proposal puts growing our workforce front and center, building upon previous investments to support the demand for reliable health care services throughout the state.
    Under the Governor’s leadership, Pennsylvania has expanded workforce development and increased funding for vo-tech programs, career and technical education (CTE), and apprenticeships by nearly $65 million. Today, Pennsylvania invests 50 percent more in workforce development than when the Governor took office, equipping workers with the skills needed for high-demand jobs.

    WHO:
    Governor Josh Shapiro
    Secretary Nancy A. Walker, Department of Labor & Industry
    Senator Christine Tartaglione
    Representative Jason Dawkins
    Michael Young, President and CEO of Temple University Health System
    Chaudron Carter, Chief Nursing Executive of Temple University Health System

    WHEN:
    Thursday, March 6, 2025 at 11:00AM

    WHERE:
    Temple Women & Families
    1331 East Wyoming Avenue
    Philadelphia, PA 19124

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the Post-Budget Webinar on the theme ‘Investing in People’

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses the Post-Budget Webinar on the theme ‘Investing in People’

    The vision of Investment in People is based on 3 pillars: Education, Skill and Healthcare”; increasing investment in these sectors will contribute to actualizing the dream of Viksit Bharat: Prime Minister

    “Through day-care cancer centres and digital healthcare infrastructure, we want to take quality healthcare to the last mile”

    “Initiatives like ‘Heal in India’ are attracting medical tourists from around the world. Efforts are being made to establish India as a global tourism and wellness hub”

    Since 2014, the number of medical colleges has surged from 387 to 780; remarkable increase observed in undergraduate and postgraduate medical seats, with an increase of 130% and 135% respectively: Union Health Minister

    There is a need for creating a curriculum that is more vibrant, meaningful and fit to current challenges, optimum utilization of existing health infrastructure and emphasised the need to enhance the soft skills of the medical students: Shri Nadda

    Posted On: 05 MAR 2025 9:34PM by PIB Delhi

    Prime Minister of India, Shri Narendra Modi addressed the Post-Budget Webinar on employment via video conferencing, today. The theme of the webinarwas “Investing in People, Economy, and Innovation,”which was attended by 29 Ministries of the Government of India, 100 panelists and more than 25,000 participants to discuss 43 articles of the recent Union Budget 2025-26.

    Addressing the gathering, Prime Minister underlined that “the theme of the webinar, ‘Investing in People’, defines the roadmap of Viksit Bharat and the impact of this theme can be seen at a large level on the budget.” He underlined that “the budget has emerged to be the ‘blueprint of India’s future’ where investing in people, economy and innovation has been given equal priority to investment in infrastructure and industry.”

    Prime Minister emphasized that “capacity-building and talent-nurturing will prove to be the foundation stones of the country’s progress, therefore in the next stage of development, we need to increase investment in these sectors. For which, all the stakeholders need to come forward as it is not only necessary for the economic success of the country but also for the success of all organizations.”

    Prime Minister highlighted that “the vision of Investment in People is based on 3 pillars: Education, Skill and Healthcare” and urged all the stakeholders “to increase investment in these sectors” and contribute to the government’s vision for these sectors to actualize the dream of Viksit Bharat.

    Highlighting the government’s efforts and the budget’s provisions, the Prime Minister stated that “in the budget, 10,000 additional medical seats have been announced and the government is working with the target of adding 75,000 seats in medical education in the next 5 years.”

    Highlighting the developments in the healthcare landscape, the Prime Minister stated that “tele-medicine facility is being expanded to all the Primary Health Centres.ThroughDay Care Cancer Centres and digital healthcare infrastructure, we want to take quality healthcare to the last mile that will ensure significant transformation in people’s lives.”

    Highlighting the importance and potential of the tourism sector, the Prime Minister stated that initiatives like “Heal in India” are attracting medical tourists from around the world” and “efforts are being made in the direction of making India a global-level tourism and wellness hub.” He urged all the stakeholders in the healthcare sector “to grab this opportunity and invest to promote health tourism” and emphasized on “utilizing the potential of Yoga and wellness tourism.”

    The Prime Minister also called for a detailed discussion and an extended roadmap for increasing the scope of medical tourism and urged all the stakeholders to work in the direction of making the budget announcements a reality so that their benefits can be taken to the people.

    Addressing the gathering, Union Minister for Health & Family, Shri Jagat Prakash Nadda stated that “the biggest investment is the investment in people”. He underlined that the government is working with a “holistic approach” that focuses not only at the curative aspect but also on the preventive, palliative, and rehabilitative approach. He added that “we are also trying to include the AYUSH and other medical systems to ensure the availability and access to heathcare for the people.”

    Shri Nadda stated that “since the cancer treatment is a lengthy process with long cycle of chemotherapy, the government is focusing on engaging with Day Care Cancer Centres rather than big hospitals to ensure engagement of patients, post-chemotherapy sessions. The government will establish Day Care Cancer Centres (DCCCs) in all district hospitals over the next three years, with establishing 200 this year itself.”

    Underlining the importance of strengthening the medical health system, the UnionHealthMinister reiterated the budget announcements of additional medical seats. He also highlighted the government’s efforts to ensure the availability and accessibility of quality healthcare to the people through more than 1.75 lakh Ayushman Aarogya Mandirs and facility of voluntary screenings for individuals aged 30 years and above at Ayushman Arogya Mandirs for oral, breast and cervical cancers along with the screening for hypertension and diabetes.

    Shri Nadda highlighted the government’s efforts for facilitating self-assessment of healthcare facilities and ensure the adherence of all the Ayushman Aarogya Mandirs with the National Quality Assurance Standards. He also added that “since 2014, the number of medical colleges has surged from 387 to 780 today, He emphasized the remarkable increase in both undergraduate and postgraduate medical seats, with an increase of 130% and 135% respectively.”

    Shri Nadda also underlined the key challenges identified and suggestions made during the webinar, including faculty development, periodic assessment of faculty gaps and timely recruitment after assessment to avoid any hindrances before running education and ensure smooth functioning in medical colleges. He also supported the suggestions like faculty pooling among medical institutes, hiring retired teachers as visiting faculties for making the unviable institutions viable; incorporation of competency-based medical education, early clinical exposure for students, and enhanced communication skills for both students and faculty.

    Additionally, he also advocated for including latest developments in technology, Artificial Intelligence, tele-medicine, digital healthcare in the revised curriculum of medical education. In his concluding remarks, he urged “for creating a curriculum that is more vibrant, meaningful and fit to current challenges” and “optimum utilization of existing infrastructure and medical faculty. He also emphasised the need to add soft skills to increase the empathy, ethics and communication skills of the medical students.”

    Shri Nadda highlighted the developments made in medical infrastructure for ensuring cancer care in the country like the establishment ofNational Cancer Institute (NCI) of AIIMS, Jhajjar, upgradation of Chittaranjan National Cancer Institute (CNCI), Kolkata, establishment of Oncology departments in all 22 AIIMS. Citing a recent LANCET study, he underlined that “timely cancer treatment initiation has improved significantly because of the Ayushman Bharat Jan Aarogya Yojna. Patients enrolled under AB-PMJAY saw 90% rise in access to cancer treatment within 30 days.”

    In his concluding remarks, the Union Health Minister stated that “the Government will continue its efforts through the holistic approach to ensure healthcare for allwhile working in the direction of strengthening the base of the medical educationpyramid through ensuring the training and recruitment of nursing, paramedics and assistive staff.”

