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Category: GlobeNewswire

  • MIL-OSI: South Bow Announces Approval of Resolutions at Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) announces that its shareholders approved all resolutions at the Company’s annual general meeting held on May 15, 2025 (the Meeting).

    During the business proceedings of the Meeting, South Bow’s shareholders approved the following resolutions:

    1. Resolution to appoint 11 board members, with 96.51% to 99.83% of shares represented at the Meeting voting in favour of the individual directors as follows:

    Director Votes in Favour (%) Votes Against (%)
    Hal Kvisle 96.51 3.49
    Chansoo Joung 99.76 0.24
    George Lewis 99.83 0.17
    Leonard Mallett 99.78 0.22
    Robert (Bob) G. Phillips 99.78 0.22
    Sonya Reed 99.74 0.26
    Shannon Ryhorchuk 99.81 0.19
    Mary Pat Salomone 98.69 1.31
    Frances M. Vallejo 99.77 0.23
    Don Wishart 99.78 0.22
    Bevin Wirzba 99.82 0.18
         

    2. Resolution to appoint KPMG LLP as the Company’s auditors, with 99.76% of the shares represented at the Meeting voting in favour of the resolution.

    3. Resolution to accept South Bow’s approach to executive compensation, as disclosed in the Company’s management information circular dated March 27, 2025, with 95.95% of the shares represented at the Meeting voting in favour of the resolution.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information

    Investor Relations
    Martha Wilmot
    investor.relations@southbow.com    		                 Media Relations
    Solomiya Lyaskovska
    communications@southbow.com
         

    The MIL Network –

  • MIL-OSI: RUBIS: Rubis announces the departure of Nils Christian Bergene

    Source: GlobeNewswire (MIL-OSI)

    Paris, 15 May 2025, 11:15pm

    Nils Christian Bergene has announced today his decision to step down from his roles as Chairman and member of the Supervisory Board of Rubis. Acknowledging his resignation, the members of the Supervisory Board have met and have decided to appoint Marc-Olivier Laurent as new Chairman effective immediately.

    All members of the Supervisory Board of Rubis, along with the Management Board, wish to thank Nils Christian Bergene for his active contribution to the Board’s work and for his leadership as Chairman.

    Media Relations Contact
    RUBIS – Communication Department RUBIS – Legal Department
    Email : presse@rubis.fr Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: Welsbach Technology Metals Acquisition Corp. (“WTMA”) and Evolution Metals LLC (“EM”) Announce Effectiveness of SEC Registration Statement Ahead of Strategic Business Combination

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL and St. Louis, MO , May 15, 2025 (GLOBE NEWSWIRE) — Welsbach Technology Metals Acquisition Corp. (OTC: WTMA), a publicly traded special purpose acquisition company, and Evolution Metals LLC, which is dedicated to developing a secure, reliable global supply chain for critical minerals and materials (CMM), today announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective their registration statement on Form S-4, paving the way for the consummation of this previously- announced business combination.

    In connection with the business combination WTMA and EM plan to acquire 100% interest of five operating companies: (1) KCM Industry Co., Ltd., (2) NS World Co., Ltd., (3) KMMI INC., (4) Handa Lab Co., Ltd., and (5) Critical Mineral Recovery, Inc. Upon closing, the combined company will be renamed Evolution Metals & Technologies Corp. (“EM&T” or referred to in the Form S-4 as “New EM”), and expects to trade on Nasdaq under the symbol EMAT.

    EM&T’s business is to leverage advanced technologies such as robotics and artificial intelligence (AI) to provide integrated midstream and downstream CMM recycling and processing of oxides, metals, magnet alloys, battery materials, and rare earth magnets for key industries including, but not limited to, the automotive, aerospace, defense, healthcare, high tech, consumer electronics and appliances, and renewable energy industries, while driving a sustainable future.

    “This is an important step in our mission to build a Western critical materials champion,” said Daniel Mamadou, CEO of Welsbach Technology Metals Acquisition Corp. “It perfectly aligns with our original vision to bring together proven technologies, experienced operators, and strategic capital to solve one of the most urgent supply chain vulnerabilities in the Western world. EM&T is not just another company – we believe it is the platform that will deliver on what others have only promised.”

    David Wilcox, Managing Member of Evolution Metals LLC, added, “Today marks a transformative step toward American resilience in critical materials. This merger represents a direct response to the policy imperatives outlined by the U.S. government from reshoring strategic industries to securing CMM supply chains. The future of EM&T is built to execute on those priorities with speed and scale. “The immediate need for critical minerals and materials is mid-stream processing. Without the combined expertise of separation, salts for batteries, metals, alloys, metallics, sintered and bonded magnet-making capabilities under one Western roof, Chinese companies will continue to monopolize key steps in this supply chain, leaving all other nations and industries vulnerable. By integrating CMM recycling, processing, and advanced materials production, EM&T expects to be positioned to reduce dependence on China-controlled supply chains and strengthen America’s industrial and national security. EM&T plans to deliver real impact – environmentally, strategically, and economically.”

    About Welsbach Technology Metals Acquisition Corp.

    Welsbach Technology Metals Acquisition Corp. (OTC: WTMA) is a blank check company focused on identifying high-impact technology metals businesses aligned with global sustainability and security trends. One of WTMA’s co-sponsors, Welsbach Holdings Pte Ltd, is an independent platform focused on the support and development of projects related to technology metals and materials.

    About Evolution Metals LLC

    Evolution Metals LLC is committed to establishing a secure, robust and reliable supply chain for critical minerals & materials (CMM) that is 100% independent of China for sourcing or supplying feedstocks. EM’s strategy is to acquire and develop manufacturing, recycling and processing facilities to produce essential products (including magnets, battery feedstocks and related materials) for industrial uses such as, but not limited to, electric vehicles, electronics, environmental technologies and aerospace and defense applications. EM aims to support the creation of jobs, industry and manufacturing to promote a greener future by providing bespoke solutions to support its clients globally.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking . The forward-looking statements are based on the current expectations and beliefs of the management of WTMA and EM, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by WTMA and the following: WTMA’s ability to complete the proposed Business Combination or, if WTMA does not consummate such proposed Business Combination, any other initial business combination; the risk that the consummation of the proposed Business Combination is significantly delayed; the ability to recognize the anticipated benefits of the proposed Business Combination; the risk that the announcement and consummation of the proposed Business Combination disrupts EM’s current plans; New EM’s ability to successfully integrate the business and operations of the target companies (the “Target Companies”) into its ongoing business operations and realize the intended benefits of New EM’s acquisition of the Target Companies; New EM’s ability to secure sufficient funding to successfully rebuild Critical Mineral Recovery Inc.’s recycling facility with significant expansion on management’s expected timeline and budget, or at all; unexpected costs related to the proposed Business Combination; expectations regarding New EM’s strategies and future financial performance, including future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and New EM’s ability to invest in growth initiatives; satisfaction or waiver (if applicable) of the conditions to the proposed Business Combination, including, among other things: (i) approval of the proposed Business Combination and related agreements and transactions by the WTMA stockholders, the holder of the EM member units and the holders of the equity interests of the other Target Companies, (ii) receipt of approval for listing on Nasdaq Stock Market LLC (“Nasdaq”) the shares of WTMA common stock to be issued in connection with the Business Combination, and (iii) the absence of any injunctions; that the amount of cash available in the trust account and from certain other investments is at least equal to the minimum available cash condition amount, after giving effect to redemptions by WTMA stockholders and certain transaction expenses; the occurrence of any other event, change or other circumstances that could give rise to the termination of the Merger Agreement; the implementation, market acceptance and success of New EM’s business model and growth strategy; the ability to obtain or maintain the listing of New EM’s common stock on Nasdaq following the proposed Business Combination; limited liquidity and trading of WTMA’s public securities; the amount of any redemptions by existing holders of WTMA common stock being greater than expected; WTMA’s ability to raise financing in the future; WTMA’s success in retaining or recruiting, or changes required in, New EM’s officers, key employees or directors following the completion of the proposed Business Combination; WTMA officers and directors allocating their time to other businesses and potentially having conflicts of interest with WTMA’s business or in approving the proposed Business Combination; the use of proceeds not held in the trust account or available to WTMA from interest income on the trust account balance; the impact of the regulatory environment and complexities with compliance related to such environment, including New EM’s ability to meet, and continue to meet, applicable regulatory requirements; New EM’s ability to execute its business plan, including with respect to its technical development and commercialization of products, and its growth and go-to-market strategies; New EM’s ability to achieve sustained, long-term profitability and commercial success; operational risks, including with respect to New EM’s use of agents or resellers in certain jurisdictions, New EM’s ability to scale up its manufacturing quantities of its products, New EM’s outsourcing of manufacturing and such manufacturers’ ability to satisfy New EM’s manufacturing needs on a timely basis, the availability of components or raw materials used to manufacture New EM’s products and New EM’s ability to process customer order backlog; New EM’s revenue deriving from a limited number of customers; geopolitical risk and changes in applicable laws or regulations, including with respect to New EM’s planned operations outside of the U.S. and Korea; New EM’s ability to attract and retain talented personnel; New EM’s ability to compete with companies that have significantly more resources; New EM’s ability to meet certain certification and compliance standards; New EM’s ability to protect its intellectual property rights and ability to protect itself against potential intellectual property infringement claims; the outcome of any known and unknown litigation and regulatory proceedings, including any proceedings that may be instituted against WTMA or EM following announcement of the proposed Business Combination; the potential characterization of New EM as an investment company subject to the Investment Company Act of 1940, as amended; and other factors detailed under the section entitled “Risk Factors” in the Registration Statement on Form S 4, initially filed with the SEC on November 12, 2024, as amended (the “Registration Statement”). Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of WTMA, EM and the other Target Companies prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except to the extent required by applicable law or regulation, WTMA, EM and the other Target Companies undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Additional Information and Where to Find It

    WTMA has filed the Registration Statement with the SEC, which was declared effective by the SEC on May 14, 2025. The Registration Statement includes a document that serves as a proxy statement and prospectus of WTMA, referred to as a “proxy statement/prospectus,” containing information about the proposed Business Combination and the respective businesses of WTMA, EM and the Target Companies. WTMA will mail a definitive proxy statement/prospectus and other relevant documents to WTMA stockholders. WTMA stockholders are urged to read the preliminary proxy statement/prospectus and any amendments thereto and, when available, the definitive proxy statement/prospectus in connection with the solicitation of proxies for the special meeting to be held to approve the proposed Business Combination, because these documents will contain important information about WTMA, EM, the other Target Companies and the proposed Business Combination. The definitive proxy statement/prospectus will be mailed to stockholders of WTMA as of a record date established for voting on the proposed Business Combination. Stockholders of WTMA will also be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about WTMA without charge, at the SEC’s website (www.sec.gov). Copies of the proxy statement/prospectus and WTMA’s other filings with the SEC can also be obtained, without charge, by directing a request to: chris@welsbach.sg. The information contained in, or that can be accessed through, WTMA’s website is not incorporated by reference in, and is not part of, this press release.

    No Offer or Solicitation

    This press release does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed Business Combination, or (ii) an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a definitive offering document.

    Participants in the Solicitation

    WTMA and EM and their respective directors and officers or managers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed Business Combination. WTMA stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of WTMA in WTMA’s proxy statement/prospectus. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from WTMA’s stockholders in connection with the proposed Business Combination will be included in the proxy statement/prospectus that WTMA intends to file with the SEC.

    Investor & Media Contacts

    Judith McGarry
    Evolution Metals LLC
    Tel: +1 (415) 971-2900
    Email: judith.mcgarry@evolution-metals.com

    Daniel Mamadou
    Chief Executive Officer
    Welsbach Technology Metals Acquisition Corp.
    Tel: +1 (251) 280-1980
    Email: daniel@welsbach.sg

    Private Investment in Public Equity (“PIPE”)
    Email: PIPE@Evolution-Metals.com

    The MIL Network –

  • MIL-OSI: Beam Global Announces First Quarter 2025 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 15, 2025 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), (the “Company”), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2025.

    Q1 2025 Financial Highlights

    • Revenue CAGR 60% for trailing 60 months
    • Commercial Revenues increased 41% over Q1 2024
    • Positive GAAP Gross Margin 8%
    • Adjusted non-GAAP Gross Margin, net of non-cash costs 21%
    • Net cash used in Operations for Q1 2025 $1.8 million vs. Q1 2024 $3.0 million
    • Backlog of $6.3 million
    • Debt free and $100 million line of credit available and unused

    Q1 2025 and Recent Operational Highlights

    • In Q1 2025 we shipped EV ARC™ units, ARC Mobility™ trailers, energy storage systems (ESS), lighting poles and smart city infrastructure solutions to locations across California, Arizona, Colorado, Florida, Michigan, Oregon, and internationally to Croatia, Serbia, Spain and Romania
    • Achieved CE (Conformité Européenne) certification on EV ARC™
    • Granted U.S. Patent for High-Volume Battery Assembly and Safety Technology
    • Expanded our European sales network with three new distribution partners
      • Seltis Glass Design S.R.L. for the Romanian market
      • Evrosimovski Consulting Ltd. for the North Macedonian market
      • BBA International for the Albanian market
    • Entered Middle Eastern market through partnership with Solvana
    • Launched BeamPatrol™ partnership with Zero Motorcycles with two BeamPatrol™ units at MotoGP in Austin to charge electric motorcycle demonstrations
    • Expanded into Romania with First EV ARC™ Sales through our Romanian reselling agent, Seltis Glass Design SRL
    • Won the Award for Innovation in Sustainable Infrastructure at the 2025 Congress of Mayors and Local Administration of Romania
    • Won the 2024 Award for Business Success by Serbian Chamber of Commerce

    “Though we are navigating through a series of uncertainties in the U.S. market, our other expansion efforts lead us to believe that we have the pieces in place to return to growth in this and future quarters,” said Desmond Wheatley, CEO of Beam Global. “Sales of our flagship product EV ARC™ increased in the first quarter. Our battery business is doing some of the most interesting and promising work it has ever done. Our international expansion strategy is gaining momentum and bearing fruit. We have sufficient cash and working capital to continue to operate the business into the future. We have no debt and no going concern. We’re generating gross profits which, net of non-cash items, are still north of 20%. We have proposals out and items in our pipeline, which would simply not have been possible this time last year before we introduced our fantastic new product lineup and expanded beyond the US market. Losing the immediate benefits of U.S. federal government sales has been tough on us, but we are managing through that and have created a foundation for growth which is resistant to those sorts of upheavals, and which I believe, will create opportunities for growth which far out strip anything that we’ve ever done before.”

    Revenues
    For the first quarter of 2025, Beam Global’s revenues were $6.3 million. The Company has a Revenue CAGR of 60% for the trailing 60 months, as of the three months ending March 31, 2025. Revenues were diverse across commercial entities and state and local governments with a significant rebalancing towards enterprise customers. For the first quarter of 2025, 53% of revenues were derived from commercial customers compared to 16% in the same period in 2024. International customers comprised 25% of all revenue as of March 31, 2025 compared to 11% for the three months ended March 31, 2024. We believe that the decrease in revenue is mainly a result of uncertainty in the U.S. government’s zero emission vehicle strategy related to the presidential election.

    Gross Profit

    Gross profit for the quarter ended March 31, 2025, was $0.5 million, or 8% gross margin, compared to gross profit of $1.5 million, or 10% gross margin in the first quarter of the prior year. The gross profit includes a non-cash negative impact of $1.0 million for depreciation and amortization of intangible assets resulting from the AllCell acquisition. Our gross margin, net of non-cash items, was 21% for the quarter ended March 31, 2025 compared to 12% for the quarter ended March 31, 2024. Our engineering team has continued to implement design changes which have reduced the bill of materials for the EV ARCTM, improving the product margins throughout 2024 and leading into 2025. Additionally, we have continued to recognize synergies and positive gross margin contributions from our acquisitions. We expect the Company’s revenue to grow in the future and our fixed overhead absorption to continue to improve resulting in improved gross margins.

    Operating Expenses and Impairment of Goodwill

    The first quarter 2025 total operating expenses of $16.0 million included $10.8 million of goodwill impairment, for the single reporting unit, because our market capitalization no longer exceeded our net assets at March 31, 2025 due to the decrease in our stock price since December 31, 2024. Our operating expenses, net of non-cash items for the three months ended March 31, 2025 are $4.1 million compared to 2024 of $3.8 million, a variance of $0.2 million or 6%. The Company believes the goodwill impairment reported during the three months ended March 31, 2025 is not a negative indicator of historic or current operating results and not a negative indicator of future performance as the Company has taken significant steps to diversify its geographical reach and product offerings while focusing on strategic growth. The Company believes that the resulting non-cash charge has no impact on the Company’s compliance with its cash flows or available liquidity and that its acquired entities are contributing positively to its operations and growth potential.

    Net Loss

    The first quarter net loss of $15.5 million included $12.5 million of non-cash expense items such as goodwill impairment, depreciation and amortization, stock-based compensation and provisions for credit losses in 2025, compared to a net loss of $3.0 million with non-cash expenses of $1.1 million in 2024. The first quarter 2025 net loss excluding non-cash items was $2.8 million compared to $2.1 million for the same period in 2024.

    Cash

    On March 31, 2025, we had cash of $2.5 million, compared to cash of $4.6 million at December 31, 2024.

    Net cash used for operating activities was $1.8 million for the three months ended March 31, 2025 compared to $3.0 million for the same period in 2024.

    We have historically met our cash needs through a combination of debt and equity financing and more recently through increasing gross profit contributions. Our cash requirements are generally for operating activities and acquisitions.

    Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Non-GAAP financial measures, in this press release. We use Non-GAAP in conjunction with GAAP measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Non-GAAP is also helpful to investors, analysts and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Non-GAAP has limitations as an analytical tool. Therefore, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Non-GAAP measurements alongside other financial performance measures, including attributable to other GAAP measures. In evaluating Non-GAAP measures you should be aware that in the future, we may incur expenses that are the same as, or similar to, some of the adjustments reflected in this press release. Our presentation of Non-GAAP should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculations of Non-GAAP measures. Non-GAAP is not presented in accordance with GAAP and the use of these terms vary from others in our industry.

    Conference Call May 15, 2025 at 4:30 p.m. ET 

    Management will host a conference call on Thursday May 15, 2025 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Participants can register for the conference through the following link: https://dpregister.com/sreg/10200046/ff2f9aecc8

    Please note that registered participants will receive their call-in number upon registration.

    Those without internet access or unable to pre-register may call in by calling:

    PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880

    PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716

    Please ask to join the Beam Global call.

    About Beam Global
    Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Broadview, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X (formerly Twitter).

    Forward-Looking Statements
    This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

    Investor Relations
    Luke Higgins
    +1-858-799-4583
    IR@BeamForAll.com

    Media Contact
    Andy Lovsted
    +1-858-335-8465
    Press@BeamForAll.com

     
    Beam Global
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share data)
           
      Three Months Ended
      March 31,   December 31,
      2025   2024
      (Unaudited)    
    Assets      
    Current assets      
    Cash $ 2,504   $ 4,572
    Accounts receivable, net of allowance for credit losses of $498 and $259 7,145   8,027
    Prepaid expenses and other current assets 2,150   2,243
    Inventory, net 11,845   12,284
    Total current assets 23,644   27,126
           
    Property and equipment, net 13,531   13,704
    Operating lease right of use assets 1,650   1,893
    Goodwill –   10,580
    Intangible assets, net 7,810   8,037
    Deposits 120   119
    Total assets $ 46,755   $ 61,459
           
    Liabilities and Stockholders’ Equity      
    Current liabilities      
    Accounts payable $ 8,316   $ 8,959
    Accrued expenses 2,393   2,462
    Sales tax payable 435   195
    Deferred revenue, current 1,042   847
    Note payable, current 64   63
    Contingent consideration, current 93   93
    Operating lease liabilities, current 539   696
    Total current liabilities 12,882   13,315
           
    Deferred revenue, noncurrent 857   800
    Note payable, noncurrent 182   199
    Contingent consideration, noncurrent 216   216
    Other liabilities, noncurrent 3,432   3,380
    Deferred tax liabilities, noncurrent 1,609   1,290
    Operating lease liabilities, noncurrent 905   971
    Total liabilities 20,083   20,171
           
    Commitments and contingencies (Note 10)      
           
    Stockholders’ equity      
    Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of March 31, 2025 and December 31, 2024. –   –
    Common stock, $0.001 par value, 350,000,000 shares authorized, 15,043,045 and 14,835,630 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. 15   15
    Additional paid-in-capital 147,518   147,072
    Accumulated deficit (120,166)   (104,643)
    Accumulated Other Comprehensive Income (AOCI) (695)   (1,156)
           
    Total stockholders’ equity 26,672   41,288
           
    Total liabilities and stockholders’ equity $ 46,755   $ 61,459
           
    Beam Global
    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited, In thousands except per share data)
           
      Three Months Ended
      March 31,
      2025   2024
           
    Revenues $ 6,324   $ 14,561
           
    Cost of revenues 5,823   13,082
           
    Gross profit 501   1,479
           
           
    Operating expenses 5,265   4,527
           
    Impairment of goodwill 10,780   –
           
    Loss from operations (15,544)   (3,048)
           
    Other income (expense)      
    Interest income 23   71
    Other income (expense) 4   (56)
    Interest expense (6)   (4)
    Other income 21   11
           
    Loss before income tax expense (15,523)   (3,037)
           
    Net Loss $ (15,523)   $ (3,037)
           
    Net foreign currency translation benefit (expense) 461   (329)
    Total Comprehensive Loss $ (15,062)   $ (3,366)
           
    Net Loss per share – basic/diluted $ (1.04)   $ (0.21)
           
    Weighted average shares outstanding – basic/diluted 14,990   14,422
           

    The MIL Network –

  • MIL-OSI: Decentralized Search Engine Presearch Rolls Out New Dashboard for Highly Targeted Search Ad Campaigns

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, CANADA, May 15, 2025 (GLOBE NEWSWIRE) — Presearch (https://presearch.com/), the ethical, non-profiling meta-search engine that prioritizes user privacy and does not track users or sell data to advertisers, today announced the launch of its Presearch Advertiser Dashboard, a new way for advertisers to acquire metrics and insights for user search behavior through Presearch Takeover Advertising (PTA) without compromising that user’s privacy.

    “This is a major step in our ongoing mission to create the most advertiser-friendly and user-centric privacy-focused search platform available,” said Presearch.com CEO Tim Enneking. “It enhances transparency, simplifies campaign management, and delivers precise insights, all within a secure, privacy-preserving environment. This commitment to privacy makes providing detailed advertiser insights uniquely challenging, but advertisers will still be able to benefit from a powerful, positive brand association by supporting a genuinely privacy-focused platform.

    Through the Presearch Advertiser Dashboard, advertisers can gain secure individualized dashboards tailored specifically to their PTA campaigns, displaying only relevant metrics to streamline management and oversight, with staked keyword analytics also coming soon. In addition, advertisers can gain deep insights into campaign performance with detailed PTA campaign-specific metrics, including impressions, clicks, and CTRs, across individual PTAs or aggregated across all campaigns. The Presearch Advertiser Dashboard can also easily export detailed reports, empowering deeper analysis and strategic decision-making.

    As part of its reporting, the Presearch Advertiser Dashboard also has advanced capabilities that allow advertisers to effortlessly isolate and analyze PTA data by dates, durations, Share of Voice (SOV), PTA Mode (standard or NSFW advertising), user type (registered or non-registered), placement (homepage or search results), device (desktop or mobile) and geography.

    The launch of the Presearch Advertiser Dashboard comes as Presearch continues to expand its operations, including a new self-serve advertiser portal that is currently in use with select clients. Presearch has also brought in a number of executives focused on user and advertiser needs, including a dedicated Vice President of User Acquisition and two Vice Presidents of Global Sales. 

    Presearch.com offers a privacy-focused search experience that delivers search results better to those of prominent search engines. Unlike traditional platforms that profit from user data, Presearch never associates users with their search queries or geolocations. Searches belong to the users alone and all activity remains anonymous. Presearch processes and serves its search engine results via a decentralized node network, distributing operations across a global community. Boasting a strong community with over 150,000 active monthly users, 13 million monthly impressions, and over 400,000 searches per day, Presearch is bridging the gap between everyday internet users and the emerging crypto realm.  

    To access Presearch on the web, please visit www.presearch.com. 

    ABOUT PRESEARCH
    Presearch.com, established in 2017, is the world’s most widely used meta-search engine. Unlike conventional search engines, Presearch does not track users’ online activity or sell their personal data to advertisers, so users can search in peace. Presearch’s robust ecosystem, powered in part by the community, includes its search API, AI search results, keyword staking, node running, search staking and an affordable advertising product listing.

