GlobeNewswire – Page 333

MIL-OSI: Employers Holdings, Inc. Reports First Quarter 2025 Results and Declares Increase in Regular Quarterly Dividend to $0.32 per Share and New Share Repurchase Authorization of $125 Million

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., May 01, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its first quarter ended March 31, 2025.

Financial Highlights:
(All comparisons vs. the first quarter of 2024).

Net income per diluted share decreased by 53%, from $1.11 to $0.52;
Adjusted net income per diluted share increased 30%, from $0.67 to $0.87;
Gross premiums written increased 1%, from $210.9 million to $212.1 million;
Net premiums earned decreased 1%, from $184.9 million to $183.0 million;
Underwriting expense ratio improved from 25.0% to 23.4%;
Net investment income increased 20%, from $26.8 million to $32.1 million;
Record number of ending policies in-force of 133,121, a 4% increase; and
Returned $27.5 million to stockholders through a combination of share repurchases and regular quarterly dividends.

Management Commentary

Chief Executive Officer Katherine Antonello commented: “First quarter net premiums earned were flat compared to 2024, driven by higher renewal premiums offset by lower new business and a reduction in audit premiums. Rate increases and underwriting actions taken to maintain our underwriting profitability targets in certain states impacted new business premiums, while final audit premiums decreased in-line with the moderation of employment and wage growth. We have identified several refinements in our underwriting and pricing approach that we believe will allow us to maintain our underwriting discipline but also return to moderate new business growth. Our appetite expansion effort continues to identify areas of profitable growth, and our success has given us the confidence to accelerate this effort. We again ended the period with another record number of policies in-force, which were up 4% year-over-year.

We recorded our current accident year loss and LAE ratio on voluntary business at 66.0%, slightly above the 64.0% we maintained throughout 2024. As was the case in the first quarter of 2024, a full actuarial study was not performed, and the amount of indicated net prior year loss reserve development was consistent with our expectations. We will evaluate our prior year reserves in more detail at mid-year when we routinely perform a full reserve study.

Our commission expense ratio was 12.6%, versus 13.6% a year ago. We continue to see improvement in our underwriting expense ratio, which decreased to 23.4%, from 25.0% a year ago.

Our net investment income was $32.1 million, up 20% from a year ago. The increase was primarily due to returns from our investments in limited partnerships.

Lastly, we raised our regular quarterly dividend to $0.32 per share, an increase of 7%, and announced a new $125.0 million share repurchase plan after exhausting the former plan prior to its scheduled expiration. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

Summary of First Quarter 2025 Results

(All comparisons vs. the first quarter of 2024, unless otherwise noted).

Gross premiums written were $212.1 million, an increase of 1%. The increase was due to strong retention in renewal business writings partially offset by a decline in new business writings and lower final audit premiums. Net premiums earned were $183.0 million, a decrease of 1%.

Losses and loss adjustment expenses were $120.7 million, an increase of 4%. The increase was primarily due to a higher current accident year loss and loss adjustment expense estimate. The Company’s loss and loss adjustment expense ratio was 66.0% (66.8% excluding LPT), versus 63.0% (64.1% excluding LPT).

Commission expense was $23.0 million, a decrease of 8%. The Company’s commission expense ratio was 12.6%, versus 13.6% a year ago. The decrease was primarily due to a release of commissions payable associated with non-performing policies sent to collections.

Underwriting expenses were $42.9 million, a decrease of 7%. The Company’s underwriting expense ratio was 23.4%, versus 25.0% a year ago. The decrease primarily related to lower bad debt expense and compensation-related expenses.

Net investment income was $32.1 million, an increase of 20%. The increase was primarily due to returns from our investments in private equity limited partnerships, along with higher book yields on our fixed maturity securities.

Net realized and unrealized (losses) gains on investments reflected on the income statement were $(12.8) million, versus $11.4 million.

Income tax expense was $3.1 million (19.5% effective rate), versus $7.0 million (19.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

The Company’s book value per share including the deferred gain of $48.25 increased 12.3% year-over-year and 2.5% during the first quarter of 2025, computed after considering dividends declared. During the first quarter this measure was favorably impacted by $21.1 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) partially offset by $9.2 million of net after tax unrealized losses arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share of $50.75 increased by 8.5% year-over-year and 1.0% during the first quarter of 2025, computed after considering dividends declared.

Second Quarter 2025 Dividend Declaration

On April 30, 2025, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.32. The dividend is payable on May 28, 2025 to stockholders of record as of May 14, 2025.

Stock Repurchases and New Stock Repurchase Authorization

During the first quarter of 2025, the Company repurchased 406,101 shares of its common stock at an average price of $49.69 per share. During the period from April 1, 2025 through April 29, 2025, the Company repurchased a further 170,000 shares of its common stock at an average price of $48.35 per share.

On April 30, 2025, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 6, 2025 through December 31, 2026. The new program replaces a similar program that was scheduled to expire on July 31, 2025, but its repurchase authorization has been exhausted.

Earnings Conference Call and Webcast

The Company will host a conference call on Friday, May 2, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

Reconciliation of Non-GAAP Financial Measures to GAAP

The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

Forward-Looking Statements

In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Filings with the SEC

The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

About Employers Holdings, Inc.

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com


EMPLOYERS HOLDINGS, INC. Table of Contents

Page

1		Consolidated Financial Highlights

2		Summary Consolidated Balance Sheets

3		Summary Consolidated Income Statements

4		Return on Equity

5		Combined Ratios

6		Roll-forward of Unpaid Losses and LAE

7		Consolidated Investment Portfolio

8		Book Value Per Share

9		Earnings Per Share

10		Non-GAAP Financial Measures


EMPLOYERS HOLDINGS, INC. Consolidated Financial Highlights (unaudited) $ in millions, except per share amounts

	Three Months Ended
	March 31,
		2025			2024		% change
*Selected financial highlights:*
Gross premiums written	$	212.1		$	210.9		1	%
Net premiums written		210.3			209.1		1
Net premiums earned		183.0			184.9		(1	)
Net investment income		32.1			26.8		20
Net income excluding LPT⁽¹⁾		11.2			26.2		(57	)
Adjusted net income⁽¹⁾		21.3			17.2		24
Net Income before income taxes		15.9			35.3		(55	)
Net Income		12.8			28.3		(55	)
Comprehensive income		34.6			17.4		99
Total assets		3,556.9			3,562.8		—
Stockholders’ equity		1,075.7			1,018.9		6
Stockholders’ equity including the Deferred Gain⁽²⁾		1,168.1			1,116.1		5
Adjusted stockholders’ equity⁽²⁾		1,228.8			1,213.0		1
Annualized adjusted return on stockholders’ equity⁽³⁾		6.9	%		5.7	%	21	%
*Amounts per share:*
Cash dividends declared per share	$	0.30		$	0.28		7	%
Earnings per diluted share⁽⁴⁾		0.52			1.11		(53	)
Earnings per diluted share excluding LPT⁽⁴⁾		0.46			1.03		(55	)
Adjusted earnings per diluted share⁽⁴⁾		0.87			0.67		30
Book value per share⁽²⁾		44.43			40.20		11
Book value per share including the Deferred Gain⁽²⁾		48.25			44.04		10
Adjusted book value per share⁽²⁾		50.75			47.86		6
Combined ratio excluding LPT:⁽⁵⁾:
Loss and loss adjustment expense ratio:
Current Year		66.1	%		64.2	%
Prior Year		0.7			(0.1	)
Loss and loss adjustment expense ratio		66.8	%		64.1	%
Commission expense ratio		12.6	%		13.6	%
Underwriting expense ratio		23.4	%		25.0	%
Combined ratio excluding LPT		102.8	%		102.7	%

(1)	See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2)	See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(3)	See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(4)	See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5)	See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Summary Consolidated Balance Sheets (unaudited) $ in millions, except per share amounts

	March 31, 2025			December 31, 2024
ASSETS
Investments, cash and cash equivalents	$	2,537.6		$	2,532.4
Accrued investment income		14.6			15.7
Premiums receivable, net		377.0			361.3
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE		412.9			417.8
Deferred policy acquisition costs		63.8			59.6
Deferred income tax asset, net		35.0			38.3
Other assets		116.0			116.2
Total assets	$	3,556.9		$	3,541.3

LIABILITIES
Unpaid losses and LAE	$	1,792.6		$	1,808.2
Unearned premiums		428.0			402.2
Commissions and premium taxes payable		60.3			65.8
Deferred Gain		92.4			94.0
Other liabilities		107.9			102.4
Total liabilities	$	2,481.2		$	2,472.6

STOCKHOLDERS’ EQUITY
Common stock and additional paid-in capital	$	424.7		$	424.8
Retained earnings		1,478.5			1,472.9
Accumulated other comprehensive loss		(60.7	)		(82.5	)
Treasury stock, at cost		(766.8	)		(746.5	)
Total stockholders’ equity		1,075.7			1,068.7
Total liabilities and stockholders’ equity	$	3,556.9		$	3,541.3

Stockholders’ equity including the Deferred Gain ⁽¹⁾	$	1,168.1		$	1,162.7
Adjusted stockholders’ equity ⁽¹⁾		1,228.8			1,245.2
Book value per share ⁽¹⁾	$	44.43		$	43.52
Book value per share including the Deferred Gain⁽¹⁾		48.25			47.35
Adjusted book value per share ⁽¹⁾		50.75			50.71

(1)	See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions

	Three Months Ended
	March 31,
		2025			2024
Revenues:
Net premiums earned	$	183.0		$	184.9
Net investment income		32.1			26.8
Net realized and unrealized (losses) gains on investments⁽¹⁾		(12.8	)		11.4
Other income		0.3			—
Total revenues		202.6			223.1
Expenses:
Losses and LAE incurred		(120.7	)		(116.5	)
Commission expense		(23.0	)		(25.1	)
Underwriting expenses		(42.9	)		(46.2	)
Interest and financing expenses		(0.1	)		—
Total expenses		(186.7	)		(187.8	)
Net income before income taxes		15.9			35.3
Income tax expense		(3.1	)		(7.0	)
Net Income		12.8			28.3
Unrealized AFS investment gains (losses) arising during the period, net of tax⁽²⁾		21.1			(11.6	)
Reclassification adjustment for net realized AFS investment losses in net income, net of tax⁽²⁾		0.7			0.7
Total comprehensive income	$	34.6		$	17.4
Net Income	$	12.8		$	28.3
Amortization of the Deferred Gain – losses		(1.6	)		(1.5	)
Amortization of the Deferred Gain – contingent commission		—			(0.4	)
LPT contingent commission adjustments		—			(0.2	)
Net income excluding LPT Agreement ⁽³⁾		11.2			26.2
Net realized and unrealized losses (gains) on investments		12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income		(2.7	)		2.4
Adjusted net income	$	21.3		$	17.2

(1)	Includes unrealized (losses) gains on equity securities and other investments of $(11.7) million and $12.7 million for the three months ended March 31, 2025 and 2024, respectively.
(2)	AFS = Available for Sale securities.
(3)	See Page 10 regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Return on Equity (unaudited) $ in millions

		Three Months Ended
		March 31,
			2025			2024

Net income	A	$	12.8		$	28.3
Impact of the LPT Agreement			(1.6	)		(2.1	)
Net realized and unrealized losses (gains) on investments			12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income			(2.7	)		2.4
Adjusted net income ⁽¹⁾	B		21.3			17.2

Stockholders’ equity – end of period		$	1,075.7		$	1,018.9
Stockholders’ equity – beginning of period			1,068.7			1,013.9
Average stockholders’ equity	C		1,072.2			1,016.4

Stockholders’ equity – end of period		$	1,075.7		$	1,018.9
Deferred Gain – end of period			92.4			97.2
Accumulated other comprehensive loss – end of period			76.8			122.6
Income taxes related to accumulated other comprehensive loss – end of period			(16.1	)		(25.7	)
Adjusted stockholders’ equity – end of period			1,228.8			1,213.0
Adjusted stockholders’ equity – beginning of period			1,245.2			1,199.1
Average adjusted stockholders’ equity ⁽¹⁾	D		1,237.0			1,206.1

Return on stockholders’ equity	A / C		1.2	%		2.8	%
Annualized return on stockholders’ equity			4.8			11.1

Adjusted return on stockholders’ equity ⁽¹⁾	B / D		1.7	%		1.4	%
Annualized adjusted return on stockholders’ equity ⁽¹⁾			6.9			5.7

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions, except per share amounts

		Three Months Ended
		March 31,
			2025			2024

Net premiums earned	A	$	183.0		$	184.9
Losses and LAE incurred	B		120.7			116.5
Amortization of deferred reinsurance gain – losses			1.6			1.5
Amortization of deferred reinsurance gain – contingent commission			—			0.4
LPT contingent commission adjustments			—			0.2
Losses and LAE excluding LPT⁽¹⁾	C		122.3			118.6
Prior year loss reserve development			1.3			(0.1	)
Losses and LAE excluding LPT – current accident year	D	$	121.0		$	118.7
Commission expense	E	$	23.0		$	25.1
Underwriting expenses	F	$	42.9		$	46.2
GAAP combined ratio:
Loss and LAE ratio	B/A		66.0	%		63.0	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
GAAP combined ratio			102.0	%		101.6	%
Combined ratio excluding LPT:⁽¹⁾
Loss and LAE ratio excluding LPT	C/A		66.8	%		64.1	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
Combined ratio excluding LPT			102.8	%		102.7	%
Combined ratio excluding LPT: current accident year:⁽¹⁾
Loss and LAE ratio excluding LPT	D/A		66.1	%		64.2	%
Commission expense ratio	E/A		12.6			13.6
Underwriting expense ratio	F/A		23.4			25.0
Combined ratio excluding LPT: current accident year			102.1	%		102.8	%

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.


EMPLOYERS HOLDINGS, INC. Roll-forward of Unpaid Losses and LAE (unaudited) $ in millions

	Three Months Ended
	March 31,
		2025		2024

Unpaid losses and LAE at beginning of period	$	1,808.2	$	1,884.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		412.4		428.4
Net unpaid losses and LAE at beginning of period		1,395.8		1,456.1
Losses and LAE incurred:
Current year losses		121.0		118.7
Prior year losses		1.3		(0.1	)
Total losses incurred		122.3		118.6
Losses and LAE paid:
Current year losses		8.0		6.8
Prior year losses		124.6		117.4
Total paid losses		132.6		124.2
Net unpaid losses and LAE at end of period		1,385.5		1,450.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		407.1		424.0
Unpaid losses and LAE at end of period	$	1,792.6	$	1,874.5

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.6 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.


EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions

	March 31, 2025									December 31, 2024
Investment Positions:	Cost or Amortized Cost ⁽¹⁾		Net Unrealized Gain (Loss)			Fair Value		%		Fair Value		%
Fixed maturity securities	$	2,165.7	$	(76.9	)	$	2,087.4	82	%	$	2,097.4	83	%
Equity securities		151.4		102.7			254.2	10			259.8	10
Short-term investments		—		—			—	—			0.1	—
Other invested assets		85.0		10.4			95.4	4			106.6	4
Cash and cash equivalents		100.4		—			100.4	4			68.3	3
Restricted cash and cash equivalents		0.2		—			0.2	—			0.2	—
Total investments and cash	$	2,502.7	$	36.2		$	2,537.6	100	%	$	2,532.4	100	%

Breakout of Fixed Maturity Securities:
U.S. Treasuries and agencies	$	68.0	$	(0.9	)	$	67.1	3	%	$	59.3	3	%
States and municipalities		161.3		(1.6	)		159.7	8			159.3	8
Corporate securities		821.8		(33.6	)		788.0	38			803.0	38
Mortgage-backed securities		727.1		(36.8	)		689.9	33			684.9	33
Asset-backed securities		212.3		—			212.3	10			214.0	10
Collateralized loan obligations		26.4		(0.2	)		26.2	1			35.3	2
Bank loans and other		148.8		(3.8	)		144.2	7			141.6	7
Total fixed maturity securities	$	2,165.7	$	(76.9	)	$	2,087.4	100	%	$	2,097.4	100	%

Weighted average book yield	4.5%	4.5%
Average credit quality (S&P)	A+	A+
Duration	4.3	4.5

(1)	Amortized cost excludes allowance for current expected credit losses of $1.4 million.


EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts

		March 31, 2025			December 31, 2024			March 31, 2024			December 31, 2023
Numerators:
Stockholders’ equity	A	$	1,075.7		$	1,068.7		$	1,018.9		$	1,013.9
Plus: Deferred Gain			92.4			94.0			97.2			99.2
Stockholders’ equity including the Deferred Gain ⁽¹⁾	B		1,168.1			1,162.7			1,116.1			1,113.1
Accumulated other comprehensive loss			76.8			104.5			122.6			108.9
Income taxes related to accumulated other comprehensive loss			(16.1	)		(22.0	)		(25.7	)		(22.9	)
Adjusted stockholders’ equity ⁽¹⁾	C	$	1,228.8		$	1,245.2		$	1,213.0		$	1,199.1

Denominator (shares outstanding)	D		24,210,602			24,556,706			25,343,504			25,369,753

Book value per share ⁽¹⁾	A / D	$	44.43		$	43.52		$	40.20		$	39.96
Book value per share including the Deferred Gain⁽¹⁾	B / D		48.25			47.35			44.04			43.88
Adjusted book value per share ⁽¹⁾	C / D		50.75			50.71			47.86			47.26

Year-over-year change in: ⁽²⁾
Book value per share			13.5	%		11.9	%		14.5	%		18.1	%
Book value per share including the Deferred Gain			12.3			10.6			13.1			16.3
Adjusted book value per share			8.5			9.8			10.8			10.5

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2)	Reflects the twelve month change in book value per share after taking into account dividends declared of $1.20, $1.18, $1.12 and $1.10 for the twelve month periods ended March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.


EMPLOYERS HOLDINGS, INC. Earnings Per Share (unaudited) $ in millions, except per share amounts

		Three Months Ended
		March 31,
			2025			2024
Numerators:
Net income	A	$	12.8		$	28.3
Impact of the LPT Agreement			(1.6	)		(2.1	)
Net income excluding LPT ⁽¹⁾	B		11.2			26.2
Net realized and unrealized losses (gains) on investments			12.8			(11.4	)
Income tax (benefit) expense related to items excluded from Net income			(2.7	)		2.4
Adjusted net income ⁽¹⁾	C	$	21.3		$	17.2

Denominators:
Average common shares outstanding (basic)	D		24,398,610			25,345,942
Average common shares outstanding (diluted)	E		24,606,572			25,535,971

Earnings per share:
Basic	A / D	$	0.52		$	1.12
Diluted	A / E		0.52			1.11

Earnings per share excluding LPT: ⁽¹⁾
Basic	B / D	$	0.46		$	1.03
Diluted	B / E		0.46			1.03

Adjusted earnings per share: ⁽¹⁾
Basic	C / D	$	0.87		$	0.68
Diluted	C / E		0.87			0.67

(1)	See Page 10 for information regarding our use of Non-GAAP Financial Measures.

Non-GAAP Financial Measures

Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

The MIL Network –

May 2, 2025

MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.

Earnings Highlights	Three Months Ended
($ in thousands, except per share & ratios)	Mar. 2025			Mar. 2024		% Change
Operating revenue	$	15,386		$	13,131	17.2	%
Interest income		17,372			15,300	13.5	%
Interest expense		6,093			6,120	-0.4	%
Net interest income		11,279			9,180	22.9	%
Provision for credit losses		387			–	N/M
Noninterest income		4,107			3,951	3.9	%
Noninterest expense		12,410			10,282	20.7	%
Net income		2,158			2,368	-8.9	%
Merger adjusted Earnings per diluted share		0.42			0.33	27.3	%
Earnings per diluted share		0.33			0.35	-5.7	%
Merger adjusted Return on Avg. Assets		0.76	%		0.67%	13.4	%
Return on average assets		0.60	%		0.71%	-15.5	%
Merger adjusted Return on Avg. Equity		8.35	%		7.26%	15.0	%
Return on average equity		6.63	%		7.72%	-14.1	%

“Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

RESULTS OF OPERATIONS

Consolidated Revenue

In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.


Mortgage Banking
($ in thousands)	Mar. 2025			Dec. 2024			Sep. 2024			Jun. 2024			Mar. 2024			Prior Year Growth
Mortgage originations	$	39,775		$	72,534		$	70,715		$	75,110		$	42,912		$	(3,137	)
Mortgage sales		39,279			62,301			61,271			55,835			36,623			2,656
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713			60,471
Mortgage servicing rights		14,965			14,868			14,357			14,548			14,191			774


Revenue
Loan servicing fees		894			886			874			862			855			39
OMSR amortization		(294	)		(358	)		(370	)		(335	)		(273	)		(21	)
Net administrative fees		600			528			504			527			582			18
OMSR valuation adjustment		11			288			(465	)		38			181			(170	)
Net loan servicing fees		611			816			39			565			763			(152	)
Gain on sale of mortgages		849			1,196			1,311			1,277			781			68
Mortgage banking revenue, net	$	1,460		$	2,012		$	1,350		$	1,842		$	1,544		$	(84	)

Noninterest Income and Noninterest Expense

“Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.


