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Category: GlobeNewswire

  • MIL-OSI: Subsea 7 S.A. – Ex-dividend NOK 6.50 today

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 14 May 2025

    • Issuer: Subsea 7 S.A.
    • Ex-date: 14 May 2024
    • Dividend amount: NOK 6.50
    • Announced currency: Norwegian Krone

    For details of the two NOK 6.50 dividend payments scheduled in 2025 please refer to the press release of 27 February 2025 here.

    *******************************************************************************
    Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    This information is published in accordance with the requirements of the Continuing Obligations.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 14 May 2025 at 07:00 CET.

    The MIL Network –

  • MIL-OSI: ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    14 May 2025

    Key messages

    • Solid results: Net profit of EUR 619 million, with a return on equity of around 10%
    • Good business momentum: Mortgage portfolio grew by EUR 1.7 billion and corporate loans by EUR 0.9 billion
    • Resilient net interest income despite impact from lower short-term interest rates
    • Continued fee growth: Increase of 8% compared to Q1 2024, with contributions from all client units
    • Cost discipline: Underlying costs declined 5% compared to Q4 2024; guidance for full-year 2025 unchanged
    • Solid credit quality: Impairments of EUR 5 million, reflecting net additions for individual files offset by model-related releases
    • Strong capital position: Basel IV CET1 ratio of 14.7%
    • Capital Markets Day to be held in November

    Marguerite Bérard, CEO:
    “As we reflect on the first quarter of 2025, I am honoured to address you as the new CEO of ABN AMRO. I value the trust placed in me by the Supervisory Board to lead our bank in the years to come. In the coming period, my priority will be to lead a strategic review of our activities, while building upon our solid foundations and strong market positions. We will focus on enhancing our profitability, optimising our capital position, right-sizing our cost base and achieving meaningful growth. The outcome of this review will be presented at a Capital Markets Day in November this year.

    The Dutch economy continues to demonstrate resilience, with GDP growth in recent years above the Eurozone average, low unemployment and good housing market performance. Thanks to this robust foundation, the economy is well-positioned to navigate the current uncertainties around trade tensions and geopolitical developments. In these challenging times, ABN AMRO performed well, delivering another quarter of solid results and growth in our loan books. This reflects our strategic focus on key growth areas, our credit quality and our ability to adapt to changing market conditions.

    In the first quarter of 2025, we showed solid results with a net profit of EUR 619 million and a return on equity of around 10%. This performance was underpinned by resilient net interest income, continued high fee income and limited net impairments. After a few quarters of rising costs, we managed to reduce our underlying costs in Q1 compared to the previous quarter. To deliver on our guidance of keeping underlying costs broadly flat compared to last year, cost discipline remains a priority. Therefore, we enforced increased controls on consultant expenditures and external hiring.

    Though challenging for colleagues, as we all need to adjust, it will help us reassess capacity needs and optimise our resources. By collaborating and using our creativity and talents, I believe we can deliver on our strategic ambitions while becoming a more agile organisation.

    Our strong capital position, with a Basel IV CET1 ratio of 14.7%, allows us to continue investing in our strategic priorities while maintaining financial stability. In Q1, we submitted the final application to move models to less sophisticated approaches which is now reflected in our capital ratios. The simplification will bring stability and predictability to our capital position. The largest part of our balance sheet remains under advanced models, specifically mortgages, banks and financial institutions. Portfolios that required significant modelling and data efforts will be moved to the standardised approach.

    Our continued efforts to improve customer experience resulted in an increase in our Net Promoter Score for Personal & Business Banking during the first quarter of 2025. Clients especially praise our efficient and good customer services, proactive contact, and the convenience of our digital services. This was also recognised by the 2024 Digital Leaders Study, which ranked ABN AMRO among the top performers. Tikkie, with 10 million active users, is a good example of our innovative offering. During King’s Day this year, Tikkie processed a record number of almost 700,000 transactions. We also introduced the Index Mandate, an actively-managed product that invests in underlying passive instruments. With this product we aim to attract younger clients and help them begin with portfolio management.

    We remain dedicated to sustainability. In the first quarter we launched the free online Green Building Tool which helps provide commercial real estate clients with insights into opportunities to save energy and improve their energy label. We realise that making the switch to a sustainable society is not always straightforward for our clients. A survey among over 350 business clients at our decarbonisation conference revealed challenges in the energy transition, including high capital expenditure, complexity and cost impacts. We aim to support our clients towards a low-carbon future by providing financing and expertise. One example of how we can help them is our recent agreement with the EIB Group to support Dutch SMEs with favourable financing conditions. This collaboration will enhance economic growth and the sustainability efforts of our clients. It includes the largest risk-sharing agreement with the EIB Group to date, totalling EUR 1 billion.

    ABN AMRO believes that everyday represents a new beginning for our customers, and for whom we stand ready to support. I am looking forward to my ‘new beginning’, collaborating with all my colleagues to deliver results for our stakeholders in the years to come.

    This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

    Note to editors, not for publication:
    ABN AMRO Press Office: Jarco de Swart, E-mail: pressrelations@nl.abnamro.com, phone number: +31 (0)20 6288900.
    ABN AMRO Investor Relations: John Heijning, E-mail: investorrelations@nl.abnamro.com, phone number +31 (0)20 6282282.

    Operating results

    (in millions) Q1 2025 Q1 2024 Change Q4 2024 Change
    Net interest income 1,560 1,589 -2% 1,668 -7%
    Net fee and commission income 507 469 8% 500 1%
    Other operating income 79 139 -43% 72 10%
    Operating income 2,145 2,197 -2% 2,240 -4%
    Personnel expenses 725 656 10% 743 -2%
    Other expenses 584 600 -3% 871 -33%
    Operating expenses 1,309 1,257 4% 1,614 -19%
    Operating result 836 940 -11% 626 34%
    Impairment charges on financial instruments 5 3 52% 9 -44%
    Profit/(loss) before taxation 831 937 -11% 618 35%
    Income tax expense 212 263 -19% 220 -4%
    Profit/(loss) for the period 619 674 -8% 397 56%
    Attributable to:          
    Owners of the parent company 619 674 -8% 397 56%
               
    Other indicators          
    Net interest margin (NIM) (in bps) 154 162   167  
    Cost/income ratio 61.0 % 57.2 %   72.0 %  
    Cost of risk (in bps)¹ 1 -1   1  
    Return on average equity² 9.9 % 11.6 %   6.2 %  
    Earnings per share (in EUR)3, 4 0.69 0.76   0.43  
    Client assets (end of period, in billions) 346.9 347.1   344.4  
    Risk-weighted assets (end of period, in billions)5 141.5 144.2   140.9  
    Number of internal employees (end of period, in FTEs) 22,267 20,887   21,976  
    Number of external employees (end of period, in FTEs) 3,312 3,931   3,670  
    1. Annualised impairment charges on loans and advances customers for the period divided by the average loans and advances customers (excluding at fair value through P&L) on the basis of gross carrying amount and excluding fair value adjustments from hedge accounting.
    2. Annualised profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average equity attributable to the owners of the company excluding AT1 capital securities.
    3. Profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average outstanding and paid-up ordinary shares.
    4. For Q1 2025, the average number of outstanding shares amounted to 833,048,566 (Q4 2024: 833,048,566; Q1 2024: 860,275,379).
    5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 are prepared in accordance with CRR II (Basel III) regulations.

    Attachments

    The MIL Network –

  • MIL-OSI: Best Loans For Bad Credit: Upstart’s Guaranteed Personal Loans with No Credit Needed for Scores Below 580

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., May 14, 2025 (GLOBE NEWSWIRE) — When you’re struggling with bad credit, it can feel like your financial options are extremely limited. The thought of applying for a loan can be intimidating, especially when so many lending institutions seem to turn you down because of your credit history. However, having a bad credit score doesn’t mean you’re out of options.

    In fact, there are specialized loans designed specifically for individuals in situations like yours. These loans can help you get the funds you need for medical emergencies, debt consolidation, home improvements, or even a new car.

    Click here to apply for a personal loan for bad credit and explore your options now!

    Many lenders now offer flexible terms and more accessible criteria to help those with less-than-perfect credit scores. With careful research, you can find trustworthy lenders that provide practical solutions without falling into high-interest traps or predatory lending practices.

    The key is knowing where to look, and understanding the features of the best loans for bad credit. These loans are not necessarily as bad as they may sound; in fact, many of them come with transparent terms, reasonable rates, and, importantly, a chance for you to rebuild your credit over time.

    In this article, we’ll explore the best loans for bad credit in 2025. We’ll break down what makes a loan suitable, how to apply for one, and which lender we recommend based on thorough research.

    Upstart – Our No. 1 Pick for Bad Credit Loans

    After reviewing a wide range of lenders that cater to bad credit borrowers, Upstart stands out as the best choice. Upstart is an innovative online lender that uses AI to evaluate applicants, making it more accessible for people with low credit scores or limited credit histories.

    Unlike traditional lenders, Upstart doesn’t solely rely on your credit score. Instead, it considers additional factors such as your education, employment, and income to assess your loan eligibility.

    While many traditional lenders would reject you based solely on your credit score, Upstart takes a more holistic approach. It offers flexibility and faster approval processes, making it our top pick for individuals looking for loans despite having a bad credit score.

    Click here to apply with Upstart—no credit score requirement and fast approval!

    Loan Amounts, APR Range, and Repayment Terms

    Upstart offers personal loans ranging from $1,000 to $50,000, with APRs varying between 6.70% and 35.99% depending on the borrower’s creditworthiness and the loan terms. These terms are competitive, and the rates are generally lower than many other bad credit loan providers, although higher than standard loans for those with excellent credit.

    Upstart’s repayment terms are fixed at 36 or 60 months. While this may seem limited compared to lenders offering a broader range of terms, it allows borrowers to plan their repayments over manageable time periods. This is particularly helpful for individuals looking for a structured and predictable payment schedule.

    Click here to compare loan terms and find the best rate for you now!

    Why It’s the Top Pick

    There are several reasons why Upstart has earned the top spot for best loans for bad credit in 2025:

    1. Lower Credit Score Requirements: Upstart accepts borrowers with credit scores as low as 300. For college students or recent graduates, there’s no credit score requirement at all.
    2. AI-Driven Loan Decisions: The platform’s AI technology considers multiple factors beyond just credit score, such as education, employment, and income, improving the chances of approval for those with bad credit or thin credit files.
    3. Fast Funding: Upstart provides funds as soon as the next business day after approval, which is ideal for borrowers who need fast access to cash.
    4. No Prepayment Penalty: Borrowers can repay their loans early without incurring any penalties, which is a significant advantage for those looking to reduce the interest paid over the life of the loan.

    Click here for fast, flexible funding—apply now to get the loan you need with no credit score requirement!

    What Is a Bad Credit Score?

    A bad credit score typically refers to a credit score below 580. Scores in the 580-669 range are considered “fair” credit, and scores below 580 are considered poor. A bad credit score indicates that the borrower has a history of financial difficulties, such as missed payments, defaults, or high debt-to-income ratios—all factors that affect the types of loans available to you.

    Understanding your credit score and how it impacts your loan options is key when searching for the best loans for bad credit.

    Credit scores are determined by several factors:

    • Payment History: Whether you’ve paid your bills on time.
    • Credit Utilization: The percentage of your available credit you are using.
    • Length of Credit History: The age of your credit accounts.
    • Recent Inquiries: How often you’ve applied for new credit.
    • Types of Credit Used: The variety of credit accounts you hold.

    While a bad credit score can significantly affect your ability to get approved for loans from traditional lenders, platforms like Upstart are more flexible and are willing to consider other factors beyond just your score.

    Example Scenario: Who This Is Best For

    Consider Sara, who has a credit score of 550 due to missed payments on her credit cards in the past. She needs $8,000 to cover medical bills after a sudden emergency. Sara has been rejected by her bank and a few other lenders due to her credit history.

    However, with Upstart, she was able to complete a simple online application, was matched with a lender that offered her a 36-month loan with an APR of 18.99%, and received the funds the same day. By making timely payments, Sara is not only able to take care of her medical bills but is also improving her credit score.

    What Are Bad Credit Loans?

    Bad credit loans are financial products designed to help individuals with poor credit histories access funds when needed. Traditional banks and financial institutions typically rely heavily on your credit score to approve loans, but bad credit loans offer a more inclusive approach.

    These loans may come with higher interest rates due to the risk involved, but they provide an opportunity for borrowers to obtain financial assistance and rebuild their credit.

    There are several types of bad credit loans:

    • Personal Loans: Unsecured loans typically offered by online lenders, which can be used for various purposes such as consolidating debt or covering emergency expenses.
    • Secured Loans: Loans that require collateral, such as a car, home, or savings account, to secure the loan. These loans may offer lower interest rates compared to unsecured loans.
    • Payday Loans: Short-term loans often offered by payday lenders. These loans can have extremely high-interest rates and should be avoided unless absolutely necessary.
    • Peer-to-Peer Loans: Loans that are funded by individuals rather than traditional financial institutions. These loans may come with more flexible terms and lower interest rates.

    Eligibility & Application Process to Get a Loan with Bad Credit

    One of the significant advantages of applying for a loan with Upstart is its inclusive eligibility criteria. Unlike traditional lenders, Upstart doesn’t require a high credit score or an extensive financial history.

    This makes the application process more accessible for borrowers who may have been rejected by other financial institutions due to bad credit or a thin credit file.

    Click here to start your application and get matched with the best loan offers in minutes!

    Minimum Credit Score

    Upstart is uniquely flexible when it comes to credit score requirements. There is no official minimum credit score to apply for a loan. While Upstart does consider your credit history, it doesn’t make it the sole deciding factor. This is especially beneficial for borrowers who may have a credit score in the lower range or no credit history at all.

    Upstart uses an innovative AI-driven model that considers other important factors, such as income, employment history, education, and debt-to-income ratio. These factors are weighed alongside your credit score to assess your ability to repay the loan, which allows for higher approval rates and more tailored loan offers.

    This broader approach to evaluating loan applications means that borrowers with bad or limited credit histories have a real opportunity to secure the funds they need without the pressure of needing to “fix” their credit first.

    Required Documents

    The application process with Upstart is entirely digital and streamlined for ease. There’s no need for you to visit a branch or upload numerous documents. The entire process can be completed online in just a few minutes. You will need to provide basic information, which typically includes:

    • Full name and contact details
    • Proof of income or employment (self-reported is acceptable)
    • Bank account details (for loan disbursement)
    • Valid identification (to verify your identity)

    In some cases, Upstart may request additional documentation or verification, but this is typically done electronically after the initial application is processed. The platform strives to make the process as hassle-free as possible, ensuring you can apply and potentially receive approval without unnecessary delays.

    Approval Time and Disbursement

    One of the standout features of Upstart is its speed. After submitting your short application, the approval process is often instant, meaning you’ll know within minutes whether you’ve been approved for a loan.

    If you’re approved and matched with a lender, funds are typically disbursed the same day, and in many cases, as quickly as within 1 business day. For borrowers facing urgent financial needs, such as medical bills or car repairs, this fast turnaround is a game-changer.

    Overall, Upstart’s streamlined and efficient application process, along with quick approval and disbursement times, makes it an excellent choice for individuals who need access to funds without the long waiting periods associated with traditional lending methods.

    Click here to apply and get your loan funds within 24 hours!

    How to Apply Online

    Applying for a loan with Upstart is simple:

    1. Visit the Upstart website and select your loan amount.
    2. Fill out the online application with basic personal and financial details.
    3. Review your loan offer, including APR, terms, and repayment schedule.
    4. Accept the loan terms and sign the agreement.
    5. Receive your funds directly into your bank account.

    Pros and Cons

    Pros:

    • Low credit score requirement (as low as 300)
    • AI-driven loan approvals that consider factors beyond credit score
    • Fast approval and funding (as quickly as 1 business day)
    • No prepayment penalties
    • Flexible loan amounts ranging from $1,000 to $50,000

    Cons:

    • Origination fees may be as high as 12%, depending on your credit history
    • Limited repayment terms (only 36 or 60 months)
    • No cosigner option available for better rates

    Why It’s Hard to Get Loans with Bad Credit

    Securing a loan with bad credit is challenging primarily because traditional lenders, such as banks, rely heavily on credit scores to assess the risk of lending money. A low credit score signals to lenders that you have a history of financial instability, such as missed payments, defaults, or high debt-to-income ratios.

    As a result, these lenders consider you a high-risk borrower, which leads to either outright loan rejection or approval under unfavorable terms, such as higher interest rates, shorter repayment periods, and substantial fees. This makes it difficult for individuals with bad credit to access loans that offer fair terms.

    Moreover, even when loans are available, they often come with exorbitant interest rates and fees, making it hard to pay off the loan and ultimately worsening the borrower’s financial situation. Payday loans, for example, offer quick access to cash but often come with annual percentage rates (APRs) that can exceed 400%.

    These high rates trap borrowers in a cycle of debt, forcing them to take out additional loans to repay the original one. Unfortunately, many people with bad credit are stuck in this cycle, as traditional financial institutions continue to prioritize low-risk applicants with good credit scores, leaving those with poor credit without accessible and affordable loan options.

    Fortunately, platforms like Upstart are challenging this model by offering more inclusive loan products that consider factors beyond just credit scores, such as education, employment, and income.

    This innovative approach not only helps borrowers with bad credit gain access to loans but also provides a fairer lending process that avoids the pitfalls of predatory lending. By focusing on a broader range of eligibility criteria, Upstart makes it easier for individuals with bad credit to secure a loan without being punished by high fees or interest rates.

    Click here to see your personalized loan options with Upstart—Get approved with no credit score requirement!

    What to Look for in a Bad Credit Loan

    When applying for a loan with bad credit, it’s important to focus on these key features to ensure you’re getting one of the best loans for bad credit:

    Fair Interest Rates

    Look for loans with reasonable interest rates, ideally below 36% APR, to avoid predatory lending. High rates can make it harder to pay off your debt and lead to financial stress. Compare APRs from multiple lenders to find the best deal.

    No Prepayment Penalties

    Choose a loan that doesn’t penalize you for paying off the loan early. No prepayment penalties give you the flexibility to pay down your debt faster and save on interest if you come into extra money.

    Soft Credit Checks

    Look for lenders that offer soft credit checks during the prequalification process. This won’t affect your credit score and allows you to compare loan offers without committing or harming your score.

    Fast Disbursement

    Opt for loans that provide quick funding, ideally within one business day. Fast disbursement is crucial for handling urgent expenses like medical bills or car repairs.

    Clear Terms

    Ensure the loan terms are transparent with no hidden fees. Reputable lenders will clearly outline the APR, repayment schedule, and any associated costs, allowing you to make an informed decision.

    By focusing on these features, you can secure a loan that fits your financial needs without falling into a cycle of debt.

    Ready to get started? Apply now with Upstart and get fast, flexible loan options with no hard credit check!

    How to Find Personal Loans for Bad Credit

    To increase your chances of securing a personal loan with bad credit, follow these steps:

    1. Know your credit score
    2. Research lenders who specialize in bad credit loans
    3. Prequalify with soft credit checks
    4. Compare APRs and fees
    5. Understand terms and conditions
    6. Be ready to offer collateral if necessary
    7. Avoid payday lenders
    8. Consider a co-signer for better rates

    Where to Find Bad Credit Loans

    There are several types of lenders that offer bad credit loans:

    1. Online Lenders: Platforms like Upstart offer fast, convenient loan applications.
    2. Credit Unions: Often provide lower rates for members with bad credit.
    3. Peer-to-Peer Lending: Borrowers can get funds directly from individual investors.
    4. Community Banks: Smaller, local banks may have more flexible lending terms.
    5. Nonprofit Lenders: Some nonprofit organizations offer low-interest loans to those with bad credit.

    FAQs About Bad Credit Loans

    Q: Is it possible to get a $3,000 loan with bad credit?
    Yes, many online lenders, like Upstart, can help you secure a $3,000 loan despite bad credit.

    Q: Can I get a loan with a 500 credit score?
    Yes, lenders like Upstart still consider borrowers with scores around 500.

    Q: Who can give me money right now?
    If you need immediate funding, online lenders like Upstart can approve your loan and disburse funds within one business day.

    In Conclusion: The Best Loans for Bad Credit in 2025

    For individuals with bad credit seeking flexibility, quick funding, and a streamlined approval process, Upstart presents a strong option. Whether you need to consolidate debt, cover medical expenses, or manage an emergency, Upstart’s AI-powered platform connects borrowers with lenders offering competitive rates and suitable loan terms—ideal features to look for when searching for the best loans for bad credit.

    For example, if your credit score is around 550 and you’re seeking a larger loan, Upstart’s unique approach could help match you with lenders that understand your financial situation and offer more accessible terms.

    Ultimately, Upstart distinguishes itself as one of the best loans for bad credit, offering a quicker approval process, fairer rates, and a chance to improve your financial standing through responsible borrowing. For those struggling with bad credit, exploring platforms that prioritize more than just your credit score could open doors to better loan opportunities, making Upstart a noteworthy option to consider in 2025.

    Check your loan options today and see how you can get the funds you need. Apply now for a quick and easy process.

    Project name: Upstart
    Full Company address: Upstart Operations Dept.
    P.O. Box 1503
    San Carlos, CA 94070
    Company website: https://www.upstart.com/
    Postal code: 94070
    Contact person: Max Fraser |
    Email: support@upstart.com

    Disclaimer: The information provided in this article is for general informational purposes only. All loan terms, interest rates, and approval criteria mentioned are subject to change and may vary based on individual circumstances. Upstart and other lenders featured may have different eligibility requirements and terms. Always review the full terms and conditions before applying for any loan. We recommend conducting your own research and consulting with a financial advisor to ensure you are making the best decision for your personal financial situation. Loan approvals, rates, and disbursements are not guaranteed and depend on the lender’s assessment of your application.

    Photos accompanying this announcement is available are:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4d76d325-baad-4314-825d-6171fa9491b2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/79f17a59-e4d8-4160-8e10-44d2e983deb4

    The MIL Network –

  • MIL-OSI: Best Tribal Loans for Bad Credit Guaranteed Approval Direct Lenders with No Credit Check – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., May 14, 2025 (GLOBE NEWSWIRE) — Securing stable financial assistance when your credit score is not up to par can be challenging. That is where Best tribal loans for bad credit come into play, providing quick, convenient, and easiest tribal loans to get for individuals with less-than-ideal credit histories. IOnline Payday Loans simplifies it for borrowers to find licensed tribal loans direct lender guaranteed approval services so that funds can be obtained even without a conventional credit check.