    MEDIA CONTACT: 
    presearch@transformgroup.com

    The MIL Network –

  • MIL-OSI: Trust Stamp files its 2025 Q1 10-Q and provides forward-looking estimates

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA, May 15, 2025 (GLOBE NEWSWIRE) — Trust Stamp announced that:

    1. It filed its Q1 10-Q report for the three months ended 31 March 2025 after the Nasdaq market closed on May 15th, 2025.
    2. Q1 2025 recognized revenue was $545 thousand, decreased from $574 thousand for Q1 of 2024, with an additional $197 thousand of revenue fully earned but subject to deferred recognition under ASC 606.
    3. Estimates of anticipated revenue from existing contracted customers for FY 2025 are believed to exceed $5.0m and do not include projected revenue from contracted customers that are not yet revenue-generating.
    1. Continuing expense reductions for the balance of 2025 are estimated to result in new savings of $0.18m per month compared to expenses in 2024.
    1. Cash burn for the remaining nine months of 2025 is estimated at an average of $0.24m per month based solely on projected revenue from contracted customers that are currently revenue-generating. The Company believes its projected burn is covered by cash on hand (supplemented by an unused $6.1m “At The Market” equity distribution agreement that was announced on February 25th, 2025) as well as anticipated revenues described above.

    In addition, Trust Stamp announced that as of the date of this release, institutional customers registered on the Orchestration Layer platform have increased to ninety-four from eighty at the end of Q4 2024, with the addition of twelve community banks and two credit unions. 

    Inquiries:
    Trust Stamp                                                   Email: Shareholders@truststamp.ai 

    About Trust Stamp

    Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

    With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these statements.

    The MIL Network –

  • MIL-OSI: Canadian Net REIT Announces 2025 First-Quarter Results and a Distribution Increase

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, May 15, 2025 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended March 31st, 2025 (“Q1 2025”). The REIT also announced an increase in annual distributions and distributions for July, August and September 2025.

    “This was a solid quarter for Canadian Net, with FFO per unit growing by 8% as we are now reaping the benefits of our capital recycling program and reinvestments we’ve made in recent months,” said Kevin Henley, President and CEO of the REIT. “In addition to the positive contributions from our recent acquisitions, our necessity-based niche continues to perform exceptionally well, and the ongoing decline in interest rates is further reinforcing these favourable conditions. We’re also pleased to announce an increase in our distribution, supported by the enhanced profitability driven by actions we took in prior years.”

    RESULTS FOR Q1 2025

    Canadian Net reported Funds from operations1 (“FFO”) of $3.38 million, or $0.164 per unit, an increase of 8% compared to $3.13 million, or $0.152 per unit for the quarter ended March 31, 2024 (“Q1 2024”).

    Rental income was $6.9 million in Q1 2025, an increase of 4.7% from Q1 2024. Net Operating Income1 (“NOI”) in Q1 2025 was $5.0 million, an increase of 3.3% from Q1 2024, reflecting an increase in rental income due to property acquisitions.

    The REIT generated a net income attributable to unitholders of $10.2 million in Q1 2025 compared to net income of $1.3 million in Q1 2024.

    The increase in FFO1 is derived from higher rental income from property acquisitions and lower interest charges on credit facilities. The increase in NOI1 was mainly attributable to the increase in rental income from property acquisitions. Finally, the variance in net income attributable to unitholders is primarily attributable to the change in the fair value of investment properties.

    DISTRIBUTIONS

    Starting in July 2025, the annual distribution will go from $0.345 to $0.350 per unit, representing an increase of 1.5%. With this increase, Canadian Net’s distributions have increased 180% since its first distributions in 2012.

    Canadian Net announced that it will make monthly cash distributions of $0.02917 per unit, representing $0.35 per unit on an annualized basis, on July 31st, August 29th and September 29th, 2025, to unitholders of record on July 15th, August 15th and September 15th, 2025, respectively.

    The tables below represent other financial highlights and the reconciliations of certain non-IFRS measures for Q1 2025 and Q1 2024. This information should be read in conjunction with the Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the quarters ended March 31st, 2025 and March 31st, 2024.

    SUMMARY OF SELECTED FINANCIAL INFORMATION

      3 months
    		        
    Periods ended March 31 2025 2024 Δ %
    Financial info        
    Property rental income 6,848,977 6,539,597 309,380   5 %
    Net income and        
    comprehensive income (loss) 10,181,260 1,261,106 8,920,154   707 %
    NOI (1) 4,976,365 4,818,187 158,178   3 %
    FFO (1) 3,378,163 3,126,921 251,242   8 %
    AFFO (1) 3,298,952 3,082,021 216,931   7 %
    EBITDA (1) 11,958,886 3,090,121 8,868,765   287 %
    Adjusted EBITDA (1) 4,785,862 4,710,759 75,103   2 %
    Investment properties 295,093,745 276,395,720 18,698,025   7 %
    Adjusted investment properties (1) 344,781,633 329,720,701 15,060,932   5 %
    Total assets 321,276,862 306,832,564 14,444,298   5 %
    Mortgages 142,478,077 129,866,744 12,611,333   10 %
    Long-term debt – 30,000 (30,000 ) (100 %)
    Current portion of mortgages and long-term debt 16,376,220 19,256,906 (2,880,686 ) (15 %)
    Mortgages on investment properties held for sale – 2,762,860 (2,762,860 ) (100 %)
    Credit facilities 13,545,000 16,115,000 (2,570,000 ) (16 %)
    Total convertible debentures 5,866,277 5,646,673 219,604   4 %
    Total equity 138,056,530 129,136,416 8,920,114   7 %
    Weighted average units o/s – basic 20,566,343 20,532,438 33,905   –  
    Amounts on a per unit basis        
    FFO(1) 0.164 0.152 0.012   8 %
    AFFO(1) 0.160 0.150 0.010   7 %
    Distributions 0.086 0.086 –   –  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the sections “Non-IFRS financial measures”.

    NON-IFRS FINANCIAL MEASURES

    The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net’s underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Condensed Consolidated Interim Financial Statements and MD&A for the Trust. Please refer to the “Non IFRS Financial Measures” section in Canadian Net’s management’s discussion and analysis for the period ended March 31, 2025, available under Canadian Net’s profile on SEDAR+ at www.sedarplus.ca for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein.

    In addition, below are the reconciling tables for the non-IFRS measures used in this press release.

    Reconciliation of Investment Properties to Adjusted Investment Properties

    As at March 31 2025 2024 Δ  
    Investment Properties        
    Developed properties 295,093,745 276,395,720 7 %
    Investment properties held for sale – 5,078,232 (100 %)
    Joint Venture Ownership(1)        
    Developed properties 47,992,251 45,582,774 5 %
    Properties under development 1,695,637 2,663,975 (36 %)
    Adjusted Investment Properties(2) 344,781,633 329,720,701 5 %
    (1) Represents Canadian Net’s proportionate share
    (2) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

    Results of Operations

      3 months
    		      
    Periods ended March 31 2025   2024    Δ  
    Rental Income 6,848,977   6,539,597   309,380  
    Operating expenses (1,872,612 ) (1,721,410 ) (151,202 )
    Net Operating Income(1) 4,976,365   4,818,187   158,178  
    Share of net income from            
    investments in joint ventures 531,226   212,937   318,289  
    Change in fair values            
    of investment properties 7,110,532   (1,429,609 ) 8,540,141  
    Unit-based compensation (369,927 ) (245,177 ) (124,750 )
    Administrative expenses (285,728 ) (270,697 ) (15,031 )
    Financial expenses (1,781,208 ) (1,824,535 ) 43,327  
    Net income            
    attributable to unitholders 10,181,260   1,261,106   8,920,154  
    FFO(1) 3,378,163   3,126,921   8 %
    FFO per unit(1) 0.164   0.152   8 %
    Weighted avg. units o/s            
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

    Reconciliation of Net Income to Funds from Operations

      3 months  
    Periods ended March 31 2025   2024    Δ
    Net income attributable      
    to unitholders 10,181,260   1,261,106   8,920,154  
    Δ in value of investment properties (7,110,532 ) 1,429,609   (8,540,141 )
    Δ in value of investment      
    properties in joint ventures (62,752 ) 197,530   (260,282 )
    Unit-based compensation 369,927   245,177   124,750  
    Δ fair value adjustments on derivative      
    financial instruments 260   (6,501 ) 6,761  
    FFO(1) 3,378,163   3,126,921   8 %
    FFO per unit(1) 0.164   0.152   8 %
    Distributions 1,773,437   1,770,629   2,808  
    Distributions per unit 0.086   0.086   –  
    FFO per unit(1) – after distributions 0.078   0.066   18 %
    Distributions as a % of FFO(1) 52 % 57 % (5 %)
    Weighted avg. units o/s      
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

    Adjusted Funds from Operations

      3 months  
    Periods ended March 31 2025   2024    Δ
    FFO (1) 3,378,163   3,126,921   251,242  
    Straight-line rent adjustment(2) (51,033 ) (36,583 ) (14,450 )
    Maintenance/cap-ex on      
    existing properties (28,178 ) (8,317 ) (19,861 )
    AFFO(1) 3,298,952   3,082,021   7 %
    AFFO per unit(1) 0.160   0.150   7 %
    Distributions per unit 0.086   0.086   –  
    AFFO per unit(1) – after distributions 0.074   0.064   16 %
    Distributions as a % of AFFO(1) 54 % 57 % (3 %)
    Weighted avg. units o/s      
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
    (2) Adjusted for the proportionate share of equity-accounted investments

    Reconciliation of Net Income to EBITDA

      3 months
    		      
    Periods ended March 31 2025   2024    Δ  
    Net income attributable            
    to unitholders 10,181,260   1,261,106   8,920,154  
    Net interest expense 1,777,626   1,829,015   (51,389 )
    EBITDA(1) 11,958,886   3,090,121   8,868,765  
    Δ in value of investment properties (7,110,532 ) 1,429,609   (8,540,141 )
    Δ in value of investment            
    properties in joint ventures (62,752 ) 197,530   (260,282 )
    Δ in value of convertible debentures 260   (6,501 ) 6,761  
    Adjusted EBITDA(1) 4,785,862   4,710,759   2 %
    Interest expense 1,850,158   1,921,664   (71,506 )
    Principal repayments 1,199,839   1,120,044   79,795  
    Debt service requirements 3,049,997   3,041,708   –  
    Interest coverage ratio based on adjusted EBITDA(1) 2.6x   2.5x   0.1x  
    Debt service coverage based on adjusted EBITDA(1) 1.6x   1.5x   0.1x  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

    EARNINGS WEBCAST
    Canadian Net will host a webcast on May 16, at 9:00 a.m. (EST) to discuss the results.

    The link to join the webcast is the following: https://edge.media-server.com/mmc/p/j85pvyzq

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

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

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

    The March 31, 2025, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR+ at www.sedarplus.ca.

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

    1 Non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”.

    The MIL Network –

  • MIL-OSI: Eric Branderiz Joins Symbotic’s Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., May 15, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced the election of Eric Branderiz to its Board of Directors, effective May 14, 2025.

    Mr. Branderiz joins Symbotic’s Board following a nearly 30-year career in public and private company finance and accounting, including in high-growth environments in industrial technology. Most recently, he served as Executive Vice President and Chief Financial Officer at Enphase Energy. Prior to Enphase Energy, Mr. Branderiz was Vice President, Corporate Controller and Chief Accounting Officer at Tesla. He has held senior finance and accounting roles at SunPower Corporation, Knowledge Universe Corporation, Spansion and Advanced Micro Devices, after beginning his career at Ernst & Young.

    “On behalf of the Board, I am thrilled to welcome Eric to Symbotic,” said Rick Cohen, Chairman and CEO of Symbotic. “Eric brings deep financial expertise and a track record of success, guiding companies through critical stages of growth and playing a pivotal role in helping newly public organizations to achieve significantly greater scale. I look forward to working with him as we continue bringing our cutting-edge robotics and A.I.-powered automation technology to diverse customers and settings globally.”

    “I’m honored to join Symbotic’s Board at such an exciting point in the company’s trajectory,” said Mr. Branderiz. “Symbotic is a leader in its field with one-of-a-kind automation technology, and I look forward to leveraging my experience at growth-oriented technology companies to support Symbotic’s continued innovation and its rapid momentum.”

    Mr. Branderiz currently serves on the Board of Directors of Cognizant Technology Solutions Corporation and Fortive Corporation. He is a Certified Public Accountant in California, and received his bachelor’s degree in Business Commerce with an emphasis on Accounting from The University of Alberta.

    About Symbotic

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

    Media Contact
    mediainquiry@symbotic.com

    Investor Contact
    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    The MIL Network –

  • MIL-OSI: Intermap Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Company reports first quarter 2025 revenue growth of 153% with 28% pro-forma adjusted EBITDA margin

    Confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin

    Conference call today at 5:00 pm ET to discuss results

    DENVER, May 15, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial services and intelligence solutions, today announced first quarter 2025 results and affirmed 2025 guidance.

    For the first quarter ending March 31, 2025

    • Total revenue of $4.3 million, compared with $1.7 million in the first quarter of 2024
    • Acquisition Services revenue of $2.4 million versus $478 thousand in the year-ago quarter
    • Value-added Data revenue of $514 thousand versus $266 thousand in the year-ago quarter
    • Software and Solutions revenue of $1.3 million, compared with $942 thousand in the first quarter of 2024
    • 28% pro-forma adjusted EBITDA margin versus 25% in the first quarter of 2024
      • Intermap invested to support permitting and pursuit costs on behalf of its partners for follow-on awards
    • Pro-forma net income of $833 thousand, compared with a net loss of $839 thousand in the first quarter of 2024
    • Total assets of $19.2 million versus $11.9 million on December 31, 2024
    • Cash, unbilled and A/R totaled $13.9 million versus $6.5 million on December 31, 2024

    “We’re seeing strong momentum across our government and commercial segments,” said Patrick A. Blott, Intermap Chairman and CEO. “With multiyear partnerships, federal contracts and a strengthened balance sheet, we’re benefiting from growing customer confidence and positioning the Company for recurring revenue with long-term growth. We are pleased to affirm our 2025 guidance.”

    Q1 Government Milestones
    In the government sector, Intermap’s team, led by CACI, was selected as a vendor for the National Geospatial-Intelligence Agency’s $200 million Luno B IDIQ contract. When combined with the previously announced Luno A award, the addressable opportunity totals $500 million. The first task orders have begun to be issued and Intermap is well positioned with superior proprietary source data and analytics located over difficult areas of the world inaccessible by optical satellites. This positions Intermap to compete for federal work over the next five years and expand its role in delivering advanced geospatial intelligence to support national security.

    Intermap continued to execute Phase 1 of Indonesia’s national mapping initiative, delivering high-resolution 3D elevation and feature data exceeding specifications in a shorter timeframe than planned. The Company is pursuing follow-on awards under Phase 2 of the $653 million World Bank–funded ILASP project, which supports land administration and spatial planning. With the Indonesian government prioritizing large-scale base maps for national development, Intermap’s Phase 1 performance positions it strongly for continued participation. The Company’s advanced technology and proven execution align with the project’s goals, including expansion into Java, Kalimantan and other key regions.

    As part of the Indonesian mapping program during the quarter, Intermap incurred charges for permitting, currency adjustment and working capital investment to support large government milestone payments, which were subsequently collected in April 2025, after the quarter end. In addition, Intermap incurred pursuit costs related to upcoming contracts. When the partner-related charges and pursuit costs are added back, pro-forma Adjusted EBITDA and earnings for the first quarter were $1.2 million and $833 thousand, respectively. To further mitigate exchange risks, Intermap entered into foreign currency hedging and arrangements with its local prime partner to pay IDR subcontractors. Going forward, currency risk and hedging costs are mitigated by World Bank funding, which will be denominated and fixed in U.S. dollars.

    During the quarter, Intermap was down-selected after a competitive process for a new U.S. Defense Advanced Research Project (DARPA) program to support priority DARPA investments targeted to leverage Intermap’s unique commercial capabilities, commercialization expertise, proprietary internal research and development and growth capital support. This program extends Intermap’s own upgrade efforts and capital with sponsored access to additional government-funded, cutting-edge applied geospatial technologies, advanced research and development, next-generation geospatial products and emerging dual-use companies on contract with DARPA. The Company is currently working with multiple customers using Intermap data and technology for real-time terrain matching to power long-range autonomous systems. More information about this important award will follow as contracting is finalized.

    Q1 Commercial Achievements
    Intermap began 2025 with strong performance in its insurance business, securing over $1.1 million in new and renewed contracts. It signed two major multiyear partnerships with a leading European bank-insurance group and PREMIUM Insurance. Both adopted Intermap’s Aquarius RMA platform, reinforcing the Company’s position as a key provider of AI-driven geospatial solutions for multi-peril and flood risk assessment.

    During the first quarter, the Company significantly expanded its partnership with a major global space infrastructure operator, which has increased its investment in the Company’s high-precision 3D elevation data with Intermap’s NEXTMap® solution. This expansion supports the operator’s use of the data for radio frequency interference modeling and optimizing site selection across diverse geographies. In 2024, the operator acquired 10 times as many projects as the previous year, driving a 6.4x increase in revenue. Early 2025 projects are nearly three times larger than the average size in 2024, with points of presence growing rapidly, reflecting the growing scale of the initiative. This rapid expansion demonstrates the operator’s growing reliance on Intermap’s best-in-class data.

    The Company also renewed its subscription partnership with a leading provider of GPS-enabled golf technology. Now entering its fourth year, the collaboration utilizes Intermap’s high-resolution 3D elevation data to map more than 40,000 golf courses globally, delivering immersive, real-time virtual experiences for golfers. This data powers advanced features such as swing metrics, ball flight analytics and detailed course visualizations—accessible from homes, backyards and practice ranges. Driven by strong user growth, the partnership is expanding to include a new generation of golf products built on Intermap’s proprietary terrain models, where Intermap is compensated alongside the customer for growing user data consumption. With 78% of core golfers using at least one golf app, Intermap’s data remains a key enabler of the evolving digital golf experience.

    Q1 Financing
    To fund growth, Intermap raised C$12 million in February. The capital strengthens the Company’s ability to execute on its expanding pipeline and scale delivery of high-value contracts.

    Outlook
    Intermap confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin.

    Intermap does not provide quarterly guidance. The Company has tremendous installed capacity, providing a competitive advantage for speed of execution. Intermap’s customers are large global institutions and governments with long procurement and decision-making cycles. Intermap has the proven ability and track record to increase operational efficiency and tempo once under contract to meet aggressive timelines consistent with customer requirements.

    Intermap will continue building recurring revenue by enabling customers to consume the world’s most precise GEOINT terrain data products at global scale, as-a-service, provisioned within seconds, consuming only the points they need, when and where they need them. While penetrating deeper into its targeted markets, Intermap is also enabling new users and new use-cases, and its financial results highlight the persistent recurring revenue and high growth embedded in this attractive business model.

    Quarterly Filing
    The Company’s consolidated financial statements for the quarter ended March 31, 2025, along with management’s discussion and analysis for the corresponding period and related management certifications for the first quarter financial results, will be filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov on May 15, 2025.

    Adjusted EBITDA is a non-GAAP measure. The term earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov.

    Conference Call Details
    Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

    Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the first quarter of 2025 results.

    DATE Thursday, May 15, 2025
    TIME 5:00 pm ET
    WEBCAST Register

    Learn more about Intermap here.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, EBITDA margin, future contracting, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 

    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — In the press release issued by Katapult Holdings, Inc. on May 15, 2025, in the gross originations by quarter table, Q4 in FY 2024 should be $75.2 million instead of $64.2 million.

    The updated release reads:

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

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

    Operating Progress: Recent Highlights

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

    First Quarter 2025 Financial Highlights

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

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

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

    Second Quarter and Full Year 2025 Business Outlook

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

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

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

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

    • We expect gross originations to grow at least 20%

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

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

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

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

    Conference Call and Webcast

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

    About Katapult

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

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

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

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

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

    Key Performance Metrics

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

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

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

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

    Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 75.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: Applied Materials Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue $7.10 billion, up 7 percent year over year
    • GAAP gross margin 49.1 percent and non-GAAP gross margin 49.2 percent
    • GAAP operating margin 30.5 percent and non-GAAP operating margin 30.7 percent
    • Record GAAP EPS $2.63 and record non-GAAP EPS $2.39, up 28 percent and 14 percent year over year, respectively
    • Generated $1.57 billion in cash from operations and distributed $2.00 billion to shareholders including $1.67 billion in share repurchases and $325 million in dividends

    SANTA CLARA, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended Apr. 27, 2025.

    “Applied Materials’ broad capabilities and connected product portfolio are driving strong results in 2025 amidst a highly dynamic macro environment,” said Gary Dickerson, President and CEO. “High-performance, energy-efficient AI computing remains the dominant driver of semiconductor innovation, and Applied is working closely with our customers and partners to accelerate the industry’s roadmap. We are very well positioned at major technology inflections in fast-growing areas of the market, which supports our multi-year growth trajectory.”

    “We delivered strong performance in our second fiscal quarter with seven percent year-over-year revenue growth, record earnings per share and shareholder distributions of nearly $2 billion,” said Brice Hill, Senior Vice President and CFO. “Despite the dynamic economic and trade environment, we have not seen significant changes to customer demand and are well-equipped to navigate evolving conditions with our robust global supply chain and diversified manufacturing footprint.”

    Results Summary

      Q2 FY2025   Q2 FY2024   Change
      (In millions, except per share amounts and percentages)
    Net revenue $ 7,100     $ 6,646     7%
    Gross margin   49.1 %     47.4 %   1.7 points
    Operating margin   30.5 %     28.8 %   1.7 points
    Net income $ 2,137     $ 1,722     24%
    Diluted earnings per share $ 2.63     $ 2.06     28%
    Non-GAAP Results          
    Non-GAAP gross margin   49.2 %     47.5 %   1.7 points
    Non-GAAP operating margin   30.7 %     29.0 %   1.7 points
    Non-GAAP net income $ 1,940     $ 1,744     11%
    Non-GAAP diluted EPS $ 2.39     $ 2.09     14%
    Non-GAAP free cash flow $ 1,061     $ 1,135     (7)%
                       

    A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

    Business Outlook

    Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the third quarter of fiscal 2025 are expected to be approximately as follows:

             
      Q3 FY2025
    (In millions, except percentage and per share amounts)  
    Total net revenue $ 7,200   +/-   $ 500  
    Non-GAAP gross margin   48.3 %      
    Non-GAAP diluted EPS $ 2.35   +/-   $ 0.20  
                     

    This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

    Second Quarter Reportable Segment Information

    Semiconductor Systems Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 5,255     $ 4,901  
    Foundry, logic and other   65 %     65 %
    DRAM   27 %     32 %
    Flash memory   8 %     3 %
    Operating income $ 1,900     $ 1,701  
    Operating margin   36.2 %     34.7 %
    Non-GAAP Results    
    Non-GAAP operating income $ 1,911     $ 1,711  
    Non-GAAP operating margin   36.4 %     34.9 %
    Applied Global Services Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 1,566     $ 1,530  
    Operating income $ 446     $ 436  
    Operating margin   28.5 %     28.5 %
    Non-GAAP Results    
    Non-GAAP operating income $ 446     $ 436  
    Non-GAAP operating margin   28.5 %     28.5 %
    Display Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 259     $ 179  
    Operating income $ 68     $ 5  
    Operating margin   26.3 %     2.8 %
    Non-GAAP Results    
    Non-GAAP operating income $ 68     $ 5  
    Non-GAAP operating margin   26.3 %     2.8 %
    Corporate and Other Q2 FY2025   Q2 FY2024
    (in millions)  
    Unallocated net revenue $ 20     $ 36  
    Unallocated cost of products sold and expenses   (265 )     (266 )
    Total $ (245 )   $ (230 )
                   

    Use of Non-GAAP Financial Measures

    Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

    Webcast Information

    Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com . A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the third quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures, including their impact on demand for our products and services; our ability to effectively mitigate the impact of tariffs; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

    About Applied Materials

    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Investor Relations Contact:
    Liz Morali (408) 986-7977
    liz_morali@amat.com

    Media Contact:
    Ricky Gradwohl (408) 235-4676
    ricky_gradwohl@amat.com

     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
           
      Three Months Ended   Six Months Ended
    (In millions, except per share amounts) April 27,
    2025    		   April 28,
    2024    		   April 27,
    2025    		   April 28,
    2024
    Net revenue $ 7,100     $ 6,646     $ 14,266     $ 13,353  
    Cost of products sold   3,615       3,493       7,285       6,996  
    Gross profit   3,485       3,153       6,981       6,357  
    Operating expenses:              
    Research, development and engineering   893       785       1,752       1,539  
    Marketing and selling   216       209       422       416  
    General and administrative   207       247       463       523  
    Total operating expenses   1,316       1,241       2,637       2,478  
    Income from operations   2,169       1,912       4,344       3,879  
    Interest expense   68       59       132       118  
    Interest and other income (expense), net   221       141       229       536  
    Income before income taxes   2,322       1,994       4,441       4,297  
    Provision for income taxes   185       272       1,119       556  
    Net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Earnings per share:              
    Basic $ 2.64     $ 2.08     $ 4.10     $ 4.50  
    Diluted $ 2.63     $ 2.06     $ 4.08     $ 4.47  
    Weighted average number of shares:              
    Basic   809       830       811       831  
    Diluted   812       836       815       837  
                                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
           