    In his address during the inaugural session of the Webinar, Dr. V. K. Paul, Member (Health), NITI Aayog, focused on strengthening key aspects of the health sector. Highlighting significant advancements in India’s healthcare and medical education sectors, he stated that “the number of medical colleges in India has surged by an impressive 102% over the past decade, increasing from 387 to 780, resulting in a greater number of government medical colleges than private institutions, thereby enhancing affordability for aspiring medical students”. Dr. Paul emphasized the remarkable increase in both undergraduate and postgraduate medical seats, with undergraduate seats.He also discussed the key initiatives that include a special scheme aimed at upgrading district and referral hospitals into medical colleges; the introduction of the District Residence Program links public healthcare with medical education, allowing postgraduate residents to gain real-life experience in district hospitals.

    Addressing the rising burden of cancer, Dr. Paul underscored the urgent need for early detection, with a nationwide screening initiative reaching 26 crore people for oral cancer, 18crorefor breast cancer, and 9 crore for cervical cancer.He outlined the strategic roadmap for rolling out DCCCs nationwide, which includes the target of establishing one Day Care Cancer Centre in every district.Hereiterated the government’s commitment towards establishing cancer institutes and tertiary cancer care systems while ensuring financial coverage for cancer care through Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) that offers multiple care packages, while affordable medications through Jan AushadhiKendras. He concluded his remarks with a vision for a healthcare system that meets the standards of developed nations by 2047, describing the budget announcements as “aspirational and game-changing.”

    Ms Punya Salila Srivastava, Secretary of the Ministry of Health & Family Welfare, underscored the importance of collaboration between the central and state governments. She pointed out that the immediate priority is to identify high-burden districts for the first phase of implementation. She noted that India sees approximately 50% of cancer patients seeking treatment in tertiary hospitals, often leading to overcrowding and delays. The government aims to significantly reduce this burden by enabling district-level chemotherapy and immunotherapy services. She also emphasised the need for timely infrastructure development and the establishment of strong referral pathways linking DCCCs to State Cancer Institutes and tertiary hospitals.

     

    The Secretary also addressed the importance of workforce capacity-building. While oncologists are essential for specialised care, training general physicians, nurses, and pharmacists to manage chemotherapy administration and supportive care at DCCCs will be a game-changer. She called for increased partnerships with medical colleges, cancer research institutes, and nursing training centres to create a steady pipeline of skilled healthcare workers for these centres.

    A breakout session on strengthening cancer care in the country, was also organized during the webinar, focusing on expanding Day Care Cancer Centres (DCCCs). The session highlighted the government’s commitment to making cancer treatment more accessible and decentralised, in line with the Union Budget 2025-26 announcement of establishing 200 new DCCCs in district hospitals.Several experts shared insights on different aspects of the initiative that included: the need for structured training programs to equip medical professionals with the skills required to deliver quality treatment at DCCCs; importance of standardising chemotherapy protocols across all centres to maintain uniformity in treatment; challenges of drug procurement and the need for efficient supply chain management, particularly for life-saving oncology drugs that are often expensive and require specialised handling. Tamil Nadu and Odisha officials presented their successful models of decentralised cancer care, offering practical solutions for other states. These models demonstrated how strategic investments in district-level cancer care have resulted in earlier diagnosis, better treatment outcomes, and reduced patient migration to metropolitan hospitals.

    The session concluded with a call to action for all stakeholders. State governments were urged to fast-track the establishment of DCCCs by allocating necessary resources and ensuring trained personnel are available. Healthcare institutions were encouraged to support research, training, and service delivery. The private sector was invited to contribute through funding and infrastructure support. At the same time, civil society organisations were encouraged to promote awareness, early detection, and patient support programs.

    The Post-Budget Webinar on Budget Announcement also included a breakout session on“Expansion of Medical Education”. The panelists provided their insights and suggestions for the implementation of this ambitious initiative of expanding medical education in the countrywhich aligns with the broader objective of enhancing the accessibility, quality and sustainability of medical education in the country.

    The webinar was attended by officers from Ministry of Health & Family Welfare along withrepresentatives from NMC, ICMR, State Health Ministries, renowned doctors, medical professionals and faculty from renowned medical institutions.

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  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Addresses Post-Budget Webinar on “Investing in People”

    Source: Government of India

    Dr. Mansukh Mandaviya Addresses Post-Budget Webinar on “Investing in People”

    India’s social security coverage has doubled from 24.4% to 48.8% – Dr. Mandaviya

    10 new ESIC medical colleges have been approved, with plans for 10 more in the pipeline: Union Minister

    Posted On: 05 MAR 2025 8:46PM by PIB Delhi

    A Post-Budget Webinar on the theme “Investing in People” was organized today via video conferencing, bringing together senior government officials, academia, and industry representatives.

    Addressing the post-budget webinar on the theme ‘Investing in People’, Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, emphasized that a nation’s greatest asset is its people. He outlined the government’s mission to skill and empower India’s youth, ensuring that Indian talent makes a global impact. Highlighting the roadmap for Viksit Bharat by 2047, he stated that investing in people is not just an economic decision but a social, moral, and cultural commitment toward an educated, healthy, and empowered society.

    Dr. Mandaviya presented data underscoring the success of employment initiatives, revealing that 17.1 crore jobs were created between 2014-24, including 4.6 crore in the past year alone. He noted a significant drop in unemployment rates, from 6% in 2017-18 to 3.2% in 2023-24, and a remarkable rise in female employment from 22% to 40.3% in the same period. Union minister credited these achievements to India’s progressive policies, which have strengthened the country’s workforce.

    Dr. Mandaviya also addressed the impact of social security initiatives, citing the ILO World Social Security Report 2024-26, which highlights India’s social security coverage doubling from 24.4% to 48.8%. The expansion of the e-Shram Portal, covering over 30.67 crore unorganised workers, and the inclusion of gig workers under PMJAY, reinforce the government’s commitment to workforce welfare, he stated. The government has also integrated 12 key welfare schemes under e-Shram and has made the portal available in 22 Indian languages, he mentioned. Additionally, to support workers’ families, 10 new ESIC medical colleges have been approved, with plans for 10 more in the pipeline, he added.

    Concluding his address, Dr. Mandaviya reaffirmed that under Prime Minister Narendra Modi’s leadership, India’s investment in its people is shaping a stronger, self-reliant nation, ensuring long-term benefits for future generations.

    During the thematic segment, Secretary (Labour & Employment), Ms. Sumita Dawra drew attention to major strides in modernizing the Employees’ Provident Fund Organisation (EPFO), including the enrolment of over 6.2 crore new members in six-and-a-half years and reforms such as centralized pension processing system, auto-settlement of PF claims, and robust IT infrastructure. Alongside these achievements, Ms. Dawra underscored the ESIC expansion—from 2.03 crore insured persons (IPs) in 2014 to 3.72 crore in 2024—and the growing healthcare network across 165 hospitals and 1590 dispensaries. Additionally, she emphasized advances in Technological Development—notably the e-Shram and National Career Service portals—and the G20 Feasibility Study on Development of International Reference Classification, which aims to benchmark skills globally by 2026.