Noninterest Income/Noninterest Expense
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Prior Year Growth
Noninterest Income (NII)	$	4,107	$	4,557	$	4,123	$	4,386	$	3,951	$	156
NII / Total Revenue		26.7%		29.5%		28.8%		31.5%		30.1%		-3.4%
NII / Average Assets		1.1%		1.3%		1.2%		1.3%		1.2%		-0.1%
Total Revenue Growth		17.2%		2.2%		4.5%		-0.6%		-6.1%		23.3%

Noninterest Expense (NIE)	$	12,410	$	11,003	$	11,003	$	10,671	$	10,282	$	2,128
Efficiency Ratio		80.0%		71.1%		76.8%		75.9%		78.2%		1.8%
NIE / Average Assets		3.4%		3.2%		3.2%		3.2%		3.1%		0.3%
Net Noninterest Expense/Avg. Assets		-2.3%		-1.9%		-2.0%		-1.9%		-1.9%		-0.4%
Total Expense Growth		20.7%		6.1%		5.0%		3.2%		-4.6%		25.3%

Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

“Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

Balance Sheet

As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

“As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”


Loan Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Commercial	$	125,878	$	124,764	$	123,821	$	123,287	$	120,016	$	5,862
% of Total		11.6%		11.9%		12.0%		12.3%		12.1%		4.9%
Commercial RE		509,518		479,573		459,449		434,967		429,362		80,156
% of Total		46.8%		45.8%		44.6%		43.3%		43.3%		18.7%
Agriculture		61,443		64,680		64,887		64,329		62,365		(922	)
% of Total		5.6%		6.2%		6.3%		6.4%		6.3%		-1.5%
Residential RE		319,307		308,378		314,010		316,233		314,668		4,639
% of Total		29.3%		29.5%		30.5%		31.5%		31.7%		1.5%
Consumer & Other		72,128		69,340		67,788		66,574		65,141		6,987
% of Total		6.6%		6.6%		6.6%		6.6%		6.6%		10.7%
Total Loans	$	1,088,274	$	1,046,735	$	1,029,955	$	1,005,390	$	991,552	$	96,722
Total Growth Percentage												9.8%


Deposit Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Non-Int DDA	$	240,446	$	232,155	$	222,425	$	208,244	$	219,395	$	21,051
% of Total		18.9%		20.1%		19.2%		18.7%		19.7%		9.6%
Interest DDA		208,583		201,085		202,097		190,857		169,171		39,412
% of Total		16.4%		17.4%		17.4%		17.1%		15.2%		23.3%
Savings		285,902		237,987		241,761		231,855		244,157		41,745
% of Total		22.5%		20.6%		20.8%		20.8%		21.9%		17.1%
Money Market		257,013		222,161		228,182		225,650		221,362		35,651
% of Total		20.2%		19.3%		19.7%		20.2%		19.9%		16.1%
Time Deposits		279,276		259,217		265,068		258,582		258,257		21,019
% of Total		22.0%		22.5%		22.9%		23.2%		23.2%		8.1%
Total Deposits	$	1,271,220	$	1,152,605	$	1,159,533	$	1,115,188	$	1,112,342	$	158,878
Total Growth Percentage												14.3%

Asset Quality

As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

“Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”


Nonperforming Assets
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024			Annual Change
Commercial & Agriculture	$	3,418	$	2,927	$	2,899	$	2,781	$	897	$	2,521
% of Total Com./Ag. loans		1.82%		1.55%		1.54%		1.48%		0.49%		281.0%
Commercial RE		798		807		813		475		49		749
% of Total CRE loans		0.16%		0.17%		0.18%		0.11%		0.01%		1528.6%
Residential RE		1,608		1,539		1,536		1,247		1,295		313
% of Total Res. RE loans		0.50%		0.50%		0.49%		0.39%		0.41%		24.2%
Consumer & Other		227		243		270		231		193		34
% of Total Con./Oth. loans		0.31%		0.35%		0.40%		0.35%		0.30%		17.6%
Total Nonaccruing Loans		6,051		5,516		5,518		4,734		2,434		3,617
% of Total loans		0.56%		0.53%		0.54%		0.47%		0.25%		148.6%
Foreclosed Assets and Other Assets		73		–		–		510		510		(437	)
Total Change (%)												-85.7%
Total Nonperforming Assets	$	6,124	$	5,516	$	5,518	$	5,244	$	2,944	$	3,180
% of Total assets		0.41%		0.40%		0.40%		0.39%		0.22%		108.02%

Webcast and Conference Call

The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

		SB FINANCIAL GROUP, INC.
		CONSOLIDATED BALANCE SHEETS – (Unaudited)

				March			December			September			June			March
			($ in thousands)		2025			2024			2024			2024			2024

ASSETS
	Cash and due from banks			$	105,145		$	25,928		$	49,348		$	21,983		$	26,602
	Interest bearing time deposits				1,565			1,565			1,706			2,417			2,417
	Available-for-sale securities				199,721			201,587			211,511			207,856			213,239
	Loans held for sale				4,286			6,770			8,927			7,864			4,730
	Loans, net of unearned income				1,088,274			1,046,735			1,029,955			1,005,390			991,552
	Allowance for credit losses				(15,391	)		(15,096	)		(15,278	)		(15,612	)		(15,643	)
	Premises and equipment, net				21,875			20,456			20,715			20,860			20,985
	Federal Reserve and FHLB Stock, at cost				5,340			5,223			5,223			5,204			6,512
	Foreclosed assets and other assets				73			–			–			510			510
	Interest receivable				5,072			4,908			4,842			4,818			3,706
	Goodwill				27,158			23,239			23,239			23,239			23,239
	Cash value of life insurance				30,871			30,685			30,488			30,294			30,103
	Mortgage servicing rights				14,965			14,868			14,357			14,548			14,191
	Other assets				12,048			12,649			8,916			12,815			13,869

			Total assets	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012



LIABILITIES AND SHAREHOLDERS’ EQUITY
	Deposits
		Non interest bearing demand		$	240,446		$	232,155		$	222,425		$	208,244		$	219,395
		Interest bearing demand			208,583			201,085			202,097			190,857			169,171
		Savings			285,902			237,987			241,761			231,855			244,157
		Money market			257,013			222,161			228,182			225,650			221,362
		Time deposits			279,276			259,217			265,068			258,582			258,257

			Total deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342

	Short-term borrowings				11,058			10,585			15,240			15,178			12,916
	Federal Home Loan Bank advances				35,000			35,000			35,000			35,000			35,000
	Trust preferred securities				10,310			10,310			10,310			10,310			10,310
	Subordinated debt net of issuance costs				19,702			19,690			19,678			19,666			19,654
	Interest payable				2,634			2,351			3,374			2,944			2,772
	Other liabilities				19,552			21,468			17,973			18,421			19,295

			Total liabilities		1,369,476			1,252,009			1,261,108			1,216,707			1,212,289

	Shareholders’ Equity
		Common stock			61,319			61,319			61,319			61,319			61,319
		Additional paid-in capital			14,955			15,194			15,090			15,195			14,978
		Retained earnings			117,397			116,186			113,515			112,104			109,938
		Accumulated other comprehensive loss			(26,872	)		(30,234	)		(24,870	)		(31,801	)		(31,547	)
		Treasury stock			(35,273	)		(34,957	)		(32,213	)		(31,338	)		(30,965	)

			Total shareholders’ equity		131,526			127,508			132,841			125,479			123,723

			Total liabilities and shareholders’ equity	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012

SB FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)

($ in thousands, except per share & ratios)			At and for the Three Months Ended

			March		December			September		June		March
Interest income				2025		2024			2024		2024		2024
	Loans
	Taxable		$	15,244	$	14,920		$	14,513	$	13,883	$	13,547
	Tax exempt			115		122			127		124		123
	Securities
	Taxable			1,169		1,178			1,192		1,226		1,274
	Tax exempt			38		35			37		37		37
	Other interest income			806		592			679		384		319

		Total interest income		17,372		16,847			16,548		15,654		15,300

Interest expense
	Deposits			5,352		5,169			5,568		5,208		5,090
	Repurchase agreements & other			24		41			43		36		34
	Federal Home Loan Bank advances			362		369			369		370		613
	Trust preferred securities			160		177			187		187		188
	Subordinated debt			195		194			195		194		195

		Total interest expense		6,093		5,950			6,362		5,995		6,120


Net interest income				11,279		10,897			10,186		9,659		9,180

	Provision for credit losses			387		(76	)		200		–		–

Net interest income after provision
for loan losses				10,892		10,973			9,986		9,659		9,180

Noninterest income
	Wealth management fees			864		916			882		848		865
	Customer service fees			879		842			870		875		880
	Gain on sale of mtg. loans & OMSR			849		1,196			1,311		1,277		781
	Mortgage loan servicing fees, net			611		816			39		565		763
	Gain on sale of non-mortgage loans			15		10			20		105		10
	Title insurance revenue			397		478			485		406		266
	Net gain on sales of securities			–		–			–		–		–
	Gain (loss) on sale of assets			–		–			200		–		–
	Other			492		299			316		310		386

		Total noninterest income		4,107		4,557			4,123		4,386		3,951

Noninterest expense
	Salaries and employee benefits			6,237		6,185			6,057		6,009		5,352
	Net occupancy expense			893		702			706		707		769
	Equipment expense			1,072		1,127			1,069		1,060		1,077
	Data processing fees			1,439		821			758		727		769
	Professional fees			1,034		895			659		615		758
	Marketing expense			165		207			241		176		197
	Telephone and communication expense			139		136			128		156		105
	Postage and delivery expense			137		116			145		89		97
	State, local and other taxes			224		224			208		230		245
	Employee expense			174		168			228		159		178
	Other expenses			896		422			804		743		735

		Total noninterest expense		12,410		11,003			11,003		10,671		10,282


Income before income tax expense				2,589		4,527			3,106		3,374		2,849

	Income tax expense			431		892			752		261		481

Net income			$	2,158	$	3,635		$	2,354	$	3,113	$	2,368

Common share data:
	Basic earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35
	Diluted earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35

Average shares outstanding (in thousands):
	Basic:			6,481		6,575			6,660		6,692		6,715
	Diluted:			6,502		6,599			6,675		6,700		6,723

SB FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)

($ in thousands, except per share & ratios)	At and for the Three Months Ended

	March			December			September			June			March
SUMMARY OF OPERATIONS		2025			2024			2024			2024			2024

Net interest income	$	11,279		$	10,897		$	10,186		$	9,659		$	9,180
Tax-equivalent adjustment		41			42			44			43			43
Tax-equivalent net interest income		11,320			10,939			10,230			9,702			9,223
Provision for credit loss		387			(76	)		200			–			–
Noninterest income		4,107			4,557			4,123			4,386			3,951
Total operating revenue		15,386			15,454			14,309			14,045			13,131
Noninterest expense		12,410			11,003			11,003			10,671			10,282
Pre-tax pre-provision income		2,976			4,451			3,306			3,374			2,849
Net income		2,158			3,635			2,354			3,113			2,368

PER SHARE INFORMATION:
Basic earnings per share (EPS)		0.33			0.55			0.35			0.47			0.35
Diluted earnings per share		0.33			0.55			0.35			0.47			0.35
Common dividends		0.145			0.145			0.140			0.140			0.135
Book value per common share		20.29			19.64			20.05			18.80			18.46
Tangible book value per common share (TBV)		15.79			16.00			16.49			15.26			14.93
Market price per common share		20.82			20.91			20.56			14.00			13.78
Market price to TBV		131.8	%		130.7	%		124.7	%		91.8	%		92.3	%
Market price to trailing 12 month EPS		12.2			12.1			11.8			7.9			7.9

PERFORMANCE RATIOS:
Return on average assets (ROAA)		0.60	%		1.04	%		0.68	%		0.93	%		0.71	%
Pre-tax pre-provision ROAA		0.83	%		1.28	%		0.96	%		1.01	%		0.86	%
Return on average equity (ROE)		6.63	%		11.13	%		7.32	%		10.16	%		7.72	%
Return on average tangible equity		8.32	%		13.58	%		8.97	%		12.59	%		9.55	%
Efficiency ratio		80.00	%		71.09	%		76.78	%		75.86	%		78.17	%
Earning asset yield		5.23	%		5.18	%		5.16	%		5.02	%		4.97	%
Cost of interest bearing liabilities		2.32	%		2.36	%		2.53	%		2.47	%		2.55	%
Net interest margin		3.40	%		3.35	%		3.17	%		3.10	%		2.99	%
Tax equivalent effect		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%
Net interest margin, tax equivalent		3.41	%		3.36	%		3.19	%		3.11	%		3.00	%
Non interest income/Average assets		1.14	%		1.31	%		1.20	%		1.31	%		1.19	%
Non interest expense/Average assets		3.45	%		3.15	%		3.20	%		3.18	%		3.08	%
Net noninterest expense/Average assets		-2.31	%		-1.85	%		-2.00	%		-1.87	%		-1.90	%

ASSET QUALITY RATIOS:
Gross charge-offs		87			195			29			–			66
Recoveries		2			13			2			16			9
Net charge-offs		85			182			27			(16	)		57
Nonperforming loans/Total loans		0.56	%		0.53	%		0.54	%		0.47	%		0.25	%
Nonperforming assets/Loans & OREO		0.56	%		0.53	%		0.54	%		0.52	%		0.30	%
Nonperforming assets/Total assets		0.41	%		0.40	%		0.40	%		0.39	%		0.22	%
Allowance for credit loss/Nonperforming loans		254.35	%		273.68	%		276.83	%		329.78	%		642.69	%
Allowance for credit loss/Total loans		1.41	%		1.44	%		1.48	%		1.55	%		1.58	%
Net loan charge-offs/Average loans (ann.)		0.03	%		0.07	%		0.01	%		(0.01	%)		0.02	%

CAPITAL & LIQUIDITY RATIOS:
Loans/ Deposits		85.61	%		90.81	%		88.82	%		90.15	%		89.14	%
Equity/ Assets		8.76	%		9.24	%		9.53	%		9.35	%		9.26	%
Tangible equity/Tangible assets		6.96	%		7.66	%		7.97	%		7.72	%		7.63	%
Common equity tier 1 ratio (Bank)		12.35	%		13.43	%		13.19	%		13.98	%		13.84	%

END OF PERIOD BALANCES
Total assets		1,501,002			1,379,517			1,393,949			1,342,186			1,336,012
Total loans		1,088,274			1,046,735			1,029,955			1,005,390			991,552
Deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342
Shareholders equity		131,526			127,508			132,841			125,479			123,723
Goodwill and intangibles		29,125			23,597			23,613			23,630			23,646
Tangible equity		102,401			103,911			109,228			101,849			100,077
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713
Wealth/Brokerage assets under care		519,158			547,697			557,724			525,713			525,517
Total assets under care		3,452,344			3,354,532			3,357,946			3,257,704			3,233,242
Full-time equivalent employees		262			252			248			249			245
Period end common shares outstanding		6,483			6,494			6,624			6,676			6,702
Market capitalization (all)		134,982			135,780			136,189			93,458			92,359

AVERAGE BALANCES
Total assets		1,459,896			1,395,473			1,376,849			1,342,847			1,333,236
Total earning assets		1,346,354			1,301,872			1,283,407			1,246,099			1,230,736
Total loans		1,076,328			1,040,580			1,018,262			1,005,018			993,310
Deposits		1,227,449			1,163,531			1,145,964			1,120,367			1,091,803
Shareholders equity		131,944			130,647			128,608			122,510			123,058
Goodwill and intangibles		26,714			23,605			23,621			23,638			23,654
Tangible equity		105,230			107,042			104,987			98,872			99,404
Average basic shares outstanding		6,481			6,575			6,660			6,692			6,715
Average diluted shares outstanding		6,502			6,599			6,675			6,700			6,723

SB FINANCIAL GROUP, INC.
	Rate Volume Analysis – (Unaudited)
	For the Three Months Ended Mar. 31, 2025 and 2024

	($ in thousands)	Three Months Ended Mar. 31, 2025							Three Months Ended Mar. 31, 2024
		Average					Average		Average					Average
Assets		Balance			Interest		Rate		Balance			Interest		Rate

	Taxable securities	$	196,880		$	1,276	2.63	%	$	210,252		$	1,413	2.70	%
	Overnight Cash		66,460			699	4.27	%		20,729			180	3.48	%
	Nontaxable securities		6,686			38	2.30	%		6,445			37	2.30	%
	Loans, net		1,076,328			15,359	5.79	%		993,310			13,670	5.52	%

	Total earning assets		1,346,354			17,372	5.23	%		1,230,736			15,300	4.99	%

	Cash and due from banks		10,339							4,512
	Allowance for loan losses		(15,238	)						(15,830	)
	Premises and equipment		21,082							21,281
	Other assets		97,359							92,537

	Total assets	$	1,459,896						$	1,333,236

Liabilities
	Savings, MMDA and interest bearing demand	$	709,324		$	2,959	1.69	%	$	605,243		$	2,525	1.67	%
	Time deposits		276,253			2,393	3.51	%		258,592			2,565	3.98	%
	Repurchase agreements & other		13,106			24	0.74	%		15,993			34	0.85	%
	Advances from Federal Home Loan Bank		35,044			362	4.19	%		51,030			613	4.82	%
	Trust preferred securities		10,310			160	6.29	%		10,310			188	7.31	%
	Subordinated debt		19,694			195	4.02	%		19,646			195	3.98	%

	Total interest bearing liabilities		1,063,731			6,093	2.32	%		960,814			6,120	2.55	%

	Non interest bearing demand		241,872			–				227,968			–

	Total funding		1,305,603				1.89	%		1,188,782				2.06	%
							44.20	%					1
	Other liabilities		22,349							21,396

	Total liabilities		1,327,952							1,210,178

	Equity		131,944							123,058

	Total liabilities and equity	$	1,459,896						$	1,333,236

	Net interest income				$	11,279						$	9,180

	Net interest income as a percent of average interest-earning assets – GAAP measure						3.40	%						2.99	%

	Net interest income as a percent of average interest-earning assets – non GAAP						3.41	%						3.00	%
	– Computed on a fully tax equivalent (FTE) basis

Non-GAAP reconciliation	Three Months Ended

($ in thousands, except per share & ratios)	Mar. 31, 2025			Mar. 31, 2024

Total Operating Revenue	$	15,386		$	13,131
Adjustment to (deduct)/add OMSR recapture/impairment *		(11	)		(181	)

Adjusted Total Operating Revenue		15,375			12,950


Total Operating Expense	$	12,410		$	10,282
Adjustment for merger expenses		(726	)		–

Adjusted Total Operating Expense		11,684			10,282


Income before Income Taxes		2,589			2,849
Adjustment for OMSR*/Merger Expenses		715			(181	)

Adjusted Income before Income Taxes		3,304			2,668


Provision for Income Taxes		431			481
Adjustment for OMSR/Merger Expenses **		150			(38	)

Adjusted Provision for Income Taxes		581			443


Net Income		2,158			2,368
Adjustment for OMSR*/Merger Expenses		565			(143	)

Adjusted Net Income		2,723			2,225


Diluted Earnings per Share		0.33			0.35
Adjustment for OMSR*/Merger Expenses		0.09			(0.02	)

Adjusted Diluted Earnings per Share	$	0.42		$	0.33


Return on Average Assets		0.60	%		0.71	%
Adjustment for OMSR*/Merger Expenses		0.15	%		-0.04	%

Adjusted Return on Average Assets		0.75	%		0.67	%

*valuation adjustment to the Company’s mortgage servicing rights

**tax effect is calculated using a 21% statutory federal corporate income tax rate

The MIL Network –

May 2, 2025

MIL-OSI: Mercury Acquires Star Lab to Advance Its Leadership Position in Secure Processing

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., May 01, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, today announced the closure of an agreement that will further advance the company’s leadership position in secure processing capabilities for aerospace and defense applications.

Mercury has completed the acquisition of Star Lab, a subsidiary of Wind River Systems, Inc., that provides anti-tamper and cybersecurity software solutions designed to protect mission-critical processors from advanced attacks. Mercury has worked with Star Lab for more than a decade, leveraging its technology in deployed and awarded Common Processing Architecture and BuiltSECURE™ products, which mitigate reverse engineering and safeguard confidential data from adversarial threats even when a system has been compromised. This unique technology is required across many defense applications in order to deter, impede, detect, and respond to the exploitation of critical program information.

Star Lab software is readily and easily integrated with many other Mercury products to provide unique and valuable cybersecurity protection for customers. The acquisition will enhance a wide range of Mercury products and solutions, such as rugged servers, embedded processing cards, mixed signal cards, avionics, and integrated processing solutions. Star Lab will join Mercury’s Processing Technologies business unit.

“Mercury is a leader in secure processing technologies for aerospace and defense platforms, with unique expertise and IP related to advanced cryptography, secure boot, and physical protection technologies,” said Tom Smelker, Mercury’s Senior Vice President of Processing Technologies. “As holistic security becomes increasingly essential for government missions, the acquisition of Star Lab will allow Mercury to deliver an expanded portfolio of fully integrated security solutions to our customers and partners.”

Mercury Systems – Innovation that matters®
Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

INVESTOR CONTACT
Tyler Hojo
Vice President, Investor Relations
Tyler.Hojo@mrcy.com

MEDIA CONTACT
Turner Brinton
Senior Director, Corporate Communications
Turner.Brinton@mrcy.com

The MIL Network –

May 2, 2025

MIL-OSI: Ready Capital Corporation Announces First Quarter 2025 Results and Webcast Call

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its first quarter 2025 financial results after the New York Stock Exchange closes on Thursday, May 8, 2025. Management will host a webcast and conference call on Friday, May 9, 2025 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended March 31, 2025.

Webcast:
The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

Dial-in:
The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

Replay:
A replay of the call will also be available on the Company’s website approximately two hours after the live call through May 23, 2025. To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13750797.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

The MIL Network –

May 2, 2025

MIL-OSI: Runway Growth Finance Corp. Reschedules Release of First Quarter 2025 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

MENLO PARK, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it has rescheduled its previously announced release of first quarter 2025 financial results to after market close on Monday, May 12, 2025. Runway Growth will now host a conference call and simultaneous webcast to discuss its first quarter 2025 financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

To participate in the conference call or webcast, participants should register online at the Runway Growth Investor Relations website. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. The earnings call can also be accessed through the following links:

A replay of the webcast will be available two hours after the call and archived on the same web page for 90 days.

About Runway Growth Finance Corp.
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

IR Contacts:
Taylor Donahue, Prosek Partners, rway@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

The MIL Network –

May 2, 2025

MIL-OSI: Gabelli Announces Partnership with Keeley’s Asset and Wealth Management Services

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn. and CHICAGO, May 01, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) announced today that it has reached an agreement with Teton Advisors, Inc. (OTC Pink: TETAA) for the investment management services business of Keeley – Teton Advisors, LLC (“Keeley”). Keeley consists of four mutual funds and approximately 500 separately managed accounts (SMAs) with assets under management (“AUM”) of close to $1.0 billion.

As part of the transaction, employees of Chicago-based Keeley — which include research, portfolio management, and client service professionals — will continue to operate under the Keeley name and service existing clients. Keeley is led by Kevin M. Keeley, son of founder, John L. Keeley, Jr..

“Our history with Keeley began in the mid-1960s when John L. Keeley, Jr. and I were both sell side analysts,” said Mario Gabelli, founder of Gabelli. “John and I were always of the mindset that clients come first, and that philosophy still holds true today. John L. Keeley, Jr. and I were among a handful that started firms in the mid-1970s. It is with great pleasure that we welcome Keeley clients and teammates to our firm and look forward to continue serving as trusted stewards to our customers.”

“Today’s announcement marks a pivotal milestone for Keeley and highlights our commitment to delivering long-term value for our customers and stakeholders,” said Kevin M. Keeley, CEO of Keeley. “While we have been a partner to Gabelli for many years, we are pleased to now be more closely aligned to such a highly regarded asset manager. We look forward to continuing to offer best in-class service to our clients.”

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:	Kieran Caterina
	SVP, Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

The MIL Network –

May 2, 2025

MIL-OSI: T1 Provides Update from G1 Dallas

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) provided an update on the Company’s progress at its G1 Dallas solar module manufacturing facility in Wilmer, Texas.

Highlights

On April 30^th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline
The conversion of the construction loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete
T1 produced 443 MW of PV solar modules at G1 Dallas during Q1 2025, equivalent to 96% of the Company’s production plan

On April 30, 2025, the construction loan of the G1 Dallas solar module manufacturing facility converted to a $235 million term loan in accordance with the terms set forth by T1’s banking consortium of commercial lenders. The term conversion occurred following T1’s satisfaction of certain conditions precedent, including:

A formal acknowledgement by each of T1’s solar module offtake customers that facility commissioning had occurred;
Confirmation by Gray Construction, Inc. that substantial completion of G1 construction had occurred; and
Certification by an independent engineer that G1 Dallas, with a total annual production capacity of 5 GW, has been installed, tested, and is ready and capable of being used for its intended purposes in a safe manner.

“The term conversion of the G1 Dallas construction loan is an important milestone for T1,” said Evan Calio, T1’s Chief Financial Officer. “With commissioning and third-party technical certification of the facility complete, G1 Dallas is now fully operational, and all production lines have been handed over to our operations team.”

G1 Operations Update

During Q1 2025, G1 Dallas produced 443 MW of PV solar modules while construction, commissioning, testing, and inspection of the production lines were ongoing, equating to 96% of T1’s Q1 production plan. In addition, T1 has elected to optimize the G1 product mix for prevailing market conditions by converting three production lines from PERC to TOPCon technology.

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706

Media contact:

Amy Jaick
SVP, Communications
amy.jaick@T1energy.com
Tel: +1 973 713-5585

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn, and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a689f8d-4c71-4a98-84c8-7f2d331544d3

The MIL Network –

May 2, 2025

MIL-OSI: Bimini Capital Management Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

First Quarter 2025 Highlights

Net income of $0.6 million, or $0.06 per common share
Book value per share of $0.74
Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

Management Commentary

Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful. Interest rates were generally range bound, and volatility was low for most of the quarter. These are ideal conditions for a levered investment strategy in Agency RMBS. Accordingly, the Company and the Agency RMBS market generated attractive returns for the period. Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward.

“Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

“While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging. At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

Details of First Quarter 2025 Results of Operations

Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini’s advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024.

Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024. With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024. Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024. Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company’s book value per share on March 31, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At March 31, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

Portfolio Activity for the Quarter
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Market Value – December 31, 2024	$	120,055,716		$	2,285,605		$	6,849		$	2,292,454		$	122,348,170
Securities purchased		–			–			–			–			–
Return of investment		n/a			(77,876	)		(346	)		(78,222	)		(78,222	)
Pay-downs		(2,793,832	)		n/a			n/a			n/a			(2,793,832	)
Discount accreted due to pay-downs		19,415			n/a			n/a			n/a			19,415
Mark to market gains		1,423,056			45,169			1,368			46,537			1,469,593
Market Value – March 31, 2025	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124

The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

Capital Allocation
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
March 31, 2025
Market value	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124
Cash equivalents and restricted cash		5,500,438			–			–			–			5,500,438
Repurchase agreement obligations		(115,510,999	)		–			–			–			(115,510,999	)
Total	$	8,693,794		$	2,252,898		$	7,871		$	2,260,769		$	10,954,563
% of Total		79.4	%		20.5	%		0.1	%		20.6	%		100.0	%
December 31, 2024
Market value	$	120,055,716		$	2,285,605		$	6,849		$	2,292,454		$	122,348,170
Cash equivalents and restricted cash		7,422,746			–			–			–			7,422,746
Repurchase agreement obligations		(117,180,999	)		–			–			–			(117,180,999	)
Total	$	10,297,463		$	2,285,605		$	6,849		$	2,292,454		$	12,589,917
% of Total		81.8	%		18.2	%		0.1	%		18.2	%		100.0	%

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

Returns for the Quarter Ended March 31, 2025
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Interest income (net of repo cost)	$	397,204		$	38,427		$	43		$	38,470		$	435,674
Realized and unrealized gains		1,442,471			45,169			1,368			46,537			1,489,008
Hedge losses		(1,368,795	)		n/a			n/a			n/a			(1,368,795	)
Total Return	$	470,880		$	83,596		$	1,411		$	85,007		$	555,887
Beginning capital allocation	$	10,297,463		$	2,285,605		$	6,849		$	2,292,454		$	12,589,917
Return on invested capital for the quarter⁽¹⁾		4.6	%		3.7	%		20.6	%		3.7	%		4.4	%

(1

)

Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

	PT	Structured
	MBS Sub-	MBS Sub-	Total
Three Months Ended	Portfolio	Portfolio	Portfolio
March 31, 2025	7.5	6.2	7.3
December 31, 2024	10.9	12.5	11.1
September 30, 2024	6.3	6.7	6.3
June 30, 2024	10.9	5.5	10.0
March 31, 2024	18.0	9.2	16.5

Portfolio

The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

($ in thousands)
							Weighted
			Percentage				Average
			of		Weighted		Maturity
	Fair		Entire		Average		in	Longest
Asset Category	Value		Portfolio		Coupon		Months	Maturity
March 31, 2025
Fixed Rate MBS	$	118,704	98.1	%	5.60	%	338	1-Jan-55
Structured MBS		2,261	1.9	%	2.86	%	279	15-May-51
Total MBS Portfolio	$	120,965	100.0	%	5.27	%	337	1-Jan-55
December 31, 2024
Fixed Rate MBS	$	120,056	98.1	%	5.60	%	341	1-Jan-55
Structured MBS		2,292	1.9	%	2.85	%	281	15-May-51
Total MBS Portfolio	$	122,348	100.0	%	5.26	%	340	1-Jan-55

($ in thousands)
	March 31, 2025				December 31, 2024
			Percentage of				Percentage of
Agency	Fair Value		Entire Portfolio		Fair Value		Entire Portfolio
Fannie Mae	$	31,705	26.2	%	$	32,692	26.7	%
Freddie Mac		89,260	73.8	%		89,656	73.3	%
Total Portfolio	$	120,965	100.0	%	$	122,348	100.0	%

	March 31, 2025		December 31, 2024
Weighted Average Pass Through Purchase Price	$	102.72	$	102.72
Weighted Average Structured Purchase Price	$	4.48	$	4.48
Weighted Average Pass Through Current Price	$	100.85	$	99.63
Weighted Average Structured Current Price	$	14.02	$	13.71
Effective Duration ⁽¹⁾		3.257		3.622

(1

)

Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2025.

($ in thousands)
Repurchase Agreement Obligations
					Weighted		Weighted
	Total				Average		Average
	Outstanding		% of		Borrowing		Maturity
Counterparty	Balances		Total		Rate		(in Days)
South Street Securities, LLC	$	25,952	22.5	%	4.46	%	21
Marex Capital Markets Inc.		24,040	20.8	%	4.45	%	39
DV Securities, LLC Repo		19,282	16.7	%	4.45	%	21
Mirae Asset Securities (USA) Inc.		18,870	16.3	%	4.51	%	51
Clear Street LLC		16,365	14.2	%	4.46	%	49
Mitsubishi UFJ Securities, Inc.		11,002	9.5	%	4.49	%	49
	$	115,511	100.0	%	4.47	%	36

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.

BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited – Amounts Subject to Change)

	March 31, 2025		December 31, 2024
ASSETS
Mortgage-backed securities	$	120,965,124	$	122,348,170
Cash equivalents and restricted cash		5,500,438		7,422,746
Orchid Island Capital, Inc. common stock, at fair value		4,279,414		4,427,372
Accrued interest receivable		587,536		601,640
Deferred tax assets, net		15,750,116		15,930,953
Other assets		4,356,674		4,122,776
Total Assets	$	151,439,302	$	154,853,657

LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase agreements	$	115,510,999	$	117,180,999
Long-term debt		27,362,762		27,368,158
Other liabilities		1,191,564		3,483,093
Total Liabilities		144,065,325		148,032,250
Stockholders’ equity		7,373,977		6,821,407
Total Liabilities and Stockholders’ Equity	$	151,439,302	$	154,853,657
Class A Common Shares outstanding		10,005,457		10,005,457
Book value per share	$	0.74	$	0.68

BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – Amounts Subject to Change)

	Three Months Ended March 31,
	2025			2024
Advisory services	$	3,582,289		$	2,929,261
Interest and dividend income		1,947,040			1,598,965
Interest expense		(1,844,020	)		(1,815,678	)
Net revenues		3,685,309			2,712,548
Other (expense) income		(27,745	)		926,731
Expenses		2,924,157			3,029,395
Net income before income tax provision		733,407			609,884
Income tax provision		180,837			396,776
Net income	$	552,570		$	213,108

Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK	$	0.06		$	0.02
CLASS B COMMON STOCK	$	0.06		$	0.02

	Three Months Ended March 31,
Key Balance Sheet Metrics	2025			2024
Average MBS⁽¹⁾	$	121,656,646		$	90,697,087
Average repurchase agreements⁽¹⁾		116,345,999			85,752,999
Average stockholders’ equity⁽¹⁾		7,097,692			8,234,295

Key Performance Metrics
Average yield on MBS⁽²⁾		5.73	%		6.15	%
Average cost of funds⁽²⁾		4.49	%		5.63	%
Average economic cost of funds⁽³⁾		4.13	%		5.54	%
Average interest rate spread⁽⁴⁾		1.24	%		0.52	%
Average economic interest rate spread⁽⁵⁾		1.60	%		0.61	%

(1	)	Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
(2	)	Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
(3	)	Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
(4	)	Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
(5	)	Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

CONTACT:
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.biminicapital.com

The MIL Network –

May 2, 2025

MIL-OSI: Skyward Specialty Insurance Group Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first quarter 2025 net income of $42.1 million, or $1.01 per diluted share, compared to $36.8 million, or $0.90 per diluted share, for the same 2024 period.

Adjusted operating income⁽¹⁾ for the first quarter of 2025 was $37.3 million, or $0.90 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period.

Highlights for the first quarter included:

Gross written premiums of $535.3 million, an increase of 16.7% compared to 2024;
Combined ratio of 90.5%;
Ex-Cat combined ratio of 88.3%;
Annualized return on equity of 20.5%; and,
Book value per share of $21.06, an increase of 6% compared to December 31, 2024.

⁽¹⁾See “Reconciliation of Non-GAAP Financial Measures”

Skyward Specialty Chairman and CEO Andrew Robinson commented, “We delivered outstanding first quarter results, including adjusted operating income⁽¹⁾ which increased over 20% to $37.3 million, which is the best in Company history, and we achieved annualized return on equity of 20.5%. We continued our consistent and strong record of growth in underwriting performance as gross written premiums increased by approximately 17%, and we delivered a 90.5% combined ratio inclusive of 2.2 points of catastrophe losses. Our strong growth this quarter highlights the strength of our diversified business portfolio, with our global agriculture unit and our accident & health division each having a breakout quarter; we have highlighted these two areas as part of our intentional strategy to grow in areas less exposed to the P&C market.”

“As we look out to the remainder of the year, we remain confident that the strength of our diversified business portfolio, the power of our Rule Our Niche strategy, our investment in technology and talent, and our track record for consistent execution, positions us to continue to deliver strong financial results that create long-term value for our shareholders.”

Results of Operations

Underwriting Results

Premiums
($ in thousands)	Three months ended March 31,
unaudited		2025			2024		% Change
Gross written premiums	$	535,326		$	458,620		16.7	%
Ceded written premiums	$	(192,055	)	$	(171,520	)	12.0	%
Net retention		64.1	%		62.6	%	NM	⁽¹⁾
Net written premiums	$	343,271		$	287,100		19.6	%
Net earned premiums	$	300,366		$	236,342		27.1	%
⁽¹⁾Not meaningful

The increase in gross written premiums for the first quarter of 2025, when compared to the same 2024 period, was driven by double-digit premium growth primarily from the agriculture and credit (re)insurance, accident & health and specialty programs divisions, partially offset by a decrease in gross written premiums in the global property division.

During the first quarter 2025, the Company updated its underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. The Company added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation.

Combined Ratio	Three months ended March 31,
(unaudited)	2025		2024
Non-cat loss and LAE	60.2	%	60.6	%
Cat loss and LAE⁽¹⁾	2.2	%	0.4	%
Prior accident year development – LPT	0.0	%	(0.1)	%
Loss Ratio	62.4	%	60.9	%
Net policy acquisition costs	14.8	%	13.6	%
Other operating and general expenses	14.0	%	16.0	%
Commission and fee income	(0.7)	%	(0.9)	%
Expense ratio	28.1	%	28.7	%
Combined ratio	90.5	%	89.6	%
Ex-Cat Combined Ratio⁽²⁾	88.3	%	89.2	%

⁽¹⁾Current accident year
⁽²⁾Defined as the combined ratio excluding cat loss and LAE⁽¹⁾

The loss ratio for the first quarter of 2025 increased 1.5 points when compared to the same 2024 period, due to higher catastrophe losses, primarily from convective storms in the Midwest and the California wildfires. Partially offsetting the increase in the cat loss and LAE ratio was improvement in the non-cat loss and LAE ratio driven by the business mix shift.

The expense ratio for the first quarter improved 0.6 points when compared to the same 2024 period due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

The expense ratios for the first quarters of 2025 and 2024 exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

Investment Results

Net Investment Income
$ in thousands	Three months ended March 31,
(unaudited)		2025			2024
Short-term investments & cash and cash equivalents	$	4,041		$	5,088
Fixed income		16,730			12,478
Equities		657			627
Alternative & strategic investments		(2,097	)		104
Net investment income	$	19,331		$	18,297
Net unrealized gains on securities still held	$	5,491		$	8,991
Net realized gains (losses)		1,350			(688	)
Net investment gains	$	6,841		$	8,303

Net investment income for the first quarter of 2025 increased $1.0 million when compared to the same 2024 period, driven by increased income from our fixed income portfolio due to a higher yield and larger asset base. Partially offsetting the increase in income from our fixed income portfolio were (i) losses from the alternative and strategic investments portfolio due to the decline in the fair value of limited partnership investments, and (ii) less income from short-term investments driven by a lower yield.

Stockholders’ Equity

Stockholders’ equity was $850.7 million at March 31, 2025 which represented an increase of 7.1% when compared to stockholders’ equity of $794.0 million at December 31, 2024. The increase in stockholders’ equity was primarily due to an increase in the market value of our investment portfolio and net income.

Conference Call

At 9:30 a.m. eastern time tomorrow, May 2, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

Non-GAAP Financial Measures

This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

About Skyward Specialty Insurance Group, Inc.

Skyward Specialty 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 nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

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 stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

Forward-Looking Statements

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Skyward Specialty Insurance Group, Inc.

Investor contact:
Natalie Schoolcraft,
nschoolcraft@skywardinsurance.com
614-494-4988

or

Media contact:
Haley Doughty
hdoughty@skywardinsurance.com
713-935-4944

Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)	March 31, 2025			December 31, 2024
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,410,269 and $1,320,266, respectively)	$	1,397,508		$	1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $250 and $243, respectively)		37,519			39,153
Equity securities, at fair value		108,075			106,254
Mortgage loans, at fair value		16,012			26,490
Equity method investments		88,588			98,594
Other long-term investments		37,646			33,182
Short-term investments, at fair value		308,042			274,929
Total investments		1,993,390			1,870,820
Cash and cash equivalents		112,916			121,603
Restricted cash		40,590			35,922
Premiums receivable, net		417,542			321,641
Reinsurance recoverables, net		902,970			857,876
Ceded unearned premium		232,147			203,901
Deferred policy acquisition costs		126,439			113,183
Deferred income taxes		26,984			30,486
Goodwill and intangible assets, net		87,089			87,348
Other assets		90,566			86,698
Total assets	$	4,030,633		$	3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$	1,871,491		$	1,782,383
Unearned premiums		708,347			637,185
Deferred ceding commission		45,544			40,434
Reinsurance and premium payables		243,083			177,070
Funds held for others		113,748			102,665
Accounts payable and accrued liabilities		78,154			76,206
Notes payable		100,000			100,000
Subordinated debt, net of debt issuance costs		19,545			19,536
Total liabilities		3,179,912			2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,402,879 and 40,127,908 shares issued and outstanding, respectively		404			401
Additional paid-in capital		721,186			718,598
Accumulated other comprehensive loss		(10,047	)		(22,120	)
Retained earnings		139,178			97,120
Total stockholders’ equity		850,721			793,999
Total liabilities and stockholders’ equity	$	4,030,633		$	3,729,478

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)	Three months ended March 31,
(unaudited)		2025			2024

Revenues:
Net earned premiums	$	300,366		$	236,342
Commission and fee income		1,976			2,026
Net investment income		19,331			18,297
Net investment gains		6,841			8,303
Other income		13			—
Total revenues		328,527			264,968
Expenses:
Losses and loss adjustment expenses		187,309			143,914
Underwriting, acquisition and insurance expenses		86,551			69,774
Interest expense		1,834			2,727
Amortization expense		337			388
Other expenses		1,061			1,188
Total expenses		277,092			217,991
Income before income taxes		51,435			46,977
Income tax expense		9,377			10,193
Net income		42,058			36,784
Comprehensive income:
Net income	$	42,058		$	36,784
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax		12,255			(5,418	)
Reclassification adjustment for losses on securities no longer held, net of tax		(182	)		(908	)
Total other comprehensive income (loss)		12,073			(6,326	)
Comprehensive income	$	54,131		$	30,458

Share and Per Share Data
($ in thousands, except share and per share amounts)	Three months ended March 31,
(unaudited)		2025			2024

Weighted average basic shares		40,196,416			39,108,351
Weighted average diluted shares		41,680,595			41,085,136

Basic earnings per share	$	1.05		$	0.94
Diluted earnings per share	$	1.01		$	0.90
Basic adjusted operating earnings per share	$	0.93		$	0.79
Diluted adjusted operating earnings per share	$	0.90		$	0.75

Annualized ROE⁽¹⁾		20.5	%		21.7	%
Annualized adjusted ROE⁽²⁾		18.2	%		18.3	%
Annualized ROTE⁽³⁾		22.9	%		25.0	%
Annualized adjusted ROTE⁽⁴⁾		20.3	%		21.1	%

	March 31			December 31
		2025			2024

Shares outstanding		40,402,879			40,127,908
Fully diluted shares outstanding		42,234,957			42,059,182

Book value per share	$	21.06		$	19.79
Fully diluted book value per share	$	20.14		$	18.88
Fully diluted tangible book value per share	$	18.08		$	16.80

⁽¹⁾Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽²⁾Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽³⁾Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
⁽⁴⁾Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.

($ in thousands)	Three months ended March 31,
(unaudited)		2025						2024
	Pre-tax			After-tax			Pre-tax			After-tax
Income as reported	$	51,435		$	42,058		$	46,977		$	36,784
Less (add):
Net investment gains		6,841			5,594			8,303			6,501
Net impact of loss portfolio transfer		—			—			241			189
Other income		13			11			—			—
Other expenses		(1,061	)		(868	)		(1,188	)		(930	)
Adjusted operating income	$	45,642		$	37,321		$	39,621		$	31,024

Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

($ in thousands)	Three months ended March 31,
(unaudited)	2025		2024
Income before income taxes	$	51,435	$	46,977
Add:
Interest expense		1,834		2,727
Amortization expense		337		388
Other expenses		1,061		1,188
Less:
Net investment income		19,331		18,297
Net investment gains		6,841		8,303
Other income		13		—
Underwriting income	$	28,482	$	24,680

Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

($ in thousands)	March 31,				December 31,
(unaudited)	2025		2024		2024
Stockholders’ equity	$	850,721	$	692,272	$	793,999
Less: Goodwill and intangible assets		87,089		88,137		87,348
Tangible stockholders’ equity	$	763,632	$	604,135	$	706,651

	Three months ended March 31,
($ in thousands)	2025		2024		% Change
Accident & Health	$	63,169	$	40,901	54.4	%
Agriculture and Credit (Re)insurance		87,847		43,321	102.8	%
Captives		68,401		68,408	—	%
Construction & Energy Solutions		75,571		74,222	1.8	%
Global Property		46,686		57,312	(18.5)	%
Professional Lines		41,166		42,239	(2.5)	%
Specialty Programs		62,675		52,178	20.1	%
Surety		37,798		33,842	11.7	%
Transactional E&S		52,006		46,232	12.5	%
Total gross written premiums⁽¹⁾	$	535,319	$	458,655	16.7	%
⁽¹⁾Excludes exited business

The MIL Network –

May 2, 2025

MIL-OSI: Asure Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Reports First Quarter 2025 Total Revenues of $34.9 million

Recurring Revenues Grew 10% from Prior Year

AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue of $34.9 million, up 10% year over year, excluding ERTC revenue up 13% from the prior year first quarter
Recurring revenue of $33.2 million versus $30.3 million during the prior year first quarter
Net loss of $2.4 million versus a net loss of $0.3 million during the prior year first quarter
EBITDA⁽¹⁾ of $4.1 million versus $4.4 million during the prior year first quarter
Adjusted EBITDA⁽¹⁾ of $7.3 million versus $6.8 million during the prior year first quarter
Gross profit of $24.6 million versus $22.6 million during the prior year first quarter
Non-GAAP gross profit⁽¹⁾ of $26.3 million (Non-GAAP gross margin⁽¹⁾ of 75%) versus $23.8 million (and 75% in prior year first quarter)

Recent Business Highlights

New Payroll Tax Management solution launched which is designed specifically for large Canadian companies and global enterprises with employees in Canada. Our ability to serve enterprise clients with international workforces with this innovative solution creates further opportunities to grow our business and the seamless integration of payroll tax services into major platforms such as Workday, Oracle, and SAP is a key benefit. The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing.
In April 2025 we entered into a credit agreement primarily with MidCap Financial Trust, whereby the Company may borrow up to $60 million. At closing, which occurred on April 10, we received $20 million of gross proceeds.

⁽¹⁾This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

Management Commentary

“We are excited to be off to a great start to 2025 with healthy results for our first quarter of 2025 with our revenues increasing 10% from the prior year first quarter. Our results were driven by strong performance coming from our Payroll Tax Management and initial contribution from our recently acquired product offerings,” said Asure Chairman and CEO Pat Goepel.

“Our team is focused on continuing to execute our growth strategy. Our revenues are now more than 95% recurring, our contracted revenue backlog sits at an all-time high, and we believe that the investments we have made in the business will continue to drive greater adoption of our broadened product suite for the remainder of 2025.”

Second Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

The Company is providing the following guidance for the second quarter of 2025 and the full year 2025 based on the Company’s year-to-date results and recent business trends. The guidance for our second quarter of 2025 and the full year 2025 excludes any contribution from future potential acquisitions.

Guidance for 2025

Guidance Range		Q2-2025		FY-2025
Revenue	$	30.0 M – 32.0 M	$	134.0 M -138.0 M
Adjusted EBITDA⁽¹⁾	$	5.0 M -6.0 M		23% -24%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

Conference Call Details

Asure management will host a conference call on Thursday, May 1, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward- looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of the Company’s security measures; risks related to material weaknesses; possible fluctuations in the Company’s financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in the Company’s services or the Company’s Web hosting; may incur debt to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of the Company’s services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held int rust; the Company’s operation in highlight competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of the Company’s Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to the Company; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting the Company’s deferred tax assets and ability to value and utilize them; the nature of the Company’s business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025.

The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

	March 31, 2025			December 31, 2024

ASSETS
Current assets:
Cash and cash equivalents	$	14,076		$	21,425
Accounts receivable, net of allowance for credit losses of $6,545 and $6,328 at March 31, 2025 and December 31, 2024, respectively		15,800			18,154
Inventory		220			195
Prepaid expenses and other current assets		5,970			4,888
Total current assets before funds held for clients		36,066			44,662
Funds held for clients		257,019			192,615
Total current assets		293,085			237,277
Property and equipment, net		20,999			19,669
Goodwill		94,724			94,724
Intangible assets, net		73,003			69,114
Operating lease assets, net		4,403			4,041
Other assets, net		12,727			11,813
Total assets	$	498,941		$	436,638
LIABILITIES AND STOCKHOLDERS’EQUITY
Current liabilities:
Current portion of notes payable	$	7,948		$	7,008
Accounts payable		2,475			1,364
Accrued compensation and benefits		2,911			4,485
Operating lease liabilities, current		1,432			1,438
Other accrued liabilities		6,071			6,600
Deferred revenue		4,662			8,363
Total current liabilities before client fund obligations		25,499			29,258
Client fund obligations		258,586			194,378
Total current liabilities		284,085			223,636
Long-term liabilities:
Deferred revenue		3,321			3,430
Deferred tax liability		2,903			2,612
Notes payable, net of current portion		6,172			5,709
Operating lease liabilities, noncurrent		3,892			3,578
Other liabilities		905			358
Total long-term liabilities		17,193			15,687
Total liabilities		301,278			239,323
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 44,000 shares authorized; 27,122 and 26,671 shares issued, 27,122 and 26,671 shares outstanding at December 31, 2024 and December 31, 2023, respectively		271			267
Treasury stock at cost, zero⁽¹⁾at March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		507,149			504,849
Accumulated deficit		(309,624	)		(307,226	)
Accumulated other comprehensive loss		(133	)		(575	)
Total stockholders’ equity		197,663			197,315
Total liabilities and stockholders’ equity	$	498,941		$	436,638
(1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share amounts)

	Three Months Ended March 31,
	2025			2024

Revenue:
Recurring	$	33,187		$	30,273
Professional services, hardware and other		1,667			1,379
Total revenue		34,854			31,652
Cost of sales		10,246			9,045
Gross profit		24,608			22,607
Operating expenses:
Sales and marketing		8,386			7,767
General and administrative		11,900			10,063
Research and development		2,029			1,769
Amortization of intangible assets		4,308			3,449
Total operating expenses		26,623			23,048
Loss from operations		(2,015	)		(441	)
Interest income		171			336
Interest expense		(451	)		(180	)
Other income, net		188			10
Loss from operations before income taxes		(2,107	)		(275	)
Income tax expense		291			33
Net loss		(2,398	)		(308	)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities		442			(244	)
Comprehensive loss	$	(1,956	)	$	(552	)

Basic and diluted loss per share
Basic	$	(0.09	)	$	(0.01	)
Diluted	$	(0.09	)	$	(0.01	)

Weighted average basic and diluted shares
Basic		26,961			25,334
Diluted		26,961			25,334


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended March 31,
	2025			2024

Cash flows from operating activities:
Net loss	$	(2,398	)	$	(308	)
Adjustments to reconcile loss to net cash provided by (used in) operations:
Depreciation and amortization		5,972			4,860
Amortization of operating lease assets		374			335
Amortization of debt financing costs and discount		253			142
Non-cash interest expense		197			—
Net accretion of discounts and amortization of premiums on available-for-sale securities		(110	)		(78	)
Provision for expected losses		93			46
Provision for deferred income taxes		291			24
Net realized gains on sales of available-for-sale securities		(656	)		(652	)
Share-based compensation		1,863			1,902
Changes in operating assets and liabilities:
Accounts receivable		2,261			(919	)
Inventory		(24	)		(50	)
Prepaid expenses and other assets		(1,049	)		(473	)
Operating lease right-of-use assets		—			30
Accounts payable		903			(960	)
Accrued expenses and other long-term obligations		(1,737	)		(2,665	)
Operating lease liabilities		(427	)		(141	)
Deferred revenue		(3,810	)		(5,040	)
Net cash provided by (used in) operating activities		1,996			(3,947	)
Cash flows from investing activities:
Acquisition of intangible assets		(6,346	)		(710	)
Purchases of property and equipment		(192	)		(240	)
Software capitalization costs		(2,769	)		(2,435	)
Purchases of available-for-sale securities		(6,589	)		(3,516	)
Proceeds from sales and maturities of available-for-sale securities		3,266			2,406
Net cash used in investing activities		(12,630	)		(4,495	)
Cash flows from financing activities:
Payments made on amounts due for the acquisition of intangibles		(723	)		(236	)
Net proceeds from issuance of common stock		441			176
Net change in client fund obligations		64,207			21,122
Net cash provided by financing activities		63,925			21,062
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		53,291			12,620
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period		145,712			177,622
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$	199,003		$	190,242


ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands)

	Three Months Ended March 31,
	2025		2024

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	14,076	$	23,166
Restricted cash and restricted cash equivalents included in funds held for clients		184,927		167,076
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	199,003	$	190,242

Supplemental information:
Cash paid for interest	$	125	$	—

Non-cash investing and financing activities:
Acquisition of intangible assets	$	750	$	6,345
Notes payable issued for acquisitions	$	1,150	$	827
Shares issued for acquisitions	$	—	$	4,494


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

Gross Profit to non-GAAP Gross Profit
Gross Profit	$	24,608		$	20,928		$	19,704		$	18,868		$	22,607		$	17,839		$	21,280		$	22,018
Gross Margin		70.6	%		68.0	%		67.2	%		67.3	%		71.4	%		67.9	%		72.5	%		72.4	%

Share-based Compensation		44			44			44			43			40			32			28			46
Depreciation		1,369			1,190			1,232			1,145			1,110			921			984			1,309
Amortization – intangibles		50			50			50			50			50			50			50			50
One-time expenses
Settlements, penalties & interest		29			25			2			3			—			(6	)		8			—
Acquisition and transaction costs		167			221			367			264			39			—			—			—
Other non-recurring expenses		—			84			—			—			—			—			—			—
Non-GAAP Gross Profit	$	26,267		$	22,542		$	21,399		$	20,373		$	23,846		$	18,836		$	22,350		$	23,423
Non-GAAP Gross Margin		75.4	%		73.2	%		73.0	%		72.6	%		75.3	%		71.7	%		76.2	%		77.0	%

Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense	$	8,386		$	6,945		$	6,680		$	6,924		$	7,767		$	6,422		$	6,597		$	8,515

Share-based Compensation		322			251			269			237			243			180			210			149
Depreciation		1			—			1			—			1			1			—			—
One-time expenses
Settlements, penalties & interest		51			78			(5	)		5			18			6			30			4
Acquisition and transaction costs		30			9			68			37			11			—			—			—
Other non-recurring expenses		—			52			—			—			—			—			—			180
Non-GAAP Sales and Marketing Expense	$	7,982		$	6,555		$	6,347		$	6,645		$	7,494		$	6,235		$	6,357		$	8,182

General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense	$	11,900		$	9,940		$	10,378		$	10,118		$	10,063		$	9,747		$	9,294		$	10,336

Share-based Compensation		1,407			1,081			1,187			1,122			1,535			980			936			1,298
Depreciation		244			269			264			256			251			225			200			234
One-time expenses
Settlements, penalties & interest		492			142			377			304			98			284			101			432
Acquisition and transaction costs		491			282			371			245			57			51			—			—
Other non-recurring expenses		136			220			253			—			86			53			—			453
Non-GAAP General and Administrative Expense	$	9,130		$	7,946		$	7,926		$	8,191		$	8,036		$	8,154		$	8,057		$	7,919

Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense	$	2,029		$	2,103		$	1,973		$	1,962		$	1,769		$	1,739		$	1,803		$	1,325

Share-based Compensation		90			87			90			86			85			69			76			89
Depreciation		1			—		$	—		$	—		$	—		$	—		$	—		$	—
One-time expenses
Settlements, penalties & interest		9			21			—			27			31			—			—			—
Acquisition and transaction costs		91			153			195			369			147			—			—			—
Other non-recurring expenses		—			29			—			—			—			—			—			—
Non-GAAP Research and Development Expense	$	1,838		$	1,813		$	1,688		$	1,480		$	1,506		$	1,670		$	1,727		$	1,236

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.


ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.) (unaudited)

(in thousands)	Q1-25			Q4-24			Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23
Revenue⁽¹⁾	$	34,854		$	30,792		$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420

GAAP Net Loss to Adjusted EBITDA
GAAP Net Loss	$	(2,398	)	$	(3,204	)	$	(3,901	)	$	(4,360	)	$	(308	)	$	(3,582	)	$	(2,206	)	$	(3,765	)

Interest expense, net		280			211			109			(53	)		(156	)		(24	)		782			1,593
Income taxes		291			499			170			231			33			(158	)		(123	)		627
Depreciation		1,614			1,460			1,497			1,402			1,361			1,148			1,185			1,542
Amortization – intangibles		4,358			4,482			4,345			4,096			3,499			3,743			3,384			3,343
EBITDA	$	4,145		$	3,448		$	2,220		$	1,316		$	4,429		$	1,127		$	3,022		$	3,340
EBITDA Margin		11.9	%		11.2	%		7.6	%		4.7	%		14.0	%		4.3	%		10.3	%		11.0	%

Share-based Compensation		1,863			1,463			1,591			1,488			1,902			1,260			1,251			1,582
One Time Expenses
Settlements, penalties & interest		581			266			375			339			147			283			140			436
Acquisition and transaction costs		779			665			1,001			914			254			51			—			—
Other non-recurring expenses		136			385			253			—			86			53			—			633
Other expense (income), net		(188	)		2			—			—			(10	)		1			1,800			93
Adjusted EBITDA	$	7,316		$	6,229		$	5,440		$	4,057		$	6,808		$	2,775		$	6,213		$	6,084
Adjusted EBITDA Margin		21.0	%		20.2	%		18.6	%		14.5	%		21.5	%		10.6	%		21.2	%		20.0	%

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact
Patrick McKillop
Vice President, Investor Relations
617-335-5058
patrick.mckillop@asuresoftware.com

The MIL Network –

May 2, 2025

MIL-OSI: Monolithic Power Systems Earnings Commentary for the Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on May 1, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/92570889542.

Q1 2025 Financial Summary	(Unaudited)
	GAAP
	Q1’25	Q4’24	Q1’24	QoQ Change	YoY Change
Revenue ($k)	$ 637,554	$ 621,665	457,885	Up 2.6%	Up 39.2%
Gross Margin	55.4%	55.4%	55.1%	Flat	Up 0.3 pts
Opex ($k)	$ 184,471	$ 181,101	156,954	Up 1.9%	Up 17.5%
Operating Margin	26.5%	26.3%	20.9%	Up 0.2 pts	Up 5.6 pts
Net income ($k)	$ 133,791	$ 1,449,363	92,541	Down 90.8%	Up 44.6%
Diluted EPS	$ 2.79	$ 29.88	1.89	Down 90.7%	Up 47.6%

	Non-GAAP
	Q1’25	Q4’24	Q1’24	QoQ Change	YoY Change
Revenue ($k)	$ 637,554	$ 621,665	$ 457,885	Up 2.6%	Up 39.2%
Gross Margin	55.7%	55.8%	55.7%	Down 0.1 pts	Flat
Opex ($k)	$ 133,526	$ 126,117	$ 103,426	Up 5.9%	Up 29.1%
Operating Margin	34.7%	35.5%	33.1%	Down 0.8 pts	Up 1.6 pts
Net income ($k)	$ 193,813	$ 198,401	$ 137,492	Down 2.3%	Up 41.0%
Diluted EPS	$ 4.04	$ 4.09	$ 2.81	Down 1.2%	Up 43.8%
Tax Rate	15.0%	12.5%	12.5%	Up 2.5 pts	Up 2.5 pts

Revenue by End Market

	Revenue		YoY Change				% of Revenue
End Market ($M)	Q1’25	Q1’24	$		%		Q1’25		Q1’24
Storage & Computing	$ 188.5	$ 106.1	$ 82.4		77.7%		29.6	%	23.2	%
Automotive	144.9	87.1	57.8		66.4%		22.7		19.0
Enterprise Data	132.9	149.7	(16.8	)	(11.2%	)	20.8		32.7
Communications	71.8	46.7	25.1		53.7%		11.3		10.2
Consumer	56.9	38.1	18.8		49.3%		8.9		8.3
Industrial	42.6	30.2	12.4		41.1%		6.7		6.6
Total	$ 637.6	$ 457.9	$ 179.7		39.2%		100	%	100	%

Ongoing Business Conditions

In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.

Our performance during the quarter reflected the continued strength of our diversified market strategy and a continued trend of the ordering patterns we saw at the end of 2024.

Q1 2025 highlights include:

At our March 20th investor day, we showcased MPS innovation across a range of areas including new opportunities in Robotics, Automotive, Data Center, Building Automation, Medical, and Audio.
In Q1, Storage and Computing segment revenue increased 38% quarter-over-quarter on strong demand for both memory and notebook solutions.
We continue to win designs across all major Enterprise Data customers with revenue ramps expected in the second half of this year.
Finally, Q1 ’25 Automotive revenue increased 13% from Q4’24, the third consecutive quarter of sequential double-digit growth.

MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

“Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

Q1’25 Revenue Results

MPS reported first quarter revenue of $637.6 million, slightly higher than the fourth quarter of 2024 and 39.2% higher than the first quarter of 2024. Compared with the fourth quarter of 2024, sales in Storage & Computing, Automotive, Communication and Industrial improved sequentially.

First quarter 2025 Storage and Computing revenue of $188.5 million increased 38.1% from the fourth quarter of 2024. The sequential increase was primarily driven by higher sales of power solutions for storage and notebooks. First quarter 2025 Storage and Computing revenue was up 77.7% year over year. Storage and Computing revenue represented 29.6% of MPS’s first quarter 2025 revenue compared with 22.0% in the fourth quarter of 2024.

First quarter Automotive revenue of $144.9 million increased 12.9% from the fourth quarter of 2024 primarily from higher sales in ADAS, body electronics, and infotainment power solutions. First quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 22.7% of MPS’s first quarter 2025 revenue compared with 20.6% in the fourth quarter of 2024.

First quarter 2025 Communications revenue of $71.8 million was up 12.3% from the fourth quarter of 2025 primarily on higher sales into networking and optical solutions. First quarter 2025 Communications revenue was up 53.7% year over year. Communications sales represented 11.3% of our total first quarter 2025 revenue compared with 10.3% in the fourth quarter of 2024.

First quarter 2025 Industrial revenue of $42.6 million increased 4.3% from the fourth quarter of 2024 primarily due to higher sales for industrial meters. First quarter 2025 Industrial revenue was up 41.1% year over year. Industrial revenue represented 6.7% of our total first quarter 2025 revenue compared with 6.6% in the fourth quarter of 2024.

First quarter Consumer revenue of $56.9 million decreased 0.6% from the fourth quarter of 2024 primarily from lower sales in gaming partially offset by higher sales for TV solutions. First quarter 2025 Consumer revenue was up 49.3% year over year. Consumer revenue represented 8.9% of MPS’s first quarter 2025 revenue compared with 9.2% in the fourth quarter of 2024.

In our Enterprise Data market, first quarter 2025 revenue of $132.9 million decreased 31.8% from the fourth quarter of 2024. First quarter 2025 Enterprise Data revenue was down 11.2% year over year. Enterprise Data revenue represented 20.8% of MPS’s first quarter 2025 revenue compared with 31.3% in the fourth quarter of 2024.

Q1’25 Gross Margin & Operating Income

GAAP gross margin was 55.4%, flat to the fourth quarter of 2024. Our GAAP operating income was $168.8 million compared to $163.3 million reported in the fourth quarter of 2024.

Non-GAAP gross margin for the first quarter of 2025 was 55.7%, down 0.1 percentage points compared to the fourth quarter of 2024. Our non-GAAP operating income was $221.5 million compared to $220.7 million reported in the fourth quarter of 2024.

Q1’25 Operating Expenses

Our GAAP operating expenses were $184.5 million in the first quarter of 2025 compared with $181.1 million in the fourth quarter of 2024.

Our Non-GAAP operating expenses were $133.5 million, up from $126.1 million in the fourth quarter of 2024.

The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan income.

Total stock-based compensation and related expenses, including approximately $1.7 million charged to cost of goods sold, was $53.8 million compared with $56.3 million recorded in the fourth quarter of 2024.

The Bottom Line

First quarter 2025 GAAP net income was $133.8 million or $2.79 per fully diluted share, compared with $1.4 billion or $29.88 per share in the fourth quarter of 2024. Fourth quarter 2024 GAAP net income and EPS included the recognition of a tax benefit granted to a foreign subsidiary.

First quarter 2025 non-GAAP net income was $193.8 million or $4.04 per fully diluted share, compared with $198.4 million or $4.09 per fully diluted share in the fourth quarter of 2024.

The first quarter 2025 non-GAAP tax rate increased to 15% from 12.5% in the fourth quarter of 2024.

There were 48.0 million fully diluted shares outstanding at the end of the first quarter of 2025.

Balance Sheet and Cash Flow

Cash, cash equivalents and short-term investments were $1,026.7 million at the end of the first quarter of 2025 compared to $862.9 million at the end of the fourth quarter of 2024. For the first quarter of 2025, MPS generated operating cash flow of $256.4 million compared with the fourth quarter of 2024 operating cash flow of $167.7 million.

Accounts receivable at the end of the first quarter of 2025 were $214.9 million, representing 31 days of sales outstanding, which was 6 days higher than the 25 days reported at the end of the fourth quarter of 2024.

Our internal inventories at the end of the first quarter of 2025 were $454.8 million, up from $419.6 million at the end of the fourth quarter of 2024. Days of inventory of 146 days at the end of the first quarter of 2025 was 8 days higher than at the end of the fourth quarter of 2024.

We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the first quarter of 143 days was 9 days higher than at the end of the fourth quarter of 2024.

Selected Balance Sheet and Inventory Data				(Unaudited)

	Q1’25	Q4’24	Q1’24
Cash, Cash Equivalents, and Short-Term Investments	$ 1,026.7 M	$ 862.9 M	$ 1,286.4 M
Operating Cash Flow	$ 256.4 M	$ 167.7 M	$ 248.0 M
Accounts Receivable	$ 214.9 M	$ 172.5 M	$ 194.4 M
Days of Sales Outstanding	31 Days	25 Days	39 Days
Internal Inventories	$ 454.8 M	$ 419.6 M	$ 396.0 M
Days of Inventory (current quarter revenue)	146 Days	138 Days	175 Days
Days of Inventory (next quarter revenue)	143 Days	134 Days	159 Days

Q2’25 Business Outlook

For the second quarter of 2025 ending June 30, we are forecasting:

Revenue in the range of $640 million to $660 million.
GAAP gross margin in the range of 54.9% to 55.5%.
Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
Total stock-based compensation and related expenses in the range of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
GAAP operating expenses between $189 million and $195 million.
Non-GAAP operating expenses in the range of $132.6 million to $136.6 million. This estimate excludes stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
Interest and other income in the range from $6.2 million to $6.6 million before foreign exchange gains or losses.
Non-GAAP tax rate of 15% for 2025.
Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

For further information, contact:

Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com

Safe Harbor Statement

This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q2’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

Non-GAAP Financial Measures

This CFO Commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)

	Three Months Ended March 31,
	2025			2024
Net income	$	133,791		$	92,541

Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Tax effect		5,897			(7,156	)
Non-GAAP net income	$	193,813		$	137,492

Non-GAAP net income per share:
Basic	$	4.05		$	2.83
Diluted	$	4.04		$	2.81

Shares used in the calculation of non-GAAP net income per share:
Basic		47,851			48,635
Diluted		48,006			48,928

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Gross profit	$	353,230		$	252,441
Gross margin		55.4	%		55.1	%

Adjustments to reconcile gross profit to non-GAAP gross profit:
Stock-based compensation and related expenses		1,706			1,900
Amortization of acquisition-related intangible assets		287			258
Deferred compensation plan expense (income)		(163	)		440
Non-GAAP gross profit	$	355,060		$	255,039
Non-GAAP gross margin		55.7	%		55.7	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total operating expenses	$	184,471		$	156,954

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation and related expenses		(52,105	)		(49,869	)
Amortization of acquisition-related intangible assets		(33	)		(33	)
Deferred compensation plan income (expense)		1,193			(3,626	)
Non-GAAP operating expenses	$	133,526		$	103,426

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total operating income	$	168,759		$	95,487

Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income)		(1,356	)		4,066
Non-GAAP operating income	$	221,534		$	151,613

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025		2024
Total other income, net	$	5,131	$	9,540

Adjustments to reconcile other income, net to non-GAAP other income, net:
Deferred compensation plan expense (income)		1,350		(4,019	)
Non-GAAP other income, net	$	6,481	$	5,521

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024
Total income before income taxes	$	173,890		$	105,027

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Non-GAAP income before income taxes	$	228,015		$	157,134

2025 SECOND QUARTER OUTLOOK
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited)
	Three Months Ending March 31, 2025

	Low			High
Gross margin		54.9	%		55.5	%
Adjustment to reconcile gross margin to non-GAAP gross margin:
Stock-based compensation and other expenses		0.3	%		0.3	%
Non-GAAP gross margin		55.2	%		55.8	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
	Three Months Ending March 31, 2025

	Low			High
Operating expenses	$	189,000		$	195,000
Adjustments to reconcile operating expenses to non-GAAP operating expenses:
Stock-based compensation and other expenses		(56,400	)		(58,400	)
Non-GAAP operating expenses	$	132,600		$	136,600

The MIL Network –

May 2, 2025

MIL-OSI: Viper Energy, Inc. Announces Closing of Drop Down Transaction

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it and its operating subsidiary, Viper Energy Partners LLC (the “Operating Company”), have closed their previously announced acquisition of all of the equity interests in certain mineral and royalty interest-owning subsidiaries of Diamondback (the “Drop Down”). The total consideration for the Drop Down consisted of (i) $1.0 billion in cash and (ii) the issuance (the “Equity Issuance”) of 69,626,640 units representing limited liability company interests in the Operating Company and an equivalent number of shares of Viper’s Class B Common Stock, in each case, subject to transaction costs and certain customary post-closing adjustments.

The mineral and royalty interests acquired by the Operating Company in the Drop Down represent approximately 22,847 net royalty acres in the Permian Basin, approximately 69% of which are currently operated by Diamondback. Viper funded the cash consideration for the Drop Down with (i) proceeds from its previously announced underwritten public offering of shares of its Class A Common Stock, completed on February 3, 2025, and (ii) borrowings under the Operating Company’s revolving credit facility. Immediately following the completion of the Drop Down, Diamondback beneficially owned approximately 53.7% of Viper’s outstanding voting common stock.

The Drop Down was approved by Viper’s audit committee comprised of all independent directors and the full board of directors, in each case, on January 30, 2025, and by the majority of the Company’s stockholders, other than Diamondback and its subsidiaries, at the special meeting of the Company’s stockholders held on May 1, 2025 (the “Special Meeting”). At the Special Meeting, Viper’s stockholders also approved the Equity Issuance, as required under the rules of The Nasdaq Stock Market LLC.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Investor Contact:
Chip Seale
+1 432.247.6218
cseale@viperenergy.com

The MIL Network –

May 2, 2025

MIL-OSI: Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

KIRKLAND, Wash., May 01, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended March 31, 2025.

The financial results for the quarter ended March 31, 2025 were as follows:

Revenue was $637.6 million for the quarter ended March 31, 2025, a 2.6% increase from $621.7 million for the quarter ended December 31, 2024 and a 39.2% increase from $457.9 million for the quarter ended March 31, 2024.
GAAP gross margin was 55.4% for the quarter ended March 31, 2025, compared with 55.1% for the quarter ended March 31, 2024.
Non-GAAP gross margin (1) was 55.7% for the quarter ended March 31, 2025, excluding the impact of $1.7 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan income, compared with 55.7% for the quarter ended March 31, 2024, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
GAAP operating expenses were $184.5 million for the quarter ended March 31, 2025, compared with $157.0 million for the quarter ended March 31, 2024.
Non-GAAP operating expenses (1) were $133.5 million for the quarter ended March 31, 2025, excluding $52.1 million for stock-based compensation and related expenses and $1.2 million for deferred compensation plan income, compared with $103.4 million for the quarter ended March 31, 2024, excluding $49.9 million for stock-based compensation and related expenses and $3.6 million for deferred compensation plan expense.
GAAP operating income was $168.8 million for the quarter ended March 31, 2025, compared with $95.5 million for the quarter ended March 31, 2024.
Non-GAAP operating income (1) was $221.5 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan income and $0.3 million for amortization of acquisition-related intangible assets, compared with $151.6 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets.
GAAP other income, net was $5.1 million for the quarter ended March 31, 2025, compared with $9.5 million for the quarter ended March 31, 2024.
Non-GAAP other income, net (1) was $6.5 million for the quarter ended March 31, 2025, excluding $1.4 million for deferred compensation plan expense, compared with $5.5 million for the quarter ended March 31, 2024, excluding $4.0 million for deferred compensation plan income.
GAAP income before income taxes was $173.9 million for the quarter ended March 31, 2025, compared with $105.0 million for the quarter ended March 31, 2024.
Non-GAAP income before income taxes (1) was $228.0 million for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets, compared with $157.1 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets.
GAAP net income was $133.8 million and $2.79 per diluted share for the quarter ended March 31, 2025. Comparatively, GAAP net income was $92.5 million and $1.89 per diluted share for the quarter ended March 31, 2024.
Non-GAAP net income (1) was $193.8 million and $4.04 per diluted share for the quarter ended March 31, 2025, excluding $53.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $5.9 million for related tax effects, compared with $137.5 million and $2.81 per diluted share for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $7.2 million for related tax effects.

The following is a summary of revenue by end market (in thousands):

	Three Months Ended March 31,
End Market	2025		2024
Storage and Computing	$	188,511	$	106,121
Automotive		144,904		87,092
Enterprise Data		132,924		149,727
Communications		71,671		46,645
Consumer		56,947		38,074
Industrial		42,597		30,226
Total	$	637,554	$	457,885

“Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

Business Outlook

The following are MPS’s financial targets for the second quarter ending June 30, 2025:

Revenue in the range of $640.0 million to $660.0 million.
GAAP gross margin between 54.9% and 55.5%. Non-GAAP gross margin (1) between 55.2% and 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
GAAP operating expenses between $189.0 million and $195.0 million. Non-GAAP operating expenses (1) between $132.6 million and $136.6 million, which excludes estimated stock-based compensation and related expenses in the range of $56.4 million to $58.4 million.
Total stock-based compensation and related expenses of $58.3 million to $60.3 million including approximately $1.9 million that would be charged to cost of goods sold.
Interest and other income in the range of $6.2 million to $6.6 million before foreign exchange gains or losses.
Non-GAAP tax rate of 15% for 2025.
Fully diluted shares outstanding between 47.9 million and 48.3 million.

(1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense (income), amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

Earnings Commentary
Earnings commentary on the results of operations for the quarter ended March 31, 2025 is available under the Investor Relations page on the MPS website.

Earnings Webinar
MPS plans to host a question-and-answer webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, May 1, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/92570889542. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 92570889542. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

Safe Harbor Statement
This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings webinar.

About Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Contact:
Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com

Monolithic Power Systems, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value)
	March 31,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	637,354		$	691,816
Short-term investments		389,310			171,130
Accounts receivable, net		214,866			172,518
Inventories		454,793			419,611
Other current assets		92,063			109,978
Total current assets		1,788,386			1,565,053
Property and equipment, net		527,348			494,945
Acquisition-related intangible assets, net		9,651			9,938
Goodwill		25,944			25,944
Deferred tax assets, net		1,318,457			1,326,840
Other long-term assets		135,974			194,377
Total assets	$	3,805,760		$	3,617,097

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	127,310		$	102,526
Accrued compensation and related benefits		74,785			63,918
Other accrued liabilities		161,306			128,123
Total current liabilities		363,401			294,567
Income tax liabilities		69,535			65,193
Other long-term liabilities		105,814			111,570
Total liabilities		538,750			471,330
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,877 and 47,823, respectively		764,959			706,817
Retained earnings		2,545,375			2,487,461
Accumulated other comprehensive loss		(43,324	)		(48,511	)
Total stockholders’ equity		3,267,010			3,145,767
Total liabilities and stockholders’ equity	$	3,805,760		$	3,617,097

Monolithic Power Systems, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts)
	Three Months Ended March 31,
	2025		2024
Revenue	$	637,554	$	457,885
Cost of revenue		284,324		205,444
Gross profit		353,230		252,441
Operating expenses:
Research and development		92,227		75,990
Selling, general and administrative		92,244		80,964
Total operating expenses		184,471		156,954
Operating income		168,759		95,487
Other income, net		5,131		9,540
Income before income taxes		173,890		105,027
Income tax expense		40,099		12,486
Net income	$	133,791	$	92,541

Net income per share:
Basic	$	2.80	$	1.90
Diluted	$	2.79	$	1.89
Weighted-average shares outstanding:
Basic		47,851		48,635
Diluted		48,006		48,928

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME (Unaudited, in thousands, except per share amounts)
	Three Months Ended March 31,
	2025			2024
Net income	$	133,791		$	92,541

Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Tax effect		5,897			(7,156	)
Non-GAAP net income	$	193,813		$	137,492

Non-GAAP net income per share:
Basic	$	4.05		$	2.83
Diluted	$	4.04		$	2.81

Shares used in the calculation of non-GAAP net income per share:
Basic		47,851			48,635
Diluted		48,006			48,928

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Gross profit	$	353,230		$	252,441
Gross margin		55.4	%		55.1	%

Adjustments to reconcile gross profit to non-GAAP gross profit:
Stock-based compensation and related expenses		1,706			1,900
Amortization of acquisition-related intangible assets		287			258
Deferred compensation plan expense (income)		(163	)		440
Non-GAAP gross profit	$	355,060		$	255,039
Non-GAAP gross margin		55.7	%		55.7	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total operating expenses	$	184,471		$	156,954

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation and related expenses		(52,105	)		(49,869	)
Amortization of acquisition-related intangible assets		(33	)		(33	)
Deferred compensation plan income (expense)		1,193			(3,626	)
Non-GAAP operating expenses	$	133,526		$	103,426

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total operating income	$	168,759		$	95,487

Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income)		(1,356	)		4,066
Non-GAAP operating income	$	221,534		$	151,613

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET (Unaudited, in thousands)
	Three Months Ended March 31,
	2025		2024
Total other income, net	$	5,131	$	9,540

Adjustments to reconcile other income, net to non-GAAP other income, net:
Deferred compensation plan expense (income)		1,350		(4,019	)
Non-GAAP other income, net	$	6,481	$	5,521

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES (Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Total income before income taxes	$	173,890		$	105,027

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:
Stock-based compensation and related expenses		53,811			51,769
Amortization of acquisition-related intangible assets		320			291
Deferred compensation plan expense (income), net		(6	)		47
Non-GAAP income before income taxes	$	228,015		$	157,134

2025 SECOND QUARTER OUTLOOK RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited)
	Three Months Ending
	June 30, 2025
	Low			High
Gross margin		54.9	%		55.5	%
Adjustment to reconcile gross margin to non-GAAP gross margin:
Stock-based compensation and other expenses		0.3	%		0.3	%
Non-GAAP gross margin		55.2	%		55.8	%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands)
	Three Months Ending
	June 30, 2025
	Low			High
Operating expenses	$	189,000		$	195,000
Adjustments to reconcile operating expenses to non-GAAP operating expenses:
Stock-based compensation and other expenses		(56,400	)		(58,400	)
Non-GAAP operating expenses	$	132,600		$	136,600

The MIL Network –

May 2, 2025

MIL-OSI: GSI Technology, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 2025.

Summary Financial Results Table (in thousands, except per share amounts)

	Three Months Ended									12 Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Net revenues	$	5,883		$	5,414		$	5,152		$	20,518		$	21,765
Gross margin (%)		56.1	%		54.0	%		51.6	%		49.4	%		54.3	%
Operating expenses	$	5,575		$	6,978		$	7,172		$	20,975		$	32,254
Operating loss	$	(2,276	)	$	(4,055	)	$	(4,514	)	$	(10,835	)	$	(20,431	)
Net loss	$	(2,230	)	$	(4,029	)	$	(4,321	)	$	(10,639	)	$	(20,087	)
Net loss per share, diluted	$	(0.09	)	$	(0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)

Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “Our fourth quarter revenue increased 14% year-over-year and 9% sequentially to $5.9 million, reflecting strong demand for our legacy SRAM chips. This performance, combined with disciplined cost management, led to a significantly reduced net loss and lower cash burn for the quarter.”

Mr. Shu continued, “ I am excited to announce that we secured an initial order for our radiation-hardened SRAM from a North American prime contractor, with follow-on orders expected in fiscal 2026. This sale also carries a significantly higher gross margin than our traditional SRAM chips. In parallel, we are actively pursuing heritage status for this chip, which will improve our market readiness and open important new sales channels. On the APU front, we expect to receive production-ready Gemini-II chips and Leda-2 boards by the end of the first quarter of fiscal 2026. In addition, our Gemini-II SBIR programs with the Space Development Agency (SDA) and US Air Force Research Laboratory (AFRL) remain on schedule. We delivered a server with a Leda-2 board to AFRL and will soon ship a Gemini-II card to SDA. Funds from these programs are offsetting our R&D expenditures for Gemini-II.”

Mr. Shu concluded, “We are especially excited about a recent enhancement to Plato: adding the integration of a camera interface directly into the chip. This and other enhanced connectivity features create a compact, all-in-one optimized AI and LLM engine for edge devices, particularly well suited for agents requiring object recognition. With the ability to process data locally, without relying on cloud infrastructure, Plato now offers a powerful and flexible accelerator for next-generation edge computing applications. The new capability has increased strategic interest in Plato, and we are currently in preliminary discussions with multiple parties to secure partnerships to fund the next phase of development.”

Commenting on the outlook for GSI’s first quarter of fiscal 2026, Mr. Shu stated, “Our current expectations for the upcoming first quarter of fiscal 2026 is for net revenues in a range of $5.5 million to $6.3 million, with gross margin of approximately 56% to 58%.”

Fiscal Year 2025 Summary Financials

The Company reported net revenues of $20.5 million for the fiscal year ended March 31, 2025, compared to $21.8 million for fiscal 2024. Gross margin was 49.4% for fiscal 2025 compared to 54.3% in fiscal 2024. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs in our cost of revenues.

Total operating expenses were $21.0 million in fiscal 2025, compared to $32.3 million in fiscal 2024. Research and development expenses were $16.0 million, compared to $21.7 million in the prior fiscal year. Selling, general and administrative expenses were $10.8 million, compared to $10.6 million in fiscal 2024. The decline in research and development expenses was primarily due to cost reductions announced in August 2024. Research and development expense in fiscal 2024 included pre-production mask costs of $2.4 million related to our Gemini-II product.

Research and development expenses in fiscal 2025 and fiscal 2024 were reduced by $1.2 million and $440,000, respectively, reflecting government funding under the SBIR programs. Operating expenses in fiscal 2025 include a gain on the sale of assets of $5.8 million from the sales of the Company’s headquarters building in Sunnyvale, CA, in a sales and leaseback transaction.

The operating loss for fiscal 2025 was $(10.8) million compared to an operating loss of $(20.4) million in the prior year. The fiscal 2025 net loss included interest and other income of $326,000 and a tax provision of $130,000, compared to $414,000 in interest and other income and a tax provision of $70,000 in the prior fiscal year.

Net loss for fiscal 2025 was $(10.6) million, or $(0.42) per diluted share, compared to a net loss of $(20.1) million, or $(0.80) per diluted share, for fiscal 2024.

Fourth Quarter Fiscal Year 2025 Summary Financials

The Company reported net revenues of $5.9 million for the fourth quarter of fiscal 2025, compared to $5.2 million for the fourth quarter of fiscal 2024 and $5.4 million for the third quarter of fiscal 2025. Gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54.0% in the preceding third quarter of fiscal 2025. The sequential increase in gross margin in the fourth quarter of fiscal 2025 was primarily due to higher revenue and product mix.

In the fourth quarter of fiscal 2025, sales to KYEC were $1.7 million, or 29.5% of net revenues, compared to $544,000, or 10.6% of net revenues, in the same period a year ago and $1.2 million, or 22.7% of net revenues, in the prior quarter. In the fourth quarter of fiscal 2025, sales to Nokia were $444,000, or 7.5% of net revenues, compared to $694,000, or 13.5% of net revenues, in the same period a year ago and $239,000, or 4.4% of net revenues, in the prior quarter. Military/defense sales were 30.7% of fourth quarter shipments compared to 35.5% of shipments in the comparable period a year ago and 30.0% of shipments in the prior quarter. SigmaQuad sales were 39.3% of fourth quarter shipments compared to 42.4% in the fourth quarter of fiscal 2024 and 39.1% in the prior quarter.

Total operating expenses in the fourth quarter of fiscal 2025 were $5.6 million, compared to $7.2 million in the fourth quarter of fiscal 2024 and $7.0 million in the prior quarter. Research and development expenses were $3.0 million, compared to $4.8 million in the prior-year period and $4.0 million in the prior quarter. Research and development expenses in the fourth quarter of fiscal 2025 were reduced by $870,000, reflecting government funding under the SBIR programs. Selling, general and administrative expenses were $2.6 million in the quarter ended March 31, 2025, compared to $2.4 million in the prior year quarter and $3.0 million in the previous quarter.

Fourth quarter fiscal 2025 operating loss was $(2.3) million compared to an operating loss of $(4.5) million in the prior-year period and $(4.1) million in the prior quarter. Fourth quarter fiscal 2025 net loss included interest and other income of $52,000 and a tax provision of $6,000, compared to $108,000 in interest and other income and a tax benefit of $(85,000) for the same period a year ago. In the preceding third quarter, net loss included interest and other income of $70,000 and a tax provision of $44,000.

Net loss in the fourth quarter of fiscal 2025 was $(2.2) million, or $(0.09) per diluted share, compared to a net loss of $(4.3) million, or $(0.17) per diluted share, for the fourth quarter of fiscal 2024 and a net loss of $(4.0) million, or $(0.16) per diluted share, for the third quarter of fiscal 2025.

Total fourth quarter pre-tax stock-based compensation expense was $512,000 compared to $693,000 in the comparable quarter a year ago and $429,000 in the prior quarter.

At March 31, 2025, the Company had $13.4 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $16.4 million as of March 31, 2025 versus $24.7 million at March 31, 2024. Stockholders’ equity as of March 31, 2025 was $28.2 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.

Conference Call

Management will conduct a conference call to review the Company’s financial results for the fourth quarter and fiscal year 2025 and its current outlook for the first quarter of fiscal 2026 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.

To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13753362. The call will also be streamed live via the internet at www.gsitechnology.com.

A replay will be available from May 1, 2025, at 7:30 p.m. Eastern Time through May 8, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13753362. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.

About GSI Technology

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

Forward-Looking Statements

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; global public health crises that reduce economic activity; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; the continued availability of government funding opportunities; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer and partner relationships for the sale of such products; and delays or unexpected challenges related to the establishment of customer relationships and orders for GSI Technology’s radiation-hardened and tolerant SRAM products. Many of these risks are currently amplified by and will continue to be amplified by, or in the future may be amplified by, economic and geopolitical conditions, such as changing interest rates, worldwide inflationary pressures, policy unpredictability, the imposition of tariffs and other trade barriers, military conflicts and declines in the global economic environment. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

Source: GSI Technology, Inc.

Contacts:

Investor Relations:

Hayden IR
Kim Rogers
385-831-7337
kim@haydenir.com

Media Relations:

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

Company:

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


GSI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

	Three Months Ended									Twelve Months Ended
	March 31,			Dec. 31,			March 31,			March 31,			March 31,
		2025			2024			2024			2025			2024

Net revenues	$	5,883		$	5,414		$	5,152		$	20,518		$	21,765
Cost of goods sold		2,584			2,491			2,494			10,378			9,942

Gross profit		3,299			2,923			2,658			10,140			11,823

Operating expenses:

Research & development		2,966			4,037			4,818			16,005			21,689
Selling, general and administrative		2,609			2,997			2,354			10,763			10,565
Gain from sale of assets		–			(56	)		–			(5,793	)		–
Total operating expenses		5,575			6,978			7,172			20,975			32,254

Operating loss		(2,276	)		(4,055	)		(4,514	)		(10,835	)		(20,431	)

Interest and other income (expense), net		52			70			108			326			414

Loss before income taxes		(2,224	)		(3,985	)		(4,406	)		(10,509	)		(20,017	)
Provision (benefit) for income taxes		6			44			(85	)		130			70
Net loss	$	(2,230	)	$	(4,029	)	$	(4,321	)	$	(10,639	)	$	(20,087	)


Net loss per share, basic	$	(0.09	)	($	0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)
Net loss per share, diluted	$	(0.09	)	($	0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)

Weighted-average shares used in
computing per share amounts:

Basic		25,604			25,546			25,297			25,498			25,144
Diluted		25,604			25,546			25,297			25,498			25,144


Stock-based compensation included in the Condensed Consolidated Statements of Operations:

	Three Months Ended									Twelve Months Ended
	March 31,			Dec. 31,			March 31,			March 31,			March 31,
		2025			2024			2024			2025			2024

Cost of goods sold	$	42		$	50		$	53		$	199		$	228
Research & development		263			121			331			1,010			1,411
Selling, general and administrative		207			258			309			1,053			1,199
	$	512		$	429		$	693		$	2,262		$	2,838

GSI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	13,434	$	14,429
Accounts receivable		3,169		3,118
Inventory		3,891		4,977
Other current assets		2,961		1,954
Assets held for sale		0		5,629
Net property and equipment		808		1,148
Operating lease right-of-use assets		9,547		1,553
Other assets		9,507		9,656
Total assets	$	43,317	$	42,464

Current liabilities	$	7,074	$	5,365
Long-term liabilities		8,017		1,129
Stockholders’ equity		28,226		35,970
Total liabilities and stockholders’ equity	$	43,317	$	42,464

The MIL Network –

May 2, 2025

MIL-OSI: XRP News: XploradDEX $XP Token Explodes 1,500% in 24 Hours — Market Cap Quadruples as FOMO Grips XRP Traders

Source: GlobeNewswire (MIL-OSI)

ZURICH, Switzerland, May 01, 2025 (GLOBE NEWSWIRE) — XploraDEX’s native token, $XPL, has sent shockwaves across the XRP ecosystem after surging over 1,500% in just 24 hours. From a humble market cap of $70K at launch, $XPL has now ballooned to over $288K, sparking an aggressive wave of buying activity and cementing its place as one of the most explosive DeFi launches on the XRP Ledger to date.

Buy $XPL on MagneticX Exchange

Massive Momentum: 24-Hour Snapshot

24H Price Change: +1,500%
24H Low: 0.00000411 XRP
24H High: 0.000172 XRP
Market Cap: $288,000 (from a $70K launch)
24H Volume: 8,100 XRP
Listed on 132 exchanges

XPL’s jaw-dropping performance has ignited widespread FOMO among XRP traders and DeFi enthusiasts. Since going live on MagneticXc, the token has seen relentless upward price pressure, with new buyers flooding in as it enters its first wave of price discovery.

Purchase $XPL on MagneticX

Why This Rally Is Different

This isn’t a typical meme pump or hype play. $XPL is the gateway to XploraDEX, the first AI-powered decentralized exchange on XRPL. Unlike many tokens that launch with vague promises, XploraDEX is already delivering real utility, including:

AI-integrated trading dashboards
Smart order execution and automation tools
Staking and yield opportunities
Governance and protocol voting
Launchpad access for future XRPL projects

The token’s early success is being driven by real utility, cutting-edge technology, and a strong community of early believers who understand the long-term upside of AI-enabled DeFi on one of the world’s fastest blockchains.

Buy $XPL Token on MagneticX DEX

The Community Is On Fire

Telegram is buzzing. Trading pairs on MagneticXc are heating up. And wallets are connecting in record numbers. With 132 exchanges already listing $XPL and 24-hour volume exceeding 8K XRP, the market is clearly responding.

Early adopters have already seen 15x gains. But with a modest $288K market cap, analysts believe $XPL may just be getting started. As XploraDEX rolls out its staking pools and governance portal in the coming days, more buying pressure could follow.

Purchase $XPL on MagneticX

The FOMO is real—and rising.

If you missed the presale, this is your chance to enter before the next wave pushes the price even higher. The market cap is still under $300K, leaving massive upside potential as more users discover the utility behind $XPL.

Buy $XPL on MagneticX: https://xmagnetic.org/swap/XPL+rGdwJSadiYfRZcq51A1CKzLmQ4yuBVcYgy_XRP+XRP?network=mainnet

Stay connected and Join the XploraDEX AI Revolution

Website | Buy $XPL on DEX | X | Telegram

Contact:
Oliver Muller
oliver@xploradex.io
contact@xploradex.io

Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4d69a130-b380-4c88-8126-5b6fb453f1f5

https://www.globenewswire.com/NewsRoom/AttachmentNg/4b537917-6702-4b72-aa5c-a1da7aea99e2

The MIL Network –

May 2, 2025

MIL-OSI: SkyCrest Capital Launches SkyAlpha X 2.0 AI System and Innovative SkyFund Protocol (SKF)

Source: GlobeNewswire (MIL-OSI)

Denver, CO, May 01, 2025 (GLOBE NEWSWIRE) — SkyCrest Capital, a global fintech innovator headquartered in Manhattan, today announced the official launch of its next-generation artificial intelligence system, SkyAlpha X 2.0, along with the unveiling of its decentralized finance infrastructure, the SkyFund Protocol (SKF). Together, these breakthroughs mark a new chapter in the evolution of asset management—uniting artificial intelligence, blockchain, and decentralized governance into one intelligent financial ecosystem.

Founded in 2019 by Nathaniel Ross, a financial and tech visionary with experience at Goldman Sachs and Bridgewater Associates, SkyCrest Capital has quickly risen to prominence. SkyCrest Capital, established in 2019, is a global fintech leader, blending artificial intelligence with asset management, based in New York. The firm provides high-net-worth clients with strategies in equities, cryptocurrencies, and DeFi, managing $1.2 billion in assets while adhering to SEC and MSB compliance standards. This robust regulatory backing ensures global market credibility, offering clients a secure and reliable investment environment. Serving over 600 high-net-worth clients worldwide, SkyCrest operates offices in New York, Singapore, and Dubai, delivering smart equity trading, crypto quant contracts, family office planning, and multi-market arbitrage strategies.

The driving force behind SkyCrest’s success is its SkyAlpha X AI system, fully upgraded to version 2.0 in 2025, which revolutionizes traditional finance by eliminating reliance on human intuition. SkyAlpha X 2.0 integrates on-chain data, social media sentiment, and macroeconomic signals, dramatically enhancing market prediction accuracy and precision.

SkyCrest’s latest breakthrough, SkyFund Protocol (SKF), launched in 2025 on the Solana blockchain, positions itself as a bridge between TradFi and DeFi. With a total supply of 1 billion tokens, SKF enables global investors to stake USDT, ETH, or BTC, participate in SkyAlpha X 2.0-driven trading strategies, and share profits and governance rights. Users can bind strategy nodes to unlock premium signals and exclusive asset pools, reaping periodic dividends. SKF’s smart oracles and AI-driven rhythm validation optimize strategy triggers, minimizing market noise and ensuring execution efficiency, fully showcasing the high-precision capabilities of version 2.0.

SkyCrest’s success hinges on its world-class team. Founder Nathaniel Ross, guided by his “cognition over profit” ethos, drives the SkyAlpha Financial Education Program, empowering young traders and clients. Chief AI Scientist Dr. Elena Chen leads SkyAlpha X algorithm development, Chief Investment Officer James Whitaker excels in multi-asset management, and Head of Client Relations and Assistant Audrey Sinclair ensures personalized service for 600 clients. All strategy data and profit distributions are openly shared, reflecting SkyCrest’s commitment to transparency.

Looking ahead, SkyCrest aims to position SkyFund Protocol as the world’s leading decentralized asset management platform. By 2026, the firm plans to launch AI strategy NFTs, enabling strategy authorization trading, and integrate with ETFs and real-world assets (RWA) for on-chain mapping. SkyAlpha X’s next-generation upgrade (Alpha 3.0) will introduce even sharper sentiment modeling, collaborating with DePIN and AI Agents to power cross-platform strategy execution. SkyCrest’s vision extends beyond wealth creation—it seeks to build a smart, transparent, and inclusive financial ecosystem, ensuring every investor benefits from AI and blockchain’s transformative potential.

SkyCrest Capital’s success is anchored by its world-class team. Founder Nathaniel Ross, guided by his “cognition over profit” philosophy, champions the SkyAlpha Financial Education Program, empowering young traders and clients. Chief AI Scientist Dr. Elena Chen spearheads SkyAlpha X algorithm development, Chief Investment Officer James Whitaker excels in multi-asset management, and Head of Client Relations and Assistant Audrey Sinclair ensures personalized service for 600 clients. All strategy data and profit distributions are shared openly, reflecting SkyCrest’s unwavering commitment to transparency.

Looking ahead, SkyCrest Capital aims to position SkyFund Protocol as the world’s premier decentralized asset management platform. By 2026, the firm plans to launch AI strategy NFTs, enabling authorized strategy trading, and integrate with ETFs and real-world assets (RWA) for on-chain mapping. SkyAlpha X’s next-generation upgrade (Alpha 3.0) will introduce sharper sentiment modeling, collaborating with DePIN and AI Agents to empower cross-platform strategy execution. SkyCrest’s vision extends beyond wealth creation—it seeks to build a smart, transparent, and inclusive financial ecosystem, ensuring every investor reaps the benefits of AI and blockchain innovation.

SkyCrest Capital invites global investors to join this financial revolution. For more information, contact our teams in Manhattan, Singapore, or Dubai, or visit our website to explore our innovative journey.

About SkyCrest Capital SkyCrest Capital is a global fintech leader, blending artificial intelligence with asset management, headquartered in New York. The firm serves high-net-worth clients with equity, crypto, and DeFi strategies, managing $1.2 billion in assets with a global presence.

Company Name: SkyCrest Capital
Website: https://www.skyskinla.com/
Contact: Audrey Sinclair
Email: service(at)skyskinla.com

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

The MIL Network –

May 2, 2025

MIL-OSI: The Search Is on for 2025’s Most Investible Canadian Cleantech Ventures

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Foresight Canada is now accepting applications for its fifth annual Foresight 50, a comprehensive spotlight on the 50 most investible cleantech companies across Canada to investors around the world. The initiative highlights companies with solutions to tackle the world’s biggest environmental and economic challenges.

Since 2021, the Foresight 50 program has been instrumental in connecting promising Canadian cleantech ventures with a global network of investors, ensuring crucial injections of capital to multiply the impact of their solutions. Collectively, past honourees have raised over $2.25B in capital, fueling the growth of innovative solutions that enhance productivity in key global industries and accelerate Canada’s transition to a prosperous future economy.

Companies selected for the Foresight 50 will benefit from:

Investor networking: Opportunities to connect with relevant investment firms.
International public relations: Increased visibility through Foresight-led media campaign.
Participation in the Foresight 50 Showcase: An in-person celebration for networking and investor connections.
Invite-only Investor Forum: Exclusive access to networking and panel sessions on the future of cleantech capital.

Foresight 50’s panel of judges is composed of leading cleantech investors, including: Olivia Hornby (Spring Impact Capital), Moien Giashi (GreenSky Ventures), Cheri Corbett (BDC), Nikhil Nayer (Rogue Insight Capital), and Dania Moazzam (RBCx). These investors will select this year’s 50 ventures based on their investability, potential economic and job growth impact, leadership team, environmental impact, and probability of success. Winners will be announced at the ceremony in Calgary, November 2025.

Who Should Apply?

Canadian cleantech ventures with strong leadership, a clear growth trajectory, and a bold vision for environmental and economic impact. Foresight is looking for:

Companies across all cleantech sectors—from clean energy and sustainable agriculture to carbon capture and beyond.
Ventures at any funding stage, from seed to post-Series B.
Teams seeking strategic connections with international investors.
Innovators looking for visibility, credibility, and accelerated growth on the global stage.

Submit your application by June 30, 2025.