    >> Click Here to Apply Tribal Loans >>

    Whether you are looking for tribal payday loans, Tribal installment loans direct lenders no credit check, or easiest tribal loans for bad credit, this guide has all the information you need to get fast approval and instant cash.

    >> Click Here to Apply Tribal Loans >>

    What Are the Best Tribal Loans for Bad Credit?

    Best tribal loans for bad credit are personal loans offered by lenders that are associated with Native American tribes. They are governed by tribal law, which makes them a viable option for borrowers who are having trouble with traditional lenders.

    The most important benefit is their no credit check and direct lender guaranteed approval, which is usually available even with bad credit scores. IOnline Payday Loans provides US borrowers with access to quality providers of tribal loans with no credit check direct lender services, and it is therefore one of the simplest tribal loans to obtain.

    >> Click Here to Apply Tribal Loans >>

    These loans are ideal for emergencies, surprise bills, or urgent expenditures, with speedy online applications and rapid disbursal of funds. Some lenders even offer tribal installment loans for bad credit, direct lenders, offering borrowers flexible repayment terms.

    Types of Tribal Loans: No Credit Check, Instant Approval

    When searching for the Best tribal loans for bad credit, it’s important to be aware of the various types of loans that you can select and choose the one that best meets your personal financial needs. Through IOnline Payday Loans, lenders can get access to a vast range of tribal loans no credit check products, with many providing instant approval and guaranteed approval with direct lenders.

    These loans are specifically formulated to deliver quick monetary assistance for unforeseen circumstances, emergencies, or individual needs without going through the bother of standard credit verification.

    Let us see the most popular forms of tribal loans direct lender guaranteed approval no teletrack available online, in detail:

    1. Tribal Payday Loans No Credit Check

    Tribal payday loans no credit check are quick, short-term, small loans that should be paid back through your next check. They are among the simplest tribal loans to obtain since they do not have many requirements for eligibility and no old credit checks. Perfect for emergencies, they provide guaranteed tribal loans with bad credit options for people in need of immediate financial assistance.

    2. Tribal installment loans for bad credit direct lenders

    For those who want more flexible repayments over time, bad credit tribal installment loans direct lenders offer the best option. They provide the convenience of borrowing more with the relaxed nature of tribal loans no credit check strategies, dividing repayment into easy installments. They’re best suited for larger-than-usual expenses such as medical expenses or repair of a car.

    3. $500 Tribal Installment Loans Direct Lenders Only

    As the name indicates, these loans provide a virtually guaranteed approval rate for borrowers with low credit scores. $500 tribal installment loans direct lenders only are not based on hard credit checks and usually dodge conventional reporting mechanisms like Teletrack. With IOnline Payday Loans, these loans give a guaranteed and quick funding solution.

    4. Tribal loans no credit check direct lender

    These loans involve working directly with a tribal lender, ensuring faster processing and straightforward terms. A popular option for borrowers looking for easy tribal loans for bad credit, these loans eliminate intermediaries, improving approval rates and offering quicker access to funds.

    5. Easy tribal loans for bad credit

    Easy tribal loans for bad credit are designed to be fast and convenient. With straightforward eligibility and instant decisions, these loans are approved and funded within 24 hours. Ideal for paying for sudden or unexpected bills, they are easily accessed through IOnline Payday Loans.

    All these loans work together towards making IOnline Payday Loans one of the Best tribal loans for bad credit lenders in the US today, providing convenient, quick, and affordable financial assistance to those that need it the most.

    How to Apply for Tribal Loans No Credit Check

    It has never been easier to apply for the Best tribal loans for bad credit, thanks to online lending sites like IOnline Payday Loans making the process simple and easy. One of the greatest benefits of tribal loans no credit check is that you do not need to fret about your credit history hurting your chances. Tribal loans are specifically made for fast, easy approvals with little paperwork and convenient online applications.

    Below is a step-by-step guide on how to get tribal loans with direct lender guaranteed approval, no credit check:

    1.   Select the loan amount and repayment period

    First, use the online form to select the amount you require for the loan (up to $5000) and select the payback duration that is suitable for you, between 3 to 12 months. Ensure your repayment schedule is comfortable so as not to complicate matters.

    2.   Organize the necessary information

    Provide the necessary details such as your income, contact information, and banking details. The more accurate the information, the quicker the process will go. Rest assured, your data is confidential and will only be shared with the lender.

    3.   Submit your application

    After filling out your details, submit the application. You’ll receive an approval decision within minutes, usually within 2 minutes, so you won’t be left waiting long.

    4.   Get matched with a lender

    Most applicants are automatically matched with a tribal loans direct lender guaranteed approval. Even with bad credit, you’ll be connected with a third-party lender willing to offer assistance.

    5.   Review loan offer

    Once you have been matched, you will be offered loans with specific terms. Loan offers will state the repayment terms and charges, and you should read them carefully so that they meet your requirements.

    6.   Sign loan agreement

    After you are satisfied with your loan proposal, you will e-sign the loan agreement. The lender will proceed to process all the information and prepare the funds for disbursement.

    7.   Get funds

    In the majority of instances, once your loan has been approved, you can have access to cash as soon as the next working day. Your lender will inform you of all information regarding how money will be paid.

    Why Are IOnline Payday Loans the Best Choice for You?

    IOnline Payday Loans is one of the most dependable sources for tribal loans no credit check available. They offer fast, safe, and easy loans, so they are an ideal option if you need a loan but have bad credit. The following are the reasons you should choose IOnline Payday Loans:

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    Unlike other lenders who always place too much emphasis on your credit score, IOnline Payday Loans offers personal tribal loans no credit check that mean your bad credit will never prevent you from receiving your loan. Bad credit, or NO credit, will never hinder you from the bad credit guaranteed tribal loans approval.

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    4.   Simple, easy-to-use online application

    The application process is straightforward and quick. With just a few simple steps, you can apply online from the comfort of your own home. There’s no complicated paperwork or long wait times, just a fast and easy way to access tribal payday loans when you need them most.

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    At IOnline Payday Loans, your privacy is very important. The online platform is secure and confidential to ensure that you never have to worry about your personal or financial information being shared with anybody. Additionally, as per the Law of Truth in Lending, all the Loan Terms are explained to you before you sign on the dotted line. There is no deception in the borrowing process offered by IOnline Payday Loans.

    Ultimately, the features offered by IOnline Payday Loans makes it one of the best options for tribal loans no credit check, and guaranteed tribal loans bad credit. If for any reason you need money quickly, whether it is an emergency or a lack of respect or just want the least hassle possible while obtaining a loan, IOnline Payday Loans can offer you exactly what you need with trust.

    IOnline Payday Loans Application Process

    The application process for IOnline Payday Loans is designed to be straightforward, especially for those seeking tribal loans no credit check. Follow these simple steps to get started:

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    Prepare the necessary documents such as proof of identity, income, and residency. Since tribal payday loans do not require extensive documentation, this step is simple and quick to complete.

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    Fill out the easy online application form. The form will ask for personal details and the amount you wish to borrow. This step is quick and designed to minimize your time spent on the process.

    Step 4: Check eligibility

    Once you submit the form, the system will automatically check your eligibility for easy tribal loans for bad credit. Since the approval process is not based on your credit score, you’re likely to be eligible even with a poor credit history.

    Step 5: Get matched with a lender

    If you’re eligible, you’ll be matched with a tribal loans direct lender guaranteed approval no teletrack that fits your loan request. This step ensures that you get the best possible loan terms for your situation.

    Step 6: Sign & receive funds

    Once you’re matched with a lender, review the loan offer, sign the agreement, and receive your funds. With tribal loans no credit check direct lender, you can expect fast processing and immediate disbursement, often the same day.

    Following these steps ensures that applying for Best tribal loans for bad credit is as smooth and hassle-free as possible.

    Eligibility Criteria for IOnline Payday Loans

    To apply for IOnline Payday Loans, certain eligibility criteria must be met to ensure you are a suitable candidate for their tribal loans no credit check. These requirements are designed to make the application process accessible and secure for applicants, regardless of their credit history.

    • Age: You need to be at least 18 years old. This requirement ensures that you are legally able to enter into a loan agreement and pay back the loan throughout the loan term.
    • U.S. Residency: Loan applicants must be legal U.S. residents to be eligible for tribal payday loans. Because the loan is only available to U.S. residents, this is important.
    • Steady Income: You must provide proof of steady income. This can include a paycheck from full-time work, yourself as a business owner, disability payments, or any reliable source of income. Tribal loans direct lender guaranteed approval usually needs this as evidence that you can pay back the loan.
    • Bank Account: You will need a valid checking or savings account to receive your funds through direct deposit and for loan payments to be made. This allows for more accurate and quicker transfer of funds.
    • No Credit Check: One great feature of easy tribal loans for bad credit is that there is no credit check. Even if you have bad credit or do not have credit, qualifying for guaranteed tribal loans bad credit is still available.

    The eligibility requirements for tribal installment loans for bad credit direct lenders are uncomplicated. This makes tribal installment loans an attractive way to borrow for anyone that has trouble getting traditional lenders to work with them and their credit score. The eligibility requirements are straightforward and the process allows for quick and easy access to funding without the long waiting, overwhelming obstacles of application, and blurry lines of a credit check.

    Wrapping up

    To sum up, IOnline Payday Loans is definitely one of the best options for tribal loans no credit check if you need fast and reliable financing. Tribal loans direct lender guaranteed approval supports individuals looking for easy access to funds quickly, even if they have poor credit. The process is simple, ensuring the great chance to get approved for one of the easiest tribal loans to obtain.

    Whether you are looking for tribal payday loans or an easy tribal loan for an emergency or other needs, you can trust you will receive fast and efficient service with IOnline Payday Loans. If you are looking for easy tribal loans for bad credit, it is worth it to look into this option.

    Frequently Asked Questions

    Will I actually be able to get guaranteed tribal loans bad credit?

    Yes, you will be able to get guaranteed tribal loans bad credit with IOnline Payday Loans even if you have bad credit. The process is very simple, and uses a common sense approach to ensure everyone gets a chance; and the best part is that you will not need to submit a credit score, and approval is much faster than traditional loans.

    Will applying for my tribal loan affect my credit score?

    No, your credit score would not be affected by applying for a tribal payday loan with IOnline Payday Loans. Since the decision is based on criteria other than your credit score, you won’t have to be concerned with your score and the loan application and approval.

    Are these loans available in every state?

    IOnline Payday Loans is available in most states, however, loan availability may depend on state regulations. We recommend checking the website or contacting customer support for confirmation on tribal loans no credit check availability.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a448455-0257-4c6f-9380-aed09399ca89

    The MIL Network –

  • MIL-OSI: Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce strong production results from its three-well Basal Quartz (“BQ”) horizontal drilling program in the Michichi area of Central Alberta during the first quarter of 2025. The Company also announces financial and operating results for the first quarter ended March 31, 2025.

    SUCCESSFUL RESULTS FROM BASAL QUARTZ DRILLING PROGRAM

    The Company successfully drilled and completed three BQ horizontal wells that are now all on production. The wells were executed within budget and continue to demonstrate the high-quality geological and reservoir characteristics of the Michichi BQ play.

    The following table summarizes the initial production (“IP”) rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025:

    Well Identifier Days from
    Spud to Rig
    Release    		 Lateral
    Length
    (metres)    		 Fracture
    Stages    		 IP Period Medium
    Crude Oil
    (bbl/d)    (1)    		 Conventional
    Natural Gas
    (Mcf/d)    (1)    		 Total
    (boe/d)    (1)    		 Peak Oil
    Rate
    (bbl/d)    (1)
    100/14-32-029-18W4 7 1,340 49 IP30 275 953 434 357
    102/13-32-029-18W4 7 1,319 48 IP21 328 1,052 503 367
    100/07-19-030-18W4 8 2,154 78 IP21 389 1,080 569 585
    (1)   Initial production rates are based on field estimates at wellhead. See “Advisories – Initial Production Rates” below.
         

    Total Company sales production for the first week of May 2025 averaged 3,467 boe/d (62.9% liquids)1, of which 1,567 boe/d (69.0% liquids)2 was from the three BQ wells drilled during the first quarter of 2025.

    These recent three wells validate Prairie Provident’s excitement with the emerging BQ/Ellerslie play on its Michichi lands. Direct offsetting operational activity continues to be strong. Legacy vertical well control, available 3D/2D seismic data, and offset drilling activity are important factors in de-risking the Michichi BQ play. Prairie Provident has identified more than 40 potential drilling opportunities targeting medium crude oil on its Michichi lands. The Company owns and controls key Michichi infrastructure, which provides a competitive advantage for the future development of this play, and has sizeable tax pools, including approximately $330 million of non-capital losses.

     _________

    1. Comprised of approximately 2,052 bbl/d of medium crude oil, 7,705 Mcf/d of conventional natural gas and 131 bbl/d of NGLs.
    2. Comprised of approximately 1,013 bbl/d of medium crude oil, 2,909 Mcf/d of conventional natural gas and 69 bbl/d of NGLs.


    FIRST QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS

    Prairie Provident’s interim financial statements for the first quarter ended March 31, 2025 and related Management’s Discussion and Analysis (MD&A) are available on our website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca. Financial and operating highlights for the period include:

    • In February and March of 2025, the Company completed a brokered equity financing raising aggregate gross proceeds of $8.67 million to facilitate further development in the BQ formation at Michichi.
    • In Q1 2025, the Company drilled three gross (3.0 net) new wells in the BQ formation. These wells were completed and brought on production in April 2025.
    • Production averaged 2,221 boe/d (58% liquids)1 for Q1 2025, which was 16% or 415 boe/d lower than Q1 2024, primarily due to the sale of the Company’s former Evi CGU in Q1 2024 and natural production declines.
    • Q1 2025 operating expenses were $29.64 boe/d, a decrease of 17% or $6.15 per boe/d from Q1 2024, principally due to the sale of the Evi CGU and certain Provost properties in Q1 2024 which experienced higher operational costs and partially offset by increases in workover costs.
    • Q1 2025 operating netback2 before the impact of derivatives was $3.7 million ($18.38/boe), and $3.7 million ($18.38/boe) after realized losses on derivatives, a 74% and a 115% increase, respectively, relative to Q1 2024. The increase was a result of slightly higher realized pricing, lower royalties and operating costs and no realized losses on derivatives.
    • Net loss totaled $6.1 million in Q1 2025, a $1.2 million increase compared to Q1 2024. The increase was due to lower petroleum and natural gas sales, higher G&A expenses, impairment expense and finance costs offset by lower operating expenses.

     _________

    1. Comprised of approximately 1,201 bbl/d of medium crude oil, 5,574 Mcf/d of conventional natural gas and 91 bbl/d of NGLs.
    2. Operating netback is a Non-GAAP financial measure and is defined below under “Advisories – Non-GAAP and Other Financial Measures”.


    FINANCIAL AND OPERATING SUMMARY

    ($000s, except per unit amounts or as indicated)     Q1 2025 Q4 2024 Q1 2024
              (Restated)(1)
    FINANCIAL          
    Revenue          
    Petroleum and natural gas sales     11,073   11,111   12,996  
    Royalties     (1,472 ) (567 ) (1,871 )
    Revenue     9,601   10,544   11,125  
    Realized gain (loss) on derivatives     –   –   (485 )
    Unrealized gain (loss) on derivatives     –   –   416  
    Revenue, net of gains (losses) on derivatives     9,601   10,544   11,056  
    Net loss(1)     (6,137 ) (10,123 ) (4,945 )
    $ per share – Basic     –   (0.01 ) (0.01 )
    $ per share – Diluted     –   (0.01 ) (0.01 )
    Adjusted Funds Flow(2)     1,782   (192 ) 27  
    $ per share – Basic     –   –   –  
    $ per share – Diluted     –   –   –  
    Capital expenditures(2)     8,023   9,083   578  
    Net capital expenditures(2)     8,099   9,023   (23,600 )
    Common Shares outstanding (000s)          
    End of period     1,401,335   1,197,401   716,087  
    Weighted average – Basic     1,273,892   1,170,310   715,861  
    Weighted average – Diluted     1,273,892   1,170,310   715,861  
    OPERATING          
    Production Volumes          
    Crude oil and condensate (bbl/d)     1,201   1,298   1,495  
    Natural gas (Mcf/d)     5,574   6,107   6,498  
    Natural gas liquids (bbl/d)     91   69   58  
    Total (boe/d)(3)     2,221   2,385   2,636  
    % Liquids     58 % 57 % 59 %
    Realized Prices          
    Crude oil and condensate ($/bbl)     86.88   83.16   80.75  
    Natural gas ($/Mcf)     2.43   1.49   2.64  
    Natural gas liquids ($/bbl)     56.53   53.93   85.21  
    Total ($/boe)(3)     55.39   50.65   54.17  
    Operating Netback ($/boe)          
    Realized price     55.39   50.65   54.17  
    Royalties     (7.37 ) (2.58 ) (7.80 )
    Operating costs(1)     (29.64 ) (30.02 ) (35.79 )
    Operating netback(2)     18.38   18.05   10.58  
    Realized gains (losses) on derivatives     –   –   (2.02 )
    Operating netback, after realized gains (losses) on derivatives(1)(2)     18.38   18.05   8.56  
    (1)   Restated. For further information, refer to the “Restatements” section in the MD&A.
    (2)   This is a Non-GAAP financial measure. For further information, refer to “Advisories – Non-GAAP and Other Financial Measures” below.
    (3)   The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to “Advisories – Barrels of Oil Equivalent” below.
         

    ABOUT PRAIRIE PROVIDENT

    Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline.

    For further information, please contact:

    Dale Miller, Executive Chairman
    Phone: (403) 292-8150
    Email: investor@ppr.ca

    ADVISORIES

    Forward-Looking Statements

    This news release contains certain statements (“forward-looking statements”) that constitute forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward- looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

    Without limiting the foregoing, this news release contains forward-looking statements pertaining to Basal Quartz drilling opportunities.

    Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

    The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of new or additional tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated March 31, 2025 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

    The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    Oil and Gas Reader Advisories

    Barrels of Oil Equivalent

    The oil and gas industry commonly expresses production volumes and reserves on a “barrel of oil equivalent” (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value.

    Potential Drilling Opportunities vs Booked Locations

    This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Trimble Engineering Associates Ltd. (Trimble), the Company’s independent qualified reserves evaluator, attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident’s reserves data, effective December 31, 2024. Trimble’s year-end evaluation was in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and, pursuant thereto, the Canadian Oil and Gas Evaluation (COGE) Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production.

    Initial Production Rates

    This news release discloses initial production (IP) rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be material.

    Non-GAAP and Other Financial Measures

    This news release discloses certain financial measures that are ‘non-GAAP financial measures’, ‘non-GAAP ratios’ or ‘supplementary financial measures’ within the meaning of applicable Canadian securities laws. Such measures do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS) and, accordingly, may not be comparable to similar financial measures disclosed by other issuers. Non-GAAP and other financial measures are provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes. Readers must not consider Non-GAAP and other financial measures in isolation or as a substitute for analysis of the Company’s financial results as reported under IFRS. For a reconciliation of each non-GAAP measure to its nearest IFRS measure, please refer to the “Non-GAAP and Other Financial Measures” section of the MD&A.

    This news release also includes reference to certain metrics commonly used in the oil and gas industry but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes.

    Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release.

    Adjusted Funds Flow (“AFF”) – AFF is a Non-GAAP financial measure calculated based on net cash from operating activities before changes in non-cash working capital, transaction costs, restructuring costs and other non-recurring items. The Company believes that AFF provides a useful measure of the Company’s operational performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring or discretionary. Management utilizes the measure to assess the Company’s ability to finance capital expenditures and debt repayments. AFF as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. AFF per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of earnings per share. AFF per share is a Non-GAAP ratio.

    Operating Netback – Operating netback is a Non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to evaluate operating performance. Operating netback included in this report were determined by taking oil and gas revenues less royalties and operating costs. Operating netback, after realized gains (losses) on derivatives, adjusts the operating netback for only the realized portion of gains and losses on derivatives. Operating netback may be expressed in absolute dollar terms or on a per boe basis. Per boe amounts are determined by dividing the absolute value by working interest production. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe are Non-GAAP financial ratios.

    Capital Expenditures and Net Capital Expenditures – Capital expenditures and net capital expenditures are Non-GAAP financial measures commonly used in the petroleum and natural gas industry, which the Company believes are useful measures to assist management and investors to assess Prairie Provident’s investment in its existing asset base. Capital expenditures is calculated as the sum of property and equipment expenditures and exploration and evaluation expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. Net capital expenditures is calculated as capital expenditures, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped lands.

    The MIL Network –

  • MIL-OSI: Topicus.com Inc. Announces Election of Members of the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (“Topicus” or the “Corporation”) (TSXV: TOI) is pleased to announce the election of each of the five director nominees listed in the Corporation’s management proxy circular dated March 28, 2025, John Billowits, Alex Macdonald, Lori O’Neill, Donna Parr and Robin van Poelje, to the Corporation’s board of directors at its May 13, 2025 annual general meeting of shareholders (the “AGM”).

    Jane Holden did not stand for re-election to the Corporation’s board of directors at the AGM. The Corporation wishes to thank Jane for her contribution as a board member.

    About Topicus.com Inc.

    Topicus.com Inc. is a leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operating and investing in countries and markets across Europe with long-term growth potential, Topicus.com Inc. acquires, builds and manages leading software companies providing specialized, mission-critical and high-impact software solutions that address the particular needs of customers.

    For further information:

    Jamal Baksh
    Chief Financial Officer 416-861-9677
    info@csisoftware.com

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

    The MIL Network –

  • MIL-OSI: Constellation Software Inc. Announces Results of Voting for Directors at Annual General Shareholders’ Meeting

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (the “Corporation”) (TSX:CSU) is pleased to announce the results of the vote on directors at its May 13, 2025 annual general shareholders’ meeting (the “AGM”). Each of the nine nominees listed in the Corporation’s management proxy circular dated March 28, 2025 was elected as a director. Voting was conducted by ballot with the following voting results:

    Name of Nominee Votes For % Votes Withheld %
    Jamal Baksh 15,262,903 95.93% 648,145 4.07%
    John Billowits 13,448,304 84.52% 2,462,743 15.48%
    Lawrence Cunningham 15,671,300 98.49% 239,747 1.51%
    Claire Kennedy 15,551,512 97.74% 359,536 2.26%
    Robert Kittel 14,355,779 90.23% 1,555,268 9.77%
    Mark Leonard 15,833,383 99.51% 77,664 0.49%
    Donna Parr 15,851,934 99.63% 59,114 0.37%
    Andrew Pastor 15,665,840 98.46% 245,208 1.54%
    Laurie Schultz 15,740,320 98.93% 170,728 1.07%
             

    Final voting results on all matters voted on at the annual meeting held on May 13, 2025 will be filed with the Canadian securities regulators.