    Parallel breakout session on Para 51 of the Union Budget 2025-26 – Social Security for Online Platform Workers

    Mr. Ajoy Sharma, Joint Secretary, Ministry of Labour & Employment, set the context for the breakout session on the topic “Social Security Scheme for Welfare of Online Platform Workers”. He reiterated the provisions in Para 51 of the Union Budget 2025, which covered providing of identity cards and registration on the e-Shram portal, along with healthcare coverage under PM Jan Arogya Yojana, to nearly 1 crore gig workers. He impressed upon the Panel of experts to explore importance of strategic planning, identification of beneficiaries, defining eligibility criteria, and leveraging technology to ensure sustainable financing for comprehensive social security benefits. The breakout session saw a discussion with a panel of expert panel who provided insights for strengthening the implementation mechanism of the scheme, addressed implementation challenges, and potential mitigation strategies. Mr. Sharma thanked the panelists for their valuable insights on global best practices, gender considerations, and the critical role of platform aggregators.

    Summation of Breakaway Session by Secretary, Ministry of Labour & Employment

    Summarizing the session’s key outcomes, Secretary (L&E) Ms. Sumita Dawra noted broad consensus on the imperative to extend social protection to the burgeoning gig and platform sector. Panelists observed that platform work has grown exponentially—from 0.54% of total workers in 2011-12 to 1.33% in 2019-20—and urged swift action to bring these workers under a robust social security net. The discussion underscored four major areas:

    • Registration & Identification: Leveraging the aggregator module on the e-Shram portal to ensure comprehensive coverage and seamless issuance of unique ID cards.
    • Eligibility & Targeting: Introducing clear criteria, including duration of engagement and income thresholds, to cover bona fide platform workers while excluding those already in formal employment.
    • Role of Technology: Emphasizing data-driven solutions for transparency and efficiency, particularly for overlapping platform engagements and ensuring portability of benefits.
    • Sustainable Financing: Encouraging contribution from aggregators and workers, alongside Government support, to sustain long-term benefits such as healthcare, life/disability cover, and pension schemes.

    Ms. Dawra added that integrating women into the platform ecosystem will be pivotal to raising female labour force participation, given the flexibility it offers and the potential to empower millions of aspiring women entrepreneurs and workers. She reaffirmed the Ministry’s commitment to working closely with stakeholders to finalize the social security scheme for platform workers.

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  • MIL-OSI Asia-Pac: English rendering of PM’s address at post-budget webinar on boosting job creation via video conferencing

    Source: Government of India

    Posted On: 05 MAR 2025 3:16PM by PIB Delhi

    Namaskar! 

    Welcome and greetings to all of you in this important budget webinar. Investing in People, Economy and Innovation – This is a theme that defines the roadmap of developed India. You can see its impact on a very large scale in this year’s budget. Therefore, this budget has emerged as a blueprint for India’s future. We have given as much priority to infrastructure and industries in investment as we have given to People, Economy and Innovation. You all know that capacity building and talent nurturing work as the foundation stone for the country’s progress. Therefore, now in the next phase of development, we have to invest more in these areas. For this, all the stakeholders will have to come forward. Because, this is necessary for the economic success of the country. And at the same time, it is also the basis for the success of every organization.

    Friends, 

    The vision of Investment in people is standing on three pillars – education, skill and healthcare! Today you are seeing how India’s education system is going through a huge transformation after several decades. Big steps like the National Education Policy, expansion of IITs, integration of technology in the education system, use of the full potential of AI, digitization of textbooks, work of providing learning materials in 22 Indian languages, many such efforts are going on in mission mode. Due to these, today India’s education system is matching the needs and parameters of the 21st century world. 

    Friends, 

    The government has provided skill training to more than 3 crore youth since 2014. We have announced plans to upgrade 1,000 ITI institutes and create 5 centres of excellence. Our aim is that the training of the youth should be such that they can meet the needs of our industry. In this, we are taking help from global experts and ensuring that our youth can compete at the world level. Our industry and academia have the biggest role in all these efforts. Industry and educational institutes should understand each other’s needs and fulfill them. The youth should get a chance to keep up with the rapidly changing world, they should get exposure, they should get a platform for practical learning. For this, all stakeholders will have to come together. We have started  the PM-internship scheme to provide new opportunities and practical skills to the youth. We have to ensure that the maximum number of industries participate in this scheme at every scale.

    Friends, 

    We have announced 10 thousand additional medical seats in this budget. We are keeping the target of adding 75 thousand seats in the medical line in the next 5 years. Tele-medicine facilities are being expanded in all Primary Health Centres and in all these areas. Through day-care cancer centres and digital healthcare infrastructure, we want to take quality healthcare to the last mile. You can imagine how big a change this will bring in people’s lives. This will also create many new employment opportunities for the youth. You have to work equally fast to bring these on the ground. Only then will we be able to make the benefits of the budget announcements reach more and more people.

    Friends, 

    In the last 10 years we have also looked at investment in the economy with a futuristic approach. As you know, India’s urban population is estimated to reach 90 crores by 2047. Such a large population requires planned urbanization. For this, we have taken the initiative to create an Urban Challenge Fund of Rs 1 lakh crore. This will focus on governance, infrastructure and financial sustainability, and will also increase private investment. Our cities will be known for sustainable urban mobility, digital integration and Climate Resilience Plan. Our private sector, especially real estate and industry, should focus on planned urbanization and take it forward. Everyone has to work together to take forward campaigns like Amrit 2.0 and Jal Jeevan Mission.

    Friends, 

    Today, when we are talking about investment in the economy, we need to pay special attention to the possibilities of tourism. The tourism sector is expected to contribute up to 10% to our GDP. This sector has the potential to provide employment to crores of youth. Therefore, many decisions have been taken in this budget to promote domestic and international tourism. 50 destinations across the country will be developed with a focus on tourism. Giving infrastructure status to hotels in these destinations will increase the ease of tourism and will also boost local employment. The scope of the Mudra scheme for home-stays has also been expanded. Tourists from all over the world are being attracted through the campaigns ‘Heal in India’ and ‘Land of the Buddha’. Efforts are being made to make India a global level tourism and wellness hub.

    Friends, 

    When we talk about tourism, apart from the hotel industry and transport sector, there are new opportunities for other sectors in tourism as well. Therefore, I would say that our health sector stakeholders should invest in promoting health tourism, grab this opportunity. We should also use the full potential of yoga and wellness tourism. We also have a lot of scope in education tourism. I would like that there should be detailed discussions in this direction and we should move forward in this direction with a strong roadmap.

    Friends, 

    The country’s future is determined by the investment being made in innovation. Artificial Intelligence can give growth of several lakh crores of rupees to the Indian economy. Therefore, we have to move fast in this direction. In this budget, 500 crores have been allocated for AI-driven education and research. India will also establish the National Large Language Model to develop the capabilities of AI. In this direction, our private sector also needs to be one step ahead of the world. The world is waiting for a reliable, safe and democratic country that can provide economical solutions in AI. The more you will invest in this sector now, the more advantage you will get in the future.

    Friends, 

    Now India is the third largest startup ecosystem in the world. The government has taken several steps in this budget to promote startups. A corpus fund of Rs 1 lakh crore has been passed to promote research and innovation. This will increase investment in emerging sectors along with the Deep Tech Fund of funds. A provision of 10 thousand research fellowships has been made in IIT and IISc. This will promote research and provide opportunities to talented youth. Innovation will gain momentum through the National Geo-spatial Mission and National Research Foundation. We will have to work together at every level to take India to new heights in the field of research and innovation.