Quotes

“Marking our fifth year of celebrating cleantech through our Foresight 50 underscores a vital reality: shining a bold spotlight on groundbreaking Canadian innovation is crucial now more than ever. Their ingenuity is beyond inspiring; they are the engine driving clean productivity across our nation, building a stronger and more sustainable future economy for Canada and the world.” —Jeanette Jackson, CEO, Foresight Canada

About Foresight Canada:

Foresight Canada helps the world do more with less, sustainably. As Canada’s largest cleantech innovation and adoption accelerator, they connect public and private sectors to the world’s best clean technologies, de-risking and simplifying the adoption of innovative solutions that improve productivity, profitability, and economic competitiveness, all while addressing today’s most urgent climate challenges.

The 2025 Foresight 50 Showcase is presented by Foresight Canada and Export Development Canada (EDC). Media sponsor: Carbon Life Media.

Image: 2024 Foresight 50 Honourees, Carbon Life Media.

Heather Kingdon
Communications Manager
Foresight Canada
hkingdon@foresightcac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03d7b8db-fd67-4010-b7f9-793e643e7fc3

The MIL Network –

May 2, 2025

MIL-OSI: Wildfire Community Preparedness Day: PEMCO urges PNW residents to prepare for hot and dry summer

Source: GlobeNewswire (MIL-OSI)

SEATTLE, May 01, 2025 (GLOBE NEWSWIRE) — While the Pacific Northwest is just beginning to defrost from a wet and cold winter, PEMCO Insurance reminds residents that now is the time to prepare homes and neighborhoods for wildfire season. With Wildfire Community Preparedness Day approaching on Saturday, May 3, PEMCO is providing simple, proactive steps to reduce the risk of fire before dry, hot conditions set in.

While many people think large flames are the main danger are the main threat, it’s actually embers – tiny, windblown pieces of burning material that are often responsible for the most destruction. As many as 90% of homes and buildings damaged or destroyed in fires are first ignited by embers not the main fire. These small embers can travel up to a mile ahead of the fire, igniting homes and vegetation far beyond the initial spark.

“One ember can spell disaster for a home or even an entire neighborhood,” said Calvin Strong, Chief Claims Officer at PEMCO Insurance. “That’s why it’s so important to take action now. Things like cleaning your gutters, sealing up vents, and clearing away debris can make all the difference when embers are in the air.”

Here’s some simple ways you can prepare your home for wildfire season:

Clean your gutters. Accumulated leaves and needles provide tinder for floating embers.
Screen eave and foundation vents with 1/8-inch wire mesh to keep out blowing embers.
Remove boards, debris, and wood-handled tools stashed under decks. They can provide fuel for a fire that’s spreading along the ground.
Screen under decks with 1/8-inch mesh. This greatly reduces the risk of embers igniting an under-deck fire.
Break up wood fences with metal gates. Fire can easily run along a wood fence, meaning your fence can give fire a pathway straight to your house. A metal gate or shield can interrupt the flames.

And, some tips to keep in mind while you’re outside enjoying the warm weather:

Contain campfires by using designated fire pits or use rocks to create a ring around your campfire. Even better — use a propane firepit!
To extinguish a campfire, pour water on the fire and fully drown all the embers.
Never use volatile liquids, like gasoline, to start a fire.
Avoid burning garbage, treated wood or yard waste.
For smokers, don’t discard smoldering cigarette butts – snuff them out and put them in a designated garbage container.

To learn more about wildfire preparedness and how to protect yourself, your property and your community, visit PEMCO.com/blog/wildfire.

The MIL Network –

May 2, 2025

MIL-OSI: T-Max Lending LLC Relocates Headquarters to Sacramento to Support Growth, Innovation, and Enhanced Client Service

Source: GlobeNewswire (MIL-OSI)

SACRAMENTO, Calif., May 01, 2025 (GLOBE NEWSWIRE) — T-Max Lending LLC, a leading provider of innovative lending solutions, is proud to announce the strategic relocation of its corporate headquarters from 4727 Executive Dr, San Diego, CA 92121 to a new, state-of-the-art facility at 801 K St, Sacramento, CA 95814. This move represents a significant milestone in the company’s growth and its commitment to improving client service, operational efficiency, and technological advancement in the lending industry.

The relocation to Sacramento places T-Max Lending at the heart of California’s government and financial regulatory activity, providing improved access to policymakers, industry stakeholders, and a growing pool of financial technology talent. This strategic positioning enhances T-Max Lending’s ability to collaborate with policymakers, stay ahead of industry trends, and serve its diverse clientele more effectively.

“This move is more than geography, it is a key step in scaling our operations and improving the accessibility and responsiveness of our service” said Kenneth Richard, CEO of T-Max Lending LLC. “This move enables us to be closer to decision-making centers and provides a fertile ground for technological and operational expansion. More importantly, it reflects our dedication to providing better, faster, and more secure services to our clients across the state and beyond.”

Operational Enhancements to Better Serve Clients

In tandem with the headquarters relocation, T-Max Lending has implemented significant upgrades to its office operations, loan origination processes, and customer service frameworks. Central to these changes is the adoption of cutting-edge AI technologies, which are set to revolutionize the lending process by making it faster, more accurate, and secure.

AI-Driven Loan Origination and Processing: The integration of advanced artificial intelligence technology is streamlining the loan application and approval process. By automating routine tasks and leveraging predictive analytics, the company can now offer faster pre-approvals, enhanced fraud detection, and personalized loan recommendations.

Enhanced Client Service Model: The company has redesigned its internal operations to prioritize rapid response, transparency, and customer empowerment. A newly implemented digital portal offers clients real-time updates, streamlined document uploads, and secure communication with loan officers.

Cybersecurity and Data Integrity Upgrades: As part of its technology overhaul, T-Max Lending has adopted state-of-the-art encryption and cybersecurity frameworks to ensure that all client data remains secure and confidential throughout the lending lifecycle.

Workplace Modernization: The new Sacramento office has been designed to foster collaboration, innovation, and wellness. Equipped with smart technologies and eco-friendly design, the space supports hybrid work models and positions the company to attract top talent in fintech and client services.

Sacramento’s status as California’s capital gives T-Max closer access to lawmakers, housing authorities, and regulatory agencies, supporting quicker compliance adaptation and fostering new policy collaboration opportunities.

“Our clients are at the center of everything we do,” added Kenneth. “Our new headquarters and AI-driven innovations reflect our unwavering commitment to serving our clients better, faster, and more securely. We are confident that these changes will enhance our ability to deliver exceptional lending solutions while setting a new standard for the industry. Our goal is to make borrowing simpler, smarter, and more secure.”

T-Max Lending looks forward to welcoming clients, partners, and team members to its new Sacramento location and continuing to lead the charge in responsible, technology-driven lending.

New Headquarters Address:

T-Max Lending LLC

801 K St. Sacramento, CA 95814

For media inquiries, interviews, or more information, please contact:

Press Contact:

Mason Simmons
Director of Communications
info@tmaxlending.com
www.tmaxlending.com
(619) 259-0177

About T-Max Lending LLC

T-Max Lending LLC is a forward-thinking lending institution offering a wide range of residential and commercial loan products. Committed to innovation, integrity, and customer-first service, T-Max is redefining how people access capital with smarter technology and streamlined processes.

The MIL Network –

May 2, 2025

MIL-OSI: Best Tribal Loans For Bad Credit Direct Lenders Guaranteed Approval – IOnline Payday Loans

Source: GlobeNewswire (MIL-OSI)

SHERIDAN, Wyo., May 01, 2025 (GLOBE NEWSWIRE) — Tribal loans are credit products offered by tribal lenders, typically based on Native American reservations. These lenders operate under tribal laws rather than the laws of the state in which the consumer resides. Tribal loans can encompass various types, including short-term loans, payday loans, installment loans, and personal loans.

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

While there are benefits to tribal loans for bad credit, such as less stringent eligibility requirements and faster approval times, they are often associated with high-interest rates and fees that may be considered predatory.

This article provides an in-depth look at tribal loans for credit direct lenders, explaining how they function, their potential advantages, as well as their disadvantages and risks. It also details the application process for tribal payday loans and offers guidance on selecting the best options, including a review of IOnline Payday Loans, a well-known tribal loan brand.
Key Takeaways:

Tribal loans are a specific type of loan that is available to individuals with bad credit.

These loans differ from traditional loans as a tribal loans direct lender guaranteed approval

provides them and have different application requirements.

IOnline Payday Loans is a trusted brand that stands out for providing tribal loans online guaranteed approval, offering benefits such as lower interest rates and flexible repayment options.

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

Tribal Loans for Bad Credit

Tribal loans for bad credit are specialized loan products offered by tribal lenders to individuals with poor credit histories. These loans can assist people facing financial emergencies by providing the necessary funds to cover unexpected expenses, ensuring borrower protection.

Offered by Native American tribes that have established their own lending institutions, these loans can be processed quickly and often come with flexible repayment options due to the tribal sovereign immunity under which these institutions operate.

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

Typically, tribal loans direct lender guaranteed approval no teletrack are short-term, unsecured personal loans. Compared to traditional banks or credit unions, tribal lending institutions are generally more willing to extend credit to borrowers with bad credit due to flexible loan requirements.

This accessibility provides borrowers with competitive interest rates and can help them break free from the cycle of predatory lending and its associated risks.

What Are Tribal Loans?

Easiest tribal loans to get no credit check represent a unique form of lending primarily offered by Native American tribes, leveraging their sovereign status to provide financial products that may not be accessible through traditional banking systems. These loans are specifically designed to assist individuals in urgent need of funds, such as those facing emergency expenses or unexpected financial difficulties.

Among the various types of tribal loans are payday loans, personal loans, and installment loans, each tailored to meet different emergency cash needs.
Unlike conventional lenders, tribal loans often have more flexible eligibility requirements, making them accessible to a wider range of borrowers. For instance, individuals with less-than-perfect credit histories may still qualify, providing a vital lifeline during times of crisis.

Emergency cash needs are met with quick access to funds for medical bills, car repairs, or urgent home repairs. Borrowers also benefit from specific legal protections established under tribal law and tribal court, which can differ significantly from state regulations. Furthermore, these loans can serve as stepping stones for individuals seeking to rebuild their financial stability and economic growth.

It is essential for potential borrowers to thoroughly understand the terms of these loans and consider their repayment capabilities to ensure that they serve as a beneficial solution rather than a financial burden.

How Do Tribal Loans Differ from Traditional Loans?

Tribal loans differ from traditional loans in several significant ways, with the primary distinction being the legal framework of tribal sovereign immunity. This allows Native American tribes to provide lending services that are not subject to many federal laws governing lending. As a result, tribal loans can better meet borrowers’ needs by offering faster access to funds, more flexible repayment terms, and often no credit checks compared to traditional banks and lenders.

When comparing traditional loans to tribal loans, several key differences in lending services emerge:

Loan Approval Processes: Tribal lenders typically offer much quicker loan approval processes, and their applications are often simplified, eliminating much of the paperwork required by traditional banks.
Interest Rates: While tribal loans may seem to have higher interest rates, they are often competitively priced for borrowers with low credit scores. Traditional banks frequently impose hidden fees that can significantly increase the effective interest rate.
Repayment Schedules: Tribal loans often feature repayment schedules that can be tailored to the borrower’s financial situation. They are particularly beneficial for those with poor credit, as tribal lenders focus on current income and repayment ability rather than past credit history.

Additionally, the online application process for tribal loans allows borrowers to receive funds much more quickly than they would at a traditional bank or credit union, which generally take longer to process loans. This flexibility makes tribal loans a viable alternative to traditional loans when urgent financial needs arise.

What is Bad Credit?

Bad credit refers to a low credit score that typically indicates a history of poor financial management, including late payments, defaults, or bankruptcy. Individuals with bad credit often face challenges in securing financial assistance, as many traditional lenders, such as banks and credit unions, view their credit profiles as high-risk, affecting the loan application process.

As a result, these lenders may either deny their loan applications or offer loans with unfavorable terms.

How Does Bad Credit Affect Loan Approval?

Bad credit significantly impacts loan approval since most lenders use credit checks to assess the likelihood of an individual repaying borrowed funds. Those with poor credit scores face significant challenges when applying for financing, often being denied personal loans or offered extremely high-interest rates that exacerbate their financial difficulties.

This situation creates a cycle in which a person’s financial options become increasingly limited. Traditional lenders, such as banks and credit unions, have stricter requirements that many applicants cannot meet.

In contrast, tribal lending organizations typically have more lenient criteria, allowing individuals with bad credit to obtain funds. However, such loans may come with complications, including higher interest rates or predatory terms. It is essential for borrowers to weigh these risks against their immediate financial needs.

While bad credit may close many doors, tribal loans can represent an alternative option that requires careful consideration.

Why Consider Tribal Loans for Bad Credit?

Yes, individuals with bad credit should consider tribal loans, as these loans are specifically designed to assist those facing financial emergencies.

Tribal lending institutions offer quick approval times and flexible repayment terms, allowing individuals to access emergency cash without the stringent requirements typically associated with traditional loans.

What Are the Benefits of Tribal Loans for Bad Credit?

The benefits of tribal loans for individuals with bad credit include access to funds for emergency expenses, competitive interest rates, and the flexibility to customize a repayment schedule based on their financial circumstances. These advantages make tribal loans an appealing option for those who have faced challenges with traditional financing due to low credit scores.

Along with providing immediate financial assistance, tribal loans offer numerous compelling advantages. Borrowers can benefit from no credit checks, which allows them to secure funding without the concern of their credit history being evaluated. Loan rollover options provide additional flexibility, enabling borrowers to manage repayments more comfortably. Furthermore, protection under tribal law enhances the security of these loans, safeguarding borrowers from predatory practices often associated with payday lending.

By utilizing tribal loans, individuals can effectively break the cycle of debt and improve their financial stability, leading to a significant transformation in their overall economic well-being.

What Are the Risks of Tribal Loans for Bad Credit?

Tribal loans can assist individuals with bad credit; however, they come with certain risks, particularly high-interest rates and the potential for hidden fees. Borrowers must be mindful of these drawbacks to make informed decisions and fully understand the total cost of borrowing. It is crucial to recognize that tribal loans can lead to cycles of indebtedness, especially when consumers do not fully comprehend the terms associated with these financial products.

To ensure a safer borrowing experience, consumers should:

Read all loan agreements thoroughly.
Consult with financial advisors if there is any uncertainty regarding the terms.
Be aware of the consequences of loan rollovers, which can significantly increase debt levels and impact borrower protection.

Neglecting these important factors can result in undue hardship and further deterioration of one’s financial and credit standing.

How to Apply for Tribal Loans for Bad Credit?

Tribal loans for bad credit can be easily applied for, often through online applications that improve the lending experience. Borrowers can quickly submit their loan applications, ensuring they meet the necessary criteria for approval while avoiding the lengthy waiting periods typically associated with traditional lenders.

What Are the Requirements for Tribal Loans for Bad Credit?

The requirements for tribal loans for individuals with bad credit are typically less stringent than those for traditional loans, making it easier for those in need of financial support to qualify. Lenders often prioritize the borrowers’ ability to repay over their credit history, resulting in quicker approval times for tribal loans.

This accessibility allows individuals who may feel excluded from the conventional banking system to find viable options without facing the harsh rejections often encountered with banks. When applying for a tribal loan, applicants should ensure they meet the following general requirements:

Proof of income to demonstrate a stable source of earnings
A minimum age of usually 18 years
Proof of residency, which typically involves having a valid address

Along with these basic requirements, tribal lending often emphasizes community and developmental aspects, which are less significant in standard bank lending.

How to Increase Chances of Approval for Tribal Loans for Bad Credit?

To increase the chances of having $500 tribal installment loans direct lenders only, borrowers should demonstrate financial acumen and submit a thorough application. Understanding what tribal lenders require and developing a realistic repayment plan can provide lenders with added confidence that borrowers will repay their loans responsibly. There are several proactive steps that individuals can take to enhance their loan application experience.

One of the most effective ways to improve the likelihood of receiving a loan is by enhancing financial literacy. Familiarizing oneself with key concepts such as interest rates, loan terms, and potential fees associated with tribal loans can give the power to applicants to make informed decisions. To achieve this, borrowers should start by checking their credit reports for errors and disputing any inaccuracies. Creating a detailed budget can also illustrate financial responsibility, demonstrating to lenders both the amount the borrower can borrow and their ability to repay it.

Additionally, it’s beneficial to research various lenders to find those with positive reviews and favorable terms. Equally important is taking the time to thoroughly read and understand the terms and conditions of any loan agreement before accepting and signing it, ensuring that the terms are manageable.

Choosing the Best Tribal Loans for Bad Credit from Reputable Loan Providers

The best tribal loans bad credit are selected based on the interest rates offered, the terms and conditions of the loans, and the reputation of the lenders, including Native American Tribal courts. By evaluating these factors, borrowers can find the most suitable tribal loans for their circumstances and avoid potential negative consequences.

What to Look for in a Tribal Loan Lender?

When selecting a tribal loan lender, it is important to consider their reputation, customer reviews, specific loan terms, and loan eligibility. A reputable lender will communicate clearly about all fees and borrower protections, ensuring a safe and beneficial borrowing experience. Additionally, you should prioritize how responsive the lender is to customer inquiries and concerns. An ideal lender will be easily reachable and provide prompt answers to questions, demonstrating their dedication to client satisfaction.

The level of transparency in the loan agreement is also crucial, as greater transparency allows borrowers to make informed decisions without encountering hidden surprises. Thoroughly researching lenders is essential. Important factors to consider include:

Customer testimonials: Customer reviews can provide insight into a lender’s trustworthiness and reliability.
Terms and conditions: Reviewing the specific terms and conditions ensures they align with your personal financial needs.
Licensing and regulatory compliance: Regulatory oversight protects customers against predatory practices.

By taking the time to consider these factors, you can increase your chances of having a positive borrowing experience.

How to Compare Different Tribal Loan Options?

Comparing tribal loan options is essential for borrowers seeking a financial solution that best suits their specific needs. By evaluating interest rates, repayment schedules, and other fees across various lenders, borrowers can identify the tribal loan that aligns with their circumstances. With the widespread availability of the internet, numerous tools and resources are at borrowers’ disposal to facilitate this comparison process. For instance, online comparison websites serve as valuable resources, allowing prospective borrowers to swiftly explore a wide range of tribal loan options from multiple lenders, thereby simplifying the often daunting task of making informed decisions.

When comparing tribal loan options, the following factors should be considered:

Total Repayment Costs: This is typically the most crucial factor, as it significantly impacts long-term financial health.
Lender’s Reputation: Understanding how a lender operates, including aspects like customer service and reliability, can be important when choosing between options.
Flexibility of Repayment Terms: The availability of various repayment options regarding cost, schedule, and pre-payment penalties is beneficial for borrowers.

By utilizing these resources and taking these factors into account, borrowers can find a loan that meets their specific financial needs.

IOnline Payday Loans as a Trusted Brand for Tribal Loans for Bad Credit

IOnline Payday Loans is a reputable and trusted brand in the realm of tribal loans for bad credit, offering various high-interest loans. As a legitimate tribal lender, IOnline Payday Loans offers borrowers a straightforward and user-friendly application process, along with the assistance necessary to secure the funds they need as quickly as possible.

What Makes IOnline Payday Loans Stand Out for Tribal Loans?

IOnline Payday Loans is a distinctive lending service for tribal loans, known for its commitment to customer support and interest rates that are suitable for borrowers with bad credit. The IOnline Payday Loans brand is centered around delivering a positive borrowing experience, ensuring that borrowers fully understand all aspects of their loan before signing any contracts.

What sets this service apart is its focus on borrower education, which distinguishes it from many competitors that offer little guidance, often leaving borrowers feeling confused and frustrated. IOnline Payday Loans provides valuable educational resources and customer support, give the power toing clients to make informed financial decisions.

Customers have shared success stories that highlight how the knowledgeable staff at IOnline helped them navigate potentially challenging situations. One customer remarked, “I wasn’t even sure I was going to take a loan at first, but the staff helped me understand the process and explained what documents I needed. Because of that, I got through a rough month.”

These testimonials illustrate the brand’s dedication to building trust and transparency while delivering an essential service.

Frequently Asked Questions

What are tribal loans for bad credit and how do they work?

Tribal loans for bad credit are short-term loans that are offered by Native American tribes, often through online lenders. These borrowing options are designed to help individuals with poor credit scores. These loans are designed to help individuals with poor credit scores who are not able to secure traditional loans. Tribal loans are a viable part of consumer lending. The loan process typically involves filling out an online application and receiving the funds directly into your bank account if approved.

What makes tribal loans a good option for individuals with bad credit?

Tribal loans can be a good option for those with bad credit because they do not usually require a credit check. This loan type is based on other factors such as income and employment stability. Instead, these loans are based on other factors such as income and employment stability. This makes it easier for individuals with poor credit to get the financial assistance they need and avoid debt cycles.

What are the eligibility requirements for obtaining the best tribal loans for bad credit?

The specific eligibility requirements may vary depending on the lender, but in general, you must be at least 18 years old, have a regular source of income, and have a valid bank account. Financial knowledge is also important for managing these loans. Some lenders may also require a minimum credit score, but this is not always the case with tribal loans.

Which online lender offers the best tribal loans for bad credit?

IOnline Payday Loans is a leading online lender that offers some of the best tribal loans for bad credit. CreditNinja is another popular lender in this space. They have a quick and easy application process and offer competitive interest rates and flexible repayment options. The Native American Financial Services Association ensures fair lending practices.

Can I use a tribal loan for bad credit to improve my credit score?

Yes, you can use a tribal loan for bad credit as a way to improve your credit score. By making timely payments on your loan, you can demonstrate responsible financial behavior and potentially boost your credit score over time.

Is there a limit on the amount of money I can borrow with a tribal loan for bad credit?

The maximum loan amount may vary depending on the lender and your specific financial situation. The loan value typically reflects your ability to repay. However, most tribal loans for bad credit typically range from $500 to $2,500. It is important to only borrow what you can comfortably repay to avoid getting into further financial trouble.

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/a27af229-25c4-44a5-8062-3fa344fc10a6

The MIL Network –

May 2, 2025

MIL-OSI: MEF Opens 2025 NaaS Excellence Awards to Recognize Global Industry Leaders

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, May 01, 2025 (GLOBE NEWSWIRE) — MEF, a global industry association of enterprises and network, cloud, security, and technology providers accelerating enterprise digital transformation, today opened submissions for its 2025 NaaS Excellence Awards. The awards showcase innovation and leadership across the service and technology provider, and professional communities shaping the future of secure, cloud-like digital services delivered through a globally automated NaaS ecosystem. Winners will be honored at MEF’s Global Networking-as-a-Service Event (GNE), held November 10-14 in Dallas, Texas.

As enterprises seek more agile, secure, and cloud-like service experiences, MEF members are responding with automated, standards-based NaaS solutions – a model defined by MEF to ensure programmability, interoperability, and security across partner ecosystems. NaaS offerings combine on-demand connectivity, application assurance, cybersecurity, and multi-cloud networking within a unified service and automation framework. MEF’s Lifecycle Service Orchestration (LSO) APIs, product payloads, and certification programs provide the foundation for trusted automation, standardized integration, and seamless collaboration.

The NaaS Excellence Awards recognize outstanding achievements across this evolving ecosystem—from LSO API implementations to secure SD-WAN and SASE deployments, and from modular service innovation to high-impact enterprise use cases, and emerging applications of AI in service automation and customer experience. New award categories introduced in 2025 include:

Best NaaS Enterprise Customer Implementation
Carrier Ethernet Innovation
Leadership in Customer Experience Automation
Leadership in Network & Service Automation
NaaS Ecosystem Collaboration
SSE and Zero Trust Providers of the Year
NaaS Professional of the Year

“With the industry rapidly aligning around secure, automated, cloud-like service delivery, the 2025 NaaS Excellence Awards celebrate the leaders shaping the global NaaS ecosystem,” said Nan Chen, CEO, MEF. “These awards honor the companies and individuals driving real-world adoption of standards-based solutions that deliver meaningful outcomes for customers and partners alike.”

Submissions are open to MEF members and the broader industry across service provider, technology provider, ecosystem collaboration, and professional leadership categories. An independent panel of analysts and industry experts will evaluate all entries based on strategic relevance, measurable outcomes, and use of standards and APIs that enable ecosystem-wide automation.

Key Dates:

Entry Deadline: June 26, 2025
Finalists Announced: September 2, 2025
Winners Announced: November 11, 2025, during the NaaS Excellence Awards Gala at GNE in Dallas

For more information and to submit an entry visit https://awards.mef.net/. For sponsorship opportunities or for more information about GNE or the awards gala please visit https://gne.mef.net.