    Jeff Bender, Susan Gayner, Mark Miller, Lori O’Neill, Dexter Salna, Barry Symons and Robin Van Poelje did not stand for re-election to the Corporation’s board of directors at the AGM. The Corporation wishes to thank each of the directors for their contributions as board members.

    About Constellation Software Inc.

    Constellation Software acquires, manages and builds vertical market software businesses.

    For further information:
    Jamal Baksh
    Chief Financial Officer
    416-861-9677
    info@csisoftware.com
    www.csisoftware.com

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Continues Expansion in Arizona With New Queen Creek Location

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, May 13, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is celebrating the grand opening of its newest branch in Queen Creek, Arizona. The new location at 150 W. Combs Road, Queen Creek, Arizona, will host festivities on Saturday, May 17, from 11 a.m. to 1 p.m.

    A Media Snippet accompanying this announcement is available in this link.

    The public is invited to join in the fun, which will include free World’s Best Corndogs, Frios Gourmet Pops for dessert, face painting, balloon twisters (while supplies last), and activities for the whole family. Attendees who open a new account, credit card, or loan* will also have the chance to step into a money machine for a shot at grabbing some extra cash. Guests may also enter to win a Bakcou scooter (terms and conditions apply).

    “The opening of our new Queen Creek Branch is another important step in our continued growth and expansion in the Arizona market and serving our growing membership here,” said Sterling Nielsen, president and CEO of Mountain America. “We look forward to welcoming new and existing members, providing them with the financial tools and exceptional member experiences that we are known for.”

    Branch Manager Daniela Tolman described her team’s anticipation for the new location. “We’re thrilled to officially open our new branch and begin serving our members and the community. This location offers exceptional convenience—centrally located near shopping and situated in one of the fastest growing areas of the Southeast Valley. It’s a place where members can connect with our team for personalized financial guidance and support in achieving their financial goals,” she said.

    The new Queen Creek Branch features a modern, open design that creates a welcoming and innovative environment in which members can manage their finances. Mountain America offers a wide range of services, including traditional savings and checking accounts; insurance; investments; automobile loans; and RV loans. The branch also offers a full suite of financing options, such as real estate, commercial, and business lending. The regular branch hours are Monday through Friday from 9 a.m. to 6 p.m. and on Saturday drive-up only from 9 a.m. to 2 p.m.

    For more information about Mountain America visit macu.com.

    *Membership is required based on eligibility. Loans are on approved credit.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across a multi-state region, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Peyto Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) is pleased to report operating and financial results for the first quarter of 2025.

    Q1 2025 Highlights:

    • Peyto reported $225.2 million in funds from operations1,2 (“FFO”), or $1.12/diluted share, and generated $120.2 million of free funds flow3 in the quarter.  Strong FFO was driven by a realized natural gas price after hedging of $4.17/Mcf, 89% higher than the AECO 7A monthly benchmark, and the Company’s industry-leading low cash costs4.      
    • Earnings for the quarter totaled $114.1 million, or $0.57/diluted share, and Peyto returned $65.7 million as dividends to shareholders.
    • Net debt5 was reduced by $65.7 million from December 31, 2024 to $1.28 billion at the end of the quarter.
    • First quarter production volumes averaged 133,883 boe/d (710.5 MMcf/d of natural gas, 15,473 bbls/d of NGLs), a 7% increase year over year (5% on a per share basis), driven by strong well results from the Company’s capital program.
    • Recorded $50.8 million in realized hedging gains and exited the quarter with a hedge position protecting approximately 489 MMcf/d and 406 MMcf/d of natural gas production for Q2–Q4 2025 and 2026, respectively, at approximately $4/Mcf. Peyto’s natural gas and liquid hedging has secured approximately $875 million of revenue for 2025 and $605 million for 2026.
    • Cash costs totaled $1.42/Mcfe for the quarter, including royalties of $0.25/Mcfe, operating expense of $0.53/Mcfe, transportation of $0.29/Mcfe, G&A of $0.06/Mcfe and interest expense of $0.29/Mcfe. Peyto continues to have the lowest cash costs of Canadian producers in the oil and natural gas industry.
    • Total capital expenditures6 of $102.1 million in the quarter.  Peyto drilled 19 wells (18.2 net), completed 13 wells (13.0 net), and brought 14 wells (14.0 net) on production.    
    • Peyto delivered a solid operating margin7 of 71% and profit margin8 of 32%, resulting in a 10% return on capital employed9 (“ROCE”) and an 11% return on equity9 (“ROE”), on a trailing 12-month basis.        

    First Quarter 2025 in Review

    Peyto was active in the quarter with four drilling rigs in the Greater Sundance and Brazeau areas, as well as with pipeline and compression projects that expanded the existing gathering systems to accommodate incremental production volumes.  Natural gas prices recovered in the quarter due to large draws on storage inventories from a relatively cold North American winter, coupled with increased U.S. LNG feed gas demand.  The AECO 7A monthly gas price rose 39% from Q4 2024 and averaged $1.92/GJ.  Peyto’s realized gas price, before hedging, averaged $3.34/Mcf ($2.90/GJ), 51% higher than AECO 7A, driven by the Company’s diversification to premium demand markets in the US and Canada. Additionally, the Company recorded $0.83/Mcf of realized hedging gains on its gas volumes in the quarter from its mechanistic risk management strategy.  All in, Peyto’s realized gas price after hedging totaled $4.17/Mcf or 89% higher than AECO 7A monthly price.  The increased realized gas price, combined with Peyto’s low cost structure, boosted FFO by 13% from Q4 2024 to $225.2 million, which funded $102.1 million of capital expenditures, $65.7 million of shareholder dividends and allowed for a $65.7 million reduction in net debt in the quarter. 

    _________________________________________________

    1This press release contains certain non-GAAP and other financial measures to analyze financial performance, financial position, and cash flow including, but not limited to “operating margin”, “profit margin”, “return on capital”, “return on equity”, “netback”, “funds from operations”, “free funds flow”, “total cash costs”, and “net debt”. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as earnings, cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance. See “Non-GAAP and Other Financial Measures” included at the end of this press release and in Peyto’s most recently filed MD&A for an explanation of these financial measures and reconciliation to the most directly comparable financial measure under IFRS.
    2Funds from operations is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    3Free funds flow is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    4Cash costs is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release.
    5Net debt a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    6Total capital expenditures is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
    7Operating Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    8Profit Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    9Return on capital employed and return on equity are non-GAAP financial ratios. See “non-GAAP and Other Financial Measures” in this news release.

      Three Months Ended Mar 31 %
      2025 2024 Change
    Operations      
    Production      
    Natural gas (Mcf/d) 710,459 647,234 10%
    NGLs (bbl/d) 15,473 17,145 -10%
    Thousand cubic feet equivalent (Mcfe/d @ 1:6) 803,299 750,105 7%
    Barrels of oil equivalent (boe/d @ 6:1) 133,883 125,018 7%
    Production per million common shares (boe/d) 673 643 5%
    Product prices      
    Realized natural gas price – after hedging and diversification ($/Mcf) 4.17 4.05 3%
    Realized NGL price – after hedging ($/bbl) 62.97 60.36 4%
    Net sales price(2) ($/Mcfe) 4.90 4.87 1%
    Royalties ($/Mcfe) 0.25 0.24 4%
    Operating ($/Mcfe) 0.53 0.55 -4%
    Transportation ($/Mcfe) 0.29 0.30 -3%
    Field netback(1) ($/Mcfe) 3.88 3.82 2%
    General & administrative expenses ($/Mcfe) 0.06 0.06 0%
    Interest expense ($/Mcfe) 0.29 0.36 -19%
    Financial ($000, except per share)      
    Natural gas and NGL sales including realized hedging gains(2) 354,268 332,541 7%
    Funds from operations(1) 225,218 204,622 10%
    Funds from operations per share – basic(1) 1.13 1.05 8%
    Funds from operations per share – diluted(1) 1.12 1.05 7%
    Total dividends 65,676 64,158 2%
    Total dividends per share 0.33 0.33 0%
    Earnings 114,117 99,875 14%
    Earnings per share – basic 0.57 0.51 12%
    Earnings per share – diluted 0.57 0.51 12%
    Total capital expenditures(1) 102,129 113,762 -10%
    Decommissioning expenditures 2,872 4,206 -32%
    Total payout ratio(1) 76% 89% -15%
    Weighted average common shares outstanding – basic 199,017,749 194,416,710 2%
    Weighted average common shares outstanding – diluted 200,359,842 195,159,389 3%
           
    Net debt(1) 1,282,891 1,339,558 -4%
    Shareholders’ equity 2,593,128 2,683,990 -3%
    Total assets 5,356,226 5,373,202 0%
           

    (1) This is a Non-GAAP financial measure or ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A
    (2) Excludes marketing revenue and other income

    Capital Expenditures

    Peyto drilled 19 gross (18.2 net) horizontal wells in the first quarter including 10 Wilrich, 1 Falher, 4 Notikewin, 3 Dunvegan, and 1 Cardium well in the core Brazeau and Sundance areas. The Company also completed 13 gross (13.0 net) wells and brought 14 gross (14.0 net) wells on production in the quarter resulting in total well-related capital expenditures of $85.6 million. Additionally, Peyto invested $15.5 million in gathering and processing facilities that included optimization projects and a pipeline to connect third-party volumes to Peyto’s Brazeau plant for long-term fee income. First quarter average drilling costs were slightly higher than the prior quarter, which was attributed to both cold weather operations and the execution of a uniquely over-pressured three-well pad in the Edson area. This was offset by lower completion costs, which fell 6% on a per-well basis from Q4 2024.

      2017 2018 2019 2020 2021 2022 2023 2024 2024
    Q1    		 2024
    Q2    		 2024
    Q3    		 2024
    Q4    		 2025 
    Q1(1)
    Gross Hz Spuds 135 70 61 64 95 95 72 75 18 20 21 16 19
    Measured Depth (m) 4,229 4,020 3,848 4,247 4,453 4,611 4891 5,092 5,220 5,364 4,804 4,987 4,976
                               
    Drilling ($MM/well) $1.90 $1.71 $1.62 $1.68 $1.89 $2.56 $2.85 $2.90 $3.05 $2.89 $2.81 $2.85 $3.01
    $ per meter $450 $425 $420 $396 $424 $555 $582 $569 $585 $539 $585 $572 $605
                               
    Completion ($MM/well) $1.00 $1.13 $1.01(2) $0.94 $1.00 $1.35 $1.54 $1.70 $1.80 $1.75 $1.56 $1.66 $1.56
    Hz Length (m) 1,241 1,348 1,484 1,682 1,612 1,661 1,969 2,184 2,223 2,350 2,224 1,989 1,961
    $ per Hz Length (m) $803 $751 $679 $560 $620 $813 $781 $776 $809 $744 $703 $834 $793
    $ ‘000 per Stage $81 $51 $38 $36 $37 $47 $52 $52 $55 $49 $48 $56 $56
                               

    (1) Based on field estimates and may be subject to minor adjustments going forward. 
    (2) Peyto’s Montney well is excluded from drilling and completion cost comparison.

    Peyto also spent $0.8 million during the quarter on acquiring mineral rights, seismic, and minor acquisitions.

    Commodity Prices and Realizations

    In the first quarter, Peyto realized a natural gas price after hedging and diversification of $4.17/Mcf, or $3.63/GJ, 89% higher than the average AECO 7A monthly benchmark of $1.92/GJ due to realized hedging gains and the Company’s market diversification to non-AECO hubs. Peyto’s natural gas hedging activity resulted in a realized gain of $0.83/Mcf ($53.0 million) in the quarter.

    Condensate and pentanes averaged $90.88/bbl for the quarter, down 1% year over year, while Canadian dollar WTI (“WTI CAD”) decreased 1% to $102.49/bbl over the same period. Other NGL volumes were sold at an average price of $32.41/bbl, or 32% of WTI CAD, up 3% from $31.37/bbl in Q1 2024. Peyto’s combined realized NGL price in the quarter was $64.56/bbl before hedging, and $62.97/bbl including a hedging loss of $1.59/bbl.

    Netbacks

    The Company’s realized natural gas and NGL sales yielded a combined revenue stream of $4.20/Mcfe before hedging gains of $0.70/Mcfe, resulting in a quarterly net sales price of $4.90/Mcfe, consistent with $4.87/Mcfe realized in Q1 2024. Cash costs totaled $1.42/Mcfe in the quarter, 6% lower than $1.51/Mcfe in Q1 2024 due to lower operating, transportation and interest costs. Operating costs are typically highest in the colder, first quarter and Peyto expects per-unit operating costs to trend downward throughout 2025. Peyto’s cash netback (net sales price including other income, net marketing revenue, realized gain on foreign exchange, less total cash costs) was $3.53/Mcfe, the highest since Q1 2023, driving a solid 71% operating margin. Historical cash costs and operating margins are shown in the following table:

      2022 2023 2024 2025
    ($/Mcfe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4(2) Q1 Q2 Q3 Q4 Q1
    Revenue(1) 5.25 5.48 5.01 5.74 5.10 4.07 4.32 4.83 4.92 3.97 3.99 4.34 4.95
    Royalties 0.60 0.95 0.70 0.72 0.53 0.18 0.29 0.30 0.24 0.26 0.18 0.21 0.25
                               
    Op Costs 0.41 0.39 0.38 0.41 0.50 0.47 0.44 0.55 0.55 0.52 0.54 0.50 0.53
    Transportation 0.28 0.27 0.26 0.22 0.24 0.29 0.29 0.26 0.30 0.30 0.31 0.27 0.29
    G&A 0.03 0.02 0.02 0.02 0.03 0.05 0.04 0.06 0.06 0.06 0.03 0.05 0.06
    Interest 0.21 0.20 0.21 0.21 0.22 0.22 0.28 0.40 0.36 0.36 0.38 0.33 0.29
    Cash cost pre-royalty 0.93 0.88 0.87 0.86 0.99 1.03 1.05 1.27 1.27 1.24 1.26 1.15 1.17
                               
    Total Cash Costs10 1.53 1.83 1.57 1.58 1.52 1.21 1.34 1.57 1.51 1.50 1.44 1.36 1.42
    Cash Netback11 3.72 3.65 3.44 4.16 3.58 2.86 2.98 3.26 3.41 2.47 2.55 2.98 3.53
    Operating Margin 71% 67% 69% 72% 71% 70% 69% 67% 69% 62% 64% 69% 71%
                               

    (1) Revenue includes other income, net marketing revenue and realized gains on foreign exchange.
    (2) First quarter of Repsol assets included in Peyto’s results

    Depletion, depreciation, and amortization charges of $1.34/Mcfe, along with provisions for current tax, deferred tax, performance-based compensation and stock-based compensation resulted in earnings of $1.58 /Mcfe, or a 32% profit margin. Dividends to shareholders totaled $0.91/Mcfe.

    Hedging and Marketing

    The Company has been active in hedging future production with financial and physical fixed price contracts to protect a portion of its future revenue from commodity price and foreign exchange volatility. The following table summarizes Peyto’s hedge position for Q2–Q4 2025, calendar 2026, and calendar 2027.

      Q2 2025 Q3 2025 Q4 2025 2026 2027
    Natural Gas          
    Volume (MMcf/d) 510 510 447 406 61
    Average Fixed Price(1)($/Mcf) 3.90 3.90 4.32 3.99 4.05
    WTI Swaps          
    Volume (bbls/d) 5,000 3,800 2,400 745 –
    Average Fixed Price ($/bbl) 98.94 95.51 93.14 86.19 –
    WTI Collars          
    Volume (bbls/d) 500 500 500 248 –
    Put–Call ($/bbl) 90.00–100.25 90.00–110.00 90.00–100.50 87.50–100.25 –
    Propane          
    Volume (bbls/d) 500 500 500 123 –
    Average Fixed Price (US$/bbl) 33.60 33.60 33.60 33.60 –
    USD FX Contracts          
    Amount sold (USD 000s) 69,000 63,000 47,000 112,500 –
    Rate (CAD/USD) 1.352 1.352 1.355 1.355 –

    (1) At 1.39 CAD/USD FX rate for USD contracts

    The Company’s fixed price contracts combined with its diversification to multiple hubs in North America allow for revenue security and support Peyto’s capital expenditure program, continued shareholder returns through dividends, and debt reduction.  Details of Peyto’s ongoing marketing and diversification efforts are available on Peyto’s website at https://www.peyto.com/Marketing.aspx.

    _________________________________________________

    10Total Cash costs is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
    11Cash netback is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.

    Activity Update

    Since the start of the second quarter, Peyto has continued with an active drilling program across all core areas with 8 wells (6.7 net) drilled, 11 wells (9.4 net) completed, and 12 wells (12.0 net) brought on production. The Company intends to continue with a steady capital program through spring break-up and the rest of 2025.

    Last month, Peyto completed a third Falher well in Sundance, as a follow-up to the two wells that discovered a new channel last year. The results to date from these wells have demonstrated top decile internal rate of returns and the team has identified at least 20 additional locations on Peyto lands.  The Company plans to drill three more wells in the channel before the end of the year, which will help further delineate the trend and prove up productivity.

    Recently, the Company applied an alternate drilling technique and liner design on two low working-interest Cardium wells.  This technique, which targets drilling just below the Cardium sand, allowed Peyto to achieve significantly longer laterals while reducing per unit drill costs below historical levels in the area.  A cemented ball drop system allowed for the deployment of 60 stages in each well—a new record for Peyto.  Early results from these wells are encouraging and the Company plans to follow up with additional wells this year to further test the design.  With continued success, Peyto sees the opportunity to apply the new design to other Cardium inventory which comprises approximately 25% of the Company’s undrilled, booked reserves volumes.

    Beginning in April, Peyto commissioned a new pipeline to accept approximately 8 MMcf/d of natural gas from a third party at its Brazeau gas plant, relating to a multi-year gas processing agreement which utilizes spare capacity at the facility. This new pipeline also provides a future opportunity to serve other third-party volumes. 
      
    Outlook

    While the recent weakness in oil prices has a minimal effect on Peyto’s cash flow, it could be constructive to natural gas prices if the fall in oil prices lowers oil activity and associated gas production in the US. The Company remains bullish on forward natural gas prices with the recent start-up of US LNG export facilities and the ramp up of LNG Canada throughout 2025, combined with continued natural gas demand for AI driven data centres in North America. Further, Peyto is well-positioned with its hedge book and market diversification to provide shareholders with both revenue security and exposure to commodity price upside.  Over the next several years, the Company has significant volumes exposed to premium demand markets in the US and Canada, which offer a superior price above the current AECO market. 

    Despite the political volatility and global economic uncertainty, Peyto remains committed to its 2025 capital guidance of $450 to $500 million. The program is designed with flexibility in the back half of the year to adjust to changing commodity prices and the business environment. Peyto will manage production to minimize exposure to weaker priced markets, when necessary, while the Company’s systematic hedging and market diversification programs secure revenues to support future dividends and further strengthen the balance sheet.  

    Conference Call and Webcast

    A conference call will be held with senior management of Peyto to answer questions with respect to the Company’s Q1 2025 results on Wednesday, May 14, 2025, at 9:00 a.m. Mountain Time (MT), or 11:00 a.m. Eastern Time (ET).

    Access to the webcast can be found at: https://edge.media-server.com/mmc/p/svumnnnm.  To participate in the call, please register for the event at: Participant Call Link.  Participants will be issued a dial in number and PIN to join the conference call and ask questions. Alternatively, questions can be submitted prior to the call at info@peyto.com. The conference call will be available on the Peyto Exploration & Development website at www.peyto.com.

    Annual and Special Meeting

    Peyto’s Annual and Special Meeting of Shareholders is scheduled for 3:00 p.m. on Thursday, May 22, 2025, at the Eau Claire Tower, +15 level, 600 – 3rd Avenue SW, Calgary, Alberta. Shareholders are encouraged to read the Information Circular and vote in advance of the proxy voting deadline of Tuesday, May 20 at 3:00 p.m. (Calgary time) and attend this in-person meeting. Leading independent proxy advisory firms have recommended Peyto shareholders (“Shareholders”) vote “FOR” all the proposed resolutions.  Shareholders who have questions or need assistance with voting their shares should contact Peyto’s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. Shareholders who do not wish to attend are encouraged to visit the Peyto website at www.peyto.com where there is a wealth of information designed to inform and educate investors and where a copy of the AGM presentation will be posted. A monthly report from the President can also be found on the website which follows the progress of the capital program and the ensuing production growth.

    Management’s Discussion and Analysis

    A copy of the first quarter report to shareholders, including the MD&A, unaudited consolidated financial statements and related notes, is available at http://www.peyto.com/Files/Financials/2025/Q12025FS.pdf and at http://www.peyto.com/Files/Financials/2025/Q12025MDA.pdf and will be filed at SEDAR+, www.sedarplus.com at a later date.

    Jean-Paul Lachance                                                                                                                                           
    President & Chief Executive Officer                                                                                                                              
    May 13, 2025

    Phone:  (403) 261-6081
    Fax:      (403) 451-4100
    info@peyto.com

    Cautionary Statements

    Forward-Looking Statements

    This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Peyto’s control. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: macro-economic conditions, including public health concerns and other geopolitical risks, the condition of the global economy and, specifically, the condition of the crude oil and natural gas industry, and the ongoing significant volatility in world markets; other industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in other commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Management of the Company believes the expectations reflected in those forward-looking statements are reasonable, but 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 Peyto will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: management’s assessment of Peyto’s future plans and operations, including the 2025 capital expenditure program, drilling plans relating to the Falher discovery at Sundance and the additional wells planned using the alternate drilling technique in the Cardium; the expectation that per-unit operating costs will trend lower in 2025; the expectation that recent weakness in oil prices will have minimal effect on Peyto and could be constructive if lower oil activity decreases associated gas; LNG and AI data centres increasing natural gas demand and setting up a bullish price environment; the sustainability of the Company’s dividend; the effectiveness of the Company’s hedging program at securing revenue; the timing of Peyto’s annual general meeting; and the Company’s overall strategy and focus.