    Friends,

    Gyan Bharatam Mission, and I hope you all come forward in this word, the announcement of preserving the rich manuscript heritage of India through Gyan Bharatam Mission is very important. More than one crore manuscripts will be converted into digital form through this mission. After which a national digital repository will be created so that scholars and researchers from all over the world can know about India’s historical and traditional knowledge and wisdom. The government is setting up a National Gene Bank to preserve India’s plant genetic resources. The aim of this initiative of ours is to ensure genetic resources and food security for the coming generations. We have to expand the scope of such efforts. Our different institutes and sectors should become partners in these efforts.

    Friends,

    In February itself, we all have the great observations of the IMF about the Indian economy. According to this report, between 2015 and 2025… between 2015 and 2025, in these 10 years, the Indian economy has registered a growth of sixty six percent, i.e., 66 percent. India has now become a 3.8 trillion-dollar economy. This growth is more than many big economies. That day is not far when India will become a 5 trillion-dollar economy. We have to move ahead in the right direction, by making the right investments, and expand our economy in this way. And implementation of budget announcements also plays a big role in this, all of you have an important role. 

    My best wishes to all of you. And I am confident that by announcing the budget for the last few years, we have broken the tradition of, you do your part and we do ours. We sit with you before making the budget, even after making the budget, even after announcing it, we sit with you to implement the things that come up. Perhaps this model of public participation is very rare. And I am happy that this brainstorming program is gaining momentum every year, people are joining with enthusiasm, and everyone feels that the things we talk about before the budget are more important than the things that are useful in implementation after the budget. I am sure that this collective brainstorming will play a huge role in fulfilling our dreams, the dreams of 140 crore countrymen. My best wishes to all of you. 

    Thank you.

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Dr. Jitendra Singh Highlights ₹20,000 Cr Boost for Research & Innovation, Says India Emerging as Global R&D Leader

    Source: Government of India (2)

    Dr. Jitendra Singh Highlights ₹20,000 Cr Boost for Research & Innovation, Says India Emerging as Global R&D Leader

    India achieved Global Rank 3 in StartUps in last one decade

    India Ranks 3rd in Scientific Research, Global Innovation Index Rises from Rank 81 to 39, Patent Grants Surge 17-Fold: Dr. Jitendra Singh

    Govt’s Innovation Drive to Propel Deep-Tech, Sunrise Sectors, and Triple PM Research Fellowships

    Dr. Jitendra Singh in Post Budget Webinar: India to Strengthen Crop Security with National Enlarged Gene bank Replica

    Posted On: 05 MAR 2025 5:52PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that India achieved global Rank 3 in StartUps in last one decade and reaffirmed the Union Government’s commitment to making India a global innovation hub, highlighting the ₹20,000 crore allocation in Budget 2025-26 for the Research, Development, and Innovation initiative.

    He explained that the initiative aims to boost research and innovation in the private sector, with a strong focus on expanding efforts in sunrise industries. Speaking at the concluding session of the Post Budget Webinar 2025 on “Investing in Innovation,” he emphasized that this funding would drive cutting-edge research and technological advancements, particularly in deep-tech sectors.

    The announcement builds on the ₹1 lakh crore corpus introduced in Budget 2024-25 to accelerate research and development (R&D) in the private sector, with a strong focus on sunrise technologies. Dr. Jitendra Singh underscored that these initiatives would strengthen India’s innovation ecosystem and encourage private sector investments in critical domains like semiconductor manufacturing, artificial intelligence, 5G, and quantum computing.

    “India has made significant strides in innovation, with patent grants increasing 17 times since 2014 and our position in the Global Innovation Index rising from 81th to 39th among 133 economies. Today, we rank third globally as a leading contributor to scientific research,” Dr. Jitendra Singh stated.

    Recognizing the need to nurture world-class research talent, the government has tripled the intake under the Prime Minister’s Research Fellowship (PMRF) Scheme. Originally launched in 2018, the scheme has so far supported 3,688 scholars. The latest Budget expands its reach to 10,000 fellowships over the next five years, offering more opportunities for young scientists to pursue groundbreaking research at India’s premier institutions.

    “The PMRF is not just about financial assistance; it is about fostering an ecosystem where academic excellence and intellectual curiosity thrive,” the Minister remarked.

    Underscoring the significance of geospatial technology for economic growth and infrastructure planning, Dr. Jitendra Singh highlighted the National Geospatial Mission, an initiative launched under the 2022 National Geospatial Policy. “This mission is critical for India’s transition to a developed nation by 2047,” he said, citing its applications in urban planning, disaster management, and precision agriculture.

    India’s agricultural security is also receiving a boost with the establishment of a National Enlarged Gene bank Replica. “India’s National Gene bank is the second largest globally, preserving over 4.7 lakh accessions of 2,147 species, including traditional crops. The new initiative will further safeguard our crop diversity and ensure long-term food security,” Dr. Jitendra Singh explained.

    In an ambitious effort to protect India’s vast manuscript heritage, the Gyan Bharatam Mission has been launched to digitize over one crore ancient manuscripts and create a National Digital Repository. “India has an unparalleled intellectual and cultural wealth, much of which is fragile and inaccessible. This initiative will ensure its preservation and accessibility for scholars and researchers worldwide,” the Minister emphasized.

    Concluding the session, Dr. Jitendra Singh reiterated that these initiatives align with the government’s broader vision of ‘Viksit Bharat 2047’, a roadmap for India’s transformation into a developed nation. “Investment in innovation is not just about economic growth—it is about empowering young minds, strengthening our technological sovereignty, and securing India’s future on the global stage,” he said.

    With bold investments in research fellowships, deep-tech, and digital infrastructure, the government is making a decisive push to position India as a global leader in science and technology.

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  • MIL-OSI Asia-Pac: Ministry of Education organises Post Budget Webinar on the theme ‘Investing in People’

    Source: Government of India (2)

    Ministry of Education organises Post Budget Webinar on the theme ‘Investing in People’

    Investment, a key pillar of the Union Budget 2025-26, will turbocharge India’s journey to Viksit Bharat by 2047: Shri Dharmendra Pradhan

    Posted On: 05 MAR 2025 5:49PM by PIB Delhi

    Ministry of Education organised Post Budget Webinar on the theme ‘Investing in People’, today. The Prime Minister Shri Narendra Modi delivered a special address at the inaugural session. Union Education Minister Shri Dharmendra Pradhan along with Secretary, Department of School Education & Literacy (DoSEL), Shri Sanjay Kumar; UGC Chairman Professor M. Jagadesh Kumar ; Secretary, Dept. of Higher Education, Shri Vineet Joshi; Secretary, Ministry of Health and Family Welfare Smt. Punya Salila Srivastava; Secretary Labour & Employment Ms. Sumita Dawra participated in the session.

    https://www.youtube.com/live/XbMCAC2sC7Y?si=2waAjdj5ID7Upb-9

    The webinar brought together experts from the government, industry, and academia to discuss key reforms in job creation, academic flexibility, credit mobility, and future-ready skills—paving the way for a highly skilled and globally competitive workforce in line with Viksit Bharat 2047.