    (In millions) April 27,
    2025    		   October 27,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 6,169     $ 8,022  
    Short-term investments   578       1,449  
    Accounts receivable, net   6,187       5,234  
    Inventories   5,656       5,421  
    Other current assets   1,118       1,094  
    Total current assets   19,708       21,220  
    Long-term investments   3,638       2,787  
    Property, plant and equipment, net   3,832       3,339  
    Goodwill   3,748       3,732  
    Purchased technology and other intangible assets, net   249       249  
    Deferred income taxes and other assets   2,457       3,082  
    Total assets $ 33,632     $ 34,409  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Short-term debt $ 799     $ 799  
    Accounts payable and accrued expenses   4,706       4,820  
    Contract liabilities   2,491       2,849  
    Total current liabilities   7,996       8,468  
    Long-term debt   5,462       5,460  
    Income taxes payable   321       670  
    Other liabilities   892       810  
    Total liabilities   14,671       15,408  
    Total stockholders’ equity   18,961       19,001  
    Total liabilities and stockholders’ equity $ 33,632     $ 34,409  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
           
      Three Months Ended   Six Months Ended
    (In millions) April 27,
    2025    		   April 28,
    2024    		 April 27,
    2025    		   April 28,
    2024
    Cash flows from operating activities:              
    Net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Adjustments required to reconcile net income to cash provided by operating activities:              
    Depreciation and amortization   103       96       208       187  
    Share-based compensation   159       134       354       304  
    Deferred income taxes   4       (134 )     672       (206 )
    Other   (109 )     (12 )     (14 )     (247 )
    Net change in operating assets and liabilities   (723 )     (414 )     (2,046 )     (62 )
    Cash provided by operating activities   1,571       1,392       2,496       3,717  
    Cash flows from investing activities:              
    Capital expenditures   (510 )     (257 )     (891 )     (486 )
    Cash paid for acquisitions, net of cash acquired   (1 )     —       (29 )     —  
    Proceeds from asset sale   33       —       33       —  
    Proceeds from sales and maturities of investments   1,921       582       3,144       1,113  
    Purchases of investments   (1,222 )     (474 )     (2,933 )     (1,223 )
    Cash provided by (used in) investing activities   221       (149 )     (676 )     (596 )
    Cash flows from financing activities:              
    Proceeds from issuance of commercial paper   100       100       300       200  
    Repayments of commercial paper   (100 )     (100 )     (300 )     (200 )
    Proceeds from common stock issuances   129       119       129       119  
    Common stock repurchases   (1,670 )     (820 )     (2,988 )     (1,520 )
    Tax withholding payments for vested equity awards   (35 )     (41 )     (177 )     (233 )
    Payments of dividends to stockholders   (325 )     (266 )     (651 )     (532 )
    Payments of debt issuance costs   (2 )     —       (2 )     —  
    Repayments of principal on finance leases   —       (14 )     —       (13 )
    Cash used in financing activities   (1,903 )     (1,022 )     (3,689 )     (2,179 )
    Increase (decrease) in cash, cash equivalents and restricted cash equivalents   (111 )     221       (1,869 )     942  
    Cash, cash equivalents and restricted cash equivalents—beginning of period   6,355       6,954       8,113       6,233  
    Cash, cash equivalents and restricted cash equivalents — end of period $ 6,244     $ 7,175     $ 6,244     $ 7,175  
                   
    Reconciliation of cash, cash equivalents, and restricted cash equivalents              
    Cash and cash equivalents $ 6,169     $ 7,085     $ 6,169     $ 7,085  
    Restricted cash equivalents included in deferred income taxes and other assets   75       90       75       90  
    Total cash, cash equivalents, and restricted cash equivalents $ 6,244     $ 7,175     $ 6,244     $ 7,175  
                   
    Supplemental cash flow information:              
    Cash payments for income taxes $ 763     $ 467     $ 833     $ 606  
    Cash refunds from income taxes $ 5     $ 3     $ 75     $ 5  
    Cash payments for interest $ 68     $ 68     $ 120     $ 102  
                                   

    Additional Information

      Q2 FY2025   Q2 FY2024
    Net Revenue by Geography (In millions)  
    United States $ 808     $ 853  
    % of Total   11 %     13 %
    Europe $ 252     $ 289  
    % of Total   4 %     4 %
    Japan $ 572     $ 453  
    % of Total   8 %     7 %
    Korea $ 1,562     $ 988  
    % of Total   22 %     15 %
    Taiwan $ 1,997     $ 1,019  
    % of Total   28 %     15 %
    Southeast Asia $ 135     $ 213  
    % of Total   2 %     3 %
    China $ 1,774     $ 2,831  
    % of Total   25 %     43 %
           
    Employees(In thousands)      
    Regular Full Time   36.0       34.8  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except percentages) April 27,
    2025    		   April 28,
    2024    		   April 27,
    2025    		   April 28,
    2024
    Non-GAAP Gross Profit              
    GAAP reported gross profit $ 3,485     $ 3,153     $ 6,981     $ 6,357  
    Certain items associated with acquisitions1   6       7       13       14  
    Non-GAAP gross profit $ 3,491     $ 3,160     $ 6,994     $ 6,371  
    Non-GAAP gross margin   49.2 %     47.5 %     49.0 %     47.7 %
    Non-GAAP Operating Income              
    GAAP reported operating income $ 2,169     $ 1,912     $ 4,344     $ 3,879  
    Certain items associated with acquisitions1   11       10       23       21  
    Acquisition integration and deal costs   —       5       3       8  
    Non-GAAP operating income $ 2,180     $ 1,927     $ 4,370     $ 3,908  
    Non-GAAP operating margin   30.7 %     29.0 %     30.6 %     29.3 %
    Non-GAAP Net Income              
    GAAP reported net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Certain items associated with acquisitions1   11       10       23       21  
    Acquisition integration and deal costs   —       5       3       8  
    Realized loss (gain), dividends and impairments on strategic investments, net   (18 )     (3 )     (27 )     (4 )
    Unrealized loss (gain) on strategic investments, net   (80 )     (20 )     26       (300 )
    Foreign exchange loss (gain) related to purchase of strategic investment   23       —       23       —  
    Loss (gain) on asset sale   (44 )     —       (44 )     —  
    Income tax effect of share-based compensation2   4       11       (6 )     (15 )
    Income tax effects related to intra-entity intangible asset transfers3   32       18       706       40  
    Resolution of prior years’ income tax filings and other tax items   (124 )     —       (140 )     33  
    Income tax effect of non-GAAP adjustments4   (1 )     1       —       2  
    Non-GAAP net income $ 1,940     $ 1,744     $ 3,886     $ 3,526  
    1   These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
         
    2   GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.
         
    3   Amount for the six months ended April 27, 2025, included changes to income tax provision of $62 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.
         
    4   Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
         
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except per share amounts) April 27,
    2025    		   April 28,
    2024    		   April 27,
    2025    		   April 28,
    2024
    Non-GAAP Earnings Per Diluted Share              
    GAAP reported earnings per diluted share $ 2.63     $ 2.06     $ 4.08     $ 4.47  
    Certain items associated with acquisitions   0.01       0.01       0.02       0.02  
    Acquisition integration and deal costs   —       0.01       —       0.01  
    Realized loss (gain), dividends and impairments on strategic investments, net   (0.02 )     —       (0.03 )     —  
    Unrealized loss (gain) on strategic investments, net   (0.10 )     (0.02 )     0.03       (0.36 )
    Foreign exchange loss (gain) related to purchase of strategic investment   0.03       —       0.03       —  
    Loss (gain) on asset sale   (0.05 )     —       (0.05 )     —  
    Income tax effect of share-based compensation   —       0.01       (0.01 )     (0.02 )
    Income tax effects related to intra-entity intangible asset transfers1   0.04       0.02       0.87       0.05  
    Resolution of prior years’ income tax filings and other tax items   (0.15 )     —       (0.17 )     0.04  
    Non-GAAP earnings per diluted share $ 2.39     $ 2.09     $ 4.77     $ 4.21  
    Weighted average number of diluted shares   812       836       815       837  
    1   Amount for the six months ended April 27, 2025, included changes to income tax provision of $0.08 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.
         
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except percentages) April 27,
    2025    		   April 28,
    2024    		   April 27,
    2025    		   April 28,
    2024
    Semiconductor Systems Non-GAAP Operating Income              
    GAAP reported operating income $ 1,900     $ 1,701     $ 3,886     $ 3,445  
    Certain items associated with acquisitions1   11       10       23       20  
    Non-GAAP operating income $ 1,911     $ 1,711     $ 3,909     $ 3,465  
    Non-GAAP operating margin   36.4 %     34.9 %     36.8 %     35.3 %
    Applied Global Services Non-GAAP Operating Income              
    GAAP reported operating income $ 446     $ 436     $ 893     $ 853  
    Non-GAAP operating income $ 446     $ 436     $ 893     $ 853  
    Non-GAAP operating margin   28.5 %     28.5 %     28.3 %     28.4 %
    Display Non-GAAP Operating Income              
    GAAP reported operating income $ 68     $ 5     $ 82     $ 30  
    Non-GAAP operating income $ 68     $ 5     $ 82     $ 30  
    Non-GAAP operating margin   26.3 %     2.8 %     18.6 %     7.1 %
    1    These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
         

    Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
       
      Three Months Ended
    (In millions, except percentages) April 27, 2025
       
    GAAP provision for income taxes (a) $ 185  
    Income tax effect of share-based compensation   (4 )
    Income tax effects related to intra-entity intangible asset transfers   (32 )
    Resolutions of prior years’ income tax filings and other tax items   124  
    Income tax effect of non-GAAP adjustments   1  
    Non-GAAP provision for income taxes (b) $ 274  
       
    GAAP income before income taxes (c) $ 2,322  
    Certain items associated with acquisitions   11  
    Realized loss (gain), dividends and impairments on strategic investments, net   (18 )
    Unrealized loss (gain) on strategic investments, net   (80 )
    Foreign exchange loss (gain) related to purchase of strategic investment   23  
    Loss (gain) on asset sale   (44 )
    Non-GAAP income before income taxes (d) $ 2,214  
       
    GAAP effective income tax rate (a/c)   8.0 %
       
    Non-GAAP effective income tax rate (b/d)   12.4 %
           
     
    UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
           
      Three Months Ended   Six Months Ended
    (In millions) April 27,
    2025    		   April 28,
    2024    		   April 27,
    2025    		   April 28,
    2024
    Cash provided by operating activities $ 1,571     $ 1,392     $ 2,496     $ 3,717  
    Capital expenditures   (510 )     (257 )     (891 )     (486 )
    Non-GAAP free cash flow $ 1,061     $ 1,135     $ 1,605     $ 3,231  
                                   

    The MIL Network –

  • MIL-OSI: AMSC to Report Fourth Quarter and Fiscal Year 2024 Financial Results on May 21, 2025

    Source: GlobeNewswire (MIL-OSI)

    AYER, Mass., May 15, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its fourth quarter and fiscal year 2024 financial results after the market close on Wednesday, May 21, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, May 22, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.

    Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://www.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.

    A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4917468.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    ©2025 AMSC. AMSC, American Superconductor, NEPSI, Neeltran, NWL, D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec, Orchestrate the Rhythm and Harmony of Power on the Grid and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.

    The MIL Network –

  • MIL-OSI: AvePoint to Participate in June Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 15, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced that members of the Company’s executive management team will present at the William Blair 45th Annual Growth Stock Conference in Chicago, Illinois. The presentation is scheduled for Wednesday, 6/4, at 8:00am CT.

    In addition, AvePoint will attend the following investor conferences:

    • Baird 2025 Global Consumer, Technology & Services Conference (New York, NY): Tuesday, 6/3
    • D.A. Davidson 2025 Consumer & Technology Conference (Nashville, TN): Tuesday, 6/10
    • Northland Growth Conference (Virtual): Wednesday, 6/25

    A live and archived audio webcast of the William Blair presentation will be available on the AvePoint Investor Relations website.

    About AvePoint:

    Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov . These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: iPower Reports Fiscal Third Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CUCAMONGA, Calif., May 15, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal third quarter ended March 31, 2025.

    Fiscal Q3 2025 Results vs. Year-Ago Quarter

    • Total revenue was $16.6 million compared to $23.3 million.
    • Gross profit was $7.2 million compared to $10.4 million, with gross margin of 43.3% compared to 44.5%.
    • Net loss attributable to iPower was $0.3 million or $(0.01) per share, compared to net income attributable to iPower of $1.0 million or $0.03 per share.
    • As of March 31, 2025, total debt was reduced by 43% to $3.6 million as compared to $6.3 million as of June 30, 2024.

    Management Commentary

    “We made important strides in strengthening our operations during the quarter, even as we navigated a more cautious demand environment that impacted order volumes across key channels,” said Lawrence Tan, CEO of iPower. “In response, we’ve accelerated efforts to diversify our supply chain by expanding manufacturing into the U.S., as well as continuing to cultivate relationships with alternative suppliers in new geographies. These actions are central to our strategy to build a more agile and resilient supply chain capable of supporting long-term growth and reducing exposure to external volatility.”

    “In our SuperSuite business, we are continuing to gain traction and generating solid momentum, with our SuperSuite now representing approximately 20% of our total revenue mix, underscoring the robust demand for our end-to-end supply chain solutions. SuperSuite continues to evolve as a comprehensive, data-driven platform that equips our partners with the tools, insights and infrastructure they need to thrive in today’s competitive ecommerce landscape. We are working through a strong pipeline of prospective partners and look forward to capitalizing on the demand for SuperSuite as we continue to build out our partner ecosystem and deliver greater value to our current partners.”

    iPower CFO, Kevin Vassily, added, “We faced a challenging comp this quarter due to elevated purchasing volumes from our largest channel partner in the year-ago period. Nonetheless, we continued to benefit from the optimization initiatives we implemented in fiscal 2024, resulting in a 10% improvement in operating expenses for the quarter. Additionally, we reduced our total debt obligations by nearly 20% during the quarter, demonstrating our commitment to strengthening the balance sheet. With our ongoing efforts to diversify our supply chain, accelerating momentum in SuperSuite, and an optimized operating structure, we believe we are well positioned to navigate the current market environment and deliver long term value to our customers and shareholders alike.”

    Fiscal Third Quarter 2025 Financial Results 

    Total revenue in the fiscal third quarter of 2025 was $16.6 million compared to $23.3 million for the same period in fiscal 2024. The decrease was driven primarily by lower product sales to the Company’s largest channel partner, partially offset by growth in iPower’s SuperSuite supply chain offerings.

    Gross profit in the fiscal third quarter of 2025 was $7.2 million compared to $10.4 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin was 43.3% compared to 44.5% in the year-ago period. The decrease in gross margin was primarily driven by an increase in services income in the quarter.

    Total operating expenses in the fiscal third quarter of 2025 improved 15% to $7.4 million compared to $8.8 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower general and administrative costs from the Company’s optimization initiatives, as well as lower selling and fulfillment expenses related to the Company’s largest channel partner.

    Net loss attributable to iPower in the fiscal third quarter of 2025 was $0.3 million or $(0.01) per share, compared to net income attributable to iPower of $1.0 million or $0.03 per share for the same period in fiscal 2024.

    Cash and cash equivalents were $2.2 million at March 31, 2025, compared to $7.4 million at June 30, 2024. As a result of the Company’s consistent debt paydown, total debt was reduced by 43% to $3.6 million compared to $6.3 million as of June 30, 2024.

    Conference Call 

    The Company will hold a conference call today, May 15, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal third quarter ended March 31, 2025.

    iPower’s management will host the conference call, which will be followed by a question-and-answer session.

    The conference call details are as follows:

    Date: Thursday, May 15, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward-Looking Statements 

    All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Investor Relations Contact

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

     
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Balance Sheets
    As of March 31, 2025 and June 30, 2024
     
      March 31,   June 30,
      2025   2024
      (Unaudited)      
    ASSETS          
    Current assets          
    Cash and cash equivalent $ 2,192,254     $ 7,377,837  
    Accounts receivable, net   10,179,237       14,740,093  
    Inventories, net   9,772,699       10,546,273  
    Prepayments and other current assets, net   2,660,968       2,346,534  
    Total current assets   24,805,158       35,010,737  
               
    Non-current assets          
    Right of use – non-current   4,281,622       6,124,163  
    Property and equipment, net   271,473       370,887  
    Deferred tax assets, net   2,961,886       2,445,605  
    Goodwill   3,034,110       3,034,110  
    Intangible assets, net   3,143,671       3,630,700  
    Other non-current assets   2,008,561       679,655  
    Total non-current assets   15,701,323       16,285,120  
               
    Total assets $ 40,506,481     $ 51,295,857  
               
    LIABILITIES AND EQUITY          
    Current liabilities          
    Accounts payable, net $ 8,034,949     $ 11,227,116  
    Other payables and accrued liabilities   3,241,283       3,885,487  
    Lease liability – current   1,392,146       2,039,301  
    Short-term loan payable   –       491,214  
    Short-term loan payable – related party   –       350,000  
    Revolving loan payable, net   –       5,500,739  
    Income taxes payable   278,769       276,158  
    Total current liabilities   12,947,147       23,770,015  
               
    Non-current liabilities          
    Long-term revolving loan payable, net   3,573,896       –  
    Lease liability – non-current   3,267,491       4,509,809  
    Total non-current liabilities   6,841,387       4,509,809  
               
    Total liabilities   19,788,534       28,279,824  
               
    Commitments and contingency   –       –  
               
    Stockholders’ Equity          
    Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and June 30, 2024   –       –  
    Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 shares issued and outstanding at March 31, 2025 and June 30, 2024   31,361       31,361  
    Additional paid in capital   33,321,103       33,463,883  
    Accumulated deficits   (12,380,662 )     (10,230,601 )
    Non-controlling interest   (46,969 )     (38,204 )
    Accumulated other comprehensive loss   (206,886 )     (210,406 )
    Total stockholders’ equity   20,717,947       23,016,033  
               
    Total liabilities and stockholders’ equity $ 40,506,481     $ 51,295,857  
               
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    For the Three and Nine Months Ended March 31, 2025 and 2024
     
      For the Three Months Ended March 31,   For the Nine Months Ended March 31,
      2025   2024   2025   2024
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    REVENUES                  
    Product sales $ 15,546,233     $ 22,593,081     $ 51,428,534     $ 65,901,577  
    Service income   1,023,445       715,427       3,222,236       715,427  
    Total revenues   16,569,678       23,308,508       54,650,770       66,617,004  
                           
    COST OF REVENUES                      
    Product costs   8,512,709       12,360,170       27,891,276       36,591,581  
    Service costs   879,995       581,229       2,704,737       581,229  
    Total cost of revenues   9,392,704       12,941,399       30,596,013       37,172,810  
                           
    GROSS PROFIT   7,176,974       10,367,109       24,054,757       29,444,194  
                           
    OPERATING EXPENSES:                      
    Selling and fulfillment   5,531,751       5,444,649       16,075,473       22,445,100  
    General and administrative   1,914,226       3,321,184       10,311,114       9,218,842  
    Total operating expenses   7,445,977       8,765,833       26,386,587       31,663,942  
                           
    (LOSS) INCOME FROM OPERATIONS   (269,003 )     1,601,276       (2,331,830 )     (2,219,748 )
                           
    OTHER INCOME (EXPENSE)                      
    Interest expenses   (81,968 )     (181,199 )     (362,602 )     (592,176 )
    Loss on equity method investment   (986 )     (792 )     (2,707 )     (2,618 )
    Other non-operating income (expenses)   35,601       (29,669 )     48,329       32,003  
    Total other expenses, net   (47,353 )     (211,660 )     (316,980 )     (562,791 )
                           
    (LOSS) INCOME BEFORE INCOME TAXES   (316,356 )     1,389,616       (2,648,810 )     (2,782,539 )
                           
    PROVISION FOR INCOME TAX EXPENSE (BENEFIT)   26,017       377,147       (489,984 )     (587,674 )
    NET (LOSS) INCOME   (342,373 )     1,012,469       (2,158,826 )     (2,194,865 )
                           
    Non-controlling interest   (2,774 )     (3,613 )     (8,765 )     (9,604 )
                           
    NET (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. $ (339,599 )   $ 1,016,082     $ (2,150,061 )   $ (2,185,261 )
                           
    OTHER COMPREHENSIVE (LOSS) INCOME                      
    Foreign currency translation adjustments   (97,556 )     69,122       3,520       (91,840 )
                           
    COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. $ (437,155 )   $ 1,085,204     $ (2,146,541 )   $ (2,277,101 )
                           
    WEIGHTED AVERAGE NUMBER OF COMMON STOCK                      
    Basic   31,455,248       29,821,811       31,434,479       29,791,990  
                           
    Diluted   31,455,248       29,821,811       31,434,479       29,791,990  
                           
    (LOSSES) EARNINGS PER SHARE                      
    Basic $ (0.01 )   $ 0.03     $ (0.07 )   $ (0.07 )
                           
    Diluted $ (0.01 )   $ 0.03     $ (0.07 )   $ (0.07 )
                           

    The MIL Network –

  • MIL-OSI: Fold Holdings Inc. (NASDAQ: FLD) Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Revenue: $7.1 million, 44% YoY increase
    Bitcoin Treasury Holdings: 1,490 BTC, ~50% increase from Q4 2024
    Launched Bitcoin Gift Card with access to network of thousands of retailers
    New accounts up over 300% YoY and platform volumes up 67% YoY

    PHOENIX, May 15, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2025.

    Financial Highlights

    • Revenue: $7.1 million; 44% YoY increase
    • GAAP Net Loss: ($48.9) million
    • Adjusted EBITDA (Loss) (non-GAAP): ($4.2) million
    • GAAP Loss Per Share: ($1.92) per share
    • Adjusted EBITDA (Loss) Per Share (non-GAAP): ($0.17) per share
    • Bitcoin Treasury Holdings: 1,490 bitcoin; +$150 million value as of 5/13/2025

    Key Operating Metrics

    • Total Transaction Volume: +$250 million; 67% YoY increase
    • Total Active Accounts: +600,000, added +17,000 new accounts in the quarter
    • Total Verified Accounts: +76,000, added +5,000 new verified accounts in the quarter

    CEO Commentary

    “We are pleased to report a strong first quarter, with revenues for the period increasing by 44% versus a year ago, while core KPIs such as Active Accounts and Transaction Volumes were also up”, said Fold Chairman and CEO, Will Reeves. “From Fold’s public listing in February to our recent new product announcements, we have already made meaningful progress in 2025.”

    Mr. Reeves continued, “In particular, we made significant progress on new initiatives that we believe improve the growth prospects for Fold. First, in February, we announced the launch of the Fold Bitcoin Rewards Credit Card, which currently has a waitlist of 75,000 people. We are working towards launching the card later this year and believe it can be an important growth driver of Fold’s business. Second, we are prioritizing the expansion of our Custody and Trading business by adding enhanced functionality to the platform. Our initiatives include increasing access to the platform beyond Fold cardholders to all users, supporting larger bitcoin orders through acceptance of wire deposits, and expanding the geographic reach of Fold’s suite of services. We believe these developments will allow us to open our platform to a meaningfully larger market. Our most recent announcement, the Fold Bitcoin Gift Card, is designed to allow consumers to acquire bitcoin by purchasing the Fold Bitcoin Gift Card online and at participating retail locations throughout the United States. Americans spend billions of dollars annually on gift cards and we believe the Fold Bitcoin Gift Card will allow us to capitalize on this large and meaningful market.”

    Reeves concluded, “Finally, our bitcoin treasury holdings increased by 50% during the first quarter and currently stands at 1,490 bitcoin, which represents more than $150 million of value based on recent bitcoin prices. At Fold, we remain committed believers in Bitcoin and see it as central to everything we do. Building on our first quarter of 2025, we will continue to seek opportunities to add to our bitcoin holdings and believe in the long-term value proposition of a robust bitcoin treasury strategy.”

    Strategic & Business Updates:

    • Fold Credit Card (announced in February 2025)
      • Over 75,000 applicants on the waitlist
      • 215 million credit cards users in the US
      • Expected to launch later this year
    • Fold Bitcoin Gift Card (announced May 15, 2025)
      • Partnered with Totus for a target nationwide launch later this year
      • Rollout will be in phases with initial accessibility through Fold’s website
      • Full rollout expected to include deployment to thousands of online and physical locations throughout the US
    • Custody and Trading Expansion
      • Expanding accessibility to our bitcoin exchange platform to a larger user base
      • Expanding features and making the platform accessible in additional states
    • Bitcoin Treasury
      • Expanded our bitcoin investment treasury by approximately 50% in Q1 2025
      • Currently hold 1,490 Bitcoin with a value of over $150 million

    2025 Full Year Outlook:

    • Revenue: Prior guidance of $61.6 million in 2025 remains unchanged
    • Marketing Expenses: $3 million, an approximately 10x increase from 2024

    Earnings Call and Webcast Information:

    Fold Inc. will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question and answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

    Date: May 15, 2025
    Time: 5:00 p.m. ET
    Participant Call Links:

    • Live Webcast: Link
    • Dial-in Registration Link: Link

    A replay of the call will be archived at https://investor.foldapp.com

    About Fold Inc.:

    Fold (NASDAQ: FLD) is the first publicly traded Bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use Bitcoin. With 1,490 BTC in its treasury, Fold is at the forefront of integrating Bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Card, Fold Credit Card, and Fold Bitcoin Gift Card, the company is building the bridge between traditional finance and the Bitcoin-powered future.