    The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Peyto’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: continued changes and volatility in general global economic conditions including, without limitations, the economic conditions in North America and public health concerns; continued fluctuations and volatility in commodity prices, foreign exchange or interest rates; continued stock market volatility; imprecision of reserves estimates; competition from other industry participants; failure to secure required equipment; increased competition; the lack of availability of qualified operating or management personnel; environmental risks; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws, tariffs, and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; and the ability to access sufficient capital from internal and external sources.  In addition, to the extent that any forward-looking statements presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of Peyto and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to Peyto’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose.  Readers are encouraged to review the material risks discussed in Peyto’s latest annual information form under the heading “Risk Factors” and in Peyto’s annual management’s discussion and analysis under the heading “Risk Factors”.

    The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 Peyto will derive there from.  The forward-looking statements, including any future-oriented financial information or financial outlook, contained in this news release speak only as of the date hereof and Peyto does not assume any obligation to publicly update or revise them to reflect new information, future events or circumstances or otherwise, except as may be required pursuant to applicable securities laws.

    Barrels of Oil Equivalent

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). Peyto uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    Thousand Cubic Feet Equivalent (Mcfe)

    Natural gas volumes recorded in thousand cubic feet (mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl).  Natural gas liquids and oil volumes in barrel of oil (bbl) are converted to thousand cubic feet equivalent (Mcfe) using a ratio of one (1) barrel of oil to six (6) thousand cubic feet.  This could be misleading, particularly if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and does not represent a value equivalency at the wellhead.

    Non-GAAP and Other Financial Measures

    Throughout this press release, Peyto employs certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance.

    Non-GAAP Financial Measures

    Funds from Operations
    “Funds from operations” is a non-GAAP measure which represents cash flows from operating activities before changes in non-cash operating working capital, decommissioning expenditure, provision for performance-based compensation and transaction costs.  Management considers funds from operations and per share calculations of funds from operations to be key measures as they demonstrate the Company’s ability to generate the cash necessary to pay dividends, repay debt and make capital investments.  Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds from operations provides a useful measure of Peyto’s ability to generate cash that is not subject to short-term movements in operating working capital.  The most directly comparable GAAP measure is cash flows from operating activities.

      Three Months Ended March 31
    ($000) 2025 2024
    Cash flows from operating activities 219,116 196,829
    Change in non-cash working capital 730 3,587
    Decommissioning expenditures 2,872 4,206
    Performance-based compensation 2,500 –
    Funds from operations 225,218 204,622
         

    Free Funds Flow
    Peyto uses “free funds flow” as an indicator of the efficiency and liquidity of Peyto’s business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through activities such as share repurchases. Peyto calculates free funds flow as cash flows from operating activities before changes in non-cash operating working capital, provision for performance-based compensation, and transaction costs, less total capital expenditures, allowing Management to monitor its free funds flow to inform its capital allocation decisions.  The most directly comparable GAAP measure to free funds flow is cash from operating activities. The following table details the calculation of free funds flow and the reconciliation from cash flow from operating activities to free funds flow.

      Three Months Ended March 31
    ($000) 2025 2024
    Cash flows from operating activities  219,116  196,829
    Change in non-cash working capital  730  3,587
    Performance-based compensation  2,500  –  
    Total capital expenditures  (102,129)  (113,762)
    Free funds flow  120,217  86,654
         

    Total Capital Expenditures
    Peyto uses the term “total capital expenditures” as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable GAAP measure for total capital expenditures is cash flow used in investing activities. The following table details the calculation of cash flow used in investing activities to total capital expenditures.

       Three Months Ended March 31
      2025 2024
    Cash flows used in investing activities  103,321  97,634
    Change in prepaid capital  (431)  (4,653)
    Change in non-cash working capital relating to investing activities  (761)  20,781
    Total capital expenditures  102,129  113,762
         

    Net Debt
    “Net debt” is a non-GAAP financial measure that is the sum of long-term debt and working capital excluding the current financial derivative instruments, current portion of lease obligations and current portion of decommissioning provision.  It is used by management to analyze the financial position and leverage of the Company. Net debt is reconciled to long-term debt which is the most directly comparable GAAP measure.

    ($000) March 31, 2025 December 31, 2024 March 31, 2024
    Long-term debt 1,171,497 1,295,238 1,296,844
    Current assets (269,336) (394,517) (403,467)
    Current liabilities 361,267 269,609 260,380
    Financial derivative instruments – current 29,913 188,136 194,917
    Current portion of lease obligation (950) (936) (1,322)
    Decommissioning provision – current (9,500) (8,956) (7,794)
    Net debt 1,282,891 1,348,574 1,339,558
           

    Net marketing revenue
    Peyto uses the term “net marketing revenue” to evaluate the profitability of products purchased from third parties that are resold. Net marketing revenue is calculated as marketing revenue less marketing purchases. 

      Three Months Ended March 31
    ($000) 2025 2024
    Marketing revenue 8,342 25,851
    Marketing purchases (7,283) (26,238)
    Net marketing revenue 1,059 (387)
         

    Non-GAAP Financial Ratios

    Funds from Operations per Share
    Peyto presents funds from operations per share by dividing funds from operations by the Company’s diluted or basic weighted average common shares outstanding. “Funds from operations” is a non-GAAP financial measure. Management believes that funds from operations per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder’s equity position.

    Netback per MCFE and BOE
    “Netback” is a non-GAAP measure that represents the profit margin associated with the production and sale of petroleum and natural gas.  Peyto computes “field netback per Mcfe” as commodity sales from production, plus net marketing revenue, if any, plus other income, less royalties, operating, and transportation expenses, divided by production.  “Cash netback” is calculated as “field netback” less interest, less general and administration expense and plus or minus realized gain on foreign exchange, divided by production.  “After-tax cash netback” is calculated as “cash netback” less current tax, divided by production. Netbacks are per-unit-of-production measures used to assess Peyto’s performance and efficiency. 

      Three Months Ended March 31 
    ($/Mcfe) 2025 2024
    Gross sale price 4.20 3.50
    Realized hedging gain 0.70 1.37
    Net sale price 4.90 4.87
    Net marketing revenue 0.02 (0.01)
    Other income 0.03 0.05
    Royalties (0.25) (0.24)
    Operating costs (0.53) (0.55)
    Transportation (0.29) (0.30)
    Field netback 3.88 3.82
    Net general and administrative (0.06) (0.06)
    Interest and financing (0.29) (0.36)
    Realized gain on foreign exchange – 0.01
    Cash netback ($/Mcfe) 3.53 3.41
    Current tax ($/Mcfe) (0.41) (0.42)
    After-tax cash netback ($/Mcfe) 3.12 2.99
    After-tax cash netback ($/boe) 18.69 17.99
         

    Net marketing revenue per Mcfe
    “Net marketing revenue per Mcfe” is comprised of marketing revenue less marketing purchases, as determined in accordance with IFRS, divided by the Company’s total production.

    Total Payout Ratio
    “Total payout ratio” is a non-GAAP measure which is calculated as the sum of dividends declared plus total capital expenditures plus decommissioning expenditures, divided by funds from operations.  This ratio represents the percentage of the capital expenditures and dividends that is funded by cashflow.  Management uses this measure, among others, to assess the sustainability of Peyto’s dividend and capital program.

      Three Months Ended March 31
    ($000, except total payout ratio) 2025 2024
    Total dividends declared 65,676 64,158
    Total capital expenditures 102,129 113,762
    Decommissioning expenditures 2,872 4,206
    Total payout 170,677 182,126
    Funds from operations 225,218 204,622
    Total payout ratio (%) 76% 89%
         

    Operating Margin
    Operating Margin is a non-GAAP financial ratio defined as funds from operations, before current tax, divided by revenue before royalties but including realized hedging gains/losses other income and third-party sales net of purchases.

    Profit Margin
    Profit Margin is a non-GAAP financial ratio defined as net earnings divided by revenue before royalties but including realized hedging gains/losses, other income and third-party sales net of purchases.

    Cash Costs
    Cash costs is a non-GAAP financial ratio defined as the sum of royalties, operating expenses, transportation expenses, G&A and interest, on a per Mcfe basis.  Peyto uses total cash costs to assess operating margin and profit margin.

    The MIL Network –

  • MIL-OSI: Freehold Royalties Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2025.

    First Quarter 2025 Highlights

    • $91 million in revenue;
    • $68 million in funds from operations ($0.42/share) (1)(3);
    • $44 million in dividends paid ($0.27/share)(2);
    • 10,635 bbls/d of total liquids production, an 8% increase from previous quarter driven by continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
    • 16,248 boe/d of total production, a 6% increase from previous quarter with a 65% weighting to oil and natural gas liquids (NGLs), an increase from 63% in Q1-2024;
    • Gross drilling of 322 wells, up 12% from Q4-2024;
    • Robust leasing with 25 new leases signed (14 in Canada; 11 in the U.S.) contributing $3.9 million in revenue with the U.S. contributing a record $3.3 million in lease bonus; and
    • $59.29/boe average realized price ($72.64/boe in the U.S. and $49.26/boe in Canada);
      • 47% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market.

    President’s Message

    Freehold’s Q1-2025 production of 16,248 boe/d is at the highest levels in our corporate history, in step with the high quality acquisition work completed in late 2024. The deliberate and strategic build out of our North American royalty portfolio has resulted in a balanced revenue base with Canada contributing 46% of revenue in Q1-2025 and the U.S. contributing 54%. On a volume basis the U.S. represented 43% of our production with premium pricing and higher liquids weighting driving an outsized revenue contribution. Our focus on acquiring mineral title interests in prospect rich basins has contributed to the record level of leasing this quarter in our core U.S. operating areas.

    Freehold’s oil weighted portfolio, underpinned by premium operators in select basins across North America, delivered significant value to the Company and our shareholders with $68 million of funds from operations(3) in the quarter, or $0.42/share. Included in our funds from operations was record leasing results with $3.9 million in revenue, including $3.3 million in U.S. leasing revenue. Notably, the majority of the U.S. leases signed in Q1-2025 are targeting the deeper Barnett formation of the Permian basin that is in the early stages of development.

    Liquids production increased 8% over Q4-2024 and 15% compared to Q1-2024. The increase is largely attributed to the December 2024 Midland basin acquisition and continued growth in our heavy oil portfolio which grew 7% over Q4-2024 and is up 19% compared to Q1-2024. Our U.S. portfolio continues to be led by consistent drilling activity by some of the highest quality payors in North America who are executing on their multi-year growth plans.

    We are maintaining our production guidance range of 15,800 boe/d to 17,000 boe/d for 2025E. The global macro environment has shifted since the end of the first quarter and how that may impact operator plans for the remainder of 2025 is unknown at this point. The industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years. Contributing to this is our positioning in the lowest break-even plays across North America under investment grade operators who take a long term, measured view to capital planning.

    David M. Spyker, President and Chief Executive Officer

    Dividend Announcement

    The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on June 16, 2025, to shareholders of record on May 30, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Operating and Financial Highlights

          Three Months Ended
    FINANCIAL ($ millions, except as noted) Q1-2025 Q4-2024 Q1-2024
    West Texas Intermediate (US$/bbl) 71.42   70.27   76.96  
    AECO 7A Monthly Index (Cdn$/Mcf) 2.02   1.46   2.07  
    Royalty and other revenue 91.1   76.9   74.3  
    Funds from operations (3) 68.1   61.3   54.4  
    Funds from operations per share, basic ($) (1)(3) 0.42   0.40   0.36  
    Dividends paid per share ($) (2) 0.27   0.27   0.27  
    Dividend payout ratio (%) (3) 65 % 66 % 75 %
    Long-term debt 294.3   300.9   223.6  
    Net debt (5)(6) 272.2   282.3   210.5  
    Net debt to trailing funds from operations (times) (5) 1.1x
    		   1.2x   0.9x  
    OPERATING        
    Total production (boe/d) (4) 16,248   15,306   14,714  
    Canadian production (boe/d)(4) 9,278   9,437   9,593  
    U.S. production (boe/d)(4) 6,970   5,869   5,121  
    Oil and NGL (%) 65 % 65 % 63 %
    Petroleum and natural gas realized price ($/boe) (4) 59.29   53.80   54.81  
    Cash costs ($/boe) (3)(4) 7.00   5.93   7.19  
    Netback ($/boe) (3) (4) 53.01   47.25   46.62  
    ROYALTY INTEREST DRILLING (gross / net)        
    Canada 92 / 3.9
    		   110 / 3.6   132 / 5.9  
    U.S. 230 / 0.8
    		   178 / 0.6   168 / 0.5  

    (1) Calculated based on the basic weighted average number of shares outstanding during the period
    (2) Based on the number of shares issued and outstanding at each record date
    (3) See Non-GAAP and Other Financial Measures
    (4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5) Net debt and net debt to trailing funds from operations are capital management measures

    First Quarter Summary

    • Average production of 16,248 boe/d, an increase of 10% over the first quarter of 2024 with year-over-year liquids growth of 15% to 10,635 bbls/d:
      • Light and medium oil was up 13% over Q1-2024 to 6,880 bbls/d, largely due to the high quality, oil weighted U.S. acquisitions completed in 2024; and
      • Heavy oil was up 19% over Q1-2024 to 1,552 bbls/d as Mannville Stack and Clearwater production on Freehold’s lands hit record highs in the first quarter.
    • Royalty and other revenue totalled $91.1 million, up 18% over the prior quarter and 23% year-over-year. Other revenue included $3.9 million in lease bonus consideration and lease rental revenue, a quarterly record for Freehold.
    • Freehold’s corporate realized price was $59.29/boe, an increase of 9% compared to Q4-2024 and 8% from Q1-2024 due to higher commodity prices and higher weighting to liquids production.
    • Funds from operations totalled $68.1 million ($0.42 per share)(1).
    • Freehold closed $13.8 million of land purchases in the first quarter, including $11 million of high quality undeveloped mineral title lands in our core Midland and Delaware basin properties.
    • Dividends declared for Q1-2025 of $44.3 million ($0.27 per share). Freehold’s dividend payout ratio(1) was 65% for Q1-2025. Freehold’s dividend remains sustainable at oil and natural gas prices well below current commodity price levels.
    • Net debt(1)(2) of $272.2 million at the end of Q1-2025 was reduced by $10.1 million compared to year end 2024, representing 1.1 times trailing funds from operations(2) during the period. Freehold remains conservatively levered.

    (1) See Non-GAAP and Other Financial Measures
    (2) Net debt and net debt to trailing funds from operations are capital management measures

    Q1-2025 Drilling and Leasing Activity

    In total, 322 gross wells (4.7 net wells) were drilled on Freehold’s royalty lands in Q1-2025, a 12% increase (12% on a net basis) compared to the previous quarter. The increase in drilling reflects the expansion of the Company’s U.S. asset base and the positioning of our assets in areas across North America that continue to attract drilling capital.

    On a gross basis, essentially all drilling was oil focused. Approximately 29% of gross wells drilled in Q1-2025 were in Canada and 71% targeted Freehold’s U.S. royalty acreage.

      Three Months Ended
      Q1-2025 Q4-2024 Q1-2024
      Gross Net (1) Gross Net (1) Gross Net (1)
    Canada 92 3.9 110 3.6 132 5.9
    United States 230 0.8 178 0.6 168 0.5
    Total 322 4.7 288 4.2 300 6.4

    (1)  Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.

    Canada

    Canadian net drilling was up over the previous quarter despite the decline on a gross basis as higher interest wells in the Viking and mineral title drilling in southeast Saskatchewan and the Mannville Stack made up a higher percentage. Q1-2025 drilling in Canada was led again by oil weighted plays including Viking (33 gross wells), southeast Saskatchewan (12 gross wells) and Mannville Stack (9 gross wells).

    During Q1-2025, Freehold entered into 14 new leases with seven counterparties totalling approximately $0.6 million in bonus and lease rental revenue. The majority of the new leasing was focused in southeast Saskatchewan and the Mannville Stack.

    U.S.

    During Q1-2025, 230 gross (0.8 net) wells were drilled on our U.S. lands, up 29% on a gross basis and 33% on a net basis from previous quarter due to a larger footprint in the Midland basin following the December 2024 acquisition and increased activity in the Eagle Ford basin. Approximately 90% of Q1-2025 drilling was focused in the Permian basin and 10% in the Eagle Ford basin.

    U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more valuable in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada.

    In Q1-2025, Freehold entered into 11 new U.S. leases with four counterparties, totalling $3.3 million of bonus and lease rental revenue. Leasing activity was predominantly focused on Freehold’s mineral title interests in the Midland and Delaware basins with one lease in the Haynesville basin.

    Normal Course Issuer Bid (NCIB) Application

    The Company plans to implement an NCIB, pursuant to which Freehold would be permitted to acquire up to 10% of its issued and outstanding common shares that comprise the public float (less common shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company), through the facilities, rules and regulations of the TSX.

    The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention to commence an NCIB by the TSX. The NCIB will commence following receipt of all such approvals and will continue until the earlier of: (i) a period of up to one-year; or (ii) the date on which the Company has acquired all common shares sought pursuant to the NCIB. Further particulars of the NCIB will be described in a subsequent press release when approved by the TSX.

    Freehold believes establishing a NCIB as part of its capital management strategy is in the best interests of the Company and provides an opportunity to deliver value to shareholders. Decisions regarding utilizing the NCIB will be based on market conditions, share price, best use of funds from operations and other factors including debt repayment and options to expand our portfolio of royalty assets.

    Annual Meeting of Shareholders

    Freehold’s annual meeting of shareholders (the AGM) will be conducted in person and via live audio webcast at 3:00 PM (MDT) on Wednesday May 14, 2025 at the Calgary Petroleum Club. Further details are available on our website at https://freeholdroyalties.com/investors/events-and-presentations.

    Conference Call Details

    A webcast to discuss financial and operational results for the period ended March 31, 2025, will be held for the investment community on Wednesday May 14, 2025, beginning at 7:00 AM MT (9:00 AM ET).

    A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6y39yhx4.

    A dial-in option is also available and can be accessed by dialing 1-800-952-5114 (toll-free in North America) participant passcode is 5153824#.

    For further information contact

    Freehold Royalties Ltd.
    Todd McBride, CPA, CMA                     
    Investor Relations                                 
    t. 403.221.0833                                      
    e. tmcbride@freeholdroyalties.com        		  Nick Thomson, CFA
    Investor Relations & Capital Markets
    t. 403.221.0874                                          
    e. nthomson@freeholdroyalties.com
    Select Quarterly Information
      2025   2024 2023  
    Financial ($millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
    Royalty and other revenue 91.1   76.9   73.9   84.5   74.3   80.1   84.2   73.7  
    Net Income (loss) 37.3   51.1   25.0   39.3   34.0   34.3   42.3   24.3  
    Per share, basic ($) (1) 0.23   0.33   0.17   0.26   0.23   0.23   0.28   0.16  
    Cash flows from operations 62.9   59.1   64.1   47.6   52.5   70.7   53.7   49.9  
    Funds from operations 68.1   61.3   55.7   59.6   54.4   62.8   65.3   53.0  
    Per share, basic ($) (1)(3) 0.42   0.40   0.37   0.40   0.36   0.42   0.43   0.35  
    Acquisitions & related expenditures 13.9   277.0   1.8   11.5   121.5   2.1   1.2   3.2  
    Dividends paid 44.3   40.7   40.7   40.7   40.7   40.7   40.7   40.7  
    Per share ($) (2) 0.27   0.27   0.27   0.27   0.27   0.27   0.27   0.27  
    Dividends declared 44.3   41.9   40.7   40.7   40.7   40.7   40.7   40.7  
    Per share ($) (2) 0.27   0.27   0.27   0.27   0.27   0.27   0.27   0.27  
    Dividend payout ratio (%) (3) 65 % 66 % 73 % 68 % 75 % 65 % 62 % 77 %
    Long-term debt 294.3   300.9   205.8   228.0   223.6   123.0   141.2   152.0  
    Net debt (5) 272.2   282.3   187.1   199.1   210.5   100.9   113.4   136.9  
    Shares outstanding, period end (000s) 164.0   164.0   150.7   150.7   150.7   150.7   150.7   150.7  
    Average shares outstanding, basic (000s) (6) 164.0   153.4   150.7   150.7   150.7   150.7   150.7   150.7  
    Operating                
    Light and medium oil (bbl/d) 6,880   6,296   6,080   6,551   6,094   6,308   6,325   6,093  
    Heavy oil (bbl/d) 1,552   1,516   1,315   1,348   1,300   1,182   1,127   1,167  
    NGL (bbl/d) 2,203   2,066   1,972   1,902   1,884   1,878   1,678   1,845  
    Total liquids (bbl/d) 10,635   9,878   9,367   9,801   9,278   9,368   9,130   9,105  
    Natural gas (Mcf/d) 33,678   32,564   31,447   32,524   32,617   32,968   32,851   33,372  
    Total production (boe/d) (4) 16,248   15,306   14,608   15,221   14,714   14,863   14,605   14,667  
    Oil and NGL (%) 65 % 65 % 64 % 64 % 63 % 63 % 63 % 62 %
    Petroleum & natural gas realized price ($/boe) (4) 59.29   53.80   54.36   59.74   54.81   57.94   61.55   54.05  
    Cash costs ($/boe) (3)(4) 7.00   5.93   5.42   9.80   7.19   4.73   5.10   7.19  
    Netback ($/boe) (3)(4) 53.01   47.25   47.78   49.44   46.62   52.59   55.63   46.07  
    Benchmark Prices                
    West Texas Intermediate crude oil (US$/bbl) 71.42   70.27   75.09   80.57   76.96   78.32   82.26   73.78  
    Exchange rate (Cdn$/US$) 1.43   1.40   1.37   1.37   1.35   1.36   1.34   1.34  
    Edmonton Light Sweet crude oil (Cdn$/bbl) 95.32   94.90   97.85   105.29   92.14   99.69   107.89   94.97  
    Western Canadian Select crude oil (Cdn$/bbl) 84.30   80.75   83.95   91.63   77.77   76.96   93.05   78.76  
    Nymex natural gas (US$/Mcf) 3.79   2.86   2.24   1.96   2.33   2.98   2.64   2.17  
    AECO 7A Monthly Index (Cdn$/Mcf) 2.02   1.46   0.81   1.44   2.07   2.70   2.42   2.40  

    (1) Calculated based on the basic weighted average number of shares outstanding during the period
    (2) Based on the number of shares issued and outstanding at each record date
    (3) See Non-GAAP and Other Financial Measures
    (4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)
    (6) Weighted average number of shares outstanding during the period, basic

    Forward-Looking Statements

    This news release offers our assessment of Freehold’s future plans and operations as of March 12, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

    • 2025 production guidance;
    • our expectation regarding continued growth of our total liquid production through continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
    • our expectation that our U.S. portfolio will continue to be led by consistent drilling activity by the highest quality payors in North America who are executing on their multi-year growth plans;
    • our expectation that the industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years;
    • our expectation that while some growth directed capital may be pared down, there will not be a slow down in core activity on our lands;
    • our expectation Freehold’s dividend remains sustainable at oil and natural gas prices materially below current commodity price levels;
    • our expectation that the positioning of our assets in areas across North America will continue to attract drilling capital despite volatility in commodity prices;
    • our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
    • our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada;
    • our expectations that we will apply for an commence a NCIB once approval is granted; and
    • other similar statements.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Israeli-Hamas-Hezbollah and potentially the broader Middle-East region, and Russia-Ukraine wars and any associated sanctions as well as OPEC+ curtailments on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

    With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

    You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

    You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)
    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    Non-GAAP and Other Financial Measures
    Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended March 31, 2025.

    Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

    The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

    Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

    The following table presents the computation of Net Revenue, Cash costs and the Netback:

    $/boe Q1-2025 Q4-2024 Q1-2024
    Royalty and other revenue   62.29     54.59     55.47  
    Production and ad valorem taxes   (2.28)     (1.41)     (1.66)  
    Net revenue $60.01   $53.18   $53.81  
    Less:      
    General and administrative expense   (3.41)     (3.02)     (3.58)  
    Operating expense   (0.13)     (0.19)     (0.15)  
    Interest and financing cash expense   (3.31)     (2.67)     (2.79)  
    Management fee-cash settled   (0.05)     (0.05)     (0.06)  
    Cash payout on share-based compensation   (0.10)     –     (0.61)  
    Cash costs   (7.00)     (5.93)     (7.19)  
    Netback $53.01   $47.25   $46.62  

    Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.

           
    ($000s, except as noted) Q1-2025 Q4-2024 Q1-2024
    Dividends paid $44,269   $40,687   $40,686  
    Funds from operations $68,050   $61,332   $54,362  
    Dividend payout ratio (%)   65%     66%     75%  

    Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

    The MIL Network –

  • MIL-OSI: TWFG Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
    – Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
    – Organic Revenue Growth Rate* of 14.3% for the quarter –
    – Net income of $6.9 million for the quarter –
    – Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total revenues for the quarter increased 16.6% to $53.8 million, compared to $46.1 million in the prior year period
    • Commission income for the quarter increased 14.7% to $48.8 million, compared to $42.5 million in the prior year period
    • Net income for the quarter was $6.9 million, compared to $6.6 million in the prior year period, and net income margin for the quarter was 12.7%
    • Diluted Earnings Per Share for the quarter was $0.09 and Adjusted Diluted Earnings Per Share* for the quarter was $0.16
    • Total Written Premium for the quarter increased 15.5% to $371.0 million, compared to $321.3 million in the prior year period
    • Organic Revenue Growth Rate* for the quarter was 14.3%
    • Adjusted Net Income* for the quarter increased 14.3% from the prior year period to $9.2 million, and Adjusted Net Income Margin* for the quarter was 17.1%
    • Adjusted EBITDA* for the quarter increased 35.3% over the prior year period to $12.2 million, and Adjusted EBITDA Margin* for the quarter was 22.6% compared to 19.5% in the prior year period

    *Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.

    Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.

    Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.

    As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”

    First Quarter 2025 Results

    Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.

    Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.

    Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.

    Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.

    Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.

    Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.

    Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.

    Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.

    2025 Adjusted Outlook

    Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.

    • Organic Revenue Growth Rate*: Expected to be in the range of 12% to 16% (prior: 11% to 16%)
    • Adjusted EBITDA Margin*: Expected to be in the range of 20% to 22% (prior: 19% to 21%)
    • Total Revenues: Expected to be between $240 million and $255 million (prior: $235 million to $250 million)

    The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

    *For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

    Conference Call Information

    TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.

    To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

    About TWFG

    TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.

    Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Non-GAAP Financial Measures and Key Performance Indicators

    Non-GAAP Financial Measures

    Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

    Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.

    Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

    Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

    We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

    Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

    Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

    Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

    Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

    Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

    The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

    Key Performance Indicators

    Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

    Contacts
    Investor Contact:
    Gene Padgett, CAO for TWFG
    Email: gene.padgett@twfg.com

    PR Contact:
    Alex Bunch, CMO for TWFG
    Email: alex@twfg.com


    Condensed Consolidated Statements of Income     (Unaudited)
    (Amounts in thousands, except share and per share data)

        Three Months Ended
    March 31,
          2025       2024  
    Revenues        
    Commission income(1)   $ 48,785     $ 42,545  
    Contingent income     1,663       1,076  
    Fee income(2)     3,011       2,232  
    Other income     364       290  
    Total revenues     53,823       46,143  
    Expenses        
    Commission expense     31,814       26,443  
    Salaries and employee benefits     8,196       6,254  
    Other administrative expenses(3)     4,724       3,130  
    Depreciation and amortization     3,359       3,013  
    Total operating expenses     48,093       38,840  
    Operating income     5,730       7,303  
    Interest expense     83       842  
    Interest income     1,863       170  
    Other non-operating expense     1       2  
    Income before tax     7,509       6,629  
    Income tax expense     656       —  
    Net income     6,853       6,629  
    Less: net income attributable to noncontrolling interests     5,515       6,629  
    Net income attributable to TWFG, Inc.     1,338       —  
             
    Weighted average shares of common stock outstanding:        
    Basic     14,889,739      
    Diluted     15,055,553      
    Earnings per share:        
    Basic   $ 0.09      
    Diluted   $ 0.09      
             

    (1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively
    (2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively
    (3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively

    The following table presents the disaggregation of our revenues by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 35,996     $ 31,729  
    Corporate Branches     8,223       7,276  
    Total Insurance Services     44,219       39,005  
    TWFG MGA     9,195       6,794  
    Other     409       344  
    Total revenues   $ 53,823     $ 46,143  
             

    The following table presents the disaggregation of our commission income by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 33,358     $ 29,900  
    Corporate Branches     8,214       7,250  
    Total Insurance Services     41,572       37,150  
    TWFG MGA     7,213       5,395  
    Total commission income   $ 48,785     $ 42,545  
             

    The following table presents the disaggregation of our fee income by major sources (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Policy fees   $ 1,051     $ 513  
    Branch fees     1,256       1,131  
    License fees     608       515  
    TPA fees     96       73  
    Total fee income   $ 3,011     $ 2,232  
             

    The following table presents the disaggregation of our commission expense by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 25,954       22,028  
    Corporate Branches     1,105       862  
    Total Insurance Services     27,059       22,890  
    TWFG MGA     4,726       3,535  
    Other     29       18  
    Total commission expense   $ 31,814     $ 26,443  
             


    Condensed Consolidated Balance Sheets     (Unaudited)
    (Amounts in thousands, except share/unit data)

        March 31, 2025   December 31, 2024
    Assets        
    Current assets        
    Cash and cash equivalents   $ 196,424     $ 195,772  
    Restricted cash     11,853       9,551  
    Commissions receivable, net     23,575       27,067  
    Accounts receivable     8,053       7,839  
    Other current assets, net     1,500       1,619  
    Total current assets     241,405       241,848  
    Non-current assets        
    Intangible assets, net     80,919       72,978  
    Property and equipment, net     3,364       3,499  
    Lease right-of-use assets, net     4,307       4,493  
    Other non-current assets     535       610  
    Total assets   $ 330,530     $ 323,428  
             
    Liabilities and Equity        
    Current liabilities        
    Commissions payable   $ 16,303     $ 13,848  
    Carrier liabilities     14,710       12,392  
    Operating lease liabilities, current     1,124       1,013  
    Short-term bank debt     1,927       1,912  
    Deferred acquisition payable, current     1,956       601  
    Other current liabilities     6,842       9,851  
    Total current liabilities     42,862       39,617  
    Non-current liabilities        
    Operating lease liabilities, net of current portion     3,119       3,372  
    Long-term bank debt     3,519       4,007  
    Deferred acquisition payable, non-current     973       1,122  
    Other non-current liabilities     —       24  
    Total liabilities     50,473       48,142  
    Commitment and contingencies (see Note 14)        
    Stockholders’/Members’ Equity        
    Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively )     149       148  
    Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Additional paid-in capital     58,374       58,365  
    Retained earnings     16,626       15,288  
    Accumulated other comprehensive income     65       83  
    Total stockholders’ equity attributable to TWFG, Inc.     75,214       73,884  
    Noncontrolling interests     204,843       201,402  
    Total stockholders’ equity     280,057       275,286  
    Total liabilities and equity   $ 330,530     $ 323,428  
             


    Non-GAAP Financial Measures

    A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Policy fee income     1,051       513  
    Other income     (364 )     (290 )
    Organic Revenue   $ 49,226     $ 41,591  
    Organic Revenue Growth(2)   $ 6,169     $ 4,780  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     14.3 %     13.0 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Other income     (364 )     (290 )
    Organic Revenue   $ 48,175     $ 41,078  
    Organic Revenue Growth(2)   $ 5,630     $ 4,822  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     13.2 %     13.3 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Amortization expense     3,210       2,917  
    Adjusted income before income taxes     11,956       8,069  
    Adjusted income tax expense(2)     (2,736 )     —  
    Adjusted Net Income   $ 9,220     $ 8,069  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     17.1 %     17.5 %
             
    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted income before income taxes   $ 8,746     $ 5,152  
    Adjusted income tax expense(2)     (2,001 )     —  
    Adjusted Net Income   $ 6,745     $ 5,152  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     12.5 %     11.2 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
    (2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.

    A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Interest expense     83       842  
    Interest income     (1,863 )     (170 )
    Depreciation and amortization     3,359       3,013  
    Income tax expense     656       —  
    EBITDA     9,088       10,314  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Interest income     1,863       170  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted EBITDA   $ 12,188     $ 9,007  
    Net Income Margin     12.7 %     14.4 %
    Adjusted EBITDA Margin     22.6 %     19.5 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.

    A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Cash Flow from Operating Activities   $ 15,645     $ 9,754  
    Purchase of property and equipment     (15 )     (8 )
    Tax distribution to members(1)     (2,024 )     (2,420 )
    Acquisition-related expenses     33       —  
    Adjusted Free Cash Flow   $ 13,639     $ 7,326  
             

    (1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.

    A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

        Three Months Ended March 31,
          2025  
    Earnings per share of common stock – diluted   $ 0.09  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     0.03  
    Plus: Adjustments to Adjusted net income(2)     0.04  
    Adjusted Diluted Earnings Per Share   $ 0.16  
         
    Weighted average common stock outstanding – diluted     15,055,553  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     41,171,461  
    Adjusted Diluted Earnings Per Share diluted share count     56,227,014  
         

    (1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.
    (2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.

    Key Performance Indicators

    The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

        Three Months Ended March 31,
          2025       2024  
        Amount   % of Total   Amount   % of Total
    Offerings:                
    Insurance Services                
    Agency-in-a-Box   $ 249,475     68 %   $ 218,936     68 %
    Corporate Branches     68,098     18       57,884     18  
    Total Insurance Services     317,573     86       276,820     86  
    TWFG MGA     53,389     14       44,446     14  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Business Mix:                
    Insurance Services                
    Renewal business   $ 244,845     66 %     214,477     67 %
    New business     72,728     20       62,343     19  
    Total Insurance Services     317,573     86       276,820     86  
                     
    TWFG MGA                
    Renewal business     36,375     9       35,464     11  
    New business     17,014     5       8,982     3  
    Total TWFG MGA     53,389     14       44,446     14  
        Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Written Premium Retention:                
    Insurance Services       88 %       97 %
    TWFG MGA       82         81  
    Consolidated       88         94  
                     
    Line of Business:                
    Personal lines   $ 298,289     80 %   $ 254,864     79 %
    Commercial lines     72,673     20       66,402     21  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     

    The MIL Network –

  • MIL-OSI: The Keg Royalties Income Fund Announces Trustee Election Results for its 2025 Unitholder Meeting

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce that all of the nominees listed in its information circular dated March 31, 2025 were elected as trustees of the Fund at its annual meeting of unitholders held on May 13, 2025 (the “Meeting”). The results of the voting for each nominee are as follows:

    Nominee Votes For Votes Withheld
    No. % No. %
    Christopher Charles Woodward 8,173,330 93.26 % 590,798 6.74 %
    Tim Kerr 8,299,010 94.69 % 465,118 5.31 %

    In addition, the Fund reports that the appointment of KPMG LLP as the Fund’s auditors for the 2025 fiscal year was passed by a majority of the votes represented at the Meeting.

    About The Keg Royalties Income Fund

    The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.

    With approximately 10,000 employees, over 100 restaurants and annual system sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    The Trustees of the Fund have approved the contents of this press release.

    The MIL Network –

  • MIL-OSI: Magnetic North Acquisition Corp. Announces Non-Brokered Private Placement of Up to CDN$500,000

    Source: GlobeNewswire (MIL-OSI)

    **Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**

    CALGARY, Alberta and TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) announces that it intends to complete a non-brokered private placement (the “Offering”) consisting of unsecured, interest-bearing promissory notes for gross proceeds of up to ‎CAD$500,000 (the “Offering”). Interest at ten percent (10.0%) plus, under certain circumstances, bonus interest will be payable on the Offering. The Term of the Offering will be sixty (60) days from date of Closing of each tranche. Each promissory note will have a face value of CAD$10,000.

    Closing of the Offering is currently anticipated to occur in more than one tranche. The first tranche of the Offering is anticipated to close by or on May 15, 2025. A cash commission of up to seven percent (7.0%) is payable to qualified agents on the total amount raised by such agent.The Company intends to use the net proceeds from the Offering for general corporate purposes‎.

    The Company and the investor(s) may mutually agree to repayment of the Offering in kind, i.e., payable in Series A Preferred shares of MNAC, listed under the symbol MNC.PR.A on the TSXV (the “Preferred Shares”), in whole or in part based on a per Preferred share price equal to the average price in the five (5) trading days immediately preceding the end of the Term.

    About Magnetic North Acquisition Corp.

    Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedarplus.ca.

    For Further Information, Please Contact:

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

    CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes the Company’s expected completion and timing of the Offering. There can be no assurance that the Offering will be completed as proposed or at all. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company’s portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Financial Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.

    Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”

    Quarterly Highlights

    • Ended the year with $36.4 million in cash and no corporate debt. During the quarter, the Company converted $18.0 million in cash from US$ to C$ at an exchange rate of 1.42 C$ for every 1.00 US$. The Company continues to earn interest income on its cash.
    • Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 3 full-time employees by May 2025, resulting in significant savings in ongoing operating expenses. The Chief Executive Officer is not collecting a salary, the Chief Financial Officer is receiving a part-time salary, and the Company has eliminated cash-settled director’s fees to its board of directors (“Board”).
    • Recognized a net gain on revaluation of carbon credit streaming and royalty agreements of $49 thousand (net loss on revaluation of $33.1 million for Q1 2024). The net gain on revaluation for the current period was primarily related to changes to the risk-adjusted discount rate and accretion due to the passage of time.
    • Building on the success of the previously-announced ongoing corporate restructuring plan, the Company has significantly reduced ongoing operating expenses and is continuing to review its existing streams and royalties.
    • Generated $2 thousand in settlements from carbon credit streaming and royalty agreements (settlements of $406 thousand during Q1 2024).
    • Operating loss of $1.4 million (operating loss of $36.6 million in Q1 2024).
    • Recognized net loss of $0.8 million (net loss of $35.8 million in Q1 2024).
    • Adjusted net loss was $0.5 million (adjusted net loss of $1.6 million in Q1 2024) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $164 thousand in upfront deposits for carbon credit streaming and royalty agreements (paid $400 thousand in upfront deposits in Q1 2024).
    • In April 2025, the Company announced that it had filed a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. Please refer to the Company’s news release titled “Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants” for further information.

    Financial Highlights Summary

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Carbon credit streaming and royalty agreements    
    Revaluation of carbon credit streaming and royalty agreements $ 49   $ (33,136 )
    Settlements from carbon credit streaming and royalty agreements1   2     406  
    Other financial highlights    
    Other operating expenses   1,401     3,709  
    Operating loss   (1,351 )   (36,756 )
    Net loss   (822 )   (35,771 )
    Loss per share (Basis and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss2   (508 )   (1,596 )
    Adjusted net loss per share (Basic and Diluted) ($/share)2   (0.01 )   (0.03 )
    Statement of financial position    
    Cash3   36,444     49,008  
    Carbon credit streaming and royalty agreements3   9,292     26,980  
    Total assets3   47,098     81,596  
    Non-current liabilities3   47     1,059  
     
    1. Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements.
    2. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release.
    3. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.
     

    Portfolio Updates

    Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

    Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

    Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.

    Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

    Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.

    Strategy

    Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

    The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

    Outlook

    Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

    While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

    Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

    For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Non-IFRS Accounting Standards Measures

    Adjusted Net Loss and Adjusted Loss Per Share

    The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

    Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

    The following table reconciles net and comprehensive loss to adjusted net loss:

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Net loss and comprehensive loss $ (822 ) $ (35,771 )
    Adjustment for non-continuing or non-cash settled items:    
    Revaluation of carbon credit streaming and royalty agreements   (49 )   33,136  
    Revaluation of warrant liabilities   (114 )   (334 )
    Litigation and corporate restructuring   477     1,373  
    Adjusted net loss   (508 )   (1,596 )
    Loss per share (Basic and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss per share (Basic and Diluted) ($/share)   (0.01 )   (0.03 )
                 

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated

    HIGHLIGHTS

    • Production in Uzbekistan for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024.
    • Uzbekistan natural gas and condensate sales for the first quarter of 2025 was $22.26 million, which is a 6% increase from sales of $20.93 million for the fourth quarter of 2024.
    • On May 6, 2025, the Company purchased a modular LNG facility (the “First Facility”) capable of producing 48,000 gallons (80 MT) of LNG per day with LNG production planned to commence in the second quarter of 2026.
    • On April 15, 2025, the Company secured its third natural gas allocation in Kazakhstan for LNG feed gas, a portion of which will be allocated to the First Facility.
    • On February 24, 2025, Condor was awarded a second critical minerals mining license in Kazakhstan for a 100% working interest in the exploration rights for mining solid minerals for a six-year term.
    • The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025 that will target multiple play types to further increase production rates.

    MESSAGE FROM CONDOR’S CEO

    Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.

    In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.

    In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.

    Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.

    Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.

    Production in Uzbekistan

    The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.

    The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.

    The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

    In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.

    LNG in Kazakhstan

    Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.

    In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.

    In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.

    Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.

    Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.

    Critical Minerals Licenses in Kazakhstan

    The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.

    A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.

    The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.

    The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.

    RESULTS OF OPERATIONS

    Production – Uzbekistan      
    Total Production Three months
    ended
    March 31, 2025    		 One month
    ended
    March 31, 2024*    		 Change
    Volume    		  
    Natural gas (Mcf) 5,842,516 2,027,905 3,814,611  
    Natural gas (boe) 973,753 337,984 635,769  
    Condensate (barrels) 32,443 8,190 24,253  
    Total (boe) 1,006,196 346,174 660,022  
           
           
    Per Unit Production Three months
    ended
    March 31, 2025    		 One month
    ended
    March 31, 2024*    		 Change
    %    		  
    Natural gas (Mcf/d) 64,917 65,416 (0.8 %)
    Natural gas (boe/d) 10,819 10,903 (0.8 %)
    Condensate (bopd) 360 264 36.4 %
    Total (boe/d) 11,179 11,167 0.1 %

    * Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.


    Operating Netback for Uzbekistan

    Operating netback for Natural Gas 1,2 Natural Gas
    Q1 2025   Q1 2024  
    Sales ($000’s) 19,982   6,566  
    Royalties ($000’s) (3,661 ) (1,203 )
    Production costs ($000’s) (8,692 ) (2,288 )
    Transportation and selling ($000’s) (690 ) (228 )
    Operating netback ($000’s)1,2 6,939   2,847  
         
    Sales volume (Mcf) 5,462,313   1,888,789  
         
    Sales ($/Mcf) 3.66   3.48  
    Royalties ($/Mcf) (0.67 ) (0.64 )
    Production costs ($/Mcf) (1.59 ) (1.21 )
    Transportation and selling ($/Mcf) (0.13 ) (0.12 )
    Operating netback ($/Mcf)1,2 1.27   1.51  
    Operating netback for Condensate 1,2 Condensate
    Q1 2025   Q1 2024  
    Sales ($000’s) 2,280   646  
    Royalties ($000’s) (451 ) (128 )
    Production costs ($000’s) (215 ) (37 )
    Transportation and selling ($000’s) (12 ) (3 )
    Operating netback ($000’s)1,2 1,602   478  
         
    Sales volume (bbl) 32,317   8,187  
         
    Sales ($/bbl) 70.57   78.91  
    Royalties ($/bbl) (13.96 ) (15.63 )
    Production costs ($/bbl) (6.65 ) (4.52 )
    Transportation and selling ($/bbl) (0.39 ) (0.37 )
    Operating netback ($/bbl)1,2 49.57   58.39  

    1   Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may notbe comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in thisnews release. Thecalculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.
    2   Amounts and per unit measures are only presented for the Uzbekistan segment.


    NON-GAAP FINANCIAL MEASURES

    The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.

    BARRELS OF OIL EQUIVALENT ADVISORY

    References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.

    This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.

    By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.

    These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    3-D   Three dimensional
    Mcf   Thousands of standard cubic feet
    Mcf/d   Thousands of standard cubic feet per day
    MMcf   Millions of standard cubic feet
    bbl   Barrels of oil
    bopd   Barrels of oil per day
    boe   Barrels of oil equivalent
    boe/d   Barrels of oil equivalent per day
    MT   Metric tonnes
    LNG   Liquefied Natural Gas
    EV   Electric Vehicle
    Kazakhstan   Republic of Kazakhstan
    Uzbekistan   Republic of Uzbekistan


    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

  • MIL-OSI: Innventure, Inc. to Announce First Quarter 2025 Results on May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., May 13, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced it will release its first quarter 2025 financial results after market close on Thursday, May 15, 2025. Management will host a conference call on the day of the release (May 15, 2025) at 5:00 pm ET to discuss the results.

    The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.

    Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BI8dd995c128724703b3974b5af278bf27

    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.

    About Innventure
    Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. 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.

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

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

    The MIL Network –

  • MIL-OSI: Westport Fuel Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport“) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2025, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “We continue to make significant strides in transforming Westport and sharpening our strategic focus. Our priorities remain clear: driving success through Cespira, our HPDI joint venture with Volvo Group; pursuing operational excellence through initiatives to streamline processes and reduce costs; and positioning Westport at the forefront of the alternative fuel shift.

    These priorities are guiding us as we work towards a brighter future. We’re seeing the impact of our efforts in our recent results – we significantly improved our net loss to $2.5 million in Q1 of 2025 from a net loss of $13.6 million in Q1 of 2024. This was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses. We also reported a substantial improvement in adjusted EBITDA as compared to the same period of the prior year.

    Looking to the future, with the announcement of the proposed sale of our light-duty business, Westport is realigning to focus on the hard-to-decarbonize applications primarily in long-haul and heavy-duty trucking where our unique HPDI and high-pressure technologies offer significant growth potential. Critically, this transaction is designed to provide immediate cash proceeds that bolster our balance sheet and fund growth opportunities in Cespira and the High-Pressure Controls & Systems business.

    Now, the conversation has changed. Our attendance at the Advanced Clean Transportation Expo or ACT Expo, the largest showcase of clean transportation technologies in North America, validated our view that the market recognizes that the internal combustion engine utilizing alternative fuels is an affordable solution that also decarbonizes long-haul, heavy-duty transport. Westport is the clean-tech innovation company to help drive this change. Through Cespira, the HPDI fuel system does the on-engine work to our High Pressure Controls and Systems business where our components do the off-engine work we are providing OEMs with simplified solutions to decarbonize.

    Volvo recently highlighted that demand for their gas-powered trucks that utilize HPDI technology has been increasing, with sales up more than 25% in 2024, a trend that we saw continue into Q1 with Cespira delivering improved revenue driven by increased volumes as compared to Q1 of 2024. While we remain focused on scaling our alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, we are matching the cleanest gaseous fuels with the most efficient engine technologies. We are committed to delivering practical, commercially viable low-carbon solutions today and providing sustainable, high-performance solutions that help our customers achieve their goals now and for years to come.”

    Dan Sceli, Chief Executive Officer

    Q1 2025 Highlights

    • Revenues decreased 9% to $71.0 million compared to the same period in 2024, primarily driven by decreased sales volumes in our Heavy-Duty OEM and High-Pressure Controls & Systems segments. This was partially offset by increased sales in our Light-Duty segment in the quarter. In Q1 2024, our Heavy-Duty OEM segment included the financial results of the HPDI business which are now accounted for as part of the Cespira joint venture.
    • Net loss of $2.5 million for the quarter compared to net loss of $13.6 million for the same quarter last year. The decrease in net loss was driven by a $3.5 million increase in gross profit, decrease in operating expenditures by $8.1 million; change in foreign exchange gain or loss by $2.3 million and an increase in loss from investments accounted for by the equity method of $3.8 million.
    • Adjusted EBITDA[1] of nil  compared to negative $6.6 million for the same period in 2024.
    • Cash and cash equivalents were $32.6 million at the end of the first quarter. Cash used in operating activities during the quarter was $4.9 million with net cash used by working capital of $8.1 million, partially offset by operating income of $1.7 million. Investing activities included the collection of $10.5 million in a holdback receivable related to our previous sale of CWI to Cummins in 2022, capital contribution into Cespira of $4.7 million and purchase of capital assets of $3.1 million. Cash used in financing activities was attributed to net debt repayments of $3.9 million in the quarter.

    [1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results      Over /   
    ($ in millions, except per share amounts)     (Under)   
      1Q25 1Q24 %  
    Revenue $ 71.0   $ 77.6   (9 )%
    Gross Profit(2)   15.2     11.7   30 %
    Gross Margin(2)   21 %   15 %  
    Income (loss) from Investments Accounted for by the Equity Method(1)   (3.8 )   —   (100 )%
    Net Loss   (2.5 )   (13.6 ) 82 %
    Net Loss per Share – Basic   (0.14 )   (0.79 ) 82 %
    Net Loss per Share – Diluted   (0.14 )   (0.79 ) 82 %
    EBITDA (2)   (0.1 )   (9.2 ) 99 %
    Adjusted EBITDA (2)   —     (6.6 ) 100 %

    (1) This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2) Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty

    Revenue for the three months ended March 31, 2025 was $64.2 million compared with $63.3 million for the three months ended March 31, 2024. Light-Duty revenue increased by $0.9 million compared to the prior year and was primarily driven by increase in sales in our light-duty OEM and DOEM businesses. The light-duty OEM business had an increase in sales from its Euro 6 program compared to the prior year. In the first quarter of 2024, DOEM had a significant decrease in sales to a customer. This was partially offset by lower sales in our IAM, electronics and fuel storage businesses compared to the prior year.

    Gross profit for the three months ended March 31, 2025 increased by $1.6 million to $14.0 million, or 22% of revenue, compared to $12.4 million, or 20% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions.

    High Pressure Controls & Systems

    Revenue for the three months ended March 31, 2025 was $1.4 million compared with $2.4 million for the three months ended March 31, 2024. The decrease in revenue for the three months ended March 31, 2025 compared to the prior year was primarily driven by the hydrogen industry slowdown impacting demand for hydrogen components.

    Gross profit for the three months ended March 31, 2025 decreased by $0.2 million to $0.2 million, or 14% of revenue, compared to $0.4 million, or 17% of revenue, for the same prior year period. This was primarily driven by lower sales volumes increasing the per unit manufacturing costs in the quarter.

    Heavy-Duty Original Equipment Manufacturer (“OEM”)

    Revenue for the three months ended March 31, 2025 was $5.4 million, compared to $11.9 million for the prior year. The decrease in revenue for the three months ended March 31, 2025 is a result of the continuation of the business in Cespira. The revenue earned in the current quarter was from our services provided under the transitional service agreement with Cespira that is expected to end by Q2 2026.

    Gross profit for the three months ended March 31, 2025 increased by $2.1 million to $1.0 million, or 19% of revenue, compared to negative $1.1 million or negative 9% of revenue, for the same prior year period. The Heavy-Duty OEM segment received $0.9million in credits from component suppliers for inventory sold in the quarter.

    Selected Cespira Statements of Operations Data

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain Cespira’s financial information in notes 7 and 17 of our interim financial statements for the three months ended March 31, 2025.

    The following table sets forth a summary of the financial results of Cespira for the three months ended March 31, 2025 .

    (in millions of U.S. dollars)   Three months ended March 31,   Change
          2025       2024     $   %
    Total revenue   $ 16.7     $ —     $ 16.7     — %
    Gross profit   $ 0.5     $ —     $ 0.5     — %
    Gross margin1     3 %     — %        
    Operating loss   $ (7.1 )   $ —     $ (7.1 )   — %
    Net loss attributable to the Company   $ (3.9 )   $ —     $ (3.9 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Revenue

    Cespira revenues for the three months ended March 31, 2025 were $16.7 million. In the prior year, the Heavy-Duty OEM segment, which included our HPDI business, had revenues of $11.9 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Gross Profit

    Gross profit was $0.5 million for the three months ended March 31, 2025. In the prior year, the Heavy-Duty OEM segment had negative $1.1 million in gross profit primarily driven by the increase in sales volumes compared to the prior year and reductions in manufacturing cost.

    Operating loss

    Cespira incurred operating losses of $7.1 million for the three months ended March 31, 2025. Cespira continues to incur operating losses as it scales its operations and expand into other markets.

    Q1 2025 Conference Call
    Westport has scheduled a conference call for May 14, 2025, at 7:00 am Pacific Time (10:00 pm Eastern Time) to discuss these results. To access the conference call please register at
    https://register-conf.media-server.com/register/BI73bcac200e5f4652873668cf803d72ed

    The live webcast of the conference call can be accessed through the Westport website at
    https://investors.wfsinc.com/.

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com.

    Financial Statements and Management’s Discussion and Analysis

    To view Westport financials for the first quarter ended March 31st, 2025, please visit https://investors.wfsinc.com/financials/

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas and hydrogen, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles,fuel emission standards, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102.

    Contact Information
    Investor Relations
    Westport Fuel Systems
    T: +1 604-718-2046

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Three months ended March 31, 2025
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 64.2   $ 1.4     $ 5.4   $ 16.7     $ 87.7
    Cost of revenue   50.2     1.2       4.4     16.2       72.0
    Gross profit   14.0     0.2       1.0     0.5       15.7
    Operating expenses:
    Research & development   3.0     1.0       0.1     3.1       7.2
    General & administrative   4.1     0.3       0.1     2.7       7.2
    Sales & marketing   2.3     0.1       —     0.3       2.7
    Depreciation & amortization   0.7     0.1       —     0.7       1.5
        10.1     1.5       0.2     6.8       18.6
    Equity income (note 8)   0.1     —       —     —       0.1
    Add back: Depreciation & amortization   1.9     0.1       —     1.6       3.6
    Segment EBITDA $ 5.9   $ (1.2 )   $ 0.8   $ (4.7 )   $ 0.8
      Three months ended March 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 63.3   $ 2.4     $ 11.9     $ 77.6  
    Cost of revenue   50.9     2.0       13.0       65.9  
    Gross profit   12.4     0.4       (1.1 )     11.7  
    Operating expenses:              
    Research & development   3.6     1.3       2.8       7.7  
    General & administrative   3.7     0.2       1.8       5.7  
    Sales & marketing   2.1     0.2       0.5       2.8  
    Depreciation & amortization   0.6     0.1       0.1       0.8  
        10.0     1.8       5.2       17.0  
    Equity income   —     —       —       —  
    Add back: Depreciation & amortization   1.5     0.1       1.4       3.0  
    Segment EBITDA $ 3.9   $ (1.3 )   $ (4.9 )   $ (2.3 )
    Gross Profit    
    (expressed in millions of U.S. dollars) 1Q25   1Q24
    Three months ended  
    Revenue $ 71.0     $ 77.6  
    Less: Cost of revenue   55.8       65.9  
    Gross profit   15.2       11.7  
    Gross margin %   21.4 %     15.1 %
      Three months ended March 31, 2025
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 87.7   $ 16.7   $ —     $ 71.0  
    Cost of revenue   72.0     16.2     —       55.8  
    Gross profit   15.7     0.5     —       15.2  
    Operating expenses:
    Research & development   7.2     3.1     —       4.1  
    General & administrative   7.2     2.7     1.9       6.4  
    Sales & marketing   2.7     0.3     0.3       2.7  
    Depreciation & amortization   1.5     0.7     —       0.8  
        18.6     6.8     2.2       14.0  
    Equity income (loss)   0.1     —     (3.9 )     (3.8 )
      Three months ended March 31, 2024
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 77.6   $ —   $ 77.6
    Cost of revenue   65.9     —     65.9
    Gross profit   11.7     —     11.7
    Operating expenses:
    Research & development   7.7     —     7.7
    General & administrative   5.7     4.7     10.4
    Sales & marketing   2.8     0.4     3.2
    Depreciation & amortization   0.8     0.2     1.0
        17.0     5.3     22.3
    Equity income   —     —     —
    Reconciliation of Segment EBITDA to Loss before income taxes   Three months ended March 31,
        2025       2024  
    Total Segment EBITDA   $ 0.8     $ (2.3 )
    Adjustments:
    Depreciation & amortization     2.0       3.0  
    Cespira’s Segment EBITDA     (4.7 )     —  
    Cespira’s equity loss     3.9       —  
    Corporate and unallocated operating expenses     2.2       5.3  
    Foreign exchange loss     (0.5 )     1.8  
    Interest on long-term debt and accretion of royalty payable     0.7       0.8  
    Interest and other income, net of bank charges     (0.9 )     (0.3 )
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    EBITDA and Adjusted EBITDA        
    (expressed in millions of U.S. dollars)   1Q25   1Q24
    Three months ended    
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    Interest expense (income), net     (0.2 )     0.5  
    Depreciation and amortization     2.0       3.2  
    EBITDA     (0.1 )     (9.2 )
    Stock based compensation (recovery)     0.3       0.3  
    Unrealized foreign exchange (gain) loss     (0.5 )     1.8  
    Severance costs     —       0.5  
    Restructuring costs     0.3       —  
    Adjusted EBITDA   $ —     $ (6.6 )
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Balance Sheets (unaudited)
    (Expressed in thousands of United States dollars, except share amounts)
    March 31, 2025 and December 31, 2024
     
        March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 32,637     $ 37,646  
    Accounts receivable     66,634       73,054  
    Inventories     63,214       53,526  
    Prepaid expenses     6,551       5,660  
    Total current assets     169,036       169,886  
    Long-term investments     40,052       39,732  
    Property, plant and equipment     45,314       41,956  
    Operating lease right-of-use assets     19,249       19,019  
    Intangible assets     5,174       5,277  
    Deferred income tax assets     10,261       9,695  
    Goodwill     2,996       2,876  
    Other long-term assets     3,163       3,180  
    Total assets   $ 295,245     $ 291,621  
    Liabilities and shareholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 93,127     $ 88,123  
    Current portion of operating lease liabilities     2,750       2,624  
    Current portion of long-term debt     13,225       14,660  
    Current portion of warranty liability     4,013       3,861  
    Total current liabilities     113,115       109,268  
    Long-term operating lease liabilities     16,560       16,433  
    Long-term debt     17,915       19,067  
    Warranty liability     1,603       1,456  
    Deferred income tax liabilities     4,063       4,029  
    Other long-term liabilities     4,391       4,343  
    Total liabilities     157,647       154,596  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,326,732 (2024 – 17,282,934) common shares issued and outstanding     1,246,408       1,245,805  
    Other equity instruments     9,081       9,472  
    Additional paid in capital     11,516       11,516  
    Accumulated deficit     (1,098,726 )     (1,096,275 )
    Accumulated other comprehensive loss     (30,681 )     (33,493 )
    Total shareholders’ equity     137,598       137,025  
    Total liabilities and shareholders’ equity   $ 295,245     $ 291,621  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)
    (Expressed in thousands of United States dollars, except share and per share amounts)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Revenue   $ 70,955     $ 77,574  
    Cost of revenue     55,730       65,851  
    Gross profit     15,225       11,723  
    Operating expenses:        
    Research and development     4,052       7,693  
    General and administrative     6,397       10,353  
    Sales and marketing     2,758       3,287  
    Foreign exchange (gain) loss     (456 )     1,820  
    Depreciation and amortization     740       1,043  
          13,491       24,196  
    Income (loss) from operations     1,734       (12,473 )
             
    Income (loss) from investments accounted for by the equity method     (3,799 )     31  
    Interest on long-term debt     (676 )     (812 )
    Interest and other income, net of bank charges     869       341  
    Loss before income taxes     (1,872 )     (12,913 )
    Income tax expense     579       735  
    Net loss for the period     (2,451 )     (13,648 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     3,641       (430 )
    Ownership share of equity method investments’ other comprehensive loss     (829 )     —  
          2,812       (430 )
    Comprehensive income (loss)   $ 361     $ (14,078 )
             
    Loss per share:        
    Net loss per share – basic and diluted   $ (0.14 )     (0.79 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,322,681       17,220,540  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Expressed in thousands of United States dollars)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Operating activities:        
    Net loss for the period   $ (2,451 )   $ (13,648 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     1,930       3,247  
    Stock-based compensation expense     212       331  
    Unrealized foreign exchange (gain) loss     (456 )     1,820  
    Deferred income tax (recovery)     (33 )     (40 )
    Loss (income) from investments accounted for by the equity method     3,799       (31 )
    Interest on long-term debt     22       22  
    Change in inventory write-downs     223       413  
    Change in bad debt expense     (33 )     (121 )
    Other     —       (248 )
    Changes in operating assets and liabilities:        
    Accounts receivable     (2,072 )     12,526  
    Inventories     (7,502 )     (7,434 )
    Prepaid expenses     (415 )     (400 )
    Accounts payable and accrued liabilities     2,840       4,725  
    Warranty liability     (963 )     (1,020 )
    Net cash provided by (used in) operating activities     (4,899 )     142  
    Investing activities:        
    Purchase of property, plant and equipment     (3,142 )     (4,893 )
    Proceeds on sale of assets     82       135  
    Proceeds from holdback receivable     10,450       —  
    Capital contributions to investments accounted for by the equity method (note 7)     (4,686 )     —  
    Net cash used in investing activities     2,704       (4,758 )
    Financing activities:        
    Repayments of operating lines of credit and long-term facilities     (3,918 )     (17,689 )
    Drawings on operating lines of credit and long-term facilities     —       11,848  
    Net cash used in financing activities     (3,918 )     (5,841 )
    Effect of foreign exchange on cash and cash equivalents     1,104       (494 )
    Net decrease in cash and cash equivalents     (5,009 )     (10,951 )
    Cash and cash equivalents, beginning of period (including restricted cash)     37,646       54,853  
    Cash and cash equivalents, end of period (including restricted cash)   $ 32,637     $ 43,902  

    The MIL Network –

  • MIL-OSI: Atlanticus Announces Approval of Quarterly Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, May 13, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” the “Company,” “we” or “our”), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced that its Board of Directors approved a quarterly dividend of $0.476563 per share to Series B Cumulative Perpetual Preferred shareholders. The cash dividend will be paid on or about June 16, 2025 to holders of record of Atlanticus’ Series B Cumulative Perpetual Preferred Stock on the close of business on June 1, 2025.

    About Atlanticus Holdings Corporation

    Empowering Better Financial Outcomes for Everyday Americans

    AtlanticusTM technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and over $43 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect the Company’s current views with respect to the payment of dividends in the future. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Contact:
    Investor Relations
    (770) 828-2000
    investors@atlanticus.com

    The MIL Network –

  • MIL-OSI: Dundee Corporation Delivers on Strategy With Strong Q1 Execution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — “The first quarter of 2025 was an important step forward for us – a period where we continued to execute on our long-term strategy and strengthen the business for the future,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “We’ve been steadily working to simplify our portfolio, reduce leverage, and sharpen our focus on our core mining strategy. This quarter, we delivered on that plan. In February, we announced the pending sale of our interest in Android Industries to a strategic buyer – a transaction that once closed, will mark a significant milestone in our efforts to simplify the business and recycle capital into our core mining strategy. We also realized proceeds from the sale of G Mining Ventures, which we received in connection with G Mining’s acquisition of Reunion Gold last year. This outcome is a clear example of our approach in action: identifying high-quality assets early, backing strong teams, and exiting when value has been crystallized. The monetization of our original investment in Reunion, realized through the sale of G Mining Ventures shares, allowed us to fully repay our corporate loan facility. As a result, we ended the quarter with no debt at the parent level – a key strategic achievement that enhances our financial flexibility going forward.”  

    “Against a backdrop of rising gold prices, solid mining equity performance, and heightened macro uncertainty, we saw a timely opportunity to increase our exposure to high conviction investments. We participated in Magna Mining’s convertible debenture to support the integration of a producing copper-nickel-PGM asset in Sudbury. We also initiated a new position in Revival Gold through a strategic placement. Revival is advancing a portfolio of gold projects in the U.S. with scale, quality, and potential – and we are excited to support their progress as a new partner. Each of these investments reflects the kinds of assets and teams we want to align with: technically strong, well-managed, and positioned to deliver meaningful long-term value.”

    Mr. Goodman concluded: “We ended the quarter with a strong cash position, no parent-level debt, and a royalty that will deliver cash flow to Dundee in the second half of 2025. We are operating from a position of strength and focus. We are proud of what we have accomplished this quarter and remain energized by the opportunity ahead. None of this progress would be possible without the dedication, focus, and sharp execution of our team – they continue to be the driving force behind everything we achieve.”

    FIRST QUARTER 2025 RESULTS

    • The Corporation sold its remaining 2.9 million shares of G Mining Ventures Corp. (“G Mining”) for net proceeds of $45.3 million, after registering an additional $14.2 million investment gain during the quarter.
    • In February, Dundee repaid the remaining $5.0 million of loan principal outstanding with Earlston Investments Corp.
    • In February, Dundee announced the sale of its interest in Android Industries, LLC (“Android”) for cash proceeds of approximately $24.5 million at closing, with additional proceeds payable contingent upon the release of all escrows. The transaction is now expected to close in the second quarter of 2025, subject to customary closing conditions and obtaining necessary regulatory approvals.
    • Reported net income from all portfolio investments for the first quarter of 2025 of $28.1 million (2024 – $12.6 million). Other than G Mining, the key drivers of performance during the quarter included investment gains of $4.5 million and $3.8 million in the Corporation’s investments in Ausgold Limited and Greenheart Gold Inc., respectively.
    • Reported consolidated general and administrative expenses for the first quarter of 2025 of $4.5 million (2024 – $4.1 million).
    • Reported net earnings attributable to owners of the Corporation for the first quarter of 2025 of $24.5 million (2024 – $7.2 million), or earnings per share on a diluted basis of $0.25 (2024 – $0.07 per share).

    SEGMENTED FINANCIAL RESULTS  

    Mining Investments

    In the first quarter of 2025, the Corporation reported net earnings before taxes from the mining investments segment of $29.8 million (2024 – $9.3 million). Drivers of performance are described in the highlights above. The share of income from equity accounted mining investments during the first quarter of 2025 was $0.2 million (2024 – loss of $0.5 million).

    Corporate and others

    The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $4.1 million (2024 – $0.4 million) during the three months ended March 31, 2025.

    The fair value of non-mining portfolio investments in the corporate and others segment decreased by $1.4 million (2024 – increased by $2.8 million) during the first quarter of the current year and was driven almost exclusively by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd., owing to an increase to the discount rate used to value this investment at March 31, 2025.

    During the same period, the segment’s non-mining equity accounted investments reported pre-tax earnings of $0.03 million (2024 – $0.1 million). Also, the segment’s subsidiaries reported pre-tax losses of $0.1 million (2024 – $0.6 million).

    Mining Services

    During the first quarter of 2025, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc., reported a pre-tax loss of $1.7 million (2024 – $1.2 million).