    Speaking about the webinar, Shri Pradhan said that investment is one of the engines outlined in the Union Budget 2025-2026 which will turbocharge our journey to Viksit Bharat by 2047. He further said that the insightful special address by the Prime Minister Shri Narendra  Modi  has put forth new ideas for realising aspirations, future-proofing our population, accelerating inclusive development and ensuring benefits of Union Budget reaches every citizen of the country.

    He expressed his gratitude to the Prime Minister for drawing attention to the vast potential of ‘Education Tourism’ and its key role in facilitating employment-linked growth and development. The Minister assured that the academic community will engage in comprehensive deliberations to chart out a strong roadmap for moving ahead in this direction. He further said that, together, with the spirit of jan-bhagidari and right investment in right direction, academia and industry will work together for bridging skills gap, harnessing demographic dividend, leveraging AI in education, catalysing research landscape and strengthening deep-tech start-up ecosystem for a future-ready workforce, stronger economy and Viksit Bharat.

    Prof M. Jagadesh Kumar opened the session by emphasizing the transformative role of higher education. He highlighted that the implementation of NEP 2020 provided a unique opportunity to reshape India’s higher education landscape. During the webinar, Prof M. Jagadesh Kumar, Chairman, UGC stated that the policy was not merely reformative but transformative, designed to empower youth with the skills, knowledge, and adaptability required to thrive in the 21st century. He stressed that investing in people through quality education, research, and innovation was central to building a self-reliant, inclusive, and globally competitive economy.

    Shri Sanjay Kumar stated that education is fundamentally about investing in people. He acknowledged the broad perspective provided by the UGC Chairman on higher education and noted that the 2025-26 Budget included key announcements regarding the establishment of 50,000 Atal Tinkering Labs in government schools over the next five years and the provision of broadband internet connectivity to government schools in rural areas. He further highlighted a significant trend observed over the last decade, noting that the proportion of female teachers has increased. He mentioned that in 2014-15, male teachers comprised 52 percent of the total, while female teachers accounted for 48 percent. By 2025, these figures have reversed, with female teachers now making up 52 percent and male teachers 48 percent, reflecting a move towards greater gender parity in the education sector.

    The discussions reinforced the need for strategic investments in human capital to ensure sustainable economic growth, social equity, and global leadership. The government remained committed to fostering a skilled workforce, ensuring India’s continued rise as an innovation and technology hub.

    Prime Minister’s address the Post-Budget Webinar on boosting job creation- Investing in People, Economy, and Innovation

    Read here: https://pib.gov.in/PressReleasePage.aspx?PRID=2108407

    Text of PM’s address at post-budget webinar on boosting job creation via video conferencing Read here: https://pib.gov.in/PressReleasePage.aspx?PRID=2108424  

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  • MIL-OSI Security: Nigerian Man Extradited to the United States to Face Computer Intrusion and Theft Charges

    Source: Office of United States Attorneys

    Defendant allegedly conspired to use stolen taxpayer information to file over 1,000 fraudulent tax returns seeking millions of dollars in tax refunds

    BOSTON – A Nigerian national living in Mexico has been extradited to the United States for his role in a scheme to break into Massachusetts tax preparation firms’ computer networks and to file fraudulent tax returns.

    Matthew A. Akande, 36, was arrested in October 2024 at Heathrow Airport in the United Kingdom at the request of the United States and extradited to the United States on March 5, 2025. He appeared in federal court in Boston today. Akande was indicted by a federal grand jury in July 2022 with one count of conspiracy to obtain unauthorized access to protected computers in furtherance of fraud and to commit theft of government money and money laundering; one count of wire fraud; four counts of unauthorized access to protected computers in furtherance of fraud; 13 counts of theft of government money; and 14 counts of aggravated identity theft.

    Co-conspirator, Kehinde H. Oyetunji, 33, a Nigerian national living in North Dakota, pleaded guilty in December 2022 to one count of conspiracy to obtain unauthorized access to protected computers in furtherance of fraud and to commit theft of government money and money laundering. Oyetunji’s sentencing hearing has not yet been scheduled by the Court.

    Between in or about June 2016 and June 2021, Akande, Oyetunji and others are alleged to have worked together to steal money from the United States government using taxpayers’ personally identifiable information (PII) to file fraudulent tax returns in the taxpayers’ names. In addition, between in or about February 2020, the scheme involved stealing taxpayers’ PII from Massachusetts tax preparation firms via phishing attacks and computer intrusions.

    To carry out the scheme, Akande is alleged to have caused fraudulent phishing emails to be sent to five Massachusetts tax preparation firms. The emails purported to be from a prospective client seeking the tax preparation firms’ services but in truth were used to trick the firms into downloading remote access trojan malicious software (RAT malware), including malware known as Warzone RAT. Akande allegedly used the RAT malware to obtain the PII and prior year tax information of the tax preparation firms’ clients, which Akande then used to cause fraudulent tax returns to be filed seeking refunds. The tax returns directed that the fraudulent tax refunds be deposited in bank accounts allegedly opened by Oyetunji and others. Once the refunds were issued, Oyetunji and others withdrew the stolen money in cash in the United States and then transferred a portion to third parties in Mexico, allegedly at Akande’s direction, while keeping a portion for themselves. In total, Akande and his coconspirators are alleged to have filed more than 1,000 fraudulent tax returns seeking over $8.1 million in fraudulent tax refunds over approximately five years. They are alleged to have successfully obtained over $1.3 million in fraudulent tax refunds.

    Federal authorities encourage all businesses that suspect they have been the target and/or victim of a cyberattack to file a complaint with the Internet Crime Complaint Center at www.ic3.gov. Taxpayers and tax preparation firms that suspect they have been the target and/or victim of a phishing attack can also forward phishing email(s) to phishing@irs.gov.

    The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of unauthorized access to protected computers in furtherance of fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of theft of government money provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutive to any other sentence imposed, one year of supervised release and a fine of $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement. The Justice Department’s Office of International Affairs coordinated with authorities in the United Kingdom to secure the extradition of Akande. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Europe: President Nadia Calviño opens third edition of EIB Group Forum, highlighting security and economic prosperity as mutually reinforcing

    Source: European Investment Bank

    • The EIB Group Forum brings together senior policymakers, business leaders, academics, and civil society representatives to discuss Europe’s prosperity, security and global cooperation.
    • President Calviño puts security of our societies at the heart of the EIB Group’s activity, thanks to investments in industries, security and defence, energy grids, green transition, social infrastructure and global partnerships.    
    • The launch of the flagship EIB Group Investment Report calls for EU market integration, simplification and investments in innovation, echoing the most recent European Commission initiatives.

    Nadia Calviño, President of the European Investment Bank Group, inaugurated today the third edition of the EIB Group Forum, emphasising the critical role of investment in shaping Europe’s economic future, and the focus on security in everything the EIB Group does.

    In such turbulent times, it’s back to basics – we must safeguard “security” – said President Calviño. This is a big word, with many facets, which includes an environment of freedom and peace for our countries, stability, certainty and opportunities to grow for our businesses and it means an inclusive society where people are confident about the future for themselves and their children… Security and shared economic prosperity are mutually reinforcing and work in tandem. In this sense, every euro invested by the EIB Group is an investment into our collective security”.

    Security and Defence

    During her speech, President Calviño said that following a comprehensive market testing, the EIB will propose to its Board of Directors later this month that the EIB Group further expands its security and defence financing eligibilities, to ensure that excluded activities are more precisely defined and as limited as possible in scope. This will enable the EIB Group to respond to financing needs in a way which safeguards the EIB’s operations and financial position.