    Forward-Looking Statements:

    The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the anticipated benefits of the business combination. Forward-looking statements may be identified by the use of words such as “may,” “could,” “would,” “should,” “predict,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include the potential benefits of the new convertible note, Fold’s treasury strategy and the potential success of Fold’s market and growth strategies. These statements are based on assumptions and on the current expectations of Fold’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the failure to realize the anticipated benefits of the business combination; (iii) the effect of the consummation of the business combination on Fold’s business relationships, performance, and business generally; (iv) the ability to implement business plans and other expectations after the completion of the business combination, and identify and realize additional opportunities; (v) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; and (vi) those factors discussed in Fold’s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, each specifically disclaims any obligation to do so, except as required by law.

    Fold Holdings, Inc. Condensed Balance Sheets (Unaudited)
     
        March 31,     December 31,  
        2025     2024  
    Assets            
    Current assets            
    Cash and cash equivalents   $ 11,699,552     $ 18,330,359  
    Accounts receivable, net     942,888       451,455  
    Inventories     403,595       262,813  
    Digital assets – rewards treasury     7,365,544       8,569,651  
    Prepaid expenses and other current assets     4,003,918       687,100  
    Total current assets     24,415,497       28,301,378  
    Digital assets – investment treasury     122,957,753       93,568,700  
    Capitalized software development costs, net     1,175,215       1,000,065  
    Deferred transaction costs     –       2,784,893  
    Total assets   $ 148,548,465     $ 125,655,036  
                 
    Liabilities and stockholders’ equity (deficit)            
    Current liabilities            
    Accounts payable   $ 1,486,978     $ 1,113,552  
    Accrued expenses and other current liabilities     1,898,812       71,858  
    December 2024 convertible note, net     –       11,752,905  
    Customer rewards liability     7,365,544       8,569,651  
    Deferred revenue     358,716       387,776  
    Total current liabilities     11,110,050       21,895,742  
    Deferred revenue, long-term     470,176       487,690  
    December 2024 convertible note, net     12,278,826       –  
    March 2025 convertible note – related party     52,813,643       –  
    Simple Agreements for Future Equity (“SAFEs”)     –       171,080,533  
    Total liabilities     76,672,695       193,463,965  
    Commitments and contingencies (Note 13)            
    Stockholders’ equity (deficit)            
    Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024     –       1,020  
    Common stock, $0.0001 par value; 600,000,000 shares authorized, 46,888,876 shares issued and 46,250,665 shares outstanding at March 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024     4,625       584  
    Additional paid-in-capital     222,098,867       33,537,989  
    Accumulated deficit     (150,227,722 )     (101,348,522 )
    Total stockholders’ equity (deficit)     71,875,770       (67,808,929 )
    Total liabilities and stockholders’ equity   $ 148,548,465     $ 125,655,036  
     
    Fold Holdings, Inc. Condensed Statements of Operations (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
    Revenues, net   $ 7,087,837     $ 4,931,211  
                 
    Operating expenses            
    Banking and payment costs     6,758,924       4,626,748  
    Custody and trading costs     45,785       21,288  
    Compensation and benefits     6,457,940       757,365  
    Marketing expenses     399,798       42,467  
    Professional fees     1,788,505       36,668  
    Amortization expense     91,071       57,353  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Other selling, general and administrative expenses     1,136,455       312,894  
    Total operating expenses     16,588,207       5,785,939  
    Operating loss     (9,500,370 )     (854,728 )
                 
    Other income (expense)            
    Loss on digital assets – investment treasury     (15,617,152 )     –  
    Change in fair value of SAFEs     (6,503,113 )     (95,064 )
    Change in fair value of convertible note     (6,534,143 )     –  
    Convertible note issuance costs and fees     (9,569,109 )     –  
    Interest expense     (1,271,638 )     –  
    Other income     120,303       12,855  
    Other income (expense), net     (39,374,852 )     (82,209 )
                 
    Net loss before income taxes     (48,875,222 )     (936,937 )
    Income tax expense     3,978       8,109  
    Net loss   $ (48,879,200 )   $ (945,046 )
                 
    Net loss per share attributable to common stockholders:            
    Basic and diluted   $ (1.92 )   $ (0.16 )
    Weighted average common shares outstanding:            
    Basic and diluted     25,436,398       5,836,882  
     
    Fold Holdings, Inc. Condensed Statements of Cash Flows (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
    Cash flows from operating activities            
    Net loss   $ (48,879,200 )   $ (945,046 )
    Adjustments to reconcile net loss to net cash used in operating activities:            
    Amortization expense     91,071       57,353  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Loss on digital assets – investment treasury     15,617,152       –  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Change in fair value of convertible note     6,534,143       –  
    Convertible note issuance costs and fees     9,569,109       –  
    Amortization of debt discount     525,921       –  
    Change in fair value of SAFEs     6,503,113       95,064  
    Share-based compensation expense     5,170,275       –  
    Increase (decrease) in cash resulting from changes in:            
    Accounts receivable, net     (491,433 )     (38,400 )
    Inventories     (140,782 )     (11,860 )
    Prepaid expenses and other current assets     (962,423 )     9,756  
    Accounts payable     373,426       168,239  
    Accrued expenses and other current liabilities     660,721       10,908  
    Customer reward liability     611,552       487,032  
    Deferred revenue     (46,574 )     (118,433 )
    Net cash used in operating activities     (4,954,200 )     (354,231 )
                 
    Cash flows from investing activities            
    Purchases of digital assets     (1,562,973 )     (441,467 )
    Proceeds from sales of digital assets     –       –  
    Payments for capitalized software development costs     (266,221 )     (171,134 )
    Net cash used in investing activities     (1,829,194 )     (612,601 )
                 
    Cash flows from financing activities            
    Proceeds from recapitalization     804,600       –  
    Payments of deferred IPO costs     (652,013 )     –  
    Proceeds received from SAFE financings     –       500,000  
    Net cash provided by financing activities     152,587       500,000  
                 
    Net decrease in cash and cash equivalents     (6,630,807 )     (466,832 )
    Cash and cash equivalents, beginning of period     18,330,359       1,491,544  
    Cash and cash equivalents, end of period   $ 11,699,552     $ 1,024,712  
                 
    Non-cash investing and financing activities            
    Distributions of digital assets to fulfill customer reward redemptions     714,802       1,317,262  
    Distributions of digital assets to satisfy other current liabilities     1,012       8,940  
    Recapitalization     173,019,904       –  
    Proceeds from convertible debt received in digital assets – related party     43,965,525       –  
    Distributions of digital assets for prepaid interest – related party     2,313,975       –  
     

    Non-GAAP Financial Measures

    Adjusted EBITDA

    In addition to net loss and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) to monitor the financial health of our business. Adjusted EBITDA is defined as net loss, excluding (i) interest expense, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) share-based compensation, (v) remeasurement gains and losses such as fair value remeasurements on our digital assets, convertible notes, and SAFE notes, and (vi) impairments, restructuring charges, and business acquisition- or disposition-related expenses that we believe are not indicative of our core operating results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and/or render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of core operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net loss:

        Three Months Ended March 31,  
        2025     2024  
    Net loss   $ (48,879,200 )   $ (945,046 )
    Add:            
    Interest expense     1,271,638       –  
    Income tax expense     3,978       8,109  
    Amortization expense     91,071       57,353  
    Share-based compensation expense     5,170,275       –  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Loss on digital assets – investment treasury     15,617,152       –  
    Change in fair value of SAFEs     6,503,113       95,064  
    Change in fair value of convertible note     6,534,143       –  
    Convertible note issuance costs and fees     9,569,109       –  
    Adjusted EBITDA (non-GAAP)   $ (4,208,992 )   $ (853,364 )
     
        Three Months Ended March 31,  
        2025     2024  
    Adjusted EBITDA (Loss)   $ (4,208,992 )   $ (853,364 )
    Weighted-average shares used to compute basic and diluted net loss per share     25,436,398       5,836,882  
                 
    Adjusted EBITDA (Loss) per share attributable to common stockholders:            
    Basic and diluted   $ (0.17 )   $ (0.15 )
     

    For investor and media inquiries, please contact:

    Investor Relations:
    Orange Group
    Samir Jain, CFA
    FoldIR@orangegroupadvisors.com

    Media:
    Elev8 New Media
    Jessica Starman, MBA
    Media@foldapp.com

    The MIL Network –

  • MIL-OSI: Expion360 Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenue Growth of 111% Driven by New Products and Technologies

    5th Consecutive Quarter of Robust Revenue Growth

    Began Shipping e360 Home Energy Storage Solutions

    REDMOND, Ore., May 15, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage, today reported its financial and operational results for the first quarter ended March 31, 2025.

    First Quarter 2025 & Subsequent Financial & Operational Highlights

    • Q1 2025 revenue totaled $2.0 million, up 111% from Q1 2024, and 3% sequentially from Q4 2024.
    • 5th consecutive quarter of sequential revenue growth.
    • Began fulfilling purchase orders for our e360 Home Energy Storage Solutions (“HESS”).
    • Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Management Commentary

    “The first quarter of 2025 was underscored by continued strong revenue momentum, margin expansion and a strengthened balance sheet as we focus on entering into new OEM partnerships and distributor relationships and building our Home Energy Storage Solutions vertical,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew 111% year over year to $2.0 million, and sequentially for a fifth consecutive quarter from Q4 2024 on a rebounding RV market. Results for the RV Industry Association’s (RVIA) March 2025 survey of manufacturers found that total RV shipments increased 14% in the first quarter of 2025. We believe the RV market will continue to gain ground through 2025, with shipments increasing throughout the year.

    “In January, we began production shipments for our HESS products. The LiFePO4 battery HESS enables residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. HESS is designed with adaptability in mind, ready to evolve alongside changing energy requirements. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits, and we are working on additional orders in 2025.

    “Operationally during the quarter, we took the opportunity to prepare for continued growth and tariff mitigation by adding 6-12 months of inventory early in the quarter, before new tariffs were introduced. We are also working to diversify our supply chain with potential sourcing from additional countries and have undertaken several initiatives to increase margins and reduce costs within our current line of batteries. Our long-term goal is to onshore to the U.S. manufacturing of most of our components and assemblies, including cell manufacturing. To that end, we continue to work with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs.

    “Looking ahead, we are successfully executing on our efforts to expand sales across our product portfolio and new Home Energy Storage Solutions vertical. With a strengthened balance sheet from a recent $2.6 million registered direct offering and private placement, we believe we are well positioned to continue our growth initiatives to add OEM partnerships and distributors, further develop HESS, and introduce new technologies and batteries. With substantial purchase orders already in hand and additional new customers expressing interest across our product line, we look forward to announcements of additional milestones in the months ahead and expect our quarterly sequential growth to continue,” concluded Mr. Schaffner.

    First Quarter 2025 Financial Summary

    Revenue in the first quarter of 2025 totaled $2.0 million, an increase of 111% from $1.0 million in the prior year period. The increase in net sales was due, in part, to a rebound in the RV market overall, as well as completing our first sales in the home energy market.

    Gross profit in the first quarter of 2025 totaled $0.5 million, or 25% of revenue, as compared to $0.2 million or 23% of revenue in the prior year period and 21% of revenue for the full fiscal year ended December 31, 2024. The increase was primarily attributable to the increase in sales and lower cost of goods sold as a percentage of sales.

    Selling, general and administrative expenses in the first quarter of 2025 decreased 25% to $1.6 million compared to $2.2 million in the prior year period. The decrease was primarily due to decreases in salaries and benefits, including lower non-cash stock-based compensation, as well as reduction in headcount. Legal and professional fees also had a significant decrease, as did rent expense due to terminating the lease on our second warehouse.

    Net loss in the first quarter of 2025 totaled $1.2 million, a 48% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily the result of higher net sales for the period ended March 31, 2025 combined with a decrease in selling, general, and administrative expenses.

    Cash and cash equivalents totaled $1.1 million as of March 31, 2025, compared to $0.5 million as of December 31, 2024. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Net cash used in operating activities totaled $1.2 million for the three months ended March 31, 2025, compared to $1.7 million in the prior year period. Receiving inventory that was prepaid during the prior period accounted for a large portion of the change for the three months ending March 31, 2025, as well as making payments to decrease our suspended liability.

    First Quarter 2025 Results Conference Call

    Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    A telephone replay will be available approximately three hours after the call and will remain available through May 29, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10199138. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

    About Expion360

    Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles, marine applications, Light EV and residential energy storage.

    The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

    The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

    Forward-Looking Statements

    The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market expectations and opportunity, the availability of incentives and tax credits, potential partnership with NeoVolta, and growth expectations. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

    Company Contact:
    Brian Schaffner, CEO and Interim CFO
    541-797-6714
    Email Contact

    External Investor Relations:
    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    XPON@mzgroup.us
    www.mzgroup.us

     
     EXPION360 INC.
    BALANCE SHEETS
     
        As of March
    31, 2025
    (Unaudited)    		   As of
    December 31,
    2024
    Assets                
    Current Assets                
    Cash and cash equivalents   $ 1,092,607     $ 547,565  
    Accounts receivable, net     592,625       613,022  
    Inventory     6,036,033       4,831,461  
    Prepaid/in-transit inventory     149,541       1,612,686  
    Prepaid expenses and other current assets     208,373       236,461  
    Total current assets     8,079,179       7,841,195  
                     
    Property and equipment     909,603       914,081  
    Accumulated depreciation     (460,866 )     (430,191 )
    Property and equipment, net     448,737       483,890  
                     
    Other Assets                
    Operating leases – right-of-use asset     689,046       754,832  
    Deposits     25,471       27,471  
    Total other assets     714,517       782,303  
    Total assets   $ 9,242,433     $ 9,107,388  
                     
    Liabilities and stockholders’ equity                
    Current liabilities                
    Accounts payable   $ 367,457     $ 338,091  
    Customer deposits     41,920       48,474  
    Accrued expenses and other current liabilities     196,874       187,464  
    Current portion of operating lease liability     255,676       256,153  
    Current portion of long-term debt     31,275       31,758  
    Suspended Liability     4,485,948       4,985,948  
    Total current liabilities     5,379,150       5,847,888  
                     
    Long-term debt, net of current portion and discount     190,564       198,412  
    Operating lease liability, net of current portion     476,115       542,764  
    Total liabilities   $ 6,045,829     $ 6,589,064  
                     
    Stockholders’ equity                
    Preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     —       —  
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 3,144,468 and 2,096,082 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3,144       2,096  
    Additional paid-in capital     38,920,698       37,091,468  
    Accumulated deficit     (35,727,238 )     (34,575,240 )
    Total stockholders’ equity     3,196,604       2,518,324  
    Total liabilities and stockholders’ equity   $ 9,242,433     $ 9,107,388  
     
    EXPION360 INC.
    STATEMENTS OF OPERATIONS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Net sales   $ 2,049,331     $ 971,859  
    Cost of sales     1,547,764       749,337  
    Gross profit     501,567       222,522  
    Selling, general and administrative     1,649,435       2,189,475  
    Loss from operations     (1,147,868 )     (1,966,953 )
                     
    Other (income) / expense:                
    Interest income     (1 )     (26,865 )
    Interest expense     5,668       253,286  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Other (income) / expense     50       (1,200 )
    Total other expense     4,092       225,527  
    Loss before taxes     (1,151,960 )     (2,192,480 )
                     
    Franchise taxes     38       460  
    Net loss   $ (1,151,998 )   $ (2,192,940 )
                     
    Net loss per share (basic and diluted)   $ (0.37 )   $ (31.30 )
    Weighted-average number of common shares outstanding     3,109,522       70,057  
     
    EXPION360 INC.
    STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Cash flows from operating activities                
                     
    Net loss   $ (1,151,998 )   $ (2,192,940 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation     34,028       49,444  
    Amortization of convertible note costs     —       166,786  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Stock-based compensation     50,721       315,853  
                     
    Changes in operating assets and liabilities:                
    (Increase) / Decrease in accounts receivable     20,397       (83,986 )
    (Increase) / Decrease in inventory     (1,204,572 )     44,773  
    Decrease in prepaid/in-transit inventory     1,463,145       45,137  
    (Increase) / Decrease in prepaid expenses and other current assets     28,088       (43,753 )
    Decrease in deposits     2,000       —  
    Increase / (Decrease) in accounts payable     29,366       (4,565 )
    Decrease in customer deposits     (6,554 )     (6,497 )
    Increase in accrued expenses and other current liabilities     9,410       33,669  
    Increase / (Decrease) in right-of-use assets and lease liabilities     (1,340 )     3,855  
    Decrease in suspended liability     (500,000 )     —  
    Net cash used in operating activities     (1,228,934 )     (1,671,918 )
                     
    Cash flows from investing activities                
    Purchases of property and equipment     —       (10,550 )
    Net proceeds from sale of property and equipment     2,750       87,684  
    Net cash provided by investing activities     2,750       77,134  
                     
    Cash flows from financing activities                
    Principal payments on convertible note     —       (43,575 )
    Principal payments on long-term debt     (8,331 )     (93,855 )
    Principal payments on stockholder promissory notes     —       (62,500 )
    Net proceeds from exercise of warrants     —       (4 )
    Net proceeds from issuance of common stock     1,779,557       125,153  
    Net cash provided by / (used in) financing activities     1,771,226       (74,781 )
                     
    Net change in cash and cash equivalents     545,042       (1,669,565 )
    Cash and cash equivalents, beginning     547,565       3,932,698  
    Cash and cash equivalents, ending     1,092,607       2,263,133  

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Net Sales and Adjusted EBITDA Above Guidance
    OEM Net Sales Increased 11% Year-Over-Year
    Corporate Optimization Program Enhances Operational Efficiencies
    Guides to Second Quarter Net Sales of Approximately $14.8 Million

    First Quarter 2025 Financial Highlights
    (All comparisons made are against the prior-year period)

    • Net sales were $13.4 million, compared to $12.5 million, up 6.8%.
    • OEM net sales were $8.1 million, compared to $7.3 million, up 10.8%.
    • Gross Margin was 29.4%, compared to 24.4%, up 500 basis points.
    • Net Loss was $(6.8) million, compared to $(10.4) million.
    • Adjusted EBITDA was $(3.6) million, compared to $(5.2) million.

    RENO, Nev., May 15, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the first quarter ended March 31, 2025.

    “We are pleased to report a second consecutive quarter of year-over-year revenue growth, driven by demand from OEM customers, demonstrating the strength of our long-term partnerships, proprietary product offerings and compelling value propositions,” commented Dr. Denis Phares, Chief Executive Officer. “While the RV market continues to navigate headwinds, we are seeing encouraging customer adoption trends, along with continued penetration of the large heavy duty trucking market.”

    “During the first quarter of 2025, we continued to implement our corporate optimization initiative, prioritizing product development to drive near term revenue and profit. For instance, this strategic shift is accelerating our development of purpose-built solutions for the trucking and industrial markets, resulting in the recent launch of our Battle Born DualFlow Power Pack, a practical, cost-effective hybrid electrification solution for the trucking industry.”

    “We have also focused on optimizing our manufacturing efficiency and throughput, enabling us to increase our production capacity without the need for increased headcount,” continued Dr. Phares. “We believe these operational improvements, together with the capital raise completed in February 2025, provide the foundation for our path to revenue growth and profitability.”

    First Quarter 2025 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in thousands)
           
      Fiscal Quarter Ended  
      March 31, 2025 March 31, 2024 Change (YoY)
    OEM $8,091 $7,302 10.8%
    DTC $5,015 $5,203 -3.6%
    Licensing Fee $250 N/A N/A
    Net Sales $13,356 $12,505 6.8%
     

    Net Sales increased 6.8% to $13.4 million. OEM net sales grew 10.8% to $8.1 million, driven by increased adoption on new models by existing customers. DTC net sales were $5.0 million compared to $5.2 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 28.7% to $3.9 million. Gross Margin was 29.4%, up 500 basis points from 24.4%, due to higher volume. Operating Expenses were $9.8 million, compared to $8.9 million. The increase was primarily due to one-time expenses related to patent litigation and the capital raise completed in February 2025.

    The Company reported a Net Loss of $(6.8) million, or $(0.93) per diluted share, compared to Net Loss of $(10.4) million or $(1.55) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was $(3.6) million, compared to $(5.2) million.

    Summary and Outlook

    “Looking ahead, we believe Dragonfly Energy’s growing U.S.-based production capabilities—including direct control over final assembly—along with our strategic onshoring of select components, will help strengthen our competitive position in today’s volatile tariff environment. In parallel, we are taking steps to mitigate tariff-related impacts by negotiating favorable terms with suppliers and working closely with key customers regarding potential price adjustments. We remain optimistic in our ability to navigate the current macro environment while continuing to execute on our growth initiatives.”

    “For the second quarter we anticipate net sales of $14.8 million, representing year-over-year growth of approximately 12%. Our strategic priorities for the year remain focused on driving value through product innovation, revenue diversification, and prudent cost management” Dr. Phares concluded.

    Q2 2025 Guidance

    • Net Sales of approximately $14.8 million
    • Adjusted EBITDA of approximately $(3.5) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its first quarter 2025 financial and operational this afternoon, May 15, 2025, at 4:30PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 76172. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
           
      As of
      March 31, 2025   December 31, 2024
    Current Assets      
    Cash and cash equivalents $ 2,803     $ 4,849  
    Accounts receivable, net of allowance for credit losses 4,228     2,416  
    Inventory 21,728     21,716  
    Prepaid expenses 932     806  
    Prepaid inventory 2,031     1,362  
    Prepaid income tax 311     307  
    Assets held of sale 644     644  
    Other current assets 771     825  
    Total Current Assets 33,448     32,925  
    Property and Equipment      
    Property and Equipment, Net 21,252     22,107  
    Operating lease right of use asset 19,079     19,737  
    Other assets 445     445  
    Total Assets $ 74,224     $ 75,214  
    Current Liabilities      
    Accounts payable $ 13,012     $ 10,716  
    Accrued payroll and other liabilities 4,438     4,129  
    Accrued tariffs 1,945     1,915  
    Accrued settlement, current portion 750     750  
    Customer deposits 137     317  
    Deferred revenue, current portion 1,000     1,000  
    Uncertain tax position liability 55     55  
    Operating lease liability, current portion 2,985     2,926  
    Financing lease liability, current portion 48     47  
    Total Current Liabilities 24,370     21,855  
    Long‑Term Liabilities      
    Deferred revenue, net of current portion 3,333     3,583  
    Warrant liabilities 2,011     5,133  
    Accrued settlement, net of current portion 1,750     1,750  
    Notes payable, net of debt issuance costs 33,624     29,646  
    Operating lease liability, net of current portion 21,823     22,588  
    Financing lease liability, net of current portion 51     63  
    Total Long‑Term Liabilities 62,592     62,763  
    Total Liabilities 86,962     84,618  
    Commitments and Contingencies (See Note 5)      
    Series A Preferred stock      
    Preferred stock-Series A 5,000 shares at $0.0001 par value, authorized, 
    320 and 0 shares issued and outstanding as of March 31, 2025 and 
    December 31, 2024, respectively    		 2,907     –  
    Stockholders’ (Deficit) Equity      
    Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and
    outstanding as of March 31, 2025 and December 31, 2024, respectively    		   –       –  
    Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,589,642 and 6,695,587
    shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively    		 1     1  
    Additional paid in capital 73,305     72,749  
    Accumulated deficit (88,951 )   (82,154 )
    Total Stockholders’ (Deficit) (15,645 )   (9,404 )
    Total Liabilities, Series A Preferred Stock and Stockholders’ Deficit $ 74,224     $ 75,214  
           
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
      Three Months Ended
      March 31,   March 31,
        2025       2024  
           
    Net Sales $ 13,356     $ 12,505  
           
    Cost of Goods Sold   9,428       9,454  
           
    Gross Profit   3,928       3,051  
           
    Operating Expenses      
    Research and development   1,000       1,333  
    General and administrative   6,357       4,813  
    Selling and marketing   2,485       2,744  
           
    Total Operating Expenses   9,842       8,890  
           
    Loss From Operations   (5,914 )     (5,839 )
           
    Other Income (Expense)      
    Interest expense   (4,701 )     (4,760 )
    Other Expense   –       (4 )
    Change in fair market value of warrant liability   3,818       236  
    Total Other Expense   (883 )     (4,528 )
           
    Net Loss Before Taxes   (6,797 )     (10,367 )
           
    Income Tax (Benefit) Expense   –       –  
           
    Net Loss $ (6,797 )   $ (10,367 )
           
    Net (Loss) Gain Per Share‑ Basic & Diluted $ (0.93 )   $ (1.55 )
    Weighted Average Number of Shares‑ Basic & Diluted   7,327,620       6,695,587  
           
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Three Months Ended
    (U.S. in thousands)
        March 31,        March 31,   
        2025       2024  
    Cash flows from Operating Activities      
    Net Loss $ (6,797 )   $ (10,367 )
    Adjustments to Reconcile Net Loss to Net Cash      
    Used in Operating Activities      
    Stock based compensation   220       266  
    Amortization of debt discount   1,095       894  
    Change in fair market value of warrant liability   (3,818 )     (236 )
    Non‑cash interest expense (paid‑in-kind)   3,579       1,260  
    Provision for credit losses   103       47  
    Depreciation and amortization   859       332  
    Amortization of right of use assets   658       422  
    Changes in Assets and Liabilities      
    Accounts receivable   (1,915 )     (655 )
    Inventories   (12 )     5,200  
    Prepaid expenses   (126 )     (71 )
    Prepaid inventory   (669 )     (87 )
    Other current assets   54       (591 )
    Income taxes payable   (4 )     174  
    Accounts payable and accrued expenses   3,379       81  
    Operating Lease Liability   (717 )     (181 )
    Accrued tariffs   30       87  
    Deferred revenue   (250 )     –  
    Customer deposits   (180 )     30  
    Total Adjustments   2,286       6,972  
    Net Cash Used in Operating Activities   (4,511 )     (3,395 )
           
    Cash Flows From Investing Activities      
    Proceeds from disposal of property and equipment –      –  
    Purchase of property and equipment   (778 )     (817 )
    Net Cash Used in Investing Activities   (778 )     (817 )
           
    (Continued)      
    Cash Flows From Financing Activities      
    Proceeds from public offering   63       –  
    Payment of public offering costs   3,180       –  
    Proceeds from note payable, related party   –       2,700  
    Repayment of note payable, related party   –       (2,700 )
    Net Cash Provided by Financing Activities   3,243       –  
           
    Net Decrease in Cash and cash equivalents   (2,046 )     (4,212 )
    Cash and cash equivalents – beginning of period   4,849       12,713  
    Cash and cash equivalents – end of period $ 2,803     $ 8,501  
           
    Supplemental Disclosures of Cash Flow Information:      
    Cash paid for income taxes   2       –  
    Cash paid for interest $ 1     $ 2,390  
    Supplemental Non‑Cash Items      
    Purchases of property and equipment, not yet paid $ 929     $ 412  
    Recognition of right of use asset obtained in exchange for operating lease liability $ –     $ 21,095  
    Conversion of preferred stock to common stock $ 273     $ –  
    Recognition of warrant liability – Investor Warrants $ 696     $ –  
           
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
      Three Months Ended
      March 31,   March 31,
        2025       2024  
    EBITDA Calculation      
    Net (Loss) Income Before Taxes $ (6,797 )   $ (10,367 )
    Interest Expense   4,701       4,760  
    Taxes   –       –  
    Depreciation and Amortization   859       332  
    EBITDA $ (1,237 )   $ (5,275 )
           
    Adjustments to EBITDA      
    Stock Based Compensation   220       266  
    Preferred Stock Financing expenses   631      
    Litigation Fees and Loss on Settlement   543       –  
    Reverse Stock Split   15       –  
    Change in fair market value of warrant liability   (3,818 )     (236 )
    Adjusted EBITDA $ (3,645 )   $ (5,245 )
                   

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network –

  • MIL-OSI: Veeco Announces Upcoming Investor Events

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today announced management is scheduled to participate in the following investor events:

    TD Cowen’s 53rd Annual Technology, Media & Telecom Conference on Wednesday, May 28, 2025, at the InterContinental New York Barclay in New York, New York. Veeco management will be available to meet one-on-one with investors during the conference.