    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

             
    Carrying value as at March 31, 2025     December 31, 2024  
    Mining Investments      
    Portfolio investments $ 93,649     $ 95,490  
    Equity accounted investments   31,273       30,013  
    Royalty   18,921       18,921  
          143,843       144,424  
    Corporate and Others      
    Corporate   64,253       32,976  
    Portfolio investments ‒ other   68,721       70,495  
    Equity accounted investments ‒ other   –       30,240  
    Real estate joint ventures   2,291       2,364  
    Subsidiaries   (106 )     3,403  
    Equity accounted investments ‒ Held-for-Sale   30,414       –  
          165,573       139,478  
    Mining Services      
    Subsidiaries   (535 )     (208 )
          (535 )     (208 )
    SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES      
    AND CLASS B SHARES OF THE CORPORATION $ 308,881     $ 283,694  
             
    Number of shares of the Corporation issued and outstanding:      
      Class A Subordinate Shares   86,305,197       86,269,735  
      Class B Shares   3,114,491       3,114,491  
    Total number of shares issued and outstanding   89,419,688       89,384,226  
             
    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS $ 3.45     $ 3.17  
                   

    The Corporation’s unaudited interim consolidated financial statements as at and for the three months ended March 31, 2025 and 2024, along with the accompanying management’s discussion and analysis, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI: Best VPNs U.S.A. 2025: NordVPN Ranked Top of VPN Services

    Source: GlobeNewswire (MIL-OSI)

    Chicago, May 13, 2025 (GLOBE NEWSWIRE) —

    Following a comprehensive evaluation, NordVPN, a VPN service that encrypts internet connections, hides IP addresses, and keeps online activities private, has outpaced its competitors and emerged as the clear leader among the crowded field of virtual private networks.

    CLICK HERE TO GET THE BEST VPN IN THE UNITED STATES: NORDVPN

    In recent times, internet users across the United States have become increasingly conscious of online security, data privacy, and the growing threat of surveillance, making the use of VPN move from just another niche tool to a digital utility. And with a swarm of VPNs available in the market now, a coalition of privacy advocates, technology journalists, and cybersecurity experts has come to a common ground regarding NordVPN being the ultimate VPN for the American user.

    CLICK HERE TO GET THE BEST VPN IN THE UNITED STATES: NORDVPN

    NordVPN has distinguished itself from the rest of the VPNs available in the U.S. by having a combination of technology and relentless focus on user empowerment. The effect of putting these two together, as noted by most users, is that the VPN gets better with time. By having users give feedback and, in turn, implementing the same by utilizing cutting-edge technologies to solve any issue, NordVPN has soared above the rest of its competitors, allowing it to clinch the top spot.

    Getting started with NordVPN is as easy as following the steps below:

    Another aspect that has gone a long way in the top ranking of NordVPN as the best VPN service in the U.S., as seen by the experts, is its technical superiority. This is evident from the platform’s proprietary NordLynx protocol, which leverages WireGuard’s technology to ensure that the speed of connections is maintained without compromising security. For this reason, users have highlighted that they can stream, play online games, and even browse without any delays, which has long plagued the VPN services in the country.

    In addition to its technical superiority, NordVPN has an unwavering commitment to transparency, which has significantly affected its ranking. Concerning this, NordVPN has implemented a no-logs policy, which independent parties frequently audit. By doing so, many users have reported that they are guaranteed their privacy, which they hold so precious. And, since data breaches and unauthorized tracking have become disturbingly common, such guarantees offer invaluable peace of mind to the users.

    When it comes to its infrastructure, NordVPN still leads the field. With over 7,000 servers spread across 118 countries worldwide, including hundreds spread across major cities in the U.S., NordVPN has continually provided its users with fast, stable, and secure connections no matter where they are located. Also, courtesy of the broad coverage, data from users reveals that American users can bypass regional restrictions, access global content, and maintain consistent speeds even during peak usage times. Experts have also observed that this is possible since, by distributing traffic across its vast infrastructure, NordVPN minimizes congestion and latency.

    Another cornerstone of NordVPN’s success is its exceptional user interface that makes advanced online privacy accessible to everyone, from newcomers to the tech world to seasoned professionals. First-hand experiences describe the platform as sleek and easy to maneuver across all major devices, including Windows, macOS, iOS, Android, and even smart TVs. This is evident through some of its features, such as Quick Connect, which automatically selects the fastest and most secure server, and clear navigation menus, which make it easy to explore the platform. By incorporating all these, NordVPN has balanced simplicity and prowess, making it the best VPN service in the U.S. in 2025.

    Another differentiator that has seen NordVPN cling to the top ranking as the best VPN service in the U.S. is its customer support team. Looking at the platform, it is clear that it offers a 24/7 live chat service that offers not only a detailed knowledge base but also rapid response times. With all these in play, users and industry experts agreed that this is part of NordVPN’s winning formula. With this ability to maintain high customer satisfaction while extending its user base, NordVPN displays its operational excellence, making it the best in the virtual private network space.

    As digital threats evolve, NordVPN has also demonstrated leadership in proactive security measures. For instance, over the past year, NordVPN launched a new feature, which includes, but is not limited to, Threat Protection Pro, an advanced tool that blocks malware, trackers, and intrusive ads even when users are not connected to the VPN.

    Another security measure that NordVPN has incorporated into its platform is the Double VPN (multi-hop) option, which has proved useful to people who demand the highest level of anonymity. It functions by routing internet traffic through two separate servers, adding an extra layer of security that makes it even harder for anyone to trace online activity. With these, among other features such as the Onion Over VPN, American users and industry experts agree that NordVPN is the best VPN service in the U.S.

    With this latest ranking, NordVPN reaffirms its position as the leading VPN choice for American users in 2025 and beyond. As online privacy becomes more essential than ever, NordVPN remains committed to delivering secure, fast, and user-friendly solutions that empower people to take control of their digital lives.

     NordVPN Support:

    • https://support.nordvpn.com/hc/en-us
    • support@nordaccount.com

    Disclaimer & Affiliate Disclosure

    The information provided in this article is for general informational and promotional purposes only. While every effort has been made to ensure the accuracy and reliability of the content, no guarantees are made regarding its completeness, timeliness, or factual accuracy. Any opinions expressed are those of independent analysts and contributors, not necessarily reflective of any official position or endorsement by the publisher or its syndication partners.

    This article may contain references to products or services for which compensation is received through affiliate partnerships. This means that, at no additional cost to the reader, the publisher may earn a commission if a purchase is made through a featured link. These affiliate relationships do not influence the objectivity of the content, which is intended to offer insight based on publicly available data and user feedback.

    All product names, logos, brands, and trademarks featured are the property of their respective owners. Any mention of third-party trademarks or brand names does not imply endorsement by or affiliation with those entities.

    Readers are encouraged to conduct their own due diligence before making any purchasing decisions. Neither the publisher, contributors, nor syndication partners accept responsibility for any loss or damage resulting directly or indirectly from the use of the information or reliance upon the content presented herein. Furthermore, this content is not intended as a substitute for professional advice, including but not limited to legal, financial, or cybersecurity guidance.

    Should there be any inadvertent typographical errors, omissions, or factual inaccuracies, they are unintentional, and appropriate corrections will be made upon verification.

    This release may be syndicated or republished by third-party distribution channels, all of whom are held harmless and are not responsible for the article’s original content or any conclusions drawn therefrom.

    The MIL Network –

  • MIL-OSI: NowVertical Named Qlik Latin America Channel Growth Partner of the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today announced it has been awarded the Qlik Channel Growth Partner of the Year for 2024 in Latin America.

    This achievement follows NowVertical’s recent 2025 Google Cloud Data Analytics Partner of the Year award for Latin America, The recognition highlights NowVertical ‘s leadership in delivering outstanding customer outcomes through impactful data and analytics solutions tailored to the unique demands of customers.

    The annual Qlik Regional Partner Awards recognize select partners for demonstrating exceptional expertise and innovation in their respective markets. Winners deliver measurable business outcomes and strategic value, enabling customers in key regions to harness their data effectively and achieve rapid success.

    “Partners like NowVertical are what makes our regional ecosystem so powerful—deep local knowledge, trusted customer relationships, and a relentless focus on delivering real results,” said David Zember, Senior Vice President, WW Channels and Alliances at Qlik. “Their ability to move quickly and solve complex challenges close to home is what drives lasting impact. We’re proud to celebrate this success and excited for what we’ll achieve together next.”

    “Being recognised by Qlik reflects the strength of our global partnerships and our shared commitment to delivering high-impact, enterprise-level outcomes,” said Sandeep Mendiratta, CEO of NowVertical. “We’re proud to work with hyperscaling technologies to solve our customers’ most complex data challenges with speed, precision, and scale.”

    This award marks another milestone in NowVertical’s deep, trusted relationships with the world’s most advanced data and cloud platforms. Through these partnerships, NowVertical is uniquely positioned to deliver integrated, scalable solutions that help enterprise clients unlock data, AI and accelerate transformation.

    About NowVertical Group Inc.
    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

    For further details about NowVertical, please visit www.nowvertical.com.

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

    For further information, please contact:

    Andre Garber, CDO
    IR@nowvertical.com

    Investor Relations: Bristol Capital Ltd.
    Stefan Eftychiou
    stefan@bristolir.com
    (905) 326-1888 x60

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (together “forward-looking statements”). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: Alma íbúðafélag hf.: Útgáfa á nýjum skuldabréfaflokki – AL220535

    Source: GlobeNewswire (MIL-OSI)

    Alma íbúðafélag hf. hefur lokið sölu á skuldabréfum í nýjum skuldabréfaflokki, AL220535, sem gefinn er út undir útgáfuramma félagsins.

    Um er að ræða verðtryggðan skuldabréfaflokk með lokagjalddaga 22. maí 2035. Endurgreiðsla skuldabréfaflokksins fylgir 30 ára jafngreiðsluferli (annuity) fram til lokagjalddaga þegar allar eftirstöðvar höfuðstóls greiðast í einni greiðslu en greiðslur vaxta og höfuðstóls fara fram á sex mánaða fresti. Flokkurinn er veðtryggður samkvæmt almennu tryggingarfyrirkomulagi félagsins.

    Seld voru skuldabréf að nafnverði 1.000 m.kr. á ávöxtunarkröfunni 4,25%.

    Arctica Finance hf. hafði umsjón með sölu skuldabréfanna og töku þeirra til viðskipta.

    Greiðslu- og uppgjörsdagur er fimmtudagurinn 22. maí 2025.

    Nánari upplýsingar veitir:

    Ingólfur Árni Gunnarsson, framkvæmdastjóri, ingolfur@al.is.

    The MIL Network –

  • MIL-OSI: Wrap Technologies, Inc. Plans to Hold a Conference Call to Discuss First Quarter 2025 Financial Results on Friday, May 16, 2025 at 9:15 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, May 13, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today announces it plans to hold a conference call on Friday, May 16, 2025, at 9:15 a.m. Eastern Time (6:15 a.m. Pacific Time) to discuss its financial and operational results for the three months ended March 31, 2025.

    The financial and operational results are expected to be issued in a press release prior to the call.

    Wrap management will host the presentation, followed by a question-and-answer period.

    Interested parties may submit questions to the Company prior to the call at ir@wrap.com by 5:00 p.m. Eastern time on May 15, 2025. Questions will be addressed based on the relevance to the Company’s strategic direction and execution, stockholder base and public disclosure rules.

    Date: Friday, May 16, 2025
    Time: 9:15 a.m. Eastern Time (6:15 a.m. Pacific Time)
    Webcast Link: Click here to register

    The first quarter 2025 earnings press release with financial results and other related materials will be available on the “Investors” section of Wrap’s website at ir@wrap.com.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    The MIL Network –

  • MIL-OSI: Weatherford Announces a Strategic Agreement with Amazon Web Services to Accelerate Digital Transformation and Enhance Operational Efficiency

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 13, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it has signed an agreement with Amazon Web Services (“AWS”) that will transform Weatherford’s digital capabilities and help drive innovation in the energy sector.

    As part of this collaboration, Weatherford selected AWS as its preferred cloud provider and will migrate and modernize its cutting-edge software and hardware suite to AWS. This includes the Company’s Modern Edge Platform, which integrates advanced software-enabled hardware with Weatherford’s world-class control system, CygNet. The solution is modular and seamlessly integrates with existing infrastructure, allowing customers to modernize their operations with minimal disruption.

    With this agreement, AWS will also support the development of next-generation technologies, further enhancing Weatherford’s Unified Data Model. This solution allows customers to integrate, harmonize, and analyze multi-asset data within a scalable, API-compatible model, driving operational efficiency and enabling data-driven decision-making.

    Additionally, the collaboration will enhance the WFRD Software Launchpad, a platform that provides customers with access to Weatherford-built and Weatherford-partnered applications. The Launchpad ensures that customers retain control over their data while seamlessly managing multiple software solutions without being locked into a single application.

    Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “We are excited to work with AWS to deliver a comprehensive suite of innovative solutions that enable our customers to drive efficiency and innovation. This collaboration allows us to leverage AWS’s world-class cloud infrastructure to help our customers modernize their operations, reduce complexity, and achieve greater autonomy in their decision-making.”

    “AWS capabilities are accelerating Weatherford’s digital transformation and helping the company drive innovation in their digital solutions to meet customers’ needs,” said Howard Gefen, GM for Energy and Utilities at AWS. “This collaboration will enhance Weatherford’s ability to deliver its operational and petrotechnical solutions by leveraging scalable, hardware and software solutions that empower energy companies to optimize their operations and achieve sustainable growth in an increasingly complex landscape.”

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    The MIL Network –

  • MIL-OSI: Capstone Infrastructure Corporation Reports First Quarter Results and Declares a Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Ontario, May 13, 2025 (GLOBE NEWSWIRE) — Capstone Infrastructure Corporation (TSX: CSE.PR.A) (the “Corporation” or “Capstone”) today announced and filed its financial results for the first quarter ended March 31, 2025. The Corporation’s Management’s Discussion and Analysis (“MD&A”) for the first quarter of 2025 and unaudited interim consolidated financial statements are available at www.capstoneinfrastructure.com and on SEDAR+ at www.sedarplus.ca. Capstone’s MD&A details the “Results of Operations” and provides a “Financial Position Review” for the quarter ended March 31, 2025.

    Dividend Declarations

    Today, the Board of Directors declared a quarterly dividend on the Corporation’s Cumulative Five-Year Rate Reset Preferred Shares, Series A (the “Preferred Shares”) of $0.2314 per Preferred Share to be paid on or about July 31, 2025 to shareholders of record at the close of business on July 15, 2025. The dividend on the Preferred Shares covers the period from April 30, 2025 to July 30, 2025.

    The dividends paid by the Corporation on its Preferred Shares are designated “eligible” dividends for the purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    About Capstone Infrastructure Corporation

    Capstone is generating our low-carbon future, driving the energy transition forward through creative thinking, strong partnerships, and a commitment to quality and integrity in how we do business. A developer, owner, and operator of clean and renewable energy projects across North America, Capstone’s portfolio includes approximately 885 MW gross installed capacity across 35 facilities, including wind, solar, hydro, biomass, and natural gas power plants. Please visit www.capstoneinfrastructure.com for more information.

    Caution Regarding Forward-Looking Statements

    Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management’s discussion and analysis of the results of operations and the financial condition of the Corporation (“MD&A”) for the year ended December 31, 2024, as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation’s SEDAR+ profile at www.sedarplus.ca).

    Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements due to inherent risks and uncertainties. For a comprehensive description of these risk factors, please refer to the “Risk Factors” section of the Corporation’s Annual Information Form dated March 21, 2025, as supplemented by disclosure of risk factors contained in any subsequent annual information form, material change reports (except confidential material change reports), business acquisition reports, interim financial statements, interim management’s discussion and analysis and information circulars filed by the Corporation with the securities commissions or similar authorities in Canada (which are available under the Corporation’s SEDAR+ profile at www.sedarplus.ca).

    The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

    Attachment

    The MIL Network –

  • MIL-OSI: Alaris Equity Partners Announces $75 Million Bought Deal Offering of 6.50% Convertible Unsecured Senior Debentures

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (“Alaris” or the “Trust”) (TSX: AD.UN) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by National Bank Financial, CIBC Capital Markets and Desjardins Capital Markets, and including Acumen Capital Partners, Raymond James Ltd., RBC Capital Markets, Scotiabank, and Cormark Securities Inc. pursuant to which the Underwriters have agreed to purchase $75.0 million aggregate principal amount of convertible unsecured senior debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Trust has also granted the Underwriters an option to purchase up to an additional $11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, up to 30 days following closing of the Offering. The Offering is expected to close on or about June 2, 2025 (the “Closing Date”). Unless otherwise stated, all numbers in this press release are presented in Canadian dollars.

    The Trust intends to use the net proceeds of the Offering to partially repay outstanding indebtedness under Alaris’ subsidiary’s senior debt facility (the “Senior Debt Facility”) which may be subsequently redrawn and used to fund future investments in new Partner (as defined below) investments or general trust purposes.

    The Debentures will bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on the last business day of June and December of each year commencing on December 31, 2025. The first payment will include accrued and unpaid interest for the period from the Closing Date to, but excluding, December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

    The Debentures will be direct senior unsecured obligations of the Trust and will rank subordinate to all existing and future senior secured indebtedness of the Trust and any of its subsidiaries, including pursuant to the Senior Debt Facility, and pari passu with each debenture issued under the debenture indenture governing the Debentures (the “Trust Indenture”) and with all other present and future unsubordinated indebtedness of the Trust, including the Trust’s senior unsecured debentures due March 31, 2027, as further detailed in the Trust Indenture. The payment of principal and premium, if any, of, and interest on, the Debentures will be subordinated in right of payment to all senior secured indebtedness. The Trust Indenture will not restrict the Trust or its subsidiaries from incurring additional indebtedness or from mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. None of the Trust’s subsidiaries will guarantee the Debentures.

    The Debentures will be convertible at the holder’s option into units of the Trust (“Units”) at any time prior to the earlier of the close of business on the business day immediately preceding: (i) the Maturity Date June 30, 2030; and (ii) and if called for redemption, the business day immediately preceding the date fixed for redemption of the Debentures at a conversion price of $24.85 per Units, being a ratio of 40.2414 per $1,000 principal amount of Debentures, subject to adjustment in certain events. The Debentures are not redeemable by Alaris before June 30, 2028. On and after June 30, 2028 and prior to June 30, 2029, the Debentures may be redeemed in whole or in part from time to time at the option of Alaris at a price equal to their principal amount plus accrued and unpaid interest, provided that the volume weighted average trading price of the Units on the Toronto Stock Exchange for the 20 consecutive trading days ending on the fifth trading day preceding the date on which the notice of the redemption is given is not less than 125% of the Conversion Price. On and after June 30, 2029, the Debentures may be redeemed in whole or in part from time to time at the option of Alaris at a price equal to their principal amount plus accrued and unpaid interest regardless of the trading price of the Units.

    A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada, other than the province of Québec. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

    This news release is not an offer of securities of Alaris for sale in the United States. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the Debentures may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    ABOUT ALARIS

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Partners”) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Partners.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements“). Statements other than statements of historical fact contained in this news release may be forward-looking statements including, without limitation, management’s expectations, intentions and beliefs concerning: the anticipated Closing Date; the intended use of proceeds of the Offering; the anticipated terms and timing of conversion, redemption and maturity of the Debentures; expectations regarding the filing of a preliminary prospectus and the anticipated jurisdictions for the Offering. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations on which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Key assumptions include, but are not limited to, assumptions that: the required regulatory approvals for the Offering will be obtained in a timely fashion; the Debentures and trust units issued upon the conversion of the Debentures will be listed for trading on the TSX; interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of the Trust to obtain the required regulatory approvals for the Offering; the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2024, which is filed under the Trust’s profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6
    www.alarisequitypartners.com

    The MIL Network –

  • MIL-OSI: Satellogic Reports First Quarter 2025 Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Revenue of $3.4 million in 1Q 2025

    Domestication to U.S. Completed

    Awarded $30 Million Contract for AI-First Constellation and Closed $20 Million Registered Direct Offering

    NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and reported its financial results for the three months ended March 31, 2025.

    “The year is off to a great start with our recent announcements in April related to our $30 million low latency, near-daily AI-first constellation contract, our sovereign defense and intelligence imagery sales to Brazil and Singapore, and the closing of a registered direct offering in which we received $20 million in gross proceeds, which further strengthened our liquidity position. These milestones, coupled with the completion of our domestication during the first quarter, positions Satellogic to focus on significant growth opportunities, underscoring the value of our data insights and technology,” said Satellogic CEO, Emiliano Kargieman.

    Rick Dunn, Chief Financial Officer, added, “In terms of financial results, we ended the quarter with $17.7 million of cash on hand (which does not include the proceeds from the aforementioned offering) and continued to reduce our cash used in operations by $5.4 million, or 53%, compared to the three months ended March 31, 2024. Our revenue also increased modestly by 2% to $3.4 million compared to the prior year period.”

    “We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.

    Financial Results for the Three Months Ended March 31, 2025

    • Revenue for the three months ended March 31, 2025, increased by $0.1 million, or 2%, to $3.4 million, as compared to revenue of $3.3 million for the three months ended March 31, 2024. The increase was driven primarily by a $0.4 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $0.4 million decrease in revenue generated from the Space Systems business line. Revenue for the three months ended March 31, 2025 included $2.6 million attributable to our Asset Monitoring line of business, $0.4 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $2.2 million, $0.7 million and $0.4 million, respectively, in the prior period.
    • Cost of Sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $1.2 million for the three months ended March 31, 2025 from $1.3 million for the three months ended March 31, 2024. The decrease was driven primarily by lower Space Systems costs on lower sales volume, partially offset by higher outsourced ground station costs. However, as a percentage of revenue, our cost of sales were 37% for the three months ended March 31, 2025, as compared to 39% for the three months ended March 31, 2024.
    • Selling, General and Administrative expenses decreased $2.9 million, or 31%, to $6.5 million during the three months ended March 31, 2025, from $9.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a $0.5 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and professional fees related to the secured convertible notes in 2024, partially offset by professional fees related to our domestication in 2025. The decrease was also partially driven by decreases in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024.
    • Engineering expenses decreased $1.9 million, or 43%, to $2.5 million for the three months ended March 31, 2025 from $4.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024. The decrease was also partially driven by other expense reductions resulting from continued cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.
    • Net loss for the three months ended March 31, 2025, increased by $17.4 million to $32.6 million, as compared to a net loss of $15.2 million for the three months ended March 31, 2024. The increase was primarily driven by an increase in the change in fair value of financial instruments ($21.6 million) and other (expense) income, net ($1.6 million) offset by increases in revenue and decreases in operating costs.
    • Non-GAAP Adjusted EBITDA loss for the three months ended March 31, 2025, improved by $3.1 million to $6.1 million, from an Adjusted EBITDA loss of $9.1 million for the three months ended March 31, 2024, primarily due to year-over-year increases in revenue and decreases in operating expenses.
    • Cash and Cash Equivalents were $17.7 million at March 31, 2025, compared to $22.5 million at December 31, 2024.
    • Net cash used in operating activities was $4.7 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended December 31, 2024. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.