    “There is a need to join forces, and have a coordinated approach, where each institution focuses on where it can provide more value. These changes reflect the EIB Group’s readiness to remain responsive and relevant in a shifting global landscape”, added President Calviño.

    The EIB Group also intends “to embed the existing eight billion euros programme into a new cross-cutting and permanent public policy goal”.

    Please find here the President’s speech and here the full Forum agenda, taking place in Luxembourg from 5-7 March. You can also watch and download the full recording here on EBS / Europe by Satellite.

    EIB Group Investment Report

    During her address, President Calviño highlighted the EIB Group Investment Report 2024/2025, the flagship economic report of the EIB Group that provides a comprehensive analysis of investment trends based on a survey of about 13,000 European firms.

    “The report confirms that there are three main levers to boost Europe’s competitiveness and security: market integration, simplification and large-scale investment in innovation. The EIB Group is playing its part across all three of these levers”- said President Nadia Calviño.

    “To secure Europe’s future, we must prioritise structural transformation, innovation, digitalisation, and decarbonisation. Increasing our investments in these vital areas, along with dedicated financing for scaling key technologies, is essential. The findings of our Investment Report serve as a crucial roadmap for policymakers and investors, guiding us through the challenges and opportunities that lie ahead. The new geopolitical context only reinforces the urgency to act.” added EIB Chief Economist Debora Revoltella.

    Key findings from the EIB Investment Report:

    A significant portion of European firms faces challenges due to market fragmentation, emphasizing the need for a unified market.

    Additionally, the report highlights Europe’s robust industrial and research base as an opportunity to leverage artificial intelligence and digital technologies in industrial processes, pointing to the substantial productivity gains that can be achieved through the integration of AI into manufacturing and services.

    The findings also underscore that Europe’s ambitious climate policies are beginning to bear fruit, with notable advancements in renewable energy and securing Europe as a central node in Greentech patenting global collaborations.

    A consistent regulatory framework is presented as a driver for investment in sustainable technologies, with the recent wave of simplification bringing pragmatism, while preserving clarity on long term direction of travel. Moreover, the EIB’s analysis indicates that social investment brings economic returns, particularly in addressing the skills gap.

    Enhancing labour force participation, especially among women, could lead to significant economic benefits for Europe. Finally, the report stresses the importance of targeted policy instruments and EU-level coordination in maximizing the impact of public investment. Tailored support mechanisms are shown to significantly enhance the likelihood of firms investing in energy efficiency and innovation.

    Additional information on the EIB Investment Report is available here.

    Background information

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

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

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

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Ensuring housing as a fundamental right – P-000269/2025(ASW)

    Source: European Parliament

    The Commission shares the Honourable Member’s view that housing affordability has deteriorated over the last years. Most Member States are suffering critical housing shortages, and citizens in many Member States consider access to affordable housing a major priority.

    The Commission President’s decision to appoint an EU Commissioner responsible for housing reflects the strong commitment of the Commission to contribute to solutions.

    The Commission has established a Task Force for Housing to coordinate effectively the work strands across the Commission services, and support the Commissioner for Energy and Housing in putting forward the first-ever European Affordable Housing Plan.

    This plan will inter alia reflect on the work of the European Parliament’s Special Committee and aims to address structural drivers of housing crisis and help unlock the public and private investment needed.

    The Commission has started working with the European Investment Bank to establish a pan-European investment platform for affordable and sustainable housing, engaging also with international financial institutions, national promotional banks and institutions and other stakeholders.

    In addition, the Commission plans to tackle systemic issues with short-term accommodation rentals and the inefficient use of the current housing stock. As a first step, the EU has adopted a regulation[1].

    The Commission is also examining how state aid rules for housing could be revised to enable housing support measures for affordable housing and energy efficiency.

    This assessment will take into account among others, the necessity to avoid undue distortions in the commercial housing market and a detrimental effect on social housing, which supports the more vulnerable.

    • [1] Regulation (EU) 2024/1028 of the European Parliament and of the Council of 11 April 2024 on data collection and sharing relating to short-term accommodation rental services (OJ L, 2024/1028, 29.4.2024 https://eur-lex.europa.eu/eli/reg/2024/1028/oj/eng) will apply from 20 May 2026 and aims to increase transparency and obtain data from platforms on short-term accommodation rental services supporting national and local governments in taking evidence-based decisions.
    Last updated: 5 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Global coal use at an all-time high as China tops international coal consumption rankings – P-000033/2025(ASW)

    Source: European Parliament

    The decarbonisation of energy systems is a key element of greenhouse gas emissions (GHG) reductions. At COP28 in 2023 in Dubai[1], parties agreed, among others, to transition away from fossil fuels in energy systems.

    In the EU, the electricity used to power electric vehicles is increasingly produced from renewable sources. As a result, the amount of GHG emitted per unit of electricity has halved between 1990 and 2023, and emissions are set to decrease further. These developments will be reflected in the carbon footprint of products, as required by EU legislation[2].

    The EU does not have a trade agreement with China. The Comprehensive Agreement on Investment (CAI) concluded in principle in 2020 is put on hold.

    The Commission decided not to put the agreement to ratification when China sanctioned Members of the European Parliament, the Subcommittee on human rights, think tanks, and the Political and Security Committee of the Council.

    Those sanctions are still in place. To encourage China to decarbonise swiftly and peak their emissions before 2030, the EU continues to engage bilaterally under the High-Level Environment and Climate Dialogue, and the Energy Dialogue.

    On 26 February 2025, the Commission adopted a Clean Industrial Deal[3] to accelerate the decarbonisation of EU industry while strengthening its competitiveness. In addition, the Affordable Energy Action Plan[4] will help reduce energy costs while strengthening EU’s industrial base.

    Further, the Global Energy Transition Forum[5], launched by the President of the Commission in 2025 in Davos, seeks to unlock new clean energy investments opportunities for EU business abroad.

    In parallel, the Commission works to ensure that the EU continues playing a leading role in energy and climate diplomacy.

    • [1] Conference of the Parties to the United Nations Framework Convention on Climate Change.
    • [2] As required by Regulation (EU) 2023/1542 of the European Parliament and of the Council of 12 July 2023 concerning batteries and waste batteries, amending Directive 2008/98/EC and Regulation (EU) 2019/1020 and repealing Directive 2006/66/EC, http://data.europa.eu/eli/reg/2023/1542/oj; or by implementing legislation under Regulation (EU) 2024/1781 of the European Parliament and of the Council of 13 June 2024 establishing a framework for the setting of ecodesign requirements for sustainable products, amending Directive (EU) 2020/1828 and Regulation (EU) 2023/1542 and repealing Directive 2009/125/EC (Text with EEA relevance), http://data.europa.eu/eli/reg/2024/1781/oj
    • [3] https://commission.europa.eu/document/download/9db1c5c8-9e82-467b-ab6a-905feeb4b6b0_en?filename=Communication%20-%20Clean%20Industrial%20Deal_en.pdf
    • [4] The Plan has been announced most recently in the EU Competitiveness Compass: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_339
    • [5] https://energy.ec.europa.eu/news/president-von-der-leyen-launches-global-energy-transition-forum-davos-2025-01-23_en

    MIL OSI Europe News

  • MIL-OSI Europe: Germany: INERATEC secures €70 million financing commitment for Europe’s largest e-Fuel-production plant in Frankfurt

    Source: European Investment Bank

    Ineratec

    • INERATEC agrees up to €40 million venture debt loan with the European Investment Bank and up to €30 million grant from Breakthrough Energy Catalyst to scale-up its e-Fuel production capabilities
    • Landmark investment follows EU-Catalyst Partnership initiated in 2021 and supported by the Innovation Fund through the InvestEU Programme.
    • Backing demonstrates European commitment to clean energy innovation and follows earlier Horizon 2020 support

    Sustainable e-Fuel production pioneer INERATEC today formally agreed a  €40 million venture debt loan with the European Investment Bank (EIB) and €30 million grant with Breakthrough Energy Catalyst. The combined €70 million backing will finance construction of Europe`s largest sustainable e-Fuel production plant in Frankfurt and e-Fuel research and development of future, key steps in decarbonising aviation.