    Northland Growth Conference on Wednesday, June 25, 2025. Veeco management will be available to meet virtually one-on-one with investors during the conference.

    About Veeco
    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, and metal organic chemical vapor deposition (MOCVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

    Veeco Contacts:                                
    Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
    Media: Javier Banos | (516) 673-7328 | jbanos@veeco.com

    The MIL Network –

  • MIL-OSI: ARRAY Unveils Hail XP: An Industry-Leading Tracker for Extreme Weather Protection  

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., May 15, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, software and services, today unveiled DuraTrack Hail XP™, the Company’s most advanced tracker designed to withstand extreme hail and wind events. Hail XP builds on ARRAY’s proven DuraTrack® platform with a new level of reliability engineered specifically for hail-prone regions.

    Developed with direct input from customers, insurers, and industry partners, Hail XP is purpose-built to address one of the most pressing challenges facing solar projects today: severe weather risk. With industry-leading protective stow angles available and strong stow reliability, Hail XP isn’t just about being the steepest; it’s about being the most dependable.

    “Hail XP is a breakthrough in tracker resilience,” said Aaron Gabelnick, Chief Strategy and Technology officer at ARRAY Technologies. “It represents a significant leap forward in safeguarding solar assets by combining innovative engineering with the robust reliability our products are known for, and our customers expect from ARRAY.”

    As insurers increasingly require proactive weather mitigation strategies, Hail XP sets a new Company benchmark for tracker reliability. Its dependable stow performance helps reduce downtime and damage.

    Hail XP enhances ARRAY’s industry-leading DuraTrack® system with:

    • AC-Powered Stow-on-Demand: Hail XP does not rely on batteries, providing maximum readiness when hail approaches.
    • 77-Degree Stow Capability: Hail XP moves modules to a high-tilt position in either direction regardless of wind conditions to mitigate hail impact.
    • Integrated Protection: Seamlessly integrates with ARRAY’s SmarTrack® Hail Alert Response and patented Passive Wind Stow technologies.
    • Enhanced Durability: A reinforced bearing housing, larger gear rack, and upgraded damper deliver performance even in harsh conditions.
    • Availability: Expected to be available for first shipments in early 2026.

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

    Forward Looking Statement
    This press release contains forward-looking statements that are inherently speculative in nature and involve a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated or implied by such statements. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terms such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and similar expressions. These forward-looking statements are not historical facts but are based on the Company’s current expectations, projections, and assumptions about its business, operations, and other factors. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s expectations about the use of Hail XP, its potential to reduce downtime and damage for solar plants, the reliability and readiness of Hail XP to deploy when hail approaches, and the expected availability of Hail XP for shipments in early 2026. These statements are predictions based on current expectations and, therefore, are not guarantees of future performance. The Company’s forward-looking statements involve significant risks, uncertainties, and assumptions, including those related to changes in market demand, adverse regulatory changes, technology limitations or failures, supply chain disruptions, unforeseen costs, and competitive pressures. These factors may hinder the Company’s ability to meet its expectations and could lead to actual results materially differing from those stated. In addition, challenges in product development, scalability, and customer adoption may impact the anticipated benefits or outcomes of the product. Forward-looking statements should be evaluated together with the risks and uncertainties that affect the Company’s business, operations, and industry. A more detailed description of these factors can be found in the Company’s most recent Annual Report on Form 10-K, its most recent Quarterly Report on Form 10-Q, and its other filings with the SEC, which are available on the Company’s website at www.arraytechinc.com. The Company assumes no obligation to update or revise any forward-looking statements, except as required by law, even if new information becomes available or future events occur that may materially alter the anticipated outcomes.

    Media Contact
    Nicole Stewart
    505-589-8257
    nicole.stewart@arraytechinc.com

    Investor Relations
    ARRAY Technologies, Inc.
    Investor Relations
    investors@arraytechinc.com

    The MIL Network –

  • MIL-OSI: Duos Technologies Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2025”) ended March 31, 2025.

            
    First Quarter 2025 and Recent Operational Highlights

    • Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.
    • Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.
    • Showcased the first production standalone Edge Data Center with revenues starting April 1.
    • Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.
    • Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.
    • As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 – $8.0 million near-term awards and renewals to be recognized during the remainder of 2025.

    First Quarter 2025 Financial Results
    It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”).

    Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (“AMA”) with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. The decrease in technology systems revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term potential of the RIP product.

    Cost of revenues for Q1 2025 increased 273% to $3.64 million compared to $0.98 million for Q1 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR, where Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. An additional contributing factor to the increase in cost of revenues on services and consulting is $548,121 in amortization expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2024. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q1 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has been further delayed and further reduced cost of revenues while we await customer readiness for site deployment.

    Gross margin for Q1 2025 increased 1,288% to $1.31 million compared to $0.09 million for Q1 2024. Gross margin improved primarily due to Duos Energy beginning performance of the AMA with New APR. This includes $904,125 in revenue recognized during the three months ended March 31, 2025, related to the Company’s 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

    Operating expenses for Q1 2025 increased 9% to $3.10 million compared to $2.86 million for Q1 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Conversely, research and development expenses rose 11%, reflecting new engineering hires dedicated to supporting the AMA. The Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers.

    Net operating loss for Q1 2025 totaled $1.79 million compared to net operating loss of $2.76 million for Q1 2024. The decrease in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR.

    Net loss for Q1 2025 totaled $2.08 million compared to net loss of $2.75 million for Q1 2024. The 24% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above.

    Cash and cash equivalents at March 31, 2025 totaled $3.80 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $2.68 million in receivables and contract assets for a total of approximately $6.48 million in cash and expected short-term liquidity.

    Financial Outlook
    At the end of the first quarter, the Company’s contracts in backlog represented approximately $45.4 million in revenue, of which approximately $17.4 million is expected to be recognized in calendar 2025 not including an estimated $7.0 – $8.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending beyond 2025, related to Duos, Duos Edge AI, and Duos Energy.

    Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

    Management Commentary
    “I am delighted with the progress we have made in the first quarter and am very impressed at the speed at which the Duos team has adapted to the new opportunities in the Data Center and Power business,” said Chuck Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second half, as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”

    Conference Call
    The Company’s management will host a conference call today, May 15, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Date: Thursday, May 15, 2025
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    U.S. dial-in: 877-407-3088
    International dial-in: 201-389-0927
    Confirmation: 13753649

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.

    The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com , www.duosedge.ai and www.duosenergycorp.com.

    Forward- Looking Statements
    This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                     
                For the Three Months Ended
                March 31,
                  2025       2024  
                     
    REVENUES:              
      Technology systems         $ 64,684     $ 269,855  
      Services and consulting           972,751       800,825  
      Services and consulting – related parties           3,914,750       –  
                     
      Total Revenues           4,952,185       1,070,680  
                     
    COST OF REVENUES:              
      Technology systems           232,264       583,437  
      Services and consulting           748,194       392,611  
      Services and consulting – related parties           2,658,068       –  
                     
      Total Cost of Revenues           3,638,526       976,048  
                     
    GROSS MARGIN           1,313,659       94,632  
                     
    OPERATING EXPENSES:              
      Sales and marketing           294,975       553,486  
      Research and development           424,431       382,142  
      General and administration           2,383,881       1,920,050  
                     
      Total Operating Expenses           3,103,287       2,855,678  
                     
    LOSS FROM OPERATIONS           (1,789,628 )     (2,761,046 )
                     
    OTHER INCOME (EXPENSES):              
    Interest expense           (322,577 )     (445 )
    Other income, net           32,542       9,182  
                     
      Total Other Income (Expenses), net           (290,035 )     8,737  
                     
    NET LOSS         $ (2,079,663 )   $ (2,752,309 )
                     
                     
    Basic and Diluted Net Loss Per Share         $ (0.18 )   $ (0.38 )
                     
                     
    Weighted Average Shares-Basic and Diluted           11,390,016       7,306,949  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
         
                March 31,   December 31,
                  2025       2024  
                (Unaudited)    
    ASSETS        
    CURRENT ASSETS:          
      Cash       $ 3,799,281     $ 6,266,296  
      Accounts receivable, net     215,060       109,007  
      Accounts receivable, net – related parties     1,760,625       294,434  
      Contract assets       700,458       635,774  
      Inventory       520,122       605,356  
      Prepaid expenses and other current assets     468,252       176,338  
      Note receivable, net     –       –  
                     
      Total Current Assets     7,463,798       8,087,205  
                     
      Inventory – non current     196,315       196,315  
      Property and equipment, net     3,300,754       2,771,779  
      Operating lease right of use asset – Office Lease     3,937,256       4,028,397  
      Financing lease right of use asset – Edge Data Centers     1,943,547       2,019,180  
      Security deposit       500,000       500,000  
                     
    OTHER ASSETS:          
      Equity Method Investment – Sawgrass APR Holdings LLC     7,233,000       7,233,000  
      Intangible Asset, net       9,043,996       9,592,118  
      Patents and trademarks, net     133,714       127,300  
      Software development costs, net     334,960       403,383  
      Total Other Assets       16,745,670       17,355,801  
                     
    TOTAL ASSETS     $ 34,087,340     $ 34,958,677  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
                     
    CURRENT LIABILITIES:          
      Accounts payable     $ 698,518     $ 969,822  
      Notes payable – financing agreements     129,914       17,072  
      Accrued expenses       451,130       373,251  
      Operating lease obligation – Office Lease -current portion     803,536       798,556  
      Financing lease obligations – Edge Data Centers – current portion     487,695       367,451  
      Notes payable, net of discount – related parties     1,027,707       1,758,396  
      Contract liabilities, current     3,001,352       3,188,518  
      Contract liabilities, current – related parties     7,366,500       8,616,500  
                     
      Total Current Liabilities     13,966,352       16,089,566  
                     
      Contract liabilities, less current portion     6,851,513       7,399,634  
      Contract liabilities, less current portion – related parties     2,712,375       3,616,500  
      Operating lease obligation – Office Lease, less current portion     3,767,106       3,867,042  
      Financing lease obligations – Edge Data Centers, less current portion     1,638,040       1,724,604  
                     
      Total Liabilities       28,935,386       32,697,346  
                     
    Commitments and Contingencies (Note 8)        
                     
    STOCKHOLDERS’ EQUITY:        
      Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated    
      Series A redeemable convertible preferred stock, $10 stated value per share,   –       –  
      500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively,
      convertible into common stock at $6.30 per share        
      Series B convertible preferred stock, $1,000 stated value per share,     –       –  
      15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025      
      and December 31, 2024, respectively, convertible into common stock at $7 per share    
      Series C convertible preferred stock, $1,000 stated value per share,     –       –  
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $5.50 per share        
      Series D convertible preferred stock, $1,000 stated value per share,     1       1  
      4,000 shares designated; 999 and 1,299 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $3.00 per share        
      Series E convertible preferred stock, $1,000 stated value per share,        
      30,000 shares designated; 13,500 and 13,500 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,     14       14  
      convertible into common stock at $2.61 per share        
      Series F convertible preferred stock, $1,000 stated value per share,        
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,     –       –  
      convertible into common stock at $6.20 per share        
                     
      Common stock: $0.001 par value; 500,000,000 shares authorized,        
      11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252       11,654       8,921  
      shares outstanding at March 31, 2025 and December 31, 2024, respectively        
      Additional paid-in-capital     81,745,409       76,777,856  
      Accumulated deficit     (76,447,672 )     (74,368,009 )
      Sub-total       5,309,406       2,418,783  
      Less: Treasury stock (1,324 shares of common stock        
      at March 31, 2025 and December 31, 2024)       (157,452 )     (157,452 )
    Total Stockholders’ Equity     5,151,954       2,261,331  
                     
    Total Liabilities and Stockholders’ Equity   $ 34,087,340     $ 34,958,677  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     (Unaudited)
     
      For the Three Months Ended
      March 31,
        2025       2024  
           
    Cash from operating activities:      
    Net loss $ (2,079,663 )   $ (2,752,309 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   712,388       158,208  
    Inventory write-off   25,000       –  
    Stock based compensation   995,647       159,320  
    Stock issued for services   50,000       37,500  
    Amortization of debt discount related to warrant liabilities   269,311       –  
    Amortization of operating lease right of use asset – Office Lease   91,142       83,348  
    Amortization of lease right of use asset – Edge Data Centers   75,633       –  
    Changes in assets and liabilities:      
    Accounts receivable   (106,053 )     866,373  
    Accounts receivable-related parties   (1,466,191 )     –  
    Note receivable   –       (1,875 )
    Contract assets   (64,684 )     (270,099 )
    Inventory   10,624       23,828  
    Prepaid expenses and other current assets   (42,467 )     57,944  
    Accounts payable   (271,304 )     (415,718 )
    Accrued expenses   77,879       76,370  
    Operating lease obligation – Office Lease   (94,956 )     (82,306 )
    Lease obligations – Edge Data Centers   33,680       –  
    Contract liabilities   (2,889,411 )     26,697  
           
    Net cash used in operating activities   (4,673,425 )     (2,032,719 )
           
    Cash flows from investing activities:      
    Purchase of patents/trademarks   (9,264 )     (980 )
    Purchase of fixed assets   (572,359 )     (8,830 )
           
    Net cash used in investing activities   (581,623 )     (9,810 )
           
    Cash flows from financing activities:      
    Repayments on financing agreements   (136,606 )     (130,535 )
    Repayments of notes payable, related parties   (1,000,000 )     –  
    Proceeds from common stock issued   3,954,940       –  
    Proceeds from excercise of stock options   107,925       –  
    Stock issuance cost   (138,226 )     (36,188 )
    Proceeds from preferred stock issued   –       2,745,002  
           
    Net cash provided by financing activities   2,788,033       2,578,279  
           
    Net increase (decrease) in cash   (2,467,015 )     535,750  
    Cash, beginning of period   6,266,296       2,441,842  
    Cash, end of period $ 3,799,281     $ 2,977,592  
           
    Supplemental Disclosure of Cash Flow Information:      
    Interest paid $ 3,865     $ –  
    Taxes paid $ 15,945     $ –  
           
    Supplemental Non-Cash Investing and Financing Activities:      
    Notes issued for financing of insurance premiums $ 249,448     $ 272,322  
    Transfer of inventory to fixed assets $ 49,609     $ –  
           
     

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5abe56-f21b-4ee5-9a09-7f9852d9bd2b

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

    The MIL Network –

  • MIL-OSI: Fluent Announces First Quarter 2025 Financial Results; Strategic Pivot Accelerates with Growth of Commerce Media Solutions

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $55.2 million for Q1 2025
    • Q1 2025 Commerce Media Solutions revenue grew 99% to $12.7 million representing 23% of consolidated revenue from $6.4 million or 10% of consolidated revenue in Q1 2024 with gross profit margin (exclusive of depreciation and amortization) of 22% in Q1 2025 compared to 21% for the consolidated business
    • Commerce Media Solutions annual revenue run rate now exceeds $65 million, reflecting an 8% quarter-over-quarter increase and strong momentum in executing the Company’s strategic pivot to this higher growth market
    • Subsequent to the first quarter, the Company announced a strategic partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent, providing post-purchase advertising for Shopify merchants

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2025.

    Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results showed the fifth consecutive quarter of strong year-over-year growth in our Commerce Media Solutions business. As we continue to execute on our strategic pivot to focus on what we see as a core, long-term growth opportunity in the commerce media marketplace, this segment has been the foundational driver of our evolving model, achieving nearly triple-digit year-over-year growth since its launch in early 2023. Underscoring our growth are the impressive partnerships with top-tier media partners and advertisers across a diverse range of market verticals. After the close of the first quarter we announced a breakthrough partnership with Rebuy Engine, a leading ecommerce personalization platform for Shopify brands. With the combined expertise of both companies, Rebuy Ads powered by Fluent is set to redefine how Shopify merchants engage with performance-driven advertising.”

    Mr. Patrick continued, “While Commerce Media Solutions is performing exceptionally well, we experienced some additional attrition in our Owned and Operated business primarily due to a reduction in media supply, particularly from social media. This trend has continued into the second quarter. To address this, we’re actively expanding our supply channels to mitigate long-term impacts. Importantly, as we continue efforts to stabilize this cash-flow positive Owned and Operated business, it remains a productive driver of our Commerce Media Solutions growth strategy. With the growth of our Commerce Media Solutions business and shifting revenue mix, we anticipate consolidated second quarter revenue to remain in line with the first quarter of 2025.”

    “Overall, we’re encouraged by our progress in the quarter, and with our visibility today, we expect to continue driving meaningful growth in our Commerce Media Solutions business through 2025 as we build a more predictable and valuable business for our shareholders,” Mr. Patrick concluded.

    First Quarter Financial Highlights

    • Revenue of $55.2 million, a decrease of 16%, compared to $66.0 million in Q1 2024 
      • Owned and Operated revenue decreased 30% to $31.1 million compared to $44.7 million in Q1 2024 as the Company continued its shift in focus and revenue mix to higher margin Commerce Media Solutions 
      • Commerce Media Solutions revenue increased 99% to $12.7 million compared to $6.4 million in Q1 2024
    • Net loss of $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, for Q1 2024.
    • Gross profit (exclusive of depreciation and amortization) of $11.4 million, a decrease of 39% over Q1 2024 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $2.8 million, an increase of 54% over Q1 2024 and representing 22% of revenue for Q1 2025.
    • Media margin of $13.7 million, a decrease of 38% over Q1 2024 and representing 24.9% of revenue. The Company’s growing Commerce Media Solutions business reported media margin of $3.1 million, an increase of 56% over Q1 2024 and representing 24.6% for if revenue for Q1 2025.
    • Adjusted EBITDA of negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 and representing 5.6% of revenue
    • Adjusted net loss of $6.7 million, or $0.31 per share, compared to $4.2 million, or $0.30 per share, for Q1 2024

    Business Outlook & Goals

    • Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high-volume market verticals.
    • Drive revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
    • Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

    Conference Call

    Fluent, Inc. will host a conference call on Thursday, May 15, 2025, at 4:30 PM ET to discuss its 2025 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI2c18ceec43da4e809374edc6b958fefe. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/qsf7a838. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

    The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

      • Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
      • Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects
      • Dependence on the gaming industry;
      • Unfavorable publicity and negative public perception about the digital marketing industry or us;
      • A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields; 
      • Credit risk from certain clients
      • Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player; 
      • Our need to continue investing in technology for our Commerce Media Solutions business;
      • Our competitive disadvantage because we are more selective in our traffic sources;
      • A decline in the supply of media available to us through third parties or an increase in the price of such media; 
      • Ability to remain competitive with the shift to mobile applications and our use of CRM; 
      • Our increasing reliance upon inbound calls, particularly in the health plan vertical, which we may be unable to obtain cost effectively obtain in the future;
      • Difficulty managing any future growth or scaling our infrastructure and products quickly enough to meet the needs of our business while maintaining profitability; 
      • Global economic or political instability, including the potential impact of tariffs on our business;
      • Challenges managing the growth of our operations, including international expansion and the integration of acquired business units or personnel;
      • Strategic alternatives that could complicate operations or divert management’s attention; 
      • Dependence on our key personnel and ability to attract or retain employees;
      • Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
      • Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection; 
      • The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
      • Potential sales and use taxes and other taxes on our business;
      • Our actual or perceived failure to safeguard any personal information or user privacy; 
      • Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
      • Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
      • Our need to raise capital to fund our operations; 
      • Our ability to maintain listing of our securities on The Nasdaq Capital Market;
      • The volatility of our stock price and concentration of stock ownership;
      • Potential dilutive effect of any future issuances of shares of our common stock;
      • Lack of cash dividends for the foreseeable future;
      • Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements; and
      • Uncertainty in the acceptance by Shopify merchants of Rebuy Ads powered by Fluent. 
         