    Use of Non-GAAP Financial Measures

    We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they provide meaningful supplemental information regarding our performance and liquidity by removing the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, depreciation, capital expenditures and other non-cash items (i.e., embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.

    We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.

    We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other expense (income), net, changes in the fair value of financial instruments and stock-based compensation. Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.

    The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.

      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Interest expense   —       9  
    Income tax expense   715       1,433  
    Depreciation expense   2,687       2,845  
    Non-GAAP EBITDA $ (29,179 )   $ (10,891 )
    Professional fees related to Secured Convertible Notes   —       971  
    Other expense (income), net   167       (1,401 )
    Change in fair value of financial instruments   22,361       752  
    Stock-based compensation   595       1,446  
    Non-GAAP Adjusted EBITDA $ (6,056 )   $ (9,123 )
     

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    To learn more, please visit: http://www.satellogic.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “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. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. 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. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor 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 the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xviii) unknown defects or errors in our products, (xix) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules and (xxvi) the anticipated benefits of the domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. 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 Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Contacts

    Investor Relations:

    Ryan Driver, VP of Strategy & Corporate Development
    ryan.driver@satellogic.com

    Media Relations:

    Satellogic
    pr@satellogic.com

    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars, except share and per share amounts)   2025       2024  
    Revenue $ 3,387     $ 3,328  
    Costs and expenses      
    Cost of sales, exclusive of depreciation shown separately below   1,237       1,305  
    Selling, general and administrative   6,485       9,389  
    Engineering   2,493       4,387  
    Depreciation expense   2,687       2,845  
    Total costs and expenses   12,902       17,926  
    Operating loss   (9,515 )     (14,598 )
    Other (expense) income, net      
    Interest income, net   177       204  
    Change in fair value of financial instruments   (22,361 )     (752 )
    Other (expense) income, net   (167 )     1,401  
    Total other (expense) income, net   (22,351 )     853  
    Loss before income tax   (31,866 )     (13,745 )
    Income tax expense   (715 )     (1,433 )
    Net loss available to stockholders $ (32,581 )   $ (15,178 )
    Other comprehensive loss      
    Foreign currency translation gain (loss), net of tax   257       (137 )
    Comprehensive loss $ (32,324 )   $ (15,315 )
           
    Basic net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Basic weighted-average Common Stock outstanding   96,655,349       90,331,496  
    Diluted net loss per share for the period attributable to holders of Common Stock $ (0.34 )   $ (0.17 )
    Diluted weighted-average Common Stock outstanding   96,655,349       90,331,496  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    UNAUDITED
     
      March 31,   December 31,
    (in thousands of U.S. dollars, except per share and par value amounts)   2025       2024  
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 17,716     $ 22,493  
    Restricted cash   305       —  
    Accounts receivable, net of allowance of $148 and $148, respectively   1,799       1,464  
    Prepaid expenses and other current assets   4,274       3,907  
    Total current assets   24,094       27,864  
    Property and equipment, net   25,802       27,228  
    Operating lease right-of-use assets   6,538       877  
    Other non-current assets   4,968       5,722  
    Total assets $ 61,402     $ 61,691  
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY      
    Current liabilities      
    Accounts payable $ 3,742     $ 3,754  
    Warrant liabilities   14,902       11,511  
    Earnout liabilities   1,992       1,501  
    Operating lease liabilities   989       363  
    Contract liabilities   6,308       5,871  
    Accrued expenses and other liabilities   13,661       11,621  
    Total current liabilities   41,594       34,621  
    Secured Convertible Notes at fair value   96,590       79,070  
    Operating lease liabilities   5,812       516  
    Other non-current liabilities   498       516  
    Total liabilities   144,494       114,723  
    Commitments and contingencies      
    Stockholders’ (deficit) equity      
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 84,451,437 shares issued and 83,883,614 shares outstanding as of March 31, 2025 and 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024   —       —  
    Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Treasury stock, at cost, 567,823 shares as of March 31, 2025 and 567,823 shares as of December 31, 2024   (8,603 )     (8,603 )
    Additional paid-in capital   358,511       356,247  
    Accumulated other comprehensive loss   (314 )     (571 )
    Accumulated deficit   (432,686 )     (400,105 )
    Total stockholders’ (deficit) equity   (83,092 )     (53,032 )
    Total liabilities and stockholders’ (deficit) equity $ 61,402     $ 61,691  
    SATELLOGIC INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    UNAUDITED
     
      Three Months Ended March 31,
    (in thousands of U.S. dollars)   2025       2024  
    Cash flows from operating activities:      
    Net loss $ (32,581 )   $ (15,178 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation expense   2,687       2,845  
    Operating lease expense   421       538  
    Stock-based compensation   595       1,446  
    Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes   20,691       752  
    Foreign exchange differences   (188 )     (643 )
    Loss on disposal of property and equipment   28       78  
    Expense for estimated credit losses on accounts receivable, net of recoveries   —       16  
    Non-cash change in contract liabilities   (46 )     (501 )
    Other, net   —       56  
    Changes in operating assets and liabilities:      
    Accounts receivable   (21 )     (932 )
    Prepaid expenses and other current assets   830       (377 )
    Accounts payable   569       1,764  
    Contract liabilities   438       (25 )
    Accrued expenses and other liabilities   2,024       601  
    Operating lease liabilities   (169 )     (555 )
    Net cash used in operating activities   (4,722 )     (10,115 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (1,913 )     (1,942 )
    Net cash used in investing activities   (1,913 )     (1,942 )
    Cash flows from financing activities:      
    Proceeds from issuance of Common Stock under ATM Program, net of transaction costs   1,143       —  
    Payments for withholding taxes related to the net share settlement of equity awards   (375 )     (184 )
    Proceeds from exercise of stock options   916       —  
    Net cash provided by (used in) financing activities   1,684       (184 )
    Net (decrease) increase in cash, cash equivalents and restricted cash   (4,951 )     (12,241 )
    Effect of foreign exchange rate changes on cash and cash equivalents   177       542  
    Cash, cash equivalents and restricted cash – beginning of period   23,682       24,603  
    Cash, cash equivalents and restricted cash – end of period $ 18,908     $ 12,904  

    The MIL Network –

  • MIL-OSI: Skyward Specialty Recruits Corey LaFlamme to Lead Captives & Specialty Programs Divisions; Hill Transitions To Divisions’ Chairman

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 13, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (Nasdaq: SKWD) (“Skyward Specialty” or “the Company”) a leader in the specialty property and casualty (P&C) market, announced today the Company has recruited Corey LaFlamme to assume the role of President, Captives & Specialty Programs, marking a key strategic move to support its continued growth in one of the fastest-expanding segments of the specialty market.

    Additionally, the Company announced that Kirby Hill, who has played a central role in building Skyward Specialty’s Captives & Specialty Programs divisions, will assume the role of Chairman, Captives & Specialty Programs. In this new capacity, Hill will focus on business development, key account relationship management, key strategic matters and mentoring.

    LaFlamme brings more than 20 years of experience across the specialty landscape. He joins Skyward Specialty from The Hartford, where he served most recently as Head of Programs. Throughout his career, LaFlamme built a reputation for cultivating strong relationships, driving innovation and delivering consistent performance.

    “Corey’s arrival comes at a pivotal time for Skyward Specialty. His experience, leadership and his balanced growth and underwriting mindset align perfectly with our vision to expand and lead in the Captives & Specialty Programs markets,” said Skyward Specialty Chairman and CEO Andrew Robinson. “At the same time, I want to recognize the impact Kirby has had in building this business into the true market contender it is. His continued involvement as Chairman will be instrumental in supporting Corey and ensuring that we accelerate our momentum. With this exceptional leadership team in place, we are well-positioned to lead in a space we view as one of the market’s most promising and dynamic areas.”

    About Skyward Specialty
    Skyward Specialty (Nasdaq: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions — Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    Media Contact
    Haley Doughty
    Skyward Specialty Insurance Group
    713-935-4944
    hdoughty@skywardinsurance.com

    Investor Contact
    Natalie Schoolcraft
    Skyward Specialty Insurance Group
    614-494-4988
    nschoolcraft@skywardinsurance.com

    The MIL Network –

  • MIL-OSI: Global Star Acquisition Inc. and K Enter Holdings Inc. Finalize Business Combination

    Source: GlobeNewswire (MIL-OSI)

    SEOUL and NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Global Star Acquisition Inc. (NASDAQ: GLST) (“Global Star”), a special purpose acquisition company and K Enter Holdings Inc. (“K Enter”), a holding company with an internal K drama production team and controlling interest in six diversified entertainment operating companies based in Korea and engaged in the entertainment content and IP creation businesses, today announced the completion of the previously announced business combination that will result in the creation of K Wave Media Ltd. Accordingly, K Wave Media Ltd.’s ordinary shares and warrants are expected to commence trading on The Nasdaq Global Market under the symbols “KWM” and “KWMWW”, respectively on May 14, 2025.

    The business combination was approved at a special meeting of GLST’s stockholders on February 3, 2025.

    “We are proud to complete this milestone transition of K Wave Media to become the first Korean content media alliance to list on the Nasdaq stock exchange,” said Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter. “We are laser focused on pursuing our planned growth initiatives across the value chain of our Korean entertainment and media business lines, now with enhanced U.S. visibility to attract a core retail and institutional shareholder base. Additionally, we are appreciative of Global Star’s partnership and mutual determination to achieve K Wave’s public listing. We are poised to become a leading player in IP-based diversified entertainment delivering high quality K-content to our loyal global fanbase.”

    K Wave Media will continue to be led by Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter, until a successor is appointed.

    Advisors

    D. Boral Capital acted as Global Star’s Capital Markets Advisor on the transaction. Loeb & Loeb LLP acted as U.S. legal counsel to K Enter. Duane Morris LLP acted as legal counsel to Global Star.

    About K Enter Holdings Inc.

    K Enter Holdings Inc. is a Delaware corporation with contracts to acquire controlling equity interests in six diversified entertainment operating companies based in Korea, engaged in the entertainment content, IP creation, merchandising and entertainment investment businesses (the “Six Korean Entities”). K Enter has an internal K drama production team. The Six Korean Entities to be acquired by K Enter include Play Company Co., Ltd, a Korean IP merchandising company, and Solaire Partners Ltd., a Korean IP content-specialized private equity firm, Studio Anseilen Co., Ltd., a K drama production company, and The LAMP Co., Ltd., Bidangil Pictures Co., Ltd., and Apeitda Co., Ltd., each of which is a K movie production company.

    About Global Star Acquisition Inc.

    Global Star Acquisition Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release is provided for informational purposes and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this press release. To the fullest extent permitted by law under no circumstances will Global Star, K Enter, or any of the Six Korean Entities, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this press release have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Global Star nor K Enter has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Global Star, K Enter or the Proposed Business Combination. Viewers of this press release should each make their own evaluation of Global Star and K Enter and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the benefits of the Proposed Business Combination, including K Enter’s ability to accelerate the development of its products and bring them to market, the anticipated timing for completion of the Proposed Business Combination, and Global Star’s and K Enter’s expectations, plans or forecasts of future events and views as of the date of this press release. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. These forward-looking statements, which may include, without limitation, words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the control of Global Star or K Enter).

    In addition, this press release includes a summary set of risk factors that may have a material impact on Global Star, K Enter or the Proposed Business Combination, which are not intended to capture all the risks to which Global Star, K Enter or the Proposed Business Combination is subject or may be subject. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Proposed Business Combination may not be completed by Global Star’s business combination deadline; (4) the inability to complete the Proposed Business Combination, including but not limited to due to the failure to obtain approval of the stockholders of Global Star or K Enter for the Merger Agreement, to receive certain governmental, regulatory and third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount of cash available following any redemptions by Global Star’s stockholders; (6) the inability to obtain or maintain the listing of Global Star’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; (7) the effect of the announcement or pendency of the Proposed Business Combination on K Enter’s business relationships, operating results, and business generally; (8) risks that the Proposed Business Combination disrupts current plans and operations of K Enter or the Six Korean Entities; (9) the inability to realize the anticipated benefits of the Proposed Business Combination and to realize estimated pro forma results and underlying assumptions, including but not limited to with respect to estimated stockholder redemptions and costs related to the Proposed Business Combination; (10) the possibility that Global Star or K Enter or the Six Korean Entities may be adversely affected by other economic or business factors; (11) changes in the markets in which K Enter and the Six Korean Entities compete, including but not limited to with respect to its competitive landscape, technology evolution, changes in entertainment choices or regulatory changes; (12) changes in domestic and global general economic conditions; (13) risk that K Enter may not be able to execute its growth strategies; (14) the risk that K Enter experiences difficulties in managing its growth and expanding operations after the Proposed Business Combination; (15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable terms or at all; (16) the ability to recognize the anticipated benefits of the Proposed Business Combination to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of K Enter to grow and manage growth economically and hire and retain key employees; (17) risk that K Enter may not be able to develop and maintain effective internal controls; (18) the risk that K Enter may fail to keep pace with rapid technological developments or changes in entertainment tastes to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and services; (19) the ability to develop, license or acquire new content, products and services; (20) the risk that K Enter is unable to secure or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to K Enter’s business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Proposed Business Combination; (25) the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions; (26) the risk that K Enter fails to successfully and timely consummate its acquisition of one or more of the Six Korean Entities’; and (27) other risks and uncertainties identified in the registration statement on Form F-4, which included a proxy statement/prospectus filed in connection with the Proposed Business Combination (the “Registration Statement”), including those under “Risk Factors” therein, and in other filings with the U.S. Securities and Exchange Commission (“SEC”) made by Global Star. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Global Star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Registration Statement filed with the SEC with respect to the Proposed Business Combination, and other documents filed by Global Star from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive, are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on 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. Forward-looking statements speak only as of the date they are made. 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 neither Global Star nor K Enter presently know or that Global Star and K Enter currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. However, while Global Star and K Enter may elect to update these forward-looking statements at some point in the future, Global Star and K Enter specifically disclaim any obligation to do so. Neither Global Star nor K Enter gives any assurance that Global Star or K Enter, or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements, and they should not be relied upon as representing Global Star’s and K Enter’s assessments as of any date subsequent to the date of this press release.

    Contact

    K Enter Holdings, Inc.
    Ted Kim
    Director and Co-Founder, K-Enter Holdings
    ted@globalfundpe.com

    Investor Contact
    MZ Group
    Shannon Devine/Rory Rumore
    +1 (203) 741-8811
    GLST@mzgroup.us

    The MIL Network –

  • MIL-OSI: Practice AI Accelerates Strategic Outreach and Legal Tech Partnerships Following a Dynamic PILMMA 2025 Super Summit

    Source: GlobeNewswire (MIL-OSI)

    DENVER, May 13, 2025 (GLOBE NEWSWIRE) — Practice AI, in collaboration with its esteemed partner Legal Soft, is proud to announce a series of new initiatives and partnerships for May 2025. Fresh off the success of the PILMMA 2025 Super Summit, which took place from April 29 to May 2 at the Hilton Denver City Center. Practice AI is set to expand its outreach efforts, further integrating artificial intelligence (AI) in the legal domain in ways that are both innovative and ethically grounded.

    A New Era Unfolds: Recapping the PILMMA 2025 Super Summit

    The PILMMA Super Summit has long been recognized as the premier legal marketing and management conference designed for “serious lawyers” who are determined to create the practices they truly want rather than settling for the status quo. This year’s edition, held in Denver, Colorado, attracted top legal professionals, legal tech innovators, and forward-thinking industry leaders from across the country. The summit offered an immersive three-day experience focused on elite networking, mastermind sessions, and breakthrough strategies to redefine legal practices.

    Key Highlights from the Summit Include:

    • Elite Networking: Attendees had the opportunity to connect with some of the most successful lawyers, legal marketers, and firm owners in the country. The event’s robust networking sessions provided fertile ground for forging relationships that promise to drive future collaborations and strategic partnerships.
    • Masterminding for Growth: With a dedicated focus on the “Mastermind Effect,” the summit featured interactive sessions led by seasoned professionals who shared insights on how to scale a law firm exponentially by systematically breaking through common operational barriers.
    • Expert-Led Workshops: The agenda was packed with sessions on optimizing legal practice management, leveraging AI to boost marketing performance, and deploying cutting-edge legal tech to increase efficiency. These discussions helped attendees pinpoint exactly where their practices stood and how incremental improvements could lead to significant breakthroughs.
    • Strategic Focus on AI: A recurring theme at the summit was the transformative potential of AI in law. Participants explored topics such as enhancing legal research accuracy, automating routine tasks, and integrating AI-driven analytics to better serve clients.

    For more details on the PILMMA 2025 Super Summit agenda and its mission to empower legal professionals, visit the official summit page at pilmma.org/summit pilmma.org.

    The Ideal Backdrop for Innovation and Collaboration

    Held at the Hilton Denver City Center, located at 1701 California Street, Denver, CO 80202, the summit provided an inspiring setting for the convergence of industry leaders and forward-thinking professionals. The city’s vibrant atmosphere and modern facilities contributed significantly to the event’s success, offering attendees both a conducive environment for learning and ample opportunities for networking.

    During the summit, participants experienced a dynamic mix of keynote sessions, hands-on workshops, and interactive networking events, all aimed at fostering a collaborative spirit among legal professionals. This environment reinforced the idea that strategic partnerships, like the one between Practice AI and Legal Soft, are key to unlocking new possibilities in legal tech innovation.

    Forging the Future: Initiatives and Partnership Highlights

    In the coming months, Practice AI is set to launch several initiatives that build on the momentum generated by the PILMMA 2025 Super Summit. These initiatives are designed to foster continuous innovation and deeper collaboration across the legal tech community:

    • Educational Workshops and Seminars: Practice AI and Legal Soft will jointly host a series of workshops aimed at demystifying AI for legal professionals. These sessions will provide practical guidance on integrating AI into everyday legal practice, focusing on both technological and ethical considerations.
    • Collaborative Research and Development Projects: By leveraging the combined expertise of both partners, new R&D projects will explore innovative AI applications: From predictive analytics in litigation to advanced legal document automation. These projects will serve as testbeds for pioneering solutions that can be scaled across the industry.
    • Industry Roundtables and Peer-to-Peer Learning: Recognizing the value of shared experiences, the partners plan to organize roundtable discussions with thought leaders from both the legal and tech sectors. These sessions will address the challenges of AI adoption and offer strategies for sustainable growth in legal practice.
    • Customized AI Solutions for Law Firms: Practice AI is working on tailoring its AI tools to meet the unique needs of individual law firms. By offering customizable solutions, the company aims to ensure that every legal practice, regardless of size or specialty, can benefit from the advantages of AI.

    A Call for Collaborative Transformation

    At the core of Practice AI’s mission is a clear vision: technology, when implemented with responsibility and foresight, can transform legal practice for the better. Hamid Kohan’s words at the summit resonate with this vision. “Practice AI is now intensifying its outreach efforts to forge strategic partnerships with leading legal professionals, ensuring that AI is implemented responsibly and efficiently,” he reiterated. This commitment to ethical AI adoption serves as the guiding principle for all future initiatives.

    Kohan’s second remark further underscores the company’s commitment to education and collaboration. “We are committed to raising awareness on using AI the smart way. By collaborating with legal tech leaders and seasoned legal professionals, we are paving the way for a future where technology and law work in harmony to deliver better outcomes for all stakeholders.” These statements not only reflect the current momentum at Practice AI but also set the tone for a future where continuous dialogue and shared innovation drive industry progress.

    Industry Impact and Looking Ahead

    The transformative impact of AI in the legal field is already evident. From automating mundane tasks to providing deep insights through data analytics, AI is reshaping the way legal services are delivered. Practice AI’s initiatives for May 2025 are designed to help legal professionals adapt to these changes and harness the full potential of AI. With strategic outreach and robust partnerships, the company is leading the charge toward a smarter, more efficient legal industry.

    Key anticipated impacts include:

    • A Shift in Legal Practice Paradigms: As more law firms begin to adopt AI-driven tools, the traditional models of legal practice are evolving. This shift is expected to lead to more agile, client-focused, and cost-effective legal services.
    • Enhanced Professional Development: By providing targeted educational programs, Practice AI is helping legal professionals develop the skills needed to thrive in an increasingly digital and data-driven environment.
    • A Robust Ecosystem of Innovation: The collaborative efforts between Practice AI and its strategic partners such as Legal Soft are set to foster a thriving ecosystem of innovation, where new ideas and solutions are continuously tested and refined.
    • Greater Transparency and Ethical Standards: Emphasizing responsible AI use ensures that ethical considerations remain at the forefront, building trust among clients and reinforcing the integrity of legal practices.

    A Bold Step Forward for Legal Technology

    The PILMMA 2025 Super Summit has laid the foundation for an exciting new chapter in legal technology. As Practice AI and Legal Soft build on the success of the event, the focus now turns to a future defined by strategic partnerships, innovative AI solutions, and a commitment to ethical, client-centric practices. The initiatives launched this May are not just steps toward technological advancement; they are a comprehensive strategy to empower legal professionals, drive efficiency, and transform legal services.

    Practice AI’s renewed outreach and collaboration efforts reaffirm its position as a leader in legal tech innovation. By bridging the gap between cutting-edge AI and traditional legal practices, the company is not only redefining the future of law but also ensuring that every legal professional has the tools and support needed to excel in a rapidly evolving landscape.

    As Practice AI embarks on this bold new phase, the focus remains on collaboration, continuous learning, and ethical technology adoption. The successful PILMMA 2025 Super Summit has not only provided valuable insights into the future of legal practice but also set the stage for transformative partnerships that will drive innovation for years to come. By forging strong alliances and engaging directly with the legal community, Practice AI is ensuring that the integration of AI in law is both progressive and responsible, ushering in an era of enhanced efficiency, improved client service, and sustained industry growth.

    For more information on the PILMMA 2025 Super Summit and to view the detailed agenda and event highlights, please visit PILMMA Summit pilmma.org.

    For media inquiries, please contact:
    Practice AI
    Address: 21731 Ventura Blvd. #175, Woodland Hills, CA 91364
    Phone: (424) 476-5858
    Email: sales@lawpractice.ai

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