    The new e-Fuel financing was announced at the EIB-Group-Forum taking place this week in Luxembourg and underscores the strategic importance of e-Fuels in decarbonizing hard-to-abate sectors such as aviation. The new investment will enable INERATEC to scale up production capacity and commercialize its innovative reactor technology, which converts green hydrogen and CO2 into synthetic aviation fuel. The committed project funding, confirmed earlier this year, represents a significant step in commercialisation of INERATEC’s Power-to-Liquid technology, accelerating the transition towards a net-zero future.

    Transforming the Energy Landscape with e-Fuels

    INERATEC’s production process uses hydrogen, which is then combined with CO2 from biogenic sources like biogas plants or industrial emissions, using INERATEC’s Power-to-Liquid technology. This approach enables the production of synthetic crude oil, which can be processed into a range of synthetic fuels, including Sustainable Aviation Fuel (SAF), marine fuels and e-Diesel. The use of CO2, which would otherwise be released into the atmosphere, reduces the carbon-footprint of the fuel and will help to cut carbon emissions.

    At the production site outside Frankfurt, the main feedstock is supplied from the industrial park: the CO2 comes from a biogas plant that recycles waste, and the hydrogen is a by-product from an existing chlorine production facility. By utilizing compact and modular production units, INERATEC’s approach ensures efficient scalability and adaptability to different production sites.

    Beyond sustainable fuels for aviation, the synthetic oil that INERATEC produces can also be used as a base chemical for different sustainable products like plastics. This extends the contribution of INERATEC’s technology to sustainable supply for the chemical industry.

    Scaling Up to Meet Market Demand

    After building and operating plants at demonstration and industrial pilot scale, INERATEC now focuses on scaling up production and optimizing commercial deployment. The funding commitment backed by the EIB and Breakthrough Energy Catalyst will enable the company to deliver commercial-scale production, ensuring a steady supply of e-Fuels to meet increasing market demand and is critical in making synthetic fuels economically viable.  

    The plant will produce up to 2,500 tons of e-Fuel annually that will be delivered to the aviation sector, among others. One long haul flight between Frankfurt and New York uses 80 tons of kerosene. e-SAF from INERATEC could make flying on this route more sustainable by replacing fossil kerosene fully or partially on many flights. This clearly shows the importance of increasing the e-SAF production capacities beyond a pioneer plant. 

    The political requirement to shift to more sustainable forms of energy is supported by the European ReFuelEU Aviation-regulation which requires Airlines to use a minimum e-SAF blend of 1.2% by 2030, creating market opportunities.

    Bridging Innovation and Climate Goals

    The collaboration between INERATEC and the EU-Catalyst Partnership demonstrates how public and private sector partnerships can drive the commercialization of innovative and clean climate technologies. By building on past EU grant support and leveraging new investment mechanisms, this partnership provides a blueprint for scaling up other clean energy solutions.

    Accordingly, it shows the EU’s commitment to support innovative technologies that will help EU industry becoming cleaner and stay competitive. The lending by the EIB is made possible thanks to the support of the InvestEU programme, which is backed by an Innovation Fund top-up guarantee. The Innovation Fund is financed by the EU Emissions Trading System.

    The transformation of the European industry to clean technologies is being driven by a number of technological innovations, including the efficient production of hydrogen. EIB supports the latter by also funding an electrolysis-project by the Dresden-based start-up Sunfire. Sunfire and INERATEC were partners in a research project in 2019, when both enterprises for the first time demonstrated the production of sustainable e-Fuels from air-captured CO2 and solar power in a fully integrated plant.

    EIB Vice-President Nicola Beer said: “The EIB is committed to a competitive net-zero economy, especially in hard-to-decarbonize sectors like aviation. Through partnerships such as the EU-Breakthrough Catalyst initiative, we’re enabling a green transition for transport and are ultimately contributing to making prices of e-Fuels more economical.”

    Mario Fernandez, Head of Breakthrough Energy Catalyst: “INERATEC is on a promising path towards demonstrating that e-fuels can be economically produced at scale with the support of catalytic funding. Decarbonizing aviation requires real-world projects to drive down costs and crowd in investment. Breakthrough Energy Catalyst is proud to partner with INERATEC to accelerate deployment and unlock the potential to make e-fuels a reality.”

    INERATEC CEO Dr. Tim Boeltken commented: “This funding marks a new era for INERATEC. With the funding commitment from the EIB and Breakthrough Energy Catalyst, we are accelerating the industrialization of e-Fuel production. This will make a tangible impact in reducing CO2 emissions in sectors where direct electrification is not feasible. The focus now is on scaling up and deploying our technology where it is needed most.”

    Background information

    The EU-Catalyst partnership was launched in 2021 at COP26 in Glasgow by EU-President Ursula von der Leyen, EIB-President Werner Hoyer and Bill Gates, with the aim to develop large-scale green tech projects based in Europe and boost investments in critical climate technologies. The Partnership creates a blueprint for public-private support for clean tech innovative technologies.

    The European Investment Bank, as implementing partner of the Commission under InvestEU, has been tasked to deploy for the benefit of this partnership up to €420 million, made available from both Horizon Europe (EUR 200 million), and the Innovation Fund, which has committed EUR220 million. Breakthrough Energy Catalyst mobilizes equivalent private capital and philanthropic grants to fund the selected projects. The EU-Catalyst Partnership does not exclude potential additional contributions from EU Member States or other private partners that decide to further support the projects. Interested projects can apply for support through the Breakthrough Energy Catalyst website.

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023.

    All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

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

    Breakthrough Energy is committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage.

    Breakthrough Energy Catalyst is a novel platform that funds and invests in first-of-a-kind commercial projects for emerging climate technologies. By investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.

    Catalyst currently focuses on five technology areas: clean hydrogen, sustainable aviation fuel, direct air capture, long-duration energy storage, and manufacturing decarbonization. In addition to capital, Catalyst leverages the team’s energy-infrastructure-investing and project-development expertise to work with innovators on advancing their projects from the development stage to funding and ultimately, to construction. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds to mobilise private investments for the European Union’s policy priorities, such as the European Green Deal. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects leveraging the EU budget guarantee of €26.2 billion. To this amount, further guarantees have been added from the EU’s Horizon programme and the Innovation Fund to support initiatives such as the EU-Catalyst partnership. 

    The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.  

    EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.