    These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

    FLUENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)
    (unaudited)
                 
        March 31, 2025     December 31, 2024  
    ASSETS:                
    Cash and cash equivalents   $ 4,828     $ 9,439  
    Accounts receivable, net of allowance for credit losses of $483 and $487, respectively     37,019       46,532  
    Prepaid expenses and other current assets     8,126       8,729  
    Restricted cash     1,255       1,255  
    Total current assets     51,228       65,955  
    Property and equipment, net     233       304  
    Operating lease right-of-use assets     1,118       1,570  
    Intangible assets, net     20,986       21,797  
    Other non-current assets     3,929       3,991  
    Total assets   $ 77,494     $ 93,617  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                
    Accounts payable   $ 8,513     $ 8,776  
    Accrued expenses and other current liabilities     19,694       21,905  
    Deferred revenue     341       556  
    Current portion of long-term debt     21,801       31,609  
    Current portion of operating lease liability     1,310       1,836  
    Total current liabilities     51,659       64,682  
    Long-term debt, net     —       250  
    Convertible Notes, at fair value with related parties     3,800       3,720  
    Operating lease liability, net     —       9  
    Other non-current liabilities     —       1  
    Total liabilities     55,459       68,662  
    Contingencies                
    Shareholders’ equity:                
    Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods     —       —  
    Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 21,412,255 and 20,791,431, respectively; and Shares outstanding — 20,643,660 and 20,022,836, respectively     47       47  
    Treasury stock, at cost — 768,595 and 768,595 Shares, respectively     (11,407 )     (11,407 )
    Additional paid-in capital     452,459       447,110  
    Accumulated deficit     (419,064 )     (410,795 )
    Total shareholders’ equity     22,035       24,955  
    Total liabilities and shareholders’ equity   $ 77,494     $ 93,617  
                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share and per share data)
    (unaudited)
           
        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 55,210     $ 65,983  
    Costs and expenses:                
    Cost of revenue (exclusive of depreciation and amortization)     43,775       47,348  
    Sales and marketing     4,070       4,812  
    Product development     3,398       4,840  
    General and administrative     8,582       10,365  
    Depreciation and amortization     2,461       2,571  
    Total costs and expenses     62,286       69,936  
    Loss from operations     (7,076 )     (3,953 )
    Interest expense, net     (880 )     (1,415 )
    Fair value adjustment of Convertible Notes with related parties     (80 )     —  
    Loss before income taxes     (8,036 )     (5,368 )
    Income tax expense     (233 )     (908 )
    Net loss   $ (8,269 )   $ (6,276 )
                     
    Basic and diluted loss per share:                
    Basic   $ (0.39 )   $ (0.45 )
    Diluted   $ (0.39 )   $ (0.45 )
                     
    Weighted average number of shares outstanding:                
    Basic     21,211,439       13,902,165  
    Diluted     21,211,439       13,902,165  
                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)
           
        Three Months Ended March 31,  
        2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:                
    Net loss   $ (8,269 )   $ (6,276 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization     2,461       2,571  
    Non-cash loan amortization expense     176       711  
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80       —  
    Allowance for credit losses     (4 )     82  
    Changes in assets and liabilities, net of business acquisitions:                
    Accounts receivable     9,517       3,028  
    Prepaid expenses and other current assets     603       (266 )
    Other non-current assets     106       100  
    Operating lease assets and liabilities, net     (83 )     (85 )
    Accounts payable     (263 )     (2,125 )
    Accrued expenses and other current liabilities     (2,331 )     2,344  
    Deferred revenue     (215 )     131  
    Other     (1 )     (947 )
    Net cash provided by (used in) operating activities     2,112       (132 )
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Capitalized costs included in intangible assets     (1,570 )     (1,796 )
    Net cash used in investing activities     (1,570 )     (1,796 )
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Proceeds from issuance of long-term debt, net of debt financing costs     21,841       —  
    Repayments of long-term debt     (31,869 )     (1,250 )
    Debt financing costs     (125 )     (968 )
    Proceeds from issuance of pre-funded warrants     5,000       —  
    Net cash used in financing activities     (5,153 )     (2,218 )
    Net decrease in cash, cash equivalents, and restricted cash     (4,611 )     (4,146 )
    Cash, cash equivalents, and restricted cash at beginning of period     10,694       15,804  
    Cash, cash equivalents, and restricted cash at end of period   $ 6,083     $ 11,658  
                     

    Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this release:

    Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

    Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for put/call consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

    Adjusted net income is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for put/call consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands, except percentages)   2025     2024  
    Revenue   $ 55,210     $ 65,983  
    Less: Cost of revenue (exclusive of depreciation and amortization)     43,775       47,348  
    Gross profit (exclusive of depreciation and amortization)   $ 11,435     $ 18,635  
    Gross profit (exclusive of depreciation and amortization) % of revenue     21 %     28 %
    Non-media cost of revenue (1)     2,296       3,504  
    Media margin   $ 13,731     $ 22,139  
    Media margin % of revenue     24.9 %     33.6 %
                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

        Three Months Ended March 31,  
    (In thousands, except percentages)   2025     2024  
    Revenue   $ 12,660     $ 6,376  
    Less: Cost of revenue (exclusive of depreciation and amortization)     9,847       4,553  
    Gross profit (exclusive of depreciation and amortization)   $ 2,813     $ 1,823  
    Gross profit (exclusive of depreciation and amortization) % of revenue     22 %     29 %
    Non-media cost of revenue (1)     298       175  
    Media margin   $ 3,111     $ 1,998  
    Media margin % of revenue     24.6 %     31.3 %
                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands)   2025     2024  
    Net loss   $ (8,269 )   $ (6,276 )
    Income tax expense     233       908  
    Interest expense, net     880       1,415  
    Depreciation and amortization     2,461       2,571  
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80       —  
    Acquisition-related costs(1)     (119 )     782  
    Restructuring and other severance costs     1,315       665  
    Adjusted EBITDA   $ (3,084 )   $ 665  
    (1 ) Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.
         

    Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands, except share and per share data)   2025     2024  
    Net loss   $ (8,269 )   $ (6,276 )
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80       —  
    Acquisition-related costs(1)     (119 )     782  
    Restructuring and other severance costs     1,315       665  
    Adjusted net loss   $ (6,658 )   $ (4,229 )
    Adjusted net loss per share:                
    Basic   $ (0.31 )   $ (0.30 )
    Diluted   $ (0.31 )   $ (0.30 )
    Weighted average number of shares outstanding:                
    Basic     21,211,439       13,902,165  
    Diluted     21,211,439       13,902,165  
    (1 ) Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.
         

    We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

    Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

    Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

    Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

    Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

    Annual Revenue Run Rate

    Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

    • Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
    • As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
    • The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

    The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

    Contact Information: 
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com  

    The MIL Network –

  • MIL-OSI: BIO-key Reports Q1’25 Revenue of $1.6M and Improved Cash Position of $3.1M; Hosts Investor Call Tomorrow, Friday May 16th at 10am ET

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., May 15, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and tokenless Identity-Bound Biometric (IBB) authentication, announced results for its first quarter (Q1’25). BIO-key will host an investor call tomorrow, Friday, May 16th at 10:00am ET (details below).

    BIO-key CEO, Mike DePasquale commented, “Our revenue rose approximately 10% sequentially vs. Q4’24, as we continue our transition to selling high-margin BIO-key branded products in Europe, the Middle East and Africa (EMEA). Year-over-year revenue decreased 25% due to a $1.2M two-year contract with a long-term financial services customer we closed in Q1’24, as compared to $690k recorded in Q1’25 from the customer’s addition of incremental biometric capabilities. We expect revenue from this customer to increase significantly in the next two-year period commencing in 2026, due to their expanding deployment and the addition of our one-to-many fingerprint-only biometric ID system that requires no card or account number for client Identification.

    “Our gross margin remained healthy in Q1 at 83%, and we reduced our selling, general and administrative expense by 23% year-over-year. Our cash position increased substantially to $3.1M reflecting proceeds from warrant exercises early in Q1’25. Since December 31, we have also reduced the principal balance on our outstanding note payable. These balance sheet improvements provide solid footing for BIO-key as we pursue new growth opportunities.”

    Q1 Highlights

    Mr. DePasquale continued, “Moving forward, we are seeing growing traction for our identity bound biometric solutions in defense/security and financial services applications that require the highest levels of security. In these use cases, our customers are drawn to our unique ability to authenticate the individual seeking data or network access rather than alternate factors that are far more prone to being compromised. We now support secure biometric authentication for a number of national and international defense and police organizations and are working to leverage these powerful endorsements in our business development efforts.

    “We continue to build our base of government and government related customers who appreciate the flexibility, ease of use and ability to support multiple authentication factors that create a compelling return on investment profile. We see growing interest in our unique passwordless, phoneless and tokenless authentication solutions, which meet the most pressing security and usability challenges.

    “We have built a solid presence in state, local and educational (SLED) markets domestically, as we now serve over 100 institutions with over 4M end users. In Q1’25 the Wyoming Department of Education deployed PortalGuard IDaaS, adding up to 20,000 SaaS end users. Additionally, many existing higher ed customers are migrating from our on-premises solution to PortalGuard IDaaS, further expanding our base of recurring revenue.

    “Building on this, we executed a strategic partnership and Joint Purchase Agreement in Q1’25 with California’s Education Technology Joint Powers Authority (Ed Tech JPA), resulting in PortalGuard becoming an approved solution for the alliance’s 195 K-12 schools and districts, servicing over 2.6M students. Importantly, BIO-key solutions are uniquely positioned to comply with California’s Phone-Free Schools Act (AB-1326) policies limiting or prohibiting smartphone use in schools by July 2026. Most competing solutions rely on phone authenticators or hardware security keys, neither of which are practical solutions for schools.

    “From a strategic standpoint, we are excited about the revenue and margin potential in EMEA now that we have refocused our efforts on BIO-key solutions in those markets. Our transition away from Swivel Secure licensed solutions beginning in the second half of 2024 resulted in some challenging year-over-year revenue comparisons but we fully expect to return our EMEA performance to growth and enhanced margins over the remainder of 2025.

    “Based on the security, flexibility, ease of deployment and compelling ROI provided by our solutions, we feel well positioned to deliver improved top- and bottom-line results in 2025. However, given the timing of large customer orders or renewals, our financial performance is likely to fluctuate on a quarter-to-quarter basis. Given increasing interest in our biometric solutions, growing adoption of passwordless, phoneless and tokenless IAM solutions, our improved balance sheet, strong margin profile, and revenue traction in EMEA markets, we are very optimistic about our growth outlook. We also continue to seek opportunities to reduce costs and lower our breakeven level to support our path to positive cash flow and profitability.”

    Financial Results

    Total revenues decreased to $1,607,159 in Q1’25 from $2,181,203, mainly due to the impact of $1.2M in Q1’24 revenue from a 2-year renewal contract with a long-term financial services customer vs. $690k from this customer in Q1’25. License fee revenue decreased to $1,098,758 in Q1’25 from $1,950,434 a year ago, reflecting the variance in revenue from the long-term financial services customer, as well as the impact on revenue of transitioning from selling third-party Swivel Secure products and services to BIO-key products, in the EMEA region.

    Service revenues increased to $272,598 in Q1’25 from $213,122 in Q1’24, including approximately $265,000 and $193,000, respectively, of recurring maintenance and support revenue, and $8,000 and $20,000, respectively, of non-recurring custom services revenue. The recurring revenue increase of $72,000 or 37% was due to incremental support services for a large customer service agreement. Non-recurring custom services decreased due to the removal of a large Swivel Secure customer.

    Hardware sales increased to $235,803 in Q1’25 from $17,647 in Q1’24, due largely to increased purchases of fingerprint biometric scanners in support of certain customers’ expanded deployments in Q1’25.

    Gross profit decreased to $1,327,661 in Q1’25 from $1,881,560 in Q1’24, reflecting gross margins of 82.6% and 86.3%, respectively. The gross profit decline is due primarily to lower revenue in Q1’25 as well as the impact of higher levels of lower margin hardware revenue.

    BIO-key reduced its Q1’25 operating expenses by $422,195 to $1,968,299 from $2,390,494 in Q1’24, due to reductions of $410,449 in SG&A and $11,746 in research, development and engineering. Q1’25 SG&A expenses decreased 23% to $1,372,524 from $1,782,973 in Q1’24, reflecting reductions in administration, sales personnel costs, and professional service fees. The RD&E decrease was due primarily to lower rent costs.

    Reflecting lower revenues which was partially offset by lower operating costs, BIO-key’s Q1’25 net loss increased to $736,545, or ($0.16) per share, as compared to $510,285, or ($0.32) per share, in Q1’24.

    Balance Sheet

    As of March 31, 2025, BIO-key’s total current assets improved to $4.6M, including $3.1M of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and approximately $358,000 of inventory. This compares to total current assets of $1.9M at December 31, 2024, including approximately $438,000 of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and $378,000 of inventory.

    Conference Call Details

    Date / Time: Friday, May 16th at 10 a.m. ET
    Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
    Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
    Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 6501265
       


    About BIO-key International, Inc.     (www.BIO-key.com)

    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology and identity access management industries; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; our ability to execute definitive agreements with Fiber Food Systems and/or its customers to utilize our access management solutions; our ability to integrate our solutions into any of Fiber Food System’s offerings; fluctuations in foreign currency exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; the impact of tariffs and other trade barriers which may make it more costly for us to import inventory from China and Hong Kong and certain product components from South Korea; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

    Engage with BIO-key


    Investor Contacts

    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (Unaudited)
     
        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues                
    Services   $ 272,598     $ 213,122  
    License fees     1,098,758       1,950,434  
    Hardware     235,803       17,647  
    Total revenues     1,607,159       2,181,203  
    Costs and other expenses                
    Cost of services     98,144       138,849  
    Cost of license fees     72,885       148,221  
    Cost of hardware     108,469       12,573  
    Total costs and other expenses     279,498       299,643  
    Gross profit     1,327,661       1,881,560  
                     
    Operating Expenses                
    Selling, general and administrative     1,372,524       1,782,973  
    Research, development and engineering     595,775       607,521  
    Total Operating Expenses     1,968,299       2,390,494  
    Operating loss     (640,638 )     (508,934 )
    Other income (expense)                
    Interest income     3       5  
    Loan fee amortization     (60,000 )     –  
    Interest expense     (35,910 )     (1,356 )
    Total other income (expense), net     (95,907 )     (1,351 )
                     
    Loss before provision for income tax     (736,545 )     (510,285 )
                     
    Provision for (income tax) tax benefit     –       –  
                     
    Net loss   $ (736,545 )   $ (510,285 )
                     
    Comprehensive loss:                
    Net loss   $ (736,545 )   $ (510,285 )
    Other comprehensive income (loss) – Foreign currency translation adjustment     6,803       (62,275 )
    Comprehensive loss   $ (729,742 )   $ (572,560 )
                     
    Basic and Diluted Loss per Common Share   $ (0.16 )   $ (0.32 )
                     
    Weighted Average Common Shares Outstanding:                
    Basic and diluted     4,702,421       1,615,323  
     
    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
     
        March 31,     December 31,  
        2025     2024  
        (Unaudited)          
    ASSETS                
    Cash and cash equivalents   $ 3,133,752     $ 437,604  
    Accounts receivable, net     803,277       718,229  
    Due from factor     40,450       74,170  
    Inventory     357,842       378,307  
    Prepaid expenses and other     254,285       278,648  
    Total current assets     4,589,606       1,886,958  
    Equipment and leasehold improvements, net     122,986       140,198  
    Capitalized contract costs, net     375,705       409,426  
    Deposits and other assets     7,976       7,976  
    Operating lease right-of-use assets     67,142       73,372  
    Investments     5,000,000       5,000,000  
    Intangible assets, net     1,020,261       1,097,630  
    Total non-current assets     6,594,070       6,728,602  
    TOTAL ASSETS   $ 11,183,676     $ 8,615,560  
                     
    LIABILITIES                
    Accounts payable   $ 568,836     $ 818,187  
    Accrued liabilities     1,042,411       1,278,732  
    Note payable     762,151       1,525,977  
    Government loan – BBVA Bank, current portion     138,667       132,731  
    Deferred revenue, current     928,291       773,267  
    Operating lease liabilities, current portion     25,260       24,642  
    Total current liabilities     3,465,616       4,553,536  
    Deferred revenue, long term     136,931       196,237  
    Government loan – BBVA Bank – net of current portion     11,666       44,762  
    Operating lease liabilities, net of current portion     42,410       48,994  
    Total non-current liabilities     191,007       289,993  
    TOTAL LIABILITIES     3,656,623       4,843,529  
                     
    Commitments and Contingencies                
                     
    STOCKHOLDERS’ EQUITY                
                     
    Common stock — authorized, 170,000,000 shares; issued and outstanding; 5,814,041 and 3,715,483 of $.0001 par value at March 31, 2025 and December 31, 2024, respectively     582       372  
    Additional paid-in capital     137,514,825       133,030,271  
    Accumulated other comprehensive loss     56,093       49,290  
    Accumulated deficit     (130,044,447 )     (129,307,902 )
    TOTAL STOCKHOLDERS’ EQUITY     7,527,053       3,772,031  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 11,183,676     $ 8,615,560  
     
    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
                     
    CASH FLOW FROM OPERATING ACTIVITIES:                
    Net loss   $ (736,545 )   $ (510,285 )
    Adjustments to reconcile net loss to net cash used for operating activities:                
    Depreciation     21,782       23,808  
    Amortization of intangible assets     76,245       78,005  
    Amortization of capitalized contract costs     46,545       38,665  
    Amortization of Note Payable     60,000       –  
    Interest payable on Note     35,173       –  
    Operating leases right-of-use assets     6,230       13,686  
    Share and warrant-based compensation for employees and consultants     52,488       47,790  
    Stock based directors’ fees     9,002       9,003  
    Bad debts     15,000       100,000  
    Change in assets and liabilities:                
    Accounts receivable     (85,048 )     399,749  
    Due from factor     33,720       91,070  
    Capitalized contract costs     (12,824 )     (158,005 )
    Inventory     20,465       5,545  
    Prepaid expenses and other     24,363       (63,513 )
    Accounts payable     (259,571 )     (116,012 )
    Accrued liabilities     (236,321 )     (104,257 )
    Deferred revenue     95,718       455,868  
    Operating lease liabilities     (1,734 )     (14,033 )
    Net cash used in operating activities     (835,312 )     297,084  
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Capital expenditures     (4,570 )     (1,869 )
    Net cash used in investing activities     (4,570 )     (1,869 )
    CASH FLOW FROM FINANCING ACTIVITIES:                
    Offering costs     (248,783 )     (13,470 )
    Proceeds for exercise of warrants     3,813,057       1,400  
    Receipt of cash from Employee stock purchase plan     –       –  
    Repayment of government loan     (35,047 )     (41,821 )
    Net cash used in financing activities     3,529,227       (53,891 )
                     
    Effect of exchange rate changes     6,803       (62,275 )
                     
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     2,696,148       179,049  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     437,604       511,400  
    CASH AND CASH EQUIVALENTS, END OF PERIOD   $ 3,133,752     $ 690,449  

    The MIL Network –

  • MIL-OSI: Caliber Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., May 15, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2025.

    First Quarter 2025 Platform Financial Highlights (compared to First Quarter 2024)

    • Platform revenue of $3.5 million, compared to $4.7 million
      • Asset management revenue of $3.5 million drove the stated results
      • No significant performance allocations were earned, compared to prior period
    • Platform net loss of $4.1 million, or $3.59 per diluted share, compared to Platform net loss of $3.6 million, or $3.30 per diluted share
    • Platform Adjusted EBITDA loss of $1.4 million, compared to Platform Adjusted EBITDA loss of $1.7 million

    Management Commentary

    “Building on the narrowed strategy we outlined earlier this year, Caliber is now actively executing with a focus in hospitality, multifamily, and multi-tenant industrial real estate,” said Chris Loeffler, CEO of Caliber. “While our Q1 results reflect some of the transitional costs associated with this shift, our recent business developments set the stage for success.

    “Our recently announced partnership with Hyatt is a tremendous win for Caliber. The announcement is also a vote of confidence from an industry leader that provides a strategic advantage in building our Caliber Hospitality portfolio.

    “Our strategy is to continue focusing on fee-generating, income-producing assets while reducing our exposure to long-duration development projects. We have also strengthened our liquidity through new equity offerings, strengthened our balance sheet through financing, and improved our operating efficiency.”

    Business Update

    The following are key milestones completed both during and subsequent to the first quarter ended March 31, 2025.

    • On March 17, 2025, Caliber announced an offering of Series AA Cumulative Redeemable Preferred Stock had been qualified by the U.S. Securities and Exchange Commission (“SEC”) and that the Company is seeking to raise up to $20 million through the offering.
    • On March 27, 2025, Caliber announced the launch of its 1031 Exchange Program, a tax-deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into a like-kind property while deferring capital gains taxes.
    • On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
    • On May 8, 2025, Caliber announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.
    • On May 9, 2025, Caliber announced it closed a $22.5 million refinance on the Doubletree by Hilton Hotel in Tuscon, AZ, which is a holding of a Caliber-managed opportunity zone fund. The new $22.5 million loan was refinanced with a unit of Citibank at a fixed rate of 7.43% maturing in June 2030. Proceeds will be utilized for reinvestment across the Fund’s portfolio.

    First Quarter 2025 Consolidated Financial Results (compared to First Quarter 2024)

    • Total consolidated revenue of $7.3 million, compared to $23.0 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024.
    • Consolidated net loss attributable to Caliber of $4.4 million, or $3.85 per diluted share, compared to net loss attributable to Caliber of $3.8 million or $3.53 per diluted share
    • Consolidated Adjusted EBITDA loss of $0.1 million, compared to Consolidated Adjusted EBITDA of $2.2 million

    Conference Call Information

    Caliber will host a conference call today, Thursday, May 15, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

    Platform Financial Highlights

    Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

    While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

    Consolidated Financial Results

    Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

    About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

    With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    CONTACTS:

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

    NON-GAAP RECONCILIATIONS

    The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

    ASSET MANAGEMENT PLATFORM(1)
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
     
      Three Months Ended March 31, 2025
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 3,542     $ (346 )   $ 3,196  
    Performance allocations   7       (6 )     1  
    Consolidated funds – hospitality revenue   —       3,919       3,919  
    Consolidated funds – other revenue   —       145       145  
    Total revenues   3,549       3,712       7,261  
    Expenses          
    Operating costs   4,168       (124 )     4,044  
    General and administrative   1,592       (11 )     1,581  
    Marketing and advertising   165       —       165  
    Depreciation and amortization   162       (5 )     157  
    Consolidated funds – hospitality expenses   —       3,465       3,465  
    Consolidated funds – other expenses   —       458       458  
    Total expenses   6,087       3,783       9,870  
               
    Other income (loss), net   6       (372 )     (366 )
    Interest income   33       (1 )     32  
    Interest expense   (1,611 )     —       (1,611 )
    Net loss before income taxes $ (4,110 )   $ (444 )   $ (4,554 )
    Provision for income taxes   —       —       —  
    Net loss   (4,110 )     (444 )     (4,554 )
    Net loss attributable to noncontrolling interests   —       (147 )     (147 )
    Net (loss) income attributable to CaliberCos Inc. $ (4,110 )   $ (297 )   $ (4,407 )
    Basic and Diluted Platform loss per share $ (3.59 )       $ (3.85 )
    Weighted average common shares outstanding:          
    Basic and Diluted   1,146           1,146  
                       
      Three Months Ended March 31, 2024
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 4,555     $ (1,385 )   $ 3,170  
    Performance allocations   171       (5 )     166  
    Consolidated funds – hospitality revenue   —       18,145       18,145  
    Consolidated funds – other revenue   —       1,470       1,470  
    Total revenues   4,726       18,225       22,951  
    Expenses          
    Operating costs   5,484       (222 )     5,262  
    General and administrative   1,949       (9 )     1,940  
    Marketing and advertising   106       —       106  
    Depreciation and amortization   183       (37 )     146  
    Consolidated funds – hospitality expenses   —       16,782       16,782  
    Consolidated funds – other expenses   —       3,072       3,072  
    Total expenses   7,722       19,586       27,308  
               
    Other income (loss), net   452       (180 )     272  
    Interest income   285       (168 )     117  
    Interest expense   (1,295 )     1       (1,294 )
    Net loss before income taxes $ (3,554 )   $ (1,708 )   $ (5,262 )
    Provision for income taxes   —       —       —  
    Net loss   (3,554 )     (1,708 )     (5,262 )
    Net loss attributable to noncontrolling interests   —       (1,457 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (3,554 )   $ (251 )   $ (3,805 )
    Basic and Diluted Platform loss per share $ (3.30 )       $ (3.53 )
    Weighted average common shares outstanding:          
    Basic and diluted   1,077           1,077  

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
       
     
    PLATFORM REVENUE(1)
    (AMOUNTS IN THOUSANDS) (UNAUDITED)    		  
      Three Months Ended March 31,
        2025     2024
    Fund management fees   2,744     2,569
    Financing fees   74     73
    Development and construction fees   528     1,654
    Brokerage fees   196     259
    Total asset management   3,542     4,555
    Performance allocations   7     171
    Total revenue $ 3,549   $ 4,726

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.
       

    FV AUM and Managed Capital (UNAUDITED)

    The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

    FV AUM
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
    Balances as of December 31, 2024 $ 794,923  
    Assets acquired(1)   10,300  
    Construction and net market appreciation   25,800  
    Credit(2)   379  
    Other(3)   (644 )
    Balances as of March 31, 2025 $ 830,758  
           
    FV AUM, by asset class
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
      March 31,
    2025    		   December 31,
    2024
    Real Estate      
    Hospitality $ 68,400   $ 68,500
    Caliber Hospitality Trust   244,900     236,800
    Residential   173,100     161,700
    Commercial   266,300     249,600
    Total Real Estate   752,700     716,600
    Credit(1)   72,730     72,351
    Other(2)   5,328     5,972
    Total $ 830,758   $ 794,923

    ____________________

    (1) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
    (2) Other FV AUM represents undeployed capital held in our diversified funds.
       
    MANAGED CAPITAL
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
               
    Balance as of December 31, 2024     $ 492,542  
    Originations       2,990  
    Return of capital       (315 )
    Balance as of March 31, 2025     $ 495,217  
           
           
      March 31,
    2025    		   December 31,
    2024
    Real Estate      
    Hospitality $ 49,260   $ 49,260  
    Caliber Hospitality Trust(1)   97,157     97,414  
    Residential   98,617     96,687  
    Commercial   172,125     170,858  
    Total Real Estate(2)   417,159     414,219  
    Credit(3)   72,730     72,351  
    Other(4)   5,328     5,972  
    Total $ 495,217   $ 492,542  

    ____________________

    (1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
    (2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of March 31, 2025 and December 31, 2024, the Company had invested $15.9 million and $20.4 million, respectively, in our funds.
    (3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of March 31, 2025 and December 31, 2024, the Company had loaned $0.4 million to our funds.
    (4) Other managed capital represents unemployed capital held in our diversified funds.
       