About MEF
MEF is a global industry association of enterprises and network, cloud, security, and technology providers working together to accelerate enterprise digital transformation through a better-together ecosystem. MEF delivers service standards, LSO frameworks and APIs, and training and certification programs for services, technologies, APIs, and professionals. The MEF 3.0 Framework enables automated delivery of standardized Carrier Ethernet, IP, Optical Transport, SD-WAN, SASE, and other services across multiple provider networks. MEF’s Global NaaS Event (GNE) convenes executive decision-makers, strategists, technology experts, and enterprise users to collaborate and knowledge-share to accelerate the global automated NaaS ecosystem. For more information about MEF and to hear the latest podcast visit MEF and follow us on LinkedIn and Twitter.

Media Contact:
Melissa Power
MEF
pr@mef.net

The MIL Network –

May 2, 2025

MIL-OSI: Telnyx Unveils New AI Capabilities to Drive the Future of Intelligent Customer Interactions

Source: GlobeNewswire (MIL-OSI)

Austin, Texas, May 01, 2025 (GLOBE NEWSWIRE) — Telnyx, a global leader in communications infrastructure, today announced a significant update to its product offering with advanced AI-driven capabilities. This launch includes groundbreaking new features such as Multimodal Conversations, AI-powered Insights, human-like Contextual Memory, an intuitive SMS Scheduling Assistant, and Dynamic Variables for real-time personalization.

Telnyx showcases these innovative solutions with a redesigned homepage, providing developers and businesses easy access to interactive demonstrations, comprehensive use-case information, detailed developer documentation, and streamlined pathways to deployment.

Our latest enhancements underscore Telnyx’s commitment to redefining customer engagement through AI-powered communication,” said Ian Reither, COO of Telnyx. “We’re excited to offer businesses smarter, more intuitive, and highly personalized conversational experiences across voice and SMS channels, all backed by our robust, carrier-grade infrastructure. With these tools, organizations can engage their customers like never before, reducing friction and driving satisfaction.”

Key features now available include:

Multimodal Conversations: Seamlessly engage customers with multimodal interactions across voice and SMS.
Insights: Analyze and optimize customer interactions with conversation summaries, sentiment analysis, and actionable insights.
Contextual Memory: Provide personalized, continuity-rich customer experiences by recalling details from previous interactions.
Scheduling Assistant: Automate and simplify scheduling workflows via intuitive SMS interactions.
Dynamic Variables: Enable highly tailored communications with real-time personalized information integrated dynamically into conversations.

This comprehensive launch emphasizes Telnyx’s continued evolution into a full-stack provider that combines AI and telephony, simplifying integration complexity and enhancing communication effectiveness for businesses globally.

Experience the future of intelligent customer interactions today at telnyx.com.

About Telnyx: Telnyx delivers global, carrier-grade communications infrastructure combined with advanced conversational AI, providing businesses with reliable, scalable, and intelligent customer interaction solutions. Organizations worldwide choose Telnyx for its robust infrastructure, intuitive tools, and unmatched support.

The MIL Network –

May 2, 2025

MIL-OSI: Pacific Crest Services Announces Minority Growth Investment from Long Ridge Equity Partners

Source: GlobeNewswire (MIL-OSI)

EAGLE, Idaho, May 01, 2025 (GLOBE NEWSWIRE) — Pacific Crest Services (“PCS”), a leading platform for independent insurance agents, announced today that it has secured a minority growth investment from Long Ridge Equity Partners (“Long Ridge”), a growth-focused private equity firm with deep experience in the financial technology and services sectors. PCS will continue to operate under the leadership of its existing management team, with no change to day-to-day operations.

PCS has established itself as a premier partner for entrepreneurial agents through its unwavering focus on mission, culture, and agent success. The company serves more than 250 independent agencies across 36 states and maintains relationships with over 250 carriers. The growth capital will fuel continued investment in key areas of the business, including technology, business development, geographic expansion, and capital solutions – all aimed at equipping independent agents with a full suite of tools and resources.

“We’re excited to partner with Long Ridge as we enter this next chapter of growth,” said Shawn Webb, President of PCS. “Their experience scaling high-growth financial services businesses will be invaluable as we continue building a comprehensive platform for entrepreneurial agents to launch, grow, and scale their agencies.”

Shawn Webb and Jason Webb founded PCS in 2008 with a mission to empower independent agents to build and grow successful businesses. Today, PCS provides a unique platform that offers agents access to top carriers, training, back-office support, technology, and compliance resources – enabling agents to better serve their customers and achieve their ambitions.

“PCS offers a strong value proposition to its agents and partners, combining a robust platform with a broad network of carrier relationships,” said Jason Melton, Partner at Long Ridge. “Shawn, Jason, and the PCS team have built a trusted brand within the agent community, and we are excited to support them as they continue to scale and deliver exceptional service to their agents and carrier partners.”

Evolve Capital served as exclusive financial advisor and Wiggin and Dana LLP served as legal counsel to PCS. Choate, Hall, & Stewart LLP served as legal counsel to Long Ridge.

About Pacific Crest Services

Pacific Crest Services (PCS) is a leading insurance alliance dedicated to empowering licensed independent agents. Founded in 2008 and headquartered in Eagle, Idaho, PCS provides agents with access to more than 250 national and regional carrier appointments and a full suite of support services, including training, mentorship, and technology tools. Serving a broad base of agents across 36 states, PCS is committed to helping agents start, grow, and scale their businesses with the resources and flexibility they need to succeed. For more information, visit www.pacificcrestservices.com.

About Long Ridge Equity Partners

Founded in 2007, Long Ridge Equity Partners is a private investment firm focused on the financial and business technology sectors. Leveraging deep sector knowledge and an extensive network of industry resources, Long Ridge serves as a value-added partner to high-growth businesses. Since its founding, Long Ridge has sponsored many successful growth companies in the financial and business technology sectors, providing founders and management teams with partnership, strategic resources, and capital to drive profitable expansion. Long Ridge manages over $1.75 billion of committed capital. For more information on Long Ridge Equity Partners, please visit www.long-ridge.com.

The MIL Network –

May 2, 2025

MIL-OSI: Mizuho Americas Announces Five-Year Renewal Agreement With the LPGA Tour as Title Sponsor of the Mizuho Americas Open, Reinforcing Its Commitment to Women’s Sports

Source: GlobeNewswire (MIL-OSI)

Mizuho to Raise Purse to $3.25 Million in 2026

Michelle Wie West to Continue as Mizuho Brand Ambassador and Tournament Host

Liberty National Golf Club to Host Event in 2028-2030; Mountain Ridge Country Club Added for 2026-2027

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Mizuho Americas, the New York-headquartered arm of Mizuho Financial Group (NYSE: MFG), announced today that it has renewed its title sponsor agreement for the Mizuho Americas Open through 2030 and will raise the 2026 purse to $3.25 million, one of the largest outside of the Major championships. The tournament will maintain its successful format where the American Junior Golf Association’s future stars compete alongside the best women golfers in the world.

The new five-year agreement will allow the marquee tournament to remain in the New York City Metro area, providing unmatched benefits to the LPGA players, AJGA junior golfers, and the local community. After three years at the prestigious Liberty National Golf Club in Jersey City, NJ, the Mizuho Americas Open will travel just a few miles west to Mountain Ridge Country Club in West Caldwell, NJ, for 2026 and 2027, and then back to its long-term home at Liberty National for the remaining years through 2030. Additionally, LPGA Tour Icon and Mizuho Americas Brand Ambassador Michelle Wie West will continue to serve as Tournament Host.

“We first partnered with the LPGA, AJGA, and Liberty National in 2023 to create a one-of-a-kind tournament that stands apart from the others,” said Jerry Rizzieri, President & CEO of Mizuho Securities USA and Head of Americas Corporate and Investment Bank. “We share this tournament – not only with the players – but also with our employees and clients. We remain deeply committed to our investment in women’s sports as we aim to help advance the next generation of talent and level the playing field for women, both on and off the golf course.”

During the five-year partnership, the prize purse will continue to escalate, ensuring that the Mizuho Americas Open remains one of the largest non-Major championship purses on the LPGA Tour. Mizuho raised the bar for player experience and will continue to provide complimentary first-class accommodations and transportation for all LPGA players participating in the event through 2030.

Mizuho’s continued support of the LPGA and its players speaks volumes about the company’s culture and its commitment to empowering women and fueling their aspirations,” said Liz Moore, Interim LPGA Commissioner. “Through our partnership with Mizuho, we’re able to showcase the world’s best golfers on a global stage, right outside one of the world’s most iconic cities, while uniquely providing rising AJGA stars the opportunity to compete alongside them — creating an unparalleled platform to inspire the next generation and furthering our core mission of using the game of golf to transform and enrich the lives of girls and women

In a few short years, the Mizuho Americas Open has cemented itself as a premier LPGA Tour stop. Played on one of the best golf courses in the country, its groundbreaking format offers an opportunity for top-ranked AJGA junior golfers to compete side-by-side with the best LPGA players in the world, creating an unprecedented week of education and access to help ignite the passion of young women to become the next generation of LPGA Tour superstars.

“We’re thrilled to strengthen this tremendous partnership with Mizuho, LPGA Tour and AJGA to host the world’s best professional and junior players through the end of the decade,” said Dan Fireman, Co-Founder and Executive Chairman of Liberty National Golf Club. “This event is truly unique and embodies our ethos and deep commitment to growing the game through the Liberty National Foundation’s Torch Lighters Club, which supports a number of charitable organizations, including the AJGA and others that benefit youth and our broader community.”

Philanthropy will remain at the heart of the Mizuho Americas Open. Mizuho will continue to host its DrivHER Summit, a leadership forum developed in conjunction with Girls Inc., to help young women explore, aspire, and achieve. The comprehensive program features a golf clinic and workshops on self-confidence, career planning, and networking, reflecting the values championed by Girls Inc. of access, inclusivity, and opportunity.

“Thanks in large part to the unwavering support of Mizuho, this tournament has grown into a crown jewel on the LPGA Tour,” said Michelle Wie West. “Mizuho is different than most sponsors in that they’re involved every step of the way, ensuring a premium is placed on the player experience and community impact. As tournament host, I feel inspired by how they’ve supercharged this event through innovative philanthropic and marketing efforts that put women’s golf front and center in the world’s largest media market.”

The Mizuho Americas Open is operated by Excel Sports Management, a leading sports agency representing marquee brands, properties, and premier professional athletes – including many of the players and stars of today’s LPGA Tour.

“We couldn’t be more excited to extend our partnership with Mizuho for another five years. What began as an ambitious vision has quickly become a cornerstone event on the LPGA Tour,” said Kevin Hopkins, Senior Vice President at Excel Sports Management. “As we look ahead, we’re energized by the opportunity to further elevate this championship experience for the players, our partners, and the dedicated golf fans across the New York metropolitan area who have embraced this event from day one”

Information on ticket sales, corporate hospitality and volunteer opportunities are available at www.mizuhoamericasopen.com. Follow @MizuhoLPGA on Twitter, Instagram and Facebook for the latest news on the event.

About Mizuho
Mizuho Financial Group, Inc. is one of the largest financial institutions in the world as measured by total assets of ~$2 trillion, according to S&P Global 2024. Mizuho’s 65,000 employees worldwide offer comprehensive financial services to clients in 36 countries and 850 offices throughout the Americas, EMEA, and Asia.

Mizuho Americas is a leading Corporate and Investment Bank (CIB) that provides a full spectrum of client-driven solutions across strategic advisory, capital markets, corporate banking, and fixed income and equities sales & trading to corporate, government, and institutional clients in the US, Canada, and Latin America. Through its acquisition of Greenhill, Mizuho enhanced its M&A, restructuring, and private capital advisory capabilities across the Americas, Europe, and Asia. Mizuho Americas employs approximately 4,000 professionals. For more information, visit www.mizuhoamericas.com.

About the Mizuho Americas Open
The Mizuho Americas Open is a purpose-driven tournament on the LPGA Tour. As title sponsor, Mizuho Americas created and drove the vision for a distinctive and premium event that celebrates women and advances the next generation, with a charitable focus on providing leadership and life skills to young girls from underserved communities. Played at the prestigious Liberty National Golf Club, with LPGA icon Michelle Wie West as celebrity host, the tournament features an elevated purse and a unique junior component where the AJGA’s stars of tomorrow compete alongside the best women golfers in the world. The tournament is also home to the Mizuho Americas DrivHER Summit, an inspirational day of learning and activities for Girls Inc., the official charitable partner of the Mizuho Americas Open. The Summit leverages the game of golf and the LPGA to inspire the members of Girls Inc. to discover the confidence they need to become leaders in their communities.

About the LPGA
The Ladies Professional Golf Association (LPGA) is the world’s premier women’s professional golf organization. Created in 1950 by 13 pioneering female Founders, the LPGA, whose Members now represent nearly 40 countries, is the longest-standing professional women’s sports organization. Through the LPGA Tour, the Epson Tour, the LPGA Professionals, and a joint venture with the Ladies European Tour, the LPGA provides female professionals the opportunity to pursue their dreams in the game of golf at the highest level. In addition to its professional tours and teaching accreditation programs, the LPGA features a fully integrated Foundation, which provides best-in-class programming for female golfers through its junior golf programming, and its LPGA Amateurs division, which offers its members playing and learning opportunities around the world. The LPGA aims to use its unique platform to inspire, transform and advance opportunities for girls and women, on and off the golf course.

Follow the LPGA online at www.LPGA.com and download its mobile apps on Apple or Google Play. Join the social conversation on Facebook, X (formerly known as Twitter), Instagram and YouTube.

About the LPGA Tour
The LPGA Tour is the world’s leading competitive destination for the best female professional golfers in the world. The Tour hosts more than 32 annual events across 12 countries for over 200 athletes, awarding total prize funds exceeding $129 million and reaching television audiences in more than 220 countries. Follow the LPGA Tour on its U.S. television home, Golf Channel.

About the AJGA
The American Junior Golf Association is a 501(c)(3) nonprofit organization dedicated to the overall growth and development of young men and women who aspire to earn college golf scholarships through competitive junior golf. The AJGA provides valuable exposure for college golf scholarships and has an annual junior membership (boys and girls, ages 12-19) of more than 9,000 members from 50 states and 51 foreign countries. Through initiatives like the Liberty National ACE Grant, a financial assistance program, and Leadership Links, a service-oriented platform that teaches juniors charitable-giving skills, the AJGA fosters the growth of golf’s next generation.

TaylorMade and adidas are the AJGA’s Global Sponsors, supporting the AJGA for more than 25 years. TaylorMade has served as the Official Ball of the AJGA since 2016. adidas has been the Official Apparel and Footwear of the AJGA since 2017. Rolex, in its fourth decade of AJGA sponsorship, became the inaugural AJGA Premier Partner in 2004.

AJGA alumni have risen to the top of amateur, collegiate and professional golf. Former AJGA juniors have compiled more than 1,000 victories on the PGA and LPGA Tours. AJGA alumni include Patrick Cantlay, Billy Horschel, Collin Morikawa, Scottie Scheffler, Jordan Spieth, Justin Thomas, Tiger Woods, Paula Creamer, Jessica Korda, Nelly Korda, Cristie Kerr, Stacy Lewis, Inbee Park, Lexi Thompson and Rose Zhang.

About Liberty National Golf Club
One of the world’s most iconic golf locales, Liberty National Golf Club is located along the Hudson River in Jersey City, NJ, with striking views of the Statue of Liberty, Ellis Island, and Manhattan skyline. Liberty National fittingly opened on July 4, 2006, and is guided by the vision and leadership of former Reebok Founder, Chairman & CEO Paul Fireman and his son Dan Fireman, managing partner of Fireman Capital Partners. Designed by US Open Champion Tom Kite and esteemed golf course mastermind Bob Cupp, Liberty National is kept in tournament ready playing condition. Liberty National hosted The Presidents Cup in 2017 as well as multiple PGA TOUR FedExCup Playoff events, and is currently the home of the LPGA Mizuho Americas Open. For more information about Liberty National Golf Club, visit www.libertynationalgc.com.

About Mountain Ridge Country Club
Founded in 1912, Mountain Ridge Country Club has long been considered a historic venue. Originally established in West Orange, NJ, the Club moved to its current site in West Caldwell, located just 20 miles from New York City, in 1929 when it commissioned famed golf course architect Donald Ross to design a championship 18-hole course across 282 rolling acres. Often described as one of the NY City Metropolitan Area’s “hidden gems”, the course has always been viewed as a classic Donald Ross design. The course was considered a difficult test when it opened in 1931, and little has changed in the 90+ years since. The course is known for its distinctly Ross features, especially its challenging greens. Ross designed each nine-hole loop to wind down to the lower part of the property and conclude with a long assent back to the iconic fieldstone clubhouse, designed by renowned architect Clifford C. Wendehack. The venue has hosted many championships including the 2012 USGA Senior Amateur Championship and the 2021 LPGA Cognizant Founder’s Cup. Over its century-long history, Mountain Ridge has been home to many prominent members and continues its commitment to excellence, community, philanthropy, and the game of golf.

Media Contacts

For Mizuho:
Jon Schwartz, Prosek Partners
(347) 794-9633
jschwartz@prosek.com

or

Laura London
Director, Media Relations, Mizuho
(917) 446-5226
laura.london@mizuhogroup.com

For LPGA:
Emily Carman
emily.carman@lpga.com
(714) 742-8301

The MIL Network –

May 2, 2025

MIL-OSI: Best Loans For Bad Credit in 2025 – By Low Credit Finance

Source: GlobeNewswire (MIL-OSI)

CHAMPLAIN, N.Y., May 01, 2025 (GLOBE NEWSWIRE) — Bad credit doesn’t mean you’re out of options—it just means you need to look in the right places. Many lenders now offer specialized loans tailored for those with less-than-perfect credit scores. These aren’t just high-interest traps; some provide realistic repayment terms, flexible criteria, and fast approvals. The key is knowing which ones are trustworthy and which ones to avoid.

This article breaks down the best loans for bad credit. From secured personal loans to credit union alternatives and online platforms that factor in more than just your credit score, you’ll find practical choices that can actually help rebuild your financial standing. Each option listed here has been evaluated for transparency, approval speed, and fairness—so you can focus on borrowing without added stress.

Getting the funds you need shouldn’t feel impossible. If you’ve been denied in the past, or are worried about predatory terms, this guide will point you toward lenders that still say yes—without punishing you in the long run. Let’s take a closer look at which loans make the most sense for bad credit borrowers in 2025.

Low Credit Finance – Our No. 1 Pick for Bad Credit Loans in 2025 Guaranteed Approval

After reviewing dozens of online lenders that cater to individuals with low credit scores, Low Credit Finance ranks as the top choice for bad credit loans in 2025. It offers a large loan range, minimal application friction, and fast turnaround times—making it a strong fit for people looking for emergency funds, debt consolidation, or unexpected expenses.

Loan Amounts, APR Range, and Repayment Terms

Low Credit Finance enables borrowers to request funds between $100 and $50,000, with APR rates ranging from 5.99% to 35.99%, depending on the lender match, loan type, and personal credit profile. Unlike many bad credit loan services that cap lending at $5,000 or impose narrow terms, Low Credit Finance provides access to a broader network of lenders, which increases the likelihood of finding a loan that fits specific needs.

Repayment terms are not one-size-fits-all. Borrowers have flexibility to choose repayment plans that stretch over months or even years. This avoids the pressure of short balloon-style payments, a common drawback with other low-credit loan providers. The ability to repay on terms that suit your cash flow helps reduce the financial strain that often comes with unsecured loans.

Why It’s the Top Pick

Several reasons place Low Credit Finance above its competitors:

Inclusive Approval Process: All credit types are accepted. No minimum credit score is required to apply.
Fast Funding: If approved, borrowers can receive funds within 60 minutes—an edge over traditional banks and slower platforms.
Transparent APR Details: There are no hidden charges or surprise penalties. APR range is clearly disclosed upfront.
Flexible Loan Amounts: Few platforms allow bad credit borrowers to access amounts up to $50,000.
Simple Application: The online form takes only 2 minutes to complete, with no paperwork required.
Wide Lender Network: Low Credit Finance connects applicants with multiple lenders, increasing match potential.

For people with a poor credit history, this service reduces the typical friction seen in traditional lending. It acts as a bridge between those in urgent need and lenders that evaluate more than just credit scores. The platform is designed to minimize barriers while keeping risk levels in check.

Apply now at Low Credit Finance for fast bad credit loan offers>>

What Is a Bad Credit Score?

A bad credit score generally refers to a credit rating that falls below a lender’s acceptable range for offering loans at favorable terms. In most scoring models, such as FICO and VantageScore, a score below 580 is typically categorized as poor.

Credit scores are built from several factors, including:

Payment history
Amount of debt
Length of credit history
Types of credit accounts
Recent credit inquiries

When payments are missed, debts are too high compared to available credit, or accounts go into collections, the score drops significantly. A low score signals higher risk to lenders, making it difficult to obtain loans or resulting in loans with higher interest rates.

Credit score categories typically break down like this:

Excellent: 800 and above
Very Good: 740 – 799
Good: 670 – 739
Fair: 580 – 669
Poor: 579 and below

Financial setbacks, medical bills, unemployment, or limited credit history can all contribute to having a poor credit score. Rebuilding credit takes time through consistent, responsible use of financial products and services.

Example Scenario: Who This Is Best For

Consider an individual named Raj, who had a credit score of 580 due to past missed payments. He needed $8,000 to pay for urgent medical expenses and was rejected by his bank and two other online lenders. Through Low Credit Finance, he submitted a short application, was matched with a lender offering an 18-month loan term, and received the funds later that same day. Raj repaid the loan early without penalty, and his credit score improved after consistent repayments.

This platform is best suited for:

Individuals with credit scores below 650
Those needing urgent loans for bad credit
Applicants looking for personal loans with bad credit
People who want flexible repayment plans
Borrowers uncomfortable with lengthy paperwork or branch visits

Those seeking easy approval loans for bad credit often face inflated rates or exploitative contracts. Low Credit Finance provides a safer alternative with clear conditions and faster outcomes.

What Are Bad Credit Loans?

Bad credit loans are financial products specifically tailored for individuals with low or damaged credit scores. Traditional banks often deny applications based solely on credit scores. In contrast, bad credit loans are offered by lenders willing to assess the bigger financial picture, not just a number.

These loans come in several forms:

Personal Loans: Lump-sum loans repaid in installments over a fixed term.
Secured Loans: Loans backed by collateral such as a car, savings account, or home.
Payday Alternative Loans: Short-term small loans typically offered by credit unions.
Peer-to-Peer Loans: Loans funded by individual investors rather than traditional financial institutions.

Bad credit loans often carry higher interest rates to offset the lender’s risk. Some lenders also charge additional fees like origination fees, late payment penalties, or prepayment penalties. Reading the terms carefully before agreeing to a loan offer becomes important to avoid costly mistakes.

These loans serve several purposes:

Emergency expenses
Debt consolidation
Major purchases
Medical bills
Business financing

For many people with low scores, a bad credit loan is a necessary step toward financial stability. Responsible use of the funds and timely repayment can help improve the credit score over time.

Eligibility & Application Process To Get A Loan With Bad Credit

One major advantage of Low Credit Finance is the minimal entry barrier. It does not require a high credit score or long financial history. This makes it more accessible to borrowers who have been turned away elsewhere.

Minimum Credit Score

There is no official minimum credit score requirement to apply. The platform accepts applications from users with bad credit, fair credit, or even limited credit history. Approval depends on lender-specific factors like income, existing debts, employment status, and identity verification—not just credit score alone.

This open-criteria approach allows for higher match rates and gives users a real opportunity to secure funds without needing to “fix” their credit first.

Required Documents

There is no need to upload scanned documents or visit a branch office. The entire process is digital. During the application, you may need to provide:

Full name and contact information
Proof of income or employment (self-reported)
Bank account details (to receive funds)
Valid identification (basic KYC)

Lenders in the network may ask for additional verification, but this typically happens after initial approval and is done electronically.

Approval Time and Disbursement

One of the key highlights of Low Credit Finance is the speed of processing. After submitting the short online form, applicants receive an instant decision. If matched with a lender and approved, funds are often sent the same working day, and in many cases, within 60 minutes.

This makes it one of the fastest personal loan options for bad credit available right now.