    The Innovation Fund: With an estimated revenue of €40 billion from the EU Emissions Trading System between 2020 and 2030, the Innovation Fund aims to support innovative net-zero technologies and support Europe’s transition to climate neutrality. The Innovation Fund contributes a €220 million top-up guarantee to the InvestEU Programme for the EU Catalyst Partnership, having enabled until now more than €100 million in lending from EIB.

    INERATEC is committed to defossilizing and decarbonizing the world. The company produces e-Fuels and e-chemicals: carbon-neutral fossil fuel substitutes for use in the aviation, shipping and chemical industries.

    Its modular, scalable plants use renewable hydrogen and biogenic CO2 to produce synthetic kerosene, gasoline, diesel, waxes, methanol or natural gas. It is building what will be the world’s largest e-fuels plant to date, in Frankfurt, which will produce up to 2,500 tonnes of ultra-low-carbon aviation fuel per year. The company is based in Karlsruhe, Germany and backed by diverse international investors.

    MIL OSI Europe News

  • MIL-OSI USA: West Virginia Business Owner Pleads Guilty to Employment Tax Crimes

    Source: US State Government of Utah

    A West Virginia man pleaded guilty today to one count of willful failure to pay over employment taxes on behalf of his business.

    According to court documents and statements made in court, Dean E. Dawson operated RPC Group LLC, a Hurricane, West Virginia, real estate appraisal business. Dawson was responsible for withholding employment taxes from RPC Group’s employees and paying over those funds to the IRS. Between 2015 and 2022, however, Dawson willfully failed to pay over to the IRS the employment taxes withheld from his employees’ paychecks. He also used the RPC Group’s business accounts to pay for personal expenses, including personal credit cards and his wife’s home mortgage, and issued checks to his wife from RPC Group even though she was not an employee of the business. In addition, from 2018 to 2023, Dawson did not file personal tax returns or pay income taxes. In total, Dawson caused a tax loss to the IRS exceeding $250,000.

    Dawson is scheduled to be sentenced on June 23. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Lisa G. Johnston for the Southern District of West Virginia made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Brian E. Flanagan and Rebecca A. Caruso of the Tax Division and Assistant U.S. Attorney Jonathan T. Storage for the Southern District of West Virginia are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI: The Future of Trading: Global Intertec Delivers Cutting-Edge Investment Tools

    Source: GlobeNewswire (MIL-OSI)

    London, UK, March 05, 2025 (GLOBE NEWSWIRE) — Global Intertec, a leading trading firm specializing in stocks and bonds, has unveiled its latest suite of investment tools designed to enhance market intelligence and optimize trading strategies. With a focus on data-driven analytics, risk management solutions, and AI-powered forecasting, these innovations are set to redefine the way institutional and retail investors navigate today’s evolving financial landscape.

    As global markets experience increased volatility and rapid technological advancements, investors require more precise, real-time decision-making capabilities. Global Intertec’s new trading tools leverage advanced analytics and automation to help traders make informed investment decisions and improve portfolio performance across multiple asset classes.

    Empowering Traders with Next-Gen Investment Technology

    The demand for AI-enhanced trading tools and market intelligence solutions continues to grow as investors seek ways to mitigate risk and capitalize on emerging opportunities. Global Intertec is at the forefront of this evolution, offering sophisticated financial instruments tailored for both institutional clients and individual traders.

    A senior executive at Global Intertec commented, “Our mission is to provide traders with powerful, intuitive investment tools that enhance decision-making and optimize market strategies. The introduction of our latest technology is a major step toward smarter, more efficient trading in stocks and bonds.”

    Key Features of Global Intertec’s Advanced Trading Tools

    • Real-Time Market Analytics – Providing live trading data and market insights to help investors make faster, more informed decisions.
    • AI-Driven Predictive Models – Leveraging machine learning and historical trends to improve market forecasting accuracy.
    • Automated Risk Management – Offering sophisticated tools to manage portfolio exposure and mitigate downside risks.
    • Multi-Asset Trading Support – Covering stocks, bonds, and other financial instruments to provide comprehensive investment strategies.
    • Data-Backed Decision Making – Delivering actionable insights based on quantitative analysis and macroeconomic trends.

    Bridging Innovation with Trading Efficiency

    Global Intertec’s commitment to innovation is shaping the future of institutional trading and portfolio management. By integrating AI technology, real-time analytics, and automated trading solutions, the company continues to empower investors with next-generation financial intelligence.

    With the rise of algorithmic trading and demand for enhanced market data, Global Intertec remains focused on expanding its investment research capabilities and risk management frameworks to meet the needs of modern traders.

    Looking Ahead: The Future of Trading with Global Intertec

    As financial markets become increasingly complex, Global Intertec is dedicated to developing more intelligent trading solutions. Future innovations will include:

    • Expanded Market Trend Analysis – Incorporating deeper insights into global economic shifts and investor sentiment tracking.
    • Enhanced Portfolio Optimization Tools – Using AI to refine investment allocations and risk assessments.
    • Integration with Algorithmic Trading Systems – Providing institutional clients with automated strategy execution capabilities.

    With a commitment to advancing financial technology, Global Intertec continues to lead the way in modernizing the stock and bond trading industry.

    About Global Intertec

    Global Intertec is a trading firm specializing in stocks and bonds, market analysis, and investment strategy development. The company provides data-driven trading solutions that empower institutional investors and retail traders to optimize market strategies and manage risk effectively.

    Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Trading stocks and bonds involves risk, and past performance does not guarantee future results. Investors should conduct their own research or consult a financial professional before making any investment decisions.

    The MIL Network

  • MIL-OSI Security: Five People Convicted in $1 Million Fraud Scheme Involving Elderly Victims

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    TALLAHASSEE, FLORIDA – Five defendants who participated in a conspiracy and a fraud scheme involving 401(k) accounts of elderly retired Florida school district employees have been convicted after three defendants pleaded guilty and two defendants were found guilty by a federal jury.  Michelle Spaven, Acting United States Attorney for the Northern District of Florida, announced the convictions of the following defendants:

    Evidence presented at trial and court records show that the defendants were involved in a conspiracy to steal retirement funds from participants in a retirement 401(k) savings program comprised largely of Florida school district employees or prior employees. Between January 2022, and March 2022, Vargas, who worked for the company handling the retirement fund, conspired with the other defendants to have fraudulent withdraw forms faxed to the company requesting that the victims’ retirement funds be transferred to accounts controlled by members of the conspiracy.  In total, the conspirators withdrew and attempted to withdraw retirement funds from 25 different 401(k) accounts, resulting in a net total of $1.1 million being stolen. Evidence presented at trial also established that Bostic was engaging in money laundering with the stolen funds. 

    Sentencing hearings for all defendants are scheduled for April 28, 2025, beginning at 10:00 a.m., at the United States Courthouse in Tallahassee before United States District Judge Robert L. Hinkle. All defendants face up to 20 years’ imprisonment and up to three years on supervised release for Conspiracy to Commit Wire Fraud. Vargas, Levy, Grace Aguebor, and Bostic face a mandatory minimum sentence of two years imprisonment—consecutive to any other prison sentence imposed by the court.

    These convictions were the result of a joint investigation by the Tallahassee Police Department and the Federal Bureau of Investigation. The case was prosecuted by Assistant United States Attorney Justin M. Keen.

    If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at www.justice.gov/elderjustice. For more information about the Consumer Protection Branch and its enforcement efforts visit www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, at www.ovc.gov.

    The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General. To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office for the Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

    MIL Security OSI