    Consolidated GAAP Results

    The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.

    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
       
      Three Months Ended March 31,
        2025       2024  
      (unaudited)
    Revenues      
    Asset management revenues $ 3,196     $ 3,170  
    Performance allocations   1       166  
    Consolidated funds – hospitality revenues   3,919       18,145  
    Consolidated funds – other revenues   145       1,470  
    Total revenues   7,261       22,951  
           
    Expenses      
    Operating costs   4,044       5,262  
    General and administrative   1,581       1,940  
    Marketing and advertising   165       106  
    Depreciation and amortization   157       146  
    Consolidated funds – hospitality expenses   3,465       16,782  
    Consolidated funds – other expenses   458       3,072  
    Total expenses   9,870       27,308  
           
    Other (loss) income, net   (366 )     272  
    Interest income   32       117  
    Interest expense   (1,611 )     (1,294 )
    Net loss before income taxes   (4,554 )     (5,262 )
    Benefit from income taxes   —       —  
    Net loss   (4,554 )     (5,262 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Basic and diluted net loss per share attributable to common stockholders $ (3.85 )   $ (3.53 )
    Weighted average common shares outstanding:      
    Basic and diluted   1,146       1,077  
                   
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025    		   December 31,
    2024
      (unaudited)    
    Assets      
    Cash $ 845   $ 1,766
    Restricted cash   2,518     2,582
    Real estate investments, net   21,514     21,572
    Notes receivable – related parties, allowance of $236 and zero, respectively   385     105
    Due from related parties, allowance of $3,985   7,366     6,965
    Investments in unconsolidated entities   15,523     15,643
    Operating lease – right of use assets   135     147
    Prepaid and other assets   2,664     3,501
    Assets of consolidated funds      
    Cash   723     549
    Restricted cash   274     —
    Real estate investments, net   44,102     45,090
    Accounts receivable, net   181     163
    Notes receivable – related parties   6,475     6,848
    Due from related parties, allowance of $28   514     320
    Prepaid and other assets   424     284
    Total assets $ 103,643   $ 105,535
           
    Liabilities and Stockholders’ Equity      
    Notes payable $ 51,555   $ 50,450
    Accounts payable and accrued expenses   9,421     9,532
    Due to related parties   443     313
    Operating lease liabilities   86     93
    Other liabilities   1,317     750
    Liabilities of consolidated funds      
    Notes payable, net   29,444     29,172
    Notes payable – related parties   2,114     2,047
    Accounts payable and accrued expenses   1,123     1,207
    Due to related parties   16     79
    Other liabilities   766     639
    Total liabilities   96,285     94,282
           
    Commitments and Contingencies (Note 11)      
           
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025    		   December 31,
    2024
    Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   —       —  
    Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 795,285 and 759,370 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   1       1  
    Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as March 31, 2025 and December 31, 2024   —       —  
    Paid-in capital   45,205       44,017  
    Accumulated deficit   (61,014 )     (56,607 )
    Stockholders’ deficit attributable to CaliberCos Inc.   (15,808 )     (12,589 )
    Stockholders’ equity attributable to noncontrolling interests   23,166       23,842  
    Total stockholders’ equity   7,358       11,253  
    Total liabilities and stockholders’ equity $ 103,643     $ 105,535  
                   

    Definitions

    Assets Under Management

    AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

    1. Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
    2. Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

    Non-GAAP Measures

    We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

    Asset Management Platform or Platform

    Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

    Fee-Related Earnings and Related Components

    Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

    Distributable Earnings

    Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

    Platform Earnings

    Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

    Platform Earnings per Share

    Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

    Platform Adjusted EBITDA

    Platform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.

    Consolidated Adjusted EBITDA

    Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

    NON-GAAP ADJUSTED EBITDA
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
       
      Three Months Ended March 31,
      2025       2024  
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss   (4,554 )     (5,262 )
    Provision for income taxes   —       —  
    Net loss before income taxes   (4,554 )     (5,262 )
    Depreciation and amortization   162       183  
    Consolidated funds’ impact on fee-related earnings   71       1,361  
    Stock-based compensation   661       400  
    Severance   51       7  
    Performance allocations   (1 )     (166 )
    Other income, net   366       (272 )
    Investments impairment   279       —  
    Bad debt expense   3       —  
    Interest expense, net   1,578       1,010  
    Fee-related earnings   (1,384 )     (2,739 )
    Performance allocations   1       166  
    Interest expense, net   (1,578 )     (1,010 )
    Provision for income taxes   —       —  
    Distributable earnings   (2,961 )     (3,583 )
    Interest expense   1,611       1,294  
    Other income, net   (366 )     272  
    Provision for income taxes   —       —  
    Consolidated funds’ impact on Platform adjusted EBITDA   364       348  
    Platform adjusted EBITDA   (1,352 )     (1,669 )
    Consolidated funds’ EBITDA adjustments   1,210       3,856  
    Consolidated adjusted EBITDA $ (142 )   $ 2,187  
                   

    The MIL Network –

  • MIL-OSI: Signing Day Sports Announces Selected Financial Results for Quarter Ended March 31, 2025 and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Reduces Net Loss for Quarter by 66% Year-Over-Year, Reflecting Improved Operating Efficiency

     Strong Combine Participation and Scalable Digital Platform Expected to Drive Higher Margin Growth

    SCOTTSDALE, AZ, May 15, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced selected financial results for the quarter ended March 31, 2025, and provided a business update.

    Daniel Nelson, Chief Executive Officer and Chairman of Signing Day Sports, stated, “One of our primary objectives this quarter was to streamline costs and strike the right balance between growth and efficiency—resulting in a 66% year-over-year reduction in net loss. At the same time, we have seen strong athlete engagement through our national combine series and weekly recruiting webinars, which continues to expand our brand visibility. With enhancements to the digital platform and the signing of a new Sponsorship Agreement with the U.S. Army Bowl during the quarter, we believe we are well-positioned to drive growth in higher-margin, subscription-based revenues. We are also advancing strategic initiatives that we believe could significantly enhance long-term shareholder value. Overall, we have laid a strong foundation for scalable growth and meaningful returns, while continuing to enable new college recruiting opportunities for student-athletes and coaches nationwide.”

    During the first quarter of 2025, Signing Day Sports advanced its growth strategy by hosting five U.S. Army Bowl Regional Combines in key cities—Atlanta, Georgia; Orlando, Florida; Chicago, Illinois; Phoenix, Arizona; and Jackson, Mississippi—which attracted nearly 1,000 high school athletes. These events reinforce the strong demand for verified performance data and enhanced recruiting visibility.

    To extend this momentum, the Company expanded its digital footprint with weekly recruiting webinars that spotlight top student-athletes and promote direct engagement with college coaches. Signing Day Sports also renewed its role as the National Recruiting Partner to the U.S. Army Bowl through 2026, maintaining exclusive rights to national and regional combines and generating revenue from athlete registrations. Verified data collected from these events is automatically integrated into athlete profiles on the Company’s app, enhancing usability and value for both users and coaches.

    Financial highlights for the quarter ended March 31, 2025

    • Revenue totaled approximately $0.15 million for the three months ended March 31, 2025, compared to approximately $0.23 million for the comparable 2024 period.
    • General and administrative expenses were approximately $0.97 million for the three months ended March 31, 2025, compared to approximately $2.04 million for the 2024 period.
    • Net loss was approximately $0.84 million for the three months ended March 31, 2025, compared to a net loss of approximately $2.50 million in the same period in 2024.

    The selected results included in this press release should be reviewed together with the Company’s complete financial results for the quarter ended March 31, 2025. The complete financial results are available in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025 and available at www.sec.gov.

    Signing Day Sports

    Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development). For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contacts:
    Crescendo Communications, LLC
    212-671-1020
    SGN@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: Innventure Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Accelsius continues to build momentum within the large and growing liquid cooling market

    Innventure reiterates confidence in achieving revenue growth inflection during the second half of 2025

    ORLANDO, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter ended March 31, 2025.

    “Innventure’s operating companies continued their momentum to start 2025, with both Accelsius and AeroFlexx further positioning themselves for revenue growth inflection in the second half of this year.” said Bill Haskell, Innventure’s Chief Executive Officer. “We founded Innventure to bring disruptive technologies to market by building companies we believe represent at least $1 billion enterprise value opportunities. Our companies are led by incredibly talented operators who are armed with differentiated technologies designed to meet significant unmet market needs. When it comes to high-growth ventures, timing the inflection point is inherently challenging, but from where we sit today, the confidence we have in our current family of companies has never been higher. ”

    Mr. Haskell continued, “We are most excited about Accelsius’s position in the two-phase, direct-to-chip liquid cooling market. Accelsius has a market leading technology and is engaged in deep discussions with many of the major players including hyperscalers, OEMs, colocation operators and AI-as-a-Service operators. Josh and his team are at the forefront of a seismic liquid cooling adoption cycle that we and data center operators across the ecosystem believe will occur in the near future. Once this shift takes hold, Accelsius is well equipped to catch the wave and drive significant value for our shareholders.”

    Conference Call and Webcast

    A conference call to discuss these results has been scheduled for 5:00 p.m. ET on May 15, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.

    Parties interested in joining via teleconference can register using this link.

    After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

    Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.

    About Innventure

    Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

    Non-GAAP Financial Measures

    We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

    Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

    There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

    Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

    In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

    The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.

    Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Media Contact: Laurie Steinberg, Solebury Strategic Communications
    press@innventure.com

    Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
    investorrelations@innventure.com

    Innventure, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)
     
      March 31, 2025
    (Unaudited)    		   December 31, 2024
    Assets      
    Cash, cash equivalents and restricted cash $ 1,375     $ 11,119  
    Accounts receivable   237       283  
    Due from related parties   124       4,536  
    Inventories   5,220       5,178  
    Prepaid expenses and other current assets   3,329       3,170  
    Total Current Assets   10,285       24,286  
    Investments   33,684       28,734  
    Property, plant and equipment, net   2,186       1,414  
    Intangible assets, net   176,750       182,153  
    Goodwill   436,807       667,936  
    Other assets   707       766  
    Total Assets $ 660,419     $ 905,289  
    Liabilities and Stockholders’ Deficit      
    Accounts payable $ 5,061     $ 3,248  
    Accrued employee benefits   11,216       9,273  
    Accrued expenses   3,102       2,478  
    Related party notes payable – current   —       14,000  
    Notes payable – current   2,141       625  
    Patent installment payable – current   700       1,225  
    Obligation to issue equity   261       4,158  
    Warrant liability   24,003       34,023  
    Income taxes payable   500       —  
    Other current liabilities   340       317  
    Total Current Liabilities   47,324       69,347  
    Notes payable, net of current portion   12,346       13,654  
    Earnout liability   7,470       14,752  
    Stock-based compensation liability   718       1,160  
    Patent installment payable, net of current   12,375       12,375  
    Deferred income taxes   25,454       27,353  
    Other liabilities   260       355  
    Total Liabilities   105,947       138,996  
    Commitments and Contingencies (Note 16)      
    Mezzanine Equity      
    Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 2,885,848 and — shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   28,727       —  
    Stockholders’ Equity      
    Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 1,118,808 and 1,102,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   —       —  
    Common Stock, $0.0001 par value, 250,000,000 shares authorized, 47,103,800 and 44,597,154 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   5       4  
    Additional paid-in capital   484,256       502,865  
    Accumulated other comprehensive (loss) gain   (1,478 )     909  
    Accumulated deficit   (221,285 )     (78,262 )
    Total Innventure, Inc., Stockholders’ Equity   261,498       425,516  
    Non-controlling interest   264,247       340,777  
    Total Stockholders’ Equity   525,745       766,293  
    Total Liabilities, Mezzanine and Stockholders’ Equity $ 660,419     $ 905,289  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

    (Unaudited) (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      Three months
    ended March 31,
    2025    		     Three months
    ended March 31,
    2024
    Revenue $ 224       $ 224  
             
    Operating Expenses        
    Cost of sales   184         —  
    General and administrative   19,676         7,904  
    Sales and marketing   2,096         1,183  
    Research and development   6,253         1,669  
    Goodwill impairment   233,213         —  
    Total Operating Expenses   261,422         10,756  
             
    Loss from Operations   (261,198 )       (10,532 )
             
    Non-operating (Expense) and Income        
    Interest expense, net   (1,538 )       (405 )
    Net gain on investments   —         5,189  
    Net loss on investments – due to related parties   —         (186 )
    Change in fair value of financial liabilities   16,429         (478 )
    Equity method investment (loss) gain   (6,756 )       5  
    Realized gain on conversion of available for sale investment   1,507         —  
    Loss on extinguishment of related party debt   (3,538 )       —  
    Loss on conversion of promissory notes   —         (1,119 )
    Miscellaneous other income   21         —  
    Total Non-operating Income   6,125         3,006  
             
    Loss before income taxes   (255,073 )       (7,526 )
             
    Income tax benefit   (1,399 )       —  
    Net Loss   (253,674 )       (7,526 )
    Less: net loss attributable to        
    Non-redeemable non-controlling interest   (110,677 )       (2,307 )
    Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders   (142,997 )       (5,219 )
             
    Basic and diluted loss per share $ (3.10 )      
    Basic and diluted weighted average common shares   46,252,922        
             
    Other comprehensive loss, net of taxes:        
    Unrealized loss on available for sale debt securities – related party   (880 )       —  
    Reclassification of realized gain on conversion of available for sale investments   (1,507 )       —  
    Total other comprehensive loss, net of taxes   (2,387 )       —  
             
    Total comprehensive loss, net of taxes   (256,061 )       (7,526 )
    Less: comprehensive loss attributable to        
    Non-redeemable non-controlling interest   (110,677 )       (2,307 )
    Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders $ (145,384 )     $ (5,219 )

            See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Changes in Unitholders’ Deficit (Predecessor)

    (Unaudited) (in thousands, except share and per share amounts)
     
      Class B
    Preferred    		   Class B-1
    Preferred    		   Class A   Class C   Accumulated
    Deficit    		   Accumulated
    OCI    		   Non-
    Controlling
    Interest    		   Total
    (Deficit)
    Equity
    December 31, 2023   38,122     3,323     1,950     844     (64,284 )     —     1,559       (18,486 )
    Net loss   —     —     —     —     (5,219 )     —     (2,307 )     (7,526 )
    Units issued to non-controlling interest   —     —     —     —     —       —     3,503       3,503  
    Issuance of preferred units, net of issuance costs   7,566     —     —     —     —       —     —       7,566  
    Unit-based compensation   —     —     —     51     —       —     345       396  
    Issuance of units to non-controlling interest in exchange of convertible promissory notes   —     —     —     —     —       —     8,443       8,443  
    Accretion of redeemable units to redemption value   —     —     —     —     (4,415 )     —     —       (4,415 )
    March 31, 2024 $ 45,688   $ 3,323   $ 1,950   $ 895   $ (73,918 )   $ —   $ 11,543     $ (10,519 )
                                   

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Changes in Mezzanine and Stockholders’ Equity (Deficit) (Successor)

    (Unaudited) (in thousands, except share and per share amounts)
     
      Stockholders’ Equity     Mezzanine
    Equity
      Preferred
    Stock    		   Common
    Stock    		                         Preferred
    Stock
      Shares   Amount   Shares   Amount   Additional
    Paid-In
    Capital    		   Accumulated
    Deficit    		   Accumulated
    OCI    		   Non-
    Controlling
    Interest    		   Total
    Stockholders’
    Equity    		     Shares   Amount
    December 31, 2024 1,102,000     $ —   44,597,154   $ 4   $ 502,865     $ (78,262 )   $ 909     $ 340,777     $ 766,293       —   $ —  
    Net loss —       —   —     —     —       (142,997 )     —       (110,677 )     (253,674 )     —     —  
    Series B Preferred Stock buyback (5,000 )     —   —     —     (50 )     —       —       —       (50 )     —     —  
    Series B Preferred Stock issued for paid-in-kind dividends 21,808       —   —     —     218       —       —       —       218       —     —  
    Issuance of common shares, net of issuance costs —       —   161,964     —     1,927       —       —       —       1,927       —     —  
    Vesting of earnout shares —       —   2,344,682     1     873       —       —       —       874       —     —  
    Other comprehensive gain, net of taxes —       —   —     —     —       —       (2,387 )     —       (2,387 )     —     —  
    Conversion of related party notes —       —   —     —     —       —       —       —       —       2,310,848     23,108  
    Issuance of Series C Preferred Stock, net —       —   —     —     —       —       —       —       —       575,000     5,663  
    Non-controlling interest issued and related transfers —       —   —     —     (26,303 )     —       —       33,249       6,946       —     —  
    Distributions to Stockholders —       —   —     —     —       (26 )     —       —       (26 )     —     —  
    Stock-based compensation —       —   —     —     4,943       —       —       898       5,841       —     —  
    Accrued preferred dividends —       —   —     —     (217 )     —       —       —       (217 )     —     (44 )
    March 31, 2025 1,118,808     $ —   47,103,800   $ 5   $ 484,256     $ (221,285 )   $ (1,478 )   $ 264,247     $ 525,745       2,885,848   $ 28,727  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (Unaudited) (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      Three months ended
    March 31, 2025    		     Three months ended
    March 31, 2024
    Cash Flows Used in Operating Activities        
    Net loss $ (253,674 )     $ (7,526 )
    Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:        
    Stock-based compensation   5,841         396  
    Interest income on debt securities – related party   (91 )       —  
    Change in fair value of financial liabilities   (16,429 )       478  
    Change in fair value of payables due to related parties   —         186  
    Non-cash interest expense on notes payable   510         230  
    Net (gain) loss on investments   —         (5,189 )
    Equity method investment gain (loss)   6,756         (5 )
    Realized gain on conversion of available for sale investments   (1,507 )       —  
    Loss on extinguishment of related party debt   3,538         —  
    Loss on conversion of promissory notes   —         1,119  
    Deferred income taxes   (1,899 )       —  
    Depreciation and amortization   5,548         —  
    Goodwill impairment   233,213         —  
    Payment of patent installment   (525 )       —  
    Non-cash rent costs   61         —  
    Other, net   —         67  
    Changes in operating assets and liabilities:        
    Accounts receivable   46         —  
    Prepaid expenses and other current assets   (122 )       (136 )
    Inventory   (42 )       —  
    Accounts payable   1,587         1,234  
    Accrued employee benefits   1,943         1,329  
    Accrued expenses   565         488  
    Stock-based compensation liability   (442 )       —  
    Income taxes payable   500         —  
    Other current liabilities   (73 )       (68 )
    Net Cash Used in Operating Activities   (14,696 )       (7,397 )
             
    Cash Flows Used in Investing Activities        
    Investment in available-for-sale debt securities – equity method investee   (2,337 )       —  
    Advances to equity method investee   —         (2,540 )
    Acquisition of property, plant and equipment   (917 )       (640 )
    Net Cash Used in Investing Activities   (3,254 )       (3,180 )
             
    Cash Flows Provided by Financing Activities        
    Proceeds from issuance of equity, net of issuance costs   3,675         7,116  
    Proceeds from the issuance of equity to non-controlling interest, net of issuance costs   4,907         3,503  
    Payment of debts   (300 )       (460 )
    Distributions to Stockholders   (26 )       —  
    Payment of promissory notes to related parties   —         —  
    Repurchase of Preferred Stock   (50 )       —  
    Cash Flows Provided by Financing Activities   8,206         10,159  
             
    Net Decrease in Cash, Cash Equivalents and Restricted Cash   (9,744 )       (418 )
    Cash, Cash Equivalents and Restricted Cash Beginning of period   11,119         2,575  
    Cash, Cash Equivalents and Restricted Cash End of period $ 1,375       $ 2,157  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (Unaudited) (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      Three months ended
    March 31, 2025    		     Three months ended
    March 31, 2024
    Supplemental Cash Flow Information        
    Cash paid for interest $ 1,127     $ 55
    Supplemental Disclosure of Noncash Financing Information        
    Accretion of redeemable units to redemption value   —       4,415
    Issuance of units to non-controlling interest in exchange of convertible promissory notes   —       7,324
    Conversion of working capital loans to equity method investee into investments in debt securities – related party   4,375       —
    Extinguishment of debt with Series C Preferred Stock   14,000       —
    Contribution of Series C Preferred Stock to equity method investee   5,783       —
    Conversion of AFX available-for-sale term loan into equity method investments   8,757       —
    Issuance of stock in exchange for services   4,002       —
    Equity reallocation between non-controlling interest and additional paid-in capital   26,304       —

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Non-GAAP Financial Measures

    (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      Three months ended
    March 31, 2025    		     Three months ended
    March 31, 2024
    Net loss (253,674 )     (7,526 )
    Interest expense, net(1) 1,538       405  
    Depreciation and amortization expense 5,548       —  
    Income tax benefit (1,399 )     —  
    EBITDA (247,987 )     (7,121 )
    Transaction and other related costs(2) —       3,272  
    Change in fair value of financial liabilities(3) (16,429 )     478  
    Stock-based compensation(4) 5,841       396  
    Goodwill impairment(5) 233,213       —  
    Loss on extinguishment of related party debt(6) 3,538       —  
    Loss on conversion of promissory notes —       1,119  
    Adjusted EBITDA (21,824 )     (1,856 )

    (1) Interest Expense, net, includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs.
    (2) Transaction and other related costs – For the three months ended March 31, 2025 (Successor) and three months ended March 31, 2024 (Predecessor), this is comprised of consulting, legal, and other professional fees related to the Business Combination.
    (3) Change in fair value of financial liabilities – For the three months ended March 31, 2025 (Successor), the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability and the earnout liability. For the three months ended March 31, 2024 (Predecessor), this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
    (4) Stock based compensation – For the three months ended March 31, 2025 (Successor), stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the three months ended March 31, 2024 (Predecessor), stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
    (5) Goodwill impairment – For the three months ended March 31, 2025 (Successor), the Company recognized a goodwill impairment charge due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market during late February and March. There was no similar goodwill impairment charge for the three months ended March 31, 2024 (Predecessor).
    (6) Loss on extinguishment of related party debt – For the three months ended March 31, 2025 (Successor), the Company extinguished certain related party debts by issuing Series C Preferred Stock. There was no loss on extinguishment of related party debt for the three months ended March 31, 2024 (Predecessor).

    The MIL Network –

  • MIL-OSI: Airship AI Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Net Revenues of $5.5 Million, Gross Profit of $2.2 Million and Gross Margin of 40%

    Increased Investments In Our People And Digital Transformation Will Enable Us To Stay Resilient and Ready In A Rapidly Changing Marketplace

    New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

    REDMOND, Wash., May 15, 2025 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights

    • Net revenues for the quarter ended March 31, 2025 were $5.5 million.
    • Gross profits for the quarter ended March 31, 2025 were $2.2 million.
    • Gross margin percentage was 40% for the quarter ended March 31, 2025. The margins reflected increased solution sales with more third-party hardware than Airship AI software.
    • Operating loss was $1.7 million for the quarter ended March 31, 2025 reflected in increased stock based compensation and increased investments in sales and marketing related expenditures which should increase future sales.
    • Other income for the quarter ended March 31, 2025 was $25.4 million, primarily due to a gain from a change in the fair value of earnout liability of $9.8 million, and a change in fair value of warrant liability of $15.5 million.
    • Net income for the quarter ended March 31, 2025 was $23.7 million, or $0.75 per basic share, primarily related to noncash income of $25.4 million.
    • Net cash used in operating activities was $2.1 million in the quarter ended March 31, 2025.
    • Cash and cash equivalents were $8.8 million as of March 31, 2025.

    Q1 2025 & Subsequent Operational Highlights

    • Backlog as of March 31, 2025 was $2.0 million, representing firm fixed price contracts awarded in the fourth quarter of 2024 or first quarter of 2025 that will be shipped and invoiced through the remainder of calendar year 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
    • Our total validated pipeline at the end of the quarter was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. Our pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
    • Due to the sensitive nature of many of our customers and deployment use cases, we are often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most of our awards are executed on closed or restricted contract vehicles which further limits the sharing of information that might be otherwise available.
    • We grew our internal sales and sales engineering force, adding seasoned sales professionals with deep industry expertise, partner relationships, and customer knowledge that will allow us to ramp up quickly.
    • We participated in multiple customer facing tradeshows during the quarter including brand new industry wide and vertically focused shows where we had a significantly increased level of participation and or visibility as compared to historical participation.
    • As part of our transition to a partner driven sales model, we participated in several partner shows and events, including those sponsored by integrators and dealers, and those by manufacturers of hardware sensors and or solutions that we integrate with and manage for our customers.
    • We hosted our invite only government focused customer event outside Austin, TX, demonstrating and training on the latest in Airship AI developed and or supported solutions. This year’s focus was on solutions supporting challenges along the southern border and was well attended by agencies across the federal government.
    • On April 23, 2025, we entered into an At the Market Offering Agreement with Roth Capital Partners, LLC, as sales agent, pursuant to which we may, from time to time, offer and sell shares of our common stock up to a maximum of $25 million, which shares are registered on a registration statement that we filed with the U.S. Securities and Exchange Commission (the “SEC”), using a “shelf” registration process. Under this shelf registration process, we may offer to sell any of the securities, or any combination of the securities, described in this prospectus, in each case, in one or more offerings, up to $50 million.
    • On March 21, 2025, our shelf registration statement on Form S-3 for the sale of up to $50 million of our securities was declared effective by the SEC.