Check your eligibility in 2 minutes—no credit score required.

How to Apply Online

The process to request funds is designed to be fast and intuitive:

Select Loan Amount
Choose from predefined loan ranges: $100–$1,000, $1,000–$2,500, up to $50,000.
Complete the Form
Provide your details through the secure online application form. It takes under 2 minutes to fill out.
Get Matched & Review Terms
If you’re matched, the lender will show the loan terms, including the interest rate, repayment schedule, and total repayment amount. You can choose to accept or decline.
Receive Funds
Once accepted, the lender transfers the loan directly to your bank account—typically within the hour.

Pros

Wide Loan Range: You can request as little as $100 or as much as $50,000, offering flexibility depending on your needs.
Same Day Funding: If approved, the loan can arrive in your bank account in as little as 60 minutes.
No Minimum Credit Score: Applications are accepted from borrowers across all credit backgrounds, making it accessible.
Quick Application: Completing the online form takes under two minutes and requires no physical paperwork.
Transparent APR Range: Rates are openly disclosed between 5.99% and 35.99%, helping you make informed decisions.
Flexible Repayment Terms: You are able to repay the loan over a period that matches your budget, avoiding stress from tight deadlines.
Large Lender Network: Multiple lenders increases the chances of matching with an offer that fits your needs.
No Prepayment Penalties: Pay off your loan early without extra fees.
Safe, Encrypted Platform: Personal information remains protected during the application and loan disbursement process.

Cons

Higher APR for Poor Credit: Applicants with very low credit scores may receive offers on the higher end of the APR spectrum.
Lender Variation: Loan terms, fees, and conditions vary depending on the specific lender you are matched with.

Why It’s Hard to Get Loans with Bad Credit

A low credit score can close a lot of financial doors. Most traditional lenders, including banks and credit unions, rely heavily on credit reports to assess the risk of lending money. A credit score below 580 is typically considered poor, while scores between 580 and 669 are classified as fair. Anything below 620 often triggers automatic denials from mainstream financial institutions.

Lenders use credit scores to measure trust. Missed payments, defaults, high credit utilization, and past bankruptcies signal risk. As a result, people with these red flags often find themselves blocked from access to standard financial products.

Banks prioritize security. If someone’s financial history suggests they might struggle to repay, the loan application rarely moves forward. This leads borrowers with low scores into the hands of alternative lenders, many of whom impose steep fees and sky-high interest rates to offset the risk. While some lenders are legitimate, others exploit desperation. They use confusing terms, aggressive marketing, and hidden charges to trap borrowers in cycles of debt.

Traditional lending models don’t consider context. A single medical emergency or job loss can trigger missed payments, leading to a cascading effect on one’s score. That doesn’t always reflect current ability to repay—but many lenders don’t account for that nuance. This gap leaves a large segment of borrowers underserved, with few safe and realistic lending options.

What to Look for in a Bad Credit Loan

Not all loans are structured to punish. Some lenders design products specifically for borrowers with low scores. But selecting the right one requires more than checking the first result online. Here are the features that actually matter:

Fair Interest Rates

Many bad credit loans come with inflated APRs, often exceeding 100%. While higher rates are expected when risk is high, anything beyond 36% annual percentage rate is considered predatory by most experts. Responsible lenders cap their interest rates even for low-score applicants. When reviewing loan options, check the APR—not just the monthly installment. A low monthly payment stretched over several years may end up costing far more in the long run.

Look for fixed-rate loans over variable ones. Variable interest can lead to ballooning payments if economic conditions shift. A fixed rate keeps repayment predictable and manageable.

Also, be cautious of extremely short-term loans like payday loans. These may seem helpful at first, but the effective interest rates can reach 400% or more. They often lead to a cycle of repeat borrowing, which can be financially crippling.

No Prepayment Penalties

Some lenders penalize borrowers who pay off loans early. This might seem counterintuitive, but early repayment can reduce the lender’s interest earnings. Penalties come in different forms—flat fees, a percentage of the balance, or a sliding scale based on time left in the loan term.

Avoid lenders that charge for being financially responsible. A borrower should be allowed to clear their debt faster without financial punishment. Transparent lenders make this clear in their terms and often advertise “no prepayment penalty” as a feature.

Repaying a loan early saves money and improves credit scores. It’s an option that should remain open, especially for borrowers working to rebuild financial health.

Soft Credit Checks or Alternative Criteria

Many people avoid applying for loans out of fear that a hard inquiry will further lower their credit score. That fear is valid. A hard credit pull can shave off a few points, especially if the score is already low. That’s why it’s helpful to choose lenders who use a soft inquiry for pre-qualification.

Soft checks don’t affect credit scores and give borrowers an idea of loan terms before committing. This makes shopping for loans less risky. It also gives borrowers the ability to compare multiple options without negative consequences.

Some lenders also consider alternative data. This includes rental history, income stability, utility payments, or even educational background. A growing number of financial providers are recognizing that credit scores alone don’t offer the full picture. Lenders using alternative criteria can offer more inclusive terms that reflect a borrower’s actual financial behavior.

When reviewing lenders, prioritize those who offer prequalification with a soft check. Avoid lenders who won’t disclose whether they use hard or soft inquiries until after the application is submitted.

Fast Disbursement and Clear Terms

Emergencies don’t wait. When a borrower needs funds quickly, loan disbursement speed matters. Some online lenders process applications and release funds within 24 to 48 hours. Others take a week or more. Always check expected timelines before applying—especially for urgent expenses like medical bills, rent, or car repairs.

But speed shouldn’t come at the cost of clarity. Many bad credit loan providers advertise instant approvals and quick cash while burying fees in fine print. Borrowers should always understand:

The total repayment amount (principal + interest + fees)
Due dates and installment frequency
Penalties for late payments
Any upfront charges, including origination fees

If the loan terms are vague, or hidden behind layers of conditions, that’s a red flag. A credible lender presents all terms in clear, easy-to-read language. Better yet, the loan agreement should be available before entering any binding commitment.

Loan calculators can help here. Some sites allow borrowers to input loan amount, interest rate, and duration to see total costs before applying. These tools make it easier to avoid traps and pick loans with manageable repayment structures.

It’s also worth checking customer service responsiveness. Can someone be reached if there’s a problem? Does the lender offer phone support, chat, or email help? A responsible loan provider offers accessible help—not just automated responses.

How to Find Personal Loans for Bad Credit

Finding a personal loan when credit is poor involves preparation, careful research, and avoiding predatory lenders. Borrowers should focus on options that are transparent and willing to work with their current credit standing.

Steps to find a personal loan with bad credit:

1. Know Your Credit Score

Before applying, checking your current credit score provides a baseline for understanding what lenders will see. Some lenders specialize in specific score ranges. Knowing your score also prevents falling for offers that sound too good to be true.

2. Research Lenders

Look for lenders that publicly state they work with low credit score applicants. Focus on lenders offering personal loans for bad credit without excessive fees or unreasonable conditions. Reviews, Better Business Bureau ratings, and customer testimonials can provide insights into how a lender treats its clients.

3. Prequalify When Possible

Some lenders allow you to prequalify with a soft credit check. This gives a preview of potential loan offers without harming your credit score. Prequalification shows the likely loan amount, APR, and repayment terms based on your profile.

4. Compare APRs and Fees

The Annual Percentage Rate (APR) includes both the interest rate and any associated fees. A lower APR means a more affordable loan. Comparing several offers side-by-side ensures you get the best possible deal based on your situation.

5. Understand Terms and Conditions

Loan agreements often contain fine print about penalties, fees, and repayment structures. Understanding these details before accepting any offer prevents future issues.

6. Be Ready to Offer Collateral

If unsecured loans seem difficult to obtain, offering collateral such as a vehicle or savings account can improve approval odds and lower the interest rate.

7. Avoid Payday Lenders

Payday loans often trap borrowers in cycles of debt due to extremely high-interest rates and short repayment windows. Even with bad credit, better alternatives exist that are safer and more manageable.

8. Consider a Co-Signer

Having a trusted co-signer with better credit can open access to larger loan amounts and better rates. However, both parties must understand that the co-signer becomes equally responsible for the debt.

Where to Find Bad Credit Loans

Several types of lenders offer personal loans specifically designed for applicants with bad credit. Choosing the right source depends on the amount needed, speed of funding, and flexibility of repayment terms.

1. Online Lenders

Online lending platforms such as Low Credit Finance connect borrowers directly with a network of lenders. These platforms often have easier applications, faster decisions, and a broader acceptance of low scores compared to banks.

Online lenders usually offer:

Quick prequalification
Soft credit checks
Same-day funding
Flexible loan amounts up to $50,000

They have become a primary source for personal loans for bad credit due to their accessibility and speed.

2. Credit Unions

Credit unions are member-owned financial cooperatives that often provide more lenient lending standards. Many offer personal loans for members with low credit scores, sometimes at much lower APRs than traditional banks or online lenders. Membership might require living in a specific area or working for a certain employer.

3. Peer-to-Peer Lending Platforms

Peer-to-peer lenders connect borrowers directly with investors willing to fund loans. These platforms use different scoring systems, sometimes taking employment history, education, and debt-to-income ratio into account. Funding speed varies but can be competitive for borrowers seeking fair rates.

4. Community Banks

Some small community banks have bad credit loan programs designed to serve local residents. Though options may be limited, speaking directly with a loan officer could provide customized offers not found elsewhere.

5. Nonprofit Lenders

Certain nonprofit organizations provide low-interest personal loans to individuals struggling with bad credit. These programs are designed to promote financial inclusion and often come with financial education resources.

FAQs About Bad Credit Loans

Q. Is it possible to get a $3,000 loan with bad credit?

Yes, getting a $3,000 loan with bad credit is possible. Many online lenders, credit unions, and alternative financing platforms offer loans based on factors like income and employment, not just credit scores. Lenders like Low Credit Finance can help you secure $3,000 quickly, even if your credit history isn’t perfect. Approval usually depends on proof of steady income and ability to repay.

Q. What loans can I get with really bad credit?

Even with very bad credit, you have several options. Secured loans backed by collateral, credit union loans, peer-to-peer lending, and personal loans through online platforms are all available. Some lenders focus more on your income and current financial situation rather than just your credit score. Using a co-signer can also help you access better loan offers.

Q. Can I get a loan with a 500 credit score?

A 500 credit score still leaves you eligible for certain loans. Online lenders, credit unions, and bad credit specialists often approve borrowers with scores around 500. You may face higher interest rates, but stable income, low existing debts, or a co-signer can improve your loan terms. Always compare different lenders to find the most reasonable offer.

Q. What credit score is needed for a $5,000 loan?

Many lenders require a minimum score around 580 to approve a $5,000 loan, although requirements can vary. Traditional banks prefer higher scores, but online platforms and credit unions are more flexible. If your score is under 600, showing strong income and a low debt-to-income ratio can improve your chances of securing $5,000 at a fair rate.

Q. Who can give me money right now?

Online lending platforms such as Low Credit Finance can connect you to lenders offering same-day funding. Completing a short application can result in instant decisions, and approved borrowers often receive funds within 60 minutes. If you need money urgently, online lenders are usually faster than banks or credit unions, provided you meet their minimum eligibility.

Conclusion: Is This Loan Right for You?

Low Credit Finance provides an opportunity for borrowers who need fast, flexible funding without facing the traditional barriers placed on those with bad credit. It matches a wide range of applicants to lenders ready to offer loans without demanding perfect financial histories.

This platform suits you if:

You need access to up to $50,000 quickly
Your credit score is below 650
You prefer an application that requires no paperwork
You want fast approval decisions with same-day funding
You are comfortable with reviewing lender terms independently before accepting an offer

Low Credit Finance bridges a major gap left by traditional banks and smaller online lenders. The transparent APR range, large borrowing limits, and quick application make it an ideal solution for emergency needs, debt consolidation, or covering large expenses.

Applicants should remember that loan offers can vary depending on individual profiles. Comparing the terms, rates, and repayment conditions carefully ensures the loan remains manageable and affordable.

If you are ready to apply, the process is simple: select your desired loan amount, complete the quick online form, and review the matched offers. Low Credit Finance brings you closer to securing the funds you need without unnecessary delays.

Media Details:

Company: Low Credit Finance

Full Company Address: 102 W Service Rd, Apt: 820, Champlain, NY 12919

Company Website: https://lowcreditfinance.com/

Contact Person: David C. Hans

Official Email ID: David.hans@lowcreditfinance.com

Disclaimer: This announcement contains general information about Low Credit Finance services and should not be considered financial advice. Low Credit Finance services 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/89176a9c-6390-41f6-a2fe-e4b691dd606c

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5aa19-5447-4948-a453-7c57085de8c0

The MIL Network –

May 2, 2025

MIL-OSI: Foresight Financial Group Finalizes Legal Consolidation, Unifies Community Banks as Foresight Bank

Source: GlobeNewswire (MIL-OSI)

WINNEBAGO, Ill., May 01, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group is proud to announce the successful legal consolidation of its six community banks—German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher—into a single charter under the new name Foresight Bank. Each location will continue to operate under its familiar name, now proudly as a division of Foresight Bank. This unification marks an important milestone in strengthening the organization’s ability to deliver streamlined services, greater operational efficiency, and enhanced tools across all markets.

“Bringing our six banks together under one charter as Foresight Bank allows us to better serve our customers and communities,” said Peter Q. Morrison, CEO of Foresight Bank. “This unification strengthens our ability to provide consistent tools, expanded access, and the local service our customers rely on—while positioning us to grow together in meaningful, lasting ways.”

This consolidation builds on a long-standing legacy of shared values, local decision-making, and deep community relationships. With a unified structure, Foresight Bank brings together the strength and scale of a $1.6 billion total asset institution—while remaining the only locally headquartered and managed bank in Winnebago County. Customers will continue to receive the same trusted service from their local teams, with even more to come—including the ability to bank at any of our 12 Foresight Bank branches beginning this fall, following scheduled system updates in August and October. This change positions the organization to better support individuals, businesses, and communities—today and into the future.

About Foresight Financial Group, Inc.
Foresight Financial Group, Inc. is a locally owned bank holding company headquartered in Winnebago County, Illinois, with total assets of $1.63 billion as of December 31, 2024. Foresight Financial is the parent company of Foresight Bank, which was formed through the legal consolidation of six long-standing community banks: German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.

Each location continues to serve its community under its familiar name as a division of Foresight Bank—delivering local service backed by the strength and resources of a unified organization. Foresight Financial Group’s common stock is traded on the OTCQX Marketplace under the symbol “FGFH.”

Contact:
Foresight Financial Group, Inc.
809 Cannell-Puri Ct., Suite #5
P.O. Box 339
Winnebago, IL 61088
Office: 815-847-7500
www.foresightfg.com

The MIL Network –

May 2, 2025

MIL-OSI: Installment Loans for Bad Credit Online Guaranteed Instant Approval From Best Direct Lenders 2025

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Payday Ventures, a leading online loans provider, is now offering installment loans for bad credit through its top 5 providers of direct lenders. These online installment loans are designed for everyday Americans looking for quick cash and a realistic way to repay over time without needing perfect credit.

Personal Installment Loans for Bad Credit: Top 2025 Recommendations

Viva Payday Loans – Fast Installment Loans Online with Instant Approval.
Fund Finance – Monthly Installment Loans for Bad Credit, No Denial.
Super Personal Finder – Personal Installment Loans for Bad Credit Up to $5,000.
Credit Clock – Direct Lender Installment Loans and Installment Loans Near Me.
Loan Raptor – Tribal Installment Loans and No Credit Check Installment Loans.

Unlike payday loans that require full repayment on your next payday, personal installment loans break down your loan into affordable monthly payments. Borrowers can now apply for a range of options including tribal installment loans, no credit check installment loans, and no denial installment loans direct lenders only, all through one simple online process.

Why Choose Installment Loans?

Installment loans online are perfect for covering emergency bills, car repairs, rent, or any urgent need. They offer guaranteed installment loans for bad credit direct lenders only, making it easier to borrow even if you’ve been denied elsewhere. With no credit check installment loans, you get more time to repay, lower stress, and better financial control.

Click Here to Apply for Installment Loans Online >>

Types of Installment Loans Available Online

1. Installment Loans for Bad Credit

These loans are ideal if your credit history isn’t perfect. Lenders focus on your current income rather than past scores, making bad credit installment loans.

2. Personal Installment Loans for Bad Credit

If you need money for rent, car repairs, or medical bills, personal installment loans can help. With predictable monthly payments, they’re perfect for managing unexpected expenses especially for those with low credit.

3. No Credit Check Installment Loans

Designed for speed and simplicity, these no credit check installment loans skip the hard inquiry and connect you directly with lenders that assess eligibility based on income and affordability.

4. Tribal Installment Loans

These are long-term installment loans offered by lenders based on tribal land. Often more flexible, tribal loans are accessible even to borrowers who’ve been denied elsewhere.

FAQs

Can I Get Installment Loans with Bad Credit?

Yes, many lenders now offer installment loans for bad credit with no hard credit checks.

Are There Installment Loans with No Credit Check?

Yes, you can apply for no credit check installment loans through direct lenders in our network.

Contact

Name: Mukesh Bhardwaj
Email: mukesh@paydayventures.com

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

The MIL Network –

May 2, 2025

MIL-OSI: Check Point Software Technologies Receives Common Criteria EAL4+ Certification for Quantum Firewall Software R82

Source: GlobeNewswire (MIL-OSI)

REDWOOD CITY, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced that its Quantum Firewall Software R82, the latest version of Check Point’s core network security software delivering advanced threat prevention and scalable policy management — has received Common Criteria EAL4+ certification, further reinforcing its position as a trusted security foundation for critical infrastructure, government, and defense organizations worldwide.

“This certification reflects our continued investment in providing trusted and verifiable security to customers operating in highly regulated sectors,” said Eyal Manor, VP of Product Management at Check Point Software Technologies. “It confirms that Check Point Quantum R82 security platform meets stringent global standards and provides verifiable protection for the world’s most demanding environments.”

Certified by the German Federal Office for Information Security (BSI), the Target of Evaluation (TOE) for Check Point’s R82 security platform — covering Security Gateway, Security Management, and M Maestro Orchestrator Hyperscale Network configurations — complies with the internationally recognized Common Criteria for IT Security Evaluation (ISO/IEC 15408) at Evaluation Assurance Level 4+, with augmentation components ALC_FLR.1 and AVA_VAN.4. The evaluation was independently conducted by TÜV Informationstechnik GmbH, a BSI-accredited testing facility.

Common Criteria is the most widely adopted framework for security certification of IT products, and EAL4+ is the highest level widely recognized for commercial technologies. The certification is accepted under the Common Criteria Recognition Arrangement (CCRA) and the European SOGIS Mutual Recognition Agreement (SOGIS-MRA), supporting deployment in over 30 participating nations.

For more information on the R82 TOE and official certification details, please visit:

Follow Check Point via:
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading protector of digital trust, utilizing AI-powered cyber security solutions to safeguard over 100,000 organizations globally. Through its Infinity Platform and an open garden ecosystem, Check Point’s prevention-first approach delivers industry-leading security efficacy while reducing risk. Employing a hybrid mesh network architecture with SASE at its core, the Infinity Platform unifies the management of on-premises, cloud, and workspace environments to offer flexibility, simplicity and scale for enterprises and service providers.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

The MIL Network –

May 2, 2025

MIL-OSI: Applied Rating Index Q1 2025 Results Released

Source: GlobeNewswire (MIL-OSI)

Toronto, ON, May 01, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the first quarter of 2025 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q1 2025, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q4 2024.

For Personal Auto, all provinces experienced an increase year over year, with Ontario seeing the highest at 14.7% and Alberta the lowest at 12.1%. For Personal Property lines, all provinces except British Columbia experienced an increase in premium rate change year over year. Quebec saw the highest premium rate change at 9.6% and British Columbia was the only province to experience a decline in rates at an average of -5.9%.

Key findings for Q1 2025 include:

Personal Auto: In Q1 2025, Personal Auto premium rate change increased 13.2% versus Q1 2024. Personal Auto premium rate change increased 2.2% versus Q4 2024.

Personal Property: In Q1 2025, Personal Property premium rate change increased 5.0% versus Q1 2024. Personal Property premium rate change increased 1.7% versus Q4 2024.

Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.1%, 14.7%, 14.0% and 14.2% respectively. Relative to Q4 2024, all provinces, except Alberta, saw increases in quarter over quarter premium rate change with Alberta, Ontario, Quebec and the Atlantic Provinces experiencing –1.7%, 4.5%, 2.0%, and 3.3% respectively.

Personal Property lines experienced increased year over year premium rate change across all provinces except British Columbia. Alberta, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 3.4%, 5.7%, 9.6%, 4.1% and 4.0% respectively. British Columbia recorded a year over year decline in premium rate change of −5.9%. Relative to Q4 2024, all provinces, except British Columbia and Quebec saw increases quarter over quarter with Alberta, Ontario, Quebec, the Atlantic provinces, Saskatchewan & Manitoba, and British Columbia experiencing 2.9%, 1.0%, -1.0%, 1.4%, 0.8%, -0.5% and respectively.

“Following a year of inflation, higher vehicle repair costs, rising auto theft, and severe weather driving up property claims, these macro trends are being reflected in the Q1 2025 Index results,” said Steve Whitelaw, SVP and general manager, Applied Systems Canada. “The Applied Rating Index remains a vital tool for tracking rate changes and guiding pricing decisions as these and other cost pressures impact loss costs and in-turn rate movement within the Personal Lines market.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

Access the complete quarterly report here.

# # #

Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

About Applied Systems

Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

The MIL Network –

May 2, 2025

MIL-OSI: Aurora Payments Appoints Embedded Commerce Leader John Badovinac

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, May 01, 2025 (GLOBE NEWSWIRE) — Aurora Payments, a full-service payment technology provider, today announced the appointment of John Badovinac as Senior Vice President of Embedded Commerce. A proven leader in the payments space, Badovinac will oversee Aurora’s embedded and integrated payments strategy, with a focus on accelerating growth through ISV, SaaS, and ecommerce partner ecosystems

Badovinac brings over 25 years of go-to-market experience across the full spectrum of payments services, including integrated ISV payments, merchant acquiring, value-added resellers, EMV certification, and point-of-sale systems.

“John is a respected leader in the integrated payments space with deep relationships and a unique understanding of how to bring value to software platforms and partners,” said Derek Dean, CRO at Aurora Payments. “His ability to drive strategy while building trusted, long-term partnerships will be instrumental as we expand our embedded commerce capabilities.”

Prior to joining Aurora, Badovinac led the B2B Channel at Fortis, where he was responsible for business strategy, revenue growth, and partner success across the company’s ISV and VAR segments. He also held senior roles at International Bancard, TSYS, and Discover Financial Services, where he played a foundational role in developing integrated payments solutions and establishing go-to-market motions with ISVs and payment facilitators.

Badovinac joins Aurora at a pivotal moment as the company continues to scale its ARISE platform, expand its partner ecosystem, and bring seamless, intelligent payments infrastructure to ISVs, vertical SaaS providers and traditional businesses alike.

“What drew me to Aurora is the team’s bold vision, the strength of the platform, and the opportunity to truly enable software platforms to grow revenue,” said Badovinac. “I’m thrilled to join an organization of proven and decisive leaders that are committed to innovation and to building meaningful relationships with its partners.”

This appointment marks the latest investment in Aurora’s leadership team, following the recent addition of Avin Arumugam as Chief Product Officer and Derek Dean as Chief Revenue Officer.

About Aurora Payments

Aurora Payments is a united network of processing, technology, and payments solutions, supporting over 27,000 merchants and $12 billion in annual processing volume. Founded in 2005, Aurora has carved out leadership in several industries through its innovative products, exceptional service, and deep vertical expertise. The company’s proprietary platforms —ARISE, RISE CRM, Calendarise, and NailSoft—are cloud-based solutions designed to simplify payments and operations for small and midsize businesses. Headquartered in Las Vegas, Aurora Payments is backed by Corsair, a leading private equity firm focused on payments, software, and financial service investments.

Follow Aurora Payments on LinkedIn or X, or learn more at https://risewithaurora.com.

Contacts
Media Contacts:
Dominic Litten
SVP, Marketing and Partnerships
+1 2165132935
Dom.Litten@risewithaurora.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8127d210-49f2-4a49-84a1-0e0257335550

The MIL Network –

May 2, 2025

Category: GlobeNewswire