    2025 Outlook

    • 30% revenue growth and positive cash flow for calendar year 2025 supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
    • Make tactical and strategic investments across our sales and business development organizations through organic cash flow from business operations and the potential cash exercise of public warrants.
    • Release new Outpost AI product offerings as well as expand custom trained AI models supporting emerging edge analytic workflows.
    • Continue innovation across our core Acropolis software platform supporting new workflows for cloud-based deployments in highly secure operational environments.
    • Develop and execute expansionary opportunities in the commercial and retail markets, particularly around those companies involved in combating organized retail crime.
    • Improve sourcing, supply chain management and production-based process efficiencies to help drive continued margin expansion.
    • Focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

    Management Commentary

    “The first quarter of 2025 was largely overshadowed by the actions of the new administration as they worked to finalize the approval and release of budgets and special appropriations,” said Paul Allen, President of Airship AI. “In the face of these headwinds, our team was able to generate solid revenues for the quarter of $5.5 million at a gross margin percentage of 40%, while increasing our investments in our people and customers.

    “As we worked to successfully execute awarded contracts in our current backlog, we dedicated significant time and resources to advancing pipeline opportunities. These efforts are positioning us to move quickly once budgets are approved and released. Based on current forecasts, we anticipate meaningful activity beginning mid-second quarter, with continued growth expected through the end of Q2 and into Q3.

    “Simultaneously, many of our federal customers are projecting increased funding through supplemental appropriations. This has initiated a wave of market research discussions focused on potential solutions to address emerging mission needs. We anticipate that many of these conversations will evolve into tangible opportunities extending across the current and upcoming fiscal years.

    “In the commercial segment, our strategic push into new market verticals, driven by partnerships with integrators and business collaborators, has been met with strong interest. Several early wins confirm both the market’s appetite for differentiated solutions and the soundness of our strategic investment in people and partners. This validation further supports continued investment to build on our momentum and drive sustained growth.

    “These collected efforts have also affirmed that we are on the right track with our digital transformation strategy, focused squarely on how AI at the far and near edge can solve for our customers’ existing and emerging threats in the public safety and security space. Building on our existing investments in the AI Factory, we expect to launch several new products in 2025, including advanced computer vision analytics powered by machine learning and a Generative AI application that will transform how customers access and interact with their data.

    “Finally, amid broader macroeconomic conditions, we are closely monitoring tariff developments. As a U.S.-based software company, we do not expect these tariffs to significantly impact our core business. In areas where we provide hardware solutions, such as our Outpost AI edge appliance, we work proactively with global suppliers to maintain optimal inventory levels. This approach helps us manage costs effectively and ensure timely, competitively priced delivery of our products and services.

    “The combination of our strong existing pipeline focused on leveraging existing budgets, increased business development opportunities leveraging supplemental appropriations, and the investments in people and customers already made leaves us confident in our ability to execute against our stated objectives of 30% YoY revenue growth and achieving cash flow positive operations,” concluded Mr. Allen.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    As of March 31, 2025 and December 31, 2024
                 
        March 31,
    2025    		     December 31,
    2024 (1)    		  
    ASSETS   Unaudited        
                 
    CURRENT ASSETS:            
    Cash and cash equivalents   $ 8,812,178     $ 11,414,830  
    Accounts receivable, net of allowance for credit losses of $0     2,782,650       1,226,757  
    Prepaid expenses and other     67,311       17,883  
    Total current assets     11,662,139       12,659,470  
                     
    OTHER ASSETS                
    Other assets     165,960       165,960  
    Operating lease right of use asset     1,102,967       882,024  
                     
    TOTAL ASSETS   $ 12,931,066     $ 13,707,454  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                     
    CURRENT LIABILITIES:                
    Accounts payable – trade   $ 2,179,847     $ 759,480  
    Advances from founders     700,000       1,300,000  
    Accrued expenses     60,551       51,649  
    Current portion of operating lease liability     405,916       305,178  
    Deferred revenue- current portion     2,948,695       3,238,483  
    Total current liabilities     6,295,009       5,654,790  
                     
    NON-CURRENT LIABILITIES:                
    Operating lease liability, net of current portion     758,376       638,525  
    Warrant liability     18,659,435       34,180,618  
    Earnout liability     8,199,079       23,304,808  
    Deferred revenue- non-current     2,528,716       2,951,850  
    Total liabilities     36,440,615       66,730,591  
                     
    COMMITMENTS AND CONTINGENCIES (Note 9)                
                     
    STOCKHOLDERS’ DEFICIT:                
    Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024     –       –  
    Common stock – $0.0001 par value, 200,000,000 shares authorized, 31,844,471 and 30,588,413 shares issued and outstanding as of March 31, 2025 and December 31, 2024     3,182       3,056  
    Additional paid in capital     27,731,753       21,918,867  
    Accumulated deficit     (51,233,605 )     (74,941,590 )
    Accumulated other comprehensive loss     (10,879 )     (3,470 )
    Total stockholders’ deficit     (23,509,549 )     (53,023,137 )
                     
    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT   $ 12,931,066     $ 13,707,454  
                     
     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
    For the three months ended March 31, 2025 and 2024
    (Unaudited)
           
        Three Months Ended  
        March 31, 2025     March 31, 2024  
        Unaudited     Unaudited  
    NET REVENUES:            
    Product   $ 4,497,240     $ 9,398,776  
    Post contract support     998,051       1,176,239  
    Other services     7,737       –  
          5,503,028       10,575,015  
    COST OF NET REVENUES:                
    Cost of Sales     2,923,087       7,789,409  
    Post contract support     312,021       157,479  
    Other services     32,916       –  
          3,268,024       7,946,888  
    GROSS PROFIT     2,235,004       2,628,127  
    RESEARCH AND DEVELOPMENT EXPENSES     719,382       695,366  
    SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     3,229,979       3,335,294  
    TOTAL OPERATING EXPENSES     3,949,361       4,030,660  
    OPERATING LOSS     (1,714,357 )     (1,402,533 )
    OTHER INCOME (EXPENSE) :                
    Gain (loss) from change in fair value of earnout liability     9,823,605       (21,484,850 )
    Gain (loss) from change in fair value of warrant liability     15,521,183       (6,847,091 )
    Loss from change in fair value of convertible debt     –       (2,039,377 )
    Loss on note conversion     –       (158,794 )
    Interest income (expense), net     77,554       (31,824 )
    Total other income (expense), net     25,422,342       (30,561,936 )
                     
    INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     23,707,985       (31,964,469 )
                     
    Provision for income taxes     –       –  
                     
    NET INCOME (LOSS)     23,707,985       (31,964,469 )
                     
    OTHER COMPREHENSIVE (LOSS) INCOME                
    Foreign currency translation (loss) income, net     (7,409 )     3,239  
                     
    TOTAL COMPREHENSIVE INCOME (LOSS)   $ 23,700,576     $ (31,961,230 )
                     
    NET INCOME (LOSS) PER SHARE:                
    Basic   $ 0.75     $ (1.40 )
    Diluted   $ 0.61     $ (1.40 )
                     
    Weighted average shares of common stock outstanding                
    Basic     31,704,117       22,898,487  
    Diluted     38,820,839       22,898,487  
                     
     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months ended March 31, 2025 and 2024
    (Unaudited)
           
        Three Months Ended  
        March 31, 2025     March 31, 2024  
        Unaudited     Unaudited  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income (loss)   $ 23,707,985     $ (31,964,469 )
    Adjustments to reconcile net income (loss) to net cash used in operating activities                
    Depreciation and amortization     –       1,861  
    Stock-based compensation     428,286       268,989  
    Amortization of operating lease right of use asset     83,396       80,291  
    (Gain) loss from change in fair value of warrant liability     (15,521,183 )     6,847,091  
    (Gain) loss from change in fair value of earnout liability     (9,823,605 )     21,484,850  
    Loss from change in fair value of convertible note     –       2,039,377  
    Loss on note conversion     –       158,794  
    Changes in operating assets and liabilities:                
    Accounts receivable     (1,555,893 )     (55,525 )
    Prepaid expenses and other     (49,428 )     2,010  
    Other assets     –       1,901  
    Operating lease liability     (83,750 )     (67,211 )
    Payroll and income tax receivable     –       (2,410 )
    Accounts payable – trade and accrued expenses     1,429,270       433,415  
    Deferred revenue     (712,922 )     (924,048 )
    NET CASH USED IN OPERATING ACTIVITIES     (2,097,844 )     (1,695,084 )
                     
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Proceeds from warrant exercise, net     59,400       293,249  
    Repayment of advances from founders     (600,000 )     –  
    Proceeds from stock option exercises     43,201       –  
                     
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (497,399 )     293,249  
                     
    NET DECREASE IN CASH AND CASH EQUIVALENTS     (2,595,243 )     (1,401,835 )
                     
    Effect from exchange rate on cash     (7,409 )     3,239  
                     
    CASH AND CASH EQUIVALENTS, beginning of period     11,414,830       3,124,413  
                     
    CASH AND CASH EQUIVALENTS, end of period   $ 8,812,178     $ 1,725,817  
                     
    Supplemental disclosures of cash flow information:                
    Interest paid   $ –     $ –  
    Taxes paid   $ –     $ 2,410  
                     
    Noncash investing and financing                
    Issuance of common stock for debt conversion   $ –     $ 835,610  
    Issuance of common stock for earnout shares   $ 5,282,125     $ –  
    Recognition of operating right-of-use asset   $ 304,339     $ –  
    Recognition of operating lease liability   $ 304,339     $ –  
                     

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Announces Quarterly Cash Dividend on Common and Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., May 15, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (“United”, the “Company”), reported that its Board of Directors approved a quarterly cash dividend of $0.24 per share on the Company’s common stock. The dividend is payable July 3, 2025 to shareholders of record as of June 15, 2025.

    The Board of Directors also approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NYSE: UCB PRI). The dividend is payable June 13, 2025 to shareholders of record on May 29, 2025.

    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI: Firsthand Technology Value Fund Announces First Quarter Financial Results, NAV of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (OTCQB: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the quarter ended March 31, 2025.

    As of March 31, 2025, the Fund’s net assets were approximately $0.8 million, or $0.12 per share, compared with net assets of approximately $1.1 million, or $0.15 per share as of December 31, 2024. As of March 31, 2025, the Fund’s portfolio included public and private securities valued at approximately $0.7 million, or $0.10 per share, which includes approximately $0.07 per share in cash and cash equivalents.

    Portfolio Summary (as of 3/31/25)

    Investment Fair Value1, Fair Value
    per Share1,2
    Equity/Debt Investments $0.24 million $0.04
    Cash/Cash Equivalents $0.45 million $0.07
    Other Assets $0.79 million $0.12
    Total Assets $1.49 million $0.22
    Total Liabilities $0.65 million $0.09
    Net Assets $0.84 million $0.12
    1 Numbers may not sum due to rounding.
    2 Total shares outstanding: 6,893,056.
     

    During the first quarter of 2025, the Valuation Committee, which was composed of two independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors.

    For the quarter ended March 31, 2025, the Fund reported total investment income of approximately $6 thousand. After fees and expenses, the Fund reported a net investment loss of approximately $113 thousand. The Fund reported net realized and unrealized losses on investments of approximately $110 thousand for the quarter.

    Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

    About Firsthand Technology Value Fund
    Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

    The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.

    Contact:

    Phil Mosakowski
    Firsthand Capital Management, Inc.
    (408) 624-9526
    vc@firsthandtvf.com

    The MIL Network –

  • MIL-OSI: CEA Industries Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Louisville, Colorado, May 15, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is reporting results for the three months ended March 31, 2025.

    First Quarter 2025 Financial Summary (in $ thousands, excl. margin items):

        Q1 2025
    (unaudited)    		     Q4 2024
    (unaudited)    		     Q1 2024
    (unaudited)    		  
    Revenue   $ 713     $ 417     $ 235  
    Gross Profit (Loss)   $ 39     $ (175 )   $ (154 )
    Operating Expenses   $ 1,113     $ 850     $ 769  
    Net Income/(Loss)   $ (1,069 )   $ (1,019 )   $ (917 )
                             

    “We continue to uphold our lean operating model, emphasizing disciplined expense management and capital preservation as we support our pending acquisition and work through our remaining backlog,” said Tony McDonald, Chairman and CEO of CEA Industries. “Excluding acquisition-related costs, we minimized our operating expenses through headcount reductions, the elimination of product development costs and reduced advertising and marketing spend, with the goal of preserving our balance sheet and minimizing cash burn.”

    “We are also making continued progress toward completing our acquisition of Fat Panda and remain enthusiastic about the strategic opportunity it presents. This transaction marks a significant milestone in our transformation strategy, providing a pathway into the high growth vape industry through Fat Panda’s established leadership, expansive retail presence, vertically integrated infrastructure, and experienced management team. Their consistent growth and strong margin profile positions us well to drive sustainable value creation. We look forward to sharing additional updates as we work toward closing the transaction.”

    First Quarter 2025 Financial Results

    Revenue in the first quarter of 2025 increased to $0.7 million compared to $0.2 million for the same period in 2024. The increase was primarily attributed to greater net bookings and higher revenue recognition from the Company’s backlog.

    Net bookings in the first quarter of 2025 increased to $1.0 million compared to $0.3 million in the year-ago period. The Company’s quarter-end backlog increased to $0.8 million compared to $0.5 million for the same period in 2024.

    Gross profit in the first quarter of 2025 increased to $39,000 compared to a gross loss of $154,000 for the same period in 2024. The improvement in gross profit was primarily driven by higher revenue and fixed costs becoming a smaller percentage of revenue. Fixed costs include the cost of services, engineering, manufacturing, and project management.

    Operating expenses in the first quarter of 2025 were $1.1 million compared to $0.8 million for the same period in 2024. The increase in operating expenses was primarily due to acquisition-related expenses.

    Net loss in the first quarter of 2025 was $1.1 million or $(1.33) per share, compared to a net loss of $0.9 million or $(1.34) per share for the same period in 2024.

    Cash and cash equivalents were $8.7 million at March 31, 2025, compared to $9.5 million on December 31, 2024, while working capital decreased by $1.0 million during this period. At March 31, 2025, the Company remained debt free.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

    Investor Contact:

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    CEA Industries Inc.
    Condensed Consolidated Balance Sheets
    (in US Dollars except share numbers)

        March 31,     December 31,  
        2025     2024  
          (Unaudited)       (Audited)  
    ASSETS                
    Current Assets                
    Cash and cash equivalents   $ 8,707,353     $ 9,452,826  
    Accounts receivable, net     56,844       13,041  
    Contract assets, net     234,328       234,328  
    Inventory, net     20,283       25,980  
    Prepaid expenses and other     179,258       368,068  
    Total Current Assets     9,198,066       10,094,243  
    Noncurrent Assets                
    Property and equipment, net     4,566       5,698  
    Intangible assets, net     1,830       1,830  
    Deposits     14,747       14,747  
    Operating lease right-of-use asset     216,891       245,270  
    Total Noncurrent Assets     238,034       267,545  
                     
    TOTAL ASSETS   $ 9,436,100     $ 10,361,788  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
                     
    LIABILITIES                
    Current Liabilities                
    Accounts payable and accrued liabilities   $ 514,962     $ 550,477  
    Deferred revenue     474,679       343,790  
    Current portion of operating lease liability     137,875       135,651  
    Total Current Liabilities     1,127,516       1,029,918  
                     
    Noncurrent Liabilities                
    Operating lease liability, net of current portion     101,314       134,147  
    Total Noncurrent Liabilities     101,314       134,147  
                     
    TOTAL LIABILITIES     1,228,830       1,164,065  
                     
    Commitments and Contingencies (Note 9)     –       –  
                     
    SHAREHOLDERS’ EQUITY                
    Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding     –       –  
    Common stock, $0.00001 par value; 200,000,000 authorized; 802,346 and 793,109 shares issued and outstanding, respectively     8       8  
    Additional paid in capital     49,612,075       49,533,950  
    Accumulated deficit     (41,404,813 )     (40,336,235 )
    Total Shareholders’ Equity     8,207,270       9,197,723  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 9,436,100     $ 10,361,788  


    CEA Industries Inc.
    Condensed Consolidated Statements of Operations
    (in US Dollars except share numbers)
    (Unaudited)

        For the Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 713,460     $ 234,506  
                     
    Cost of revenue     674,173       388,881  
                     
    Gross profit (loss)     39,287       (154,375 )
                     
    Operating expenses:                
    Advertising and marketing expenses     2,968       9,324  
    Selling, general and administrative expenses     1,110,156       760,110  
    Total operating expenses     1,113,124       769,434  
                     
    Operating loss     (1,073,837 )     (923,809 )
                     
    Other income :                
    Interest income, net     5,259       7,206  
    Total other income     5,259       7,206  
                     
    Loss before provision for income taxes     (1,068,578 )     (916,603 )
                     
    Income taxes     –       –  
                     
    Net loss   $ (1,068,578 )   $ (916,603 )
                     
    Loss per common share – basic and diluted   $ (1.33 )   $ (1.34 )
                     
    Weighted average number of common shares outstanding, basic and diluted     802,229       684,328  


    CEA Industries Inc.
    Condensed Consolidated Statements of Cash Flows
    (in US Dollars except share numbers)
    (Unaudited)

        For the Three Months Ended March 31,  
        2025     2024  
    Cash Flows From Operating Activities:                
    Net loss   $ (1,068,578 )   $ (916,603 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and intangible asset amortization expense     1,132       6,914  
    Share-based compensation     78,125       76,969  
    Provision for doubtful accounts (bad debt recovery)     (33 )     (34,566 )
    Provision for excess and obsolete inventory     (14,847 )     38,360  
    Loss on disposal of assets     –       12,625  
    Operating lease expense     28,379       27,317  
                     
    Changes in operating assets and liabilities:                
    Accounts receivable     (43,770 )     33,096  
    Inventory     20,544       12,151  
    Prepaid expenses and other     188,811       85,600  
    Accounts payable and accrued liabilities     (35,515 )     (262,849 )
    Deferred revenue     130,888       40,156  
    Operating lease liability, net     (30,609 )     (28,585 )
    Net cash used in operating activities     (745,473 )     (909,415 )
                     
    Cash Flows From Investing Activities                
    Net cash provided by investing activities     –       –  
                     
    Cash Flows From Financing Activities                
    Net cash provided by financing activities     –       –  
                     
    Net change in cash and cash equivalents     (745,473 )     (909,415 )
    Cash and cash equivalents, beginning of period     9,452,826       12,508,251  
    Cash and cash equivalents, end of period   $ 8,707,353     $ 11,598,836  
                     
    Supplemental cash flow information:                
    Interest paid   $ –     $ –  
    Income taxes paid   $ –     $ –  

    The MIL Network –

  • MIL-OSI: AleAnna, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 and Recent Company Highlights:

    • AleAnna reported basic and diluted net loss per common share of ($0.05) for the quarter ended March 31, 2025, compared with ($3.41) for the same period in 2024.
    • AleAnna ended the quarter with cash and cash equivalents of approximately $27.8 million

    DALLAS, May 15, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today announced financial results for the first quarter of 2025. While revenue from Longanesi field production was not recognized during the quarter, in May 2025 AleAnna achieved first sales and the Company expects to report revenue from the Longanesi field as a part of second quarter results.

    For the first quarter 2025, AleAnna reported net loss of $2.0 million. This amounts to a basic and diluted net loss per common share of ($0.05), compared with ($3.41) net loss per common share recorded by the Company in the first quarter 2024.

    As of March 31, 2025, AleAnna had cash and cash equivalents of $27.8 million, providing the necessary liquidity to support development activities and pursue strategic opportunities.
       
    Management Commentary

    Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “We continue to execute on our business strategy and are encouraged by the initial performance at the Longanesi field. Although first quarter results did not include revenue from Longanesi, with the onset of sales in early May 2025 we expect to report revenue in our second quarter results. With a healthy balance sheet and growing operational momentum, we’re focused on delivering long-term value to our shareholders.”

    About AleAnna

    AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and with a potential of up to fourteen new natural gas exploration projects that could be initiated this decade, our goal is to play a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 potential projects that would represent up to a €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AleAnna’s expectations and future financial performance, the Company’s strategy, future operations, financial position, prospective plans, goals, and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “plan,” “potential,” “goal,” “focus,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances or guarantees of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. As a result, these factors could cause AleAnna’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s Form 10-K filed with the SEC on March 31, 2025, as well as general economic conditions; AleAnna’s need for additional capital and ability to obtain any required capital; political, general economic, financial and legal conditions; changes in domestic and foreign markets; risks associated with the implementation of AleAnna’s business strategy and the ability to execute on AleAnna’s business strategy; timing of any business milestones; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

    Investor Relations Contact
    Bill Dirks
    wkdirks@aleannagroup.com

    Website
    https://www.aleannainc.com/

    Source: AleAnna, Inc.

    ALEANNA, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
    FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

      For the Three Months Ended March 31,  
      2025     2024  
               
    Revenues $ 644,600     $ –  
               
    Operating expenses:          
    Cost of revenues $ 838,395     $ –  
    General and administrative   3,324,845       2,018,524  
    Depreciation   73,106       –  
    Accretion of asset retirement obligation   33,505       33,311  
    Total operating expenses   4,269,850       2,051,835  
               
    Operating loss   (3,625,250 )     (2,051,835 )
               
    Other income:          
    Interest and other income   237,605       289,337  
    Change in fair value of derivative liability   –       173,177  
    Total other income   237,605       462,514  
               
    Loss before income taxes   (3,387,646 )     (1,589,321 )
    Income tax benefit   48,276       –  
    Net loss   (3,339,370 )     (1,589,321 )
    Deemed dividend to Class 1 Preferred Units redemption value   –       (112,673,176 )
    Net loss attributable to noncontrolling interests   1,333,231       –  
    Net loss attributable to Class A Common stockholders or holders of Common Member Units $ (2,006,139 )   $ (114,262,497 )
               
    Other comprehensive loss          
    Currency translation adjustment   1,139,303       113,872  
    Comprehensive loss   (2,200,067 )     (1,475,449 )
    Comprehensive loss attributable to noncontrolling interests   1,333,231       –  
    Total comprehensive loss attributable to Class A Common stockholders or holders of Common Member Units $ (866,836 )   $ (1,475,449 )
               
    Weighted average shares of Class A Common Stock outstanding, basic and diluted   40,564,475       33,467,205  
    Net loss per share of Class A Common Stock, basic and diluted $ (0.05 )   $ (3.41 )

    ALEANNA, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    AS OF MARCH 31, 2025 (unaudited) AND DECMBER 31, 2024

      March 31, 2025     December 31, 2024  
    ASSETS          
    Current Assets:          
    Cash and cash equivalents $ 27,810,160     $ 28,330,159  
    Accounts receivable   402,874       1,225,297  
    Prepaid expenses and other assets   987,414       1,666,155  
    Total Current Assets   29,200,448       31,221,611  
               
    Non-current assets:          
    Natural gas and other properties, successful efforts method   34,794,734       33,979,014  
    Renewable natural gas properties, net of accumulated depreciation of $209,009 and $132,094, respectively   9,592,268       9,296,039  
    Value-added tax refund receivable   6,578,604       6,845,030  
    Operating lease right-of-use assets   1,777,356       1,744,897  
    Deferred tax assets   48,276       –  
    Total Non-current Assets   52,791,238       51,864,980  
    Total Assets $ 81,991,686     $ 83,086,591  
               
    LIABILITIES AND STOCKOLDERS’ EQUITY          
    Current Liabilities:          
    Accounts payable and accrued expenses $ 1,980,897     $ 2,204,208  
    Lease liability, short-term   174,127       163,865  
    Total Current Liabilities   2,155,024       2,368,073  
               
    Non-current Liabilities:          
    Asset retirement obligation   4,409,230       4,375,919  
    Lease liability, long-term   1,601,573       1,579,443  
    Contingent consideration liability, long-term   25,980,832       24,994,315  
    Total Non-current Liabilities   31,991,635       30,949,677  
    Total Liabilities   34,146,659       33,317,750  
               
    Commitments and Contingencies (Note 6)          
               
    Stockholders’ Equity:          
    Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,584,455 and 40,560,433 shares issued and outstanding as of March 31, 2025 and December 31, 2024   4,058       4,056  
    Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of March 31, 2025 and December 31, 2024   2,599       2,599  
    Additional paid-in capital   226,998,675       226,722,424  
    Accumulated other comprehensive loss   (5,109,054 )     (5,803,378 )
    Accumulated deficit   (193,054,092 )     (191,047,953 )
    Noncontrolling interest   19,002,841       19,891,093  
    Total Stockholders’ Equity   47,845,027       49,768,841  
    Total Liabilities and Stockholders’ Equity $ 81,991,686     $ 83,086,591  
               

    The MIL Network –