Category: GlobeNewswire

MIL-OSI: Pender Growth Fund announces the merger of Pender Software Holdings and Acorn Partners

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce a merger between Pender Software Holdings Ltd. (“Pender Software”) and Acorn Partners Inc. (“Acorn”). With this merger, the Acorn team joins Pender Software to further its aim of becoming the go-to capital partner for exceptional software companies.

The merger of the Acorn team with Pender Software fuses the proven acquisition expertise of both parties, and brings additional operational expertise, positioning Pender Software to focus entirely on expanding the portfolio and driving long-term value creation. This alignment strengthens Pender Software’s ability to scale its operations and execute strategic acquisitions, enabling its portfolio of software businesses to reach their potential.

Pender Software is dedicated to empowering management teams, driving operational excellence, and delivering value to all stakeholders. We aim to partner with outstanding management teams with a mandate to scale effectively, enhance customer satisfaction and compound cash flows. By leveraging a strategic operational framework and a long-term investment horizon, Pender Software is committed to enabling its portfolio companies to achieve sustained success.

Pender Software is actively seeking opportunities to acquire high-quality software companies as new investments or add-ons to its portfolio of companies in Canada, the United States, and the United Kingdom.

For additional information about Pender Software, please visit www.pendersoftwareholdings.com.

About Pender Growth Fund
Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

Please visit www.pendergrowthfund.com.

For further information, please contact:
Ampere Chan
Managing Partner, Pender Software Holdings
ampere@pendersoftwareholdings.com

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

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The MIL Network –

April 1, 2025
MIL-OSI: Dundee Corporation Announces Acquisition of Shares of SPC Nickel Corp.

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired an aggregate of 4,568,000 common shares of SPC Nickel Corp. (the “Issuer”) by way of open market purchases.

Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned or controlled 19,180,555 common shares and 3,000,000 warrants representing an approximate 9.97% interest on an undiluted basis and a 11.36% interest on a partially diluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 23,748,555 common shares and 3,000,000 warrants representing an approximate 12.35% interest on an undiluted basis and a 13.70% interest on a partially diluted basis.

Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

Dundee Corporation
Legal Department
80 Richmond Street West, Suite 2000
Toronto, Ontario M5H 2A4
Tel: (416) 365-5172

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

The MIL Network –

April 1, 2025
MIL-OSI: Fairfax India Announces Hybrid Annual Shareholders’ Meeting Details

Source: GlobeNewswire (MIL-OSI)

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

(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces additional details regarding its upcoming hybrid annual shareholders’ meeting. As disclosed in our annual meeting materials and on our website, the hybrid meeting will be held both in-person and virtually on Wednesday, April 9, 2025 and will commence at 9:30 a.m. Eastern Time, with the formal annual meeting and a presentation by Benjamin Watsa, Fairfax India’s Chairman and Gopalakrishnan Soundarajan, Fairfax India’s CEO, followed by a Q&A session, all of which will be webcast in real time. Following are additional details on how to access this webcast and to submit questions in advance for the Q&A session.

Registered shareholders and duly appointed proxyholders will be able to attend and vote at the hybrid meeting both in-person and virtually through a web-based platform at https://meetings.lumiconnect.com/400-815-890-249. Shareholders attending virtually are encouraged to access the webcast of the meeting early, access for which will commence at 8:30 a.m. Eastern Time on Wednesday, April 9, 2025. Additional instructions may be found in Fairfax India’s management proxy circular as well as in our virtual AGM user guide which has been posted on our website at: https://www.fairfaxindia.ca/wp-content/uploads/2025/03/Fairfax-India-Holdings-Corporation-2025-Annual-Meeting-Hybrid-Meeting-Guide.pdf. Shareholders are encouraged to vote by proxy in advance of the meeting by one of the methods described in the management proxy circular.

Questions can also be submitted in advance of the annual shareholders meeting by e-mailing them to FairfaxIndiaAGM2025@shareholderservices.ca by no later than 12:00 p.m. Eastern Time on April 7, 2025. These questions, in addition to those being sent live through the platform during the meeting, will be received by Fairfax India’s moderator, Jeff Stacey, Chairman and CEO, Stacey Muirhead Capital Management Ltd., who will facilitate the Q&A session.

About Fairfax India

Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

For further information, contact: John Varnell, Vice President, Corporate Affairs

(416) 367-4755

The MIL Network –

April 1, 2025
MIL-OSI: IDEX Biometrics ASA – Information about the second exercise period for warrants (Warrants B) issued in connection with the Private Placement and Subsequent Offering
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT.

Oslo, Norway – 31 March 2025 – Reference is made to the stock exchange announcements from IDEX Biometrics ASA (the “Company”) dated 17 September and 12 December 2024 regarding the exercise period for Warrants B (ticker: IDEXS), ISIN NO0013380055, issued in connection with the private placement in September 2024 and subsequent offering in December 2024.

The exercise period for Warrants B commenced today, on 31 March 2025, and ends on 11 April 2025 at 16:30 CET. Each Warrant gives the holder a right to subscribe for one new share (“New Share”) in the Company at a subscription price of NOK 0.15. All Warrants B not exercised within this period will lapse without compensation to the holder. Arctic Securities AS is acting as manager in connection with the exercise of Warrants B (the “Manager”).

Exercise procedure

Warrants are exercised through the submission of a duly completed exercise form for the Warrants (the “Exercise Form”) to the Manager at the address or email address set out in the Prospectus and the Exercise Form and payment of the aggregate subscription price for the New Shares. The Exercise Form can be found at the websites of the Company (https://www.idexbiometrics.com/investors/), and Arctic Securities AS (www.arctic.com/secno/en/offerings). By completing and submitting an Exercise Form, the holder of the relevant Warrants irrevocably undertakes to acquire a number New Shares equal to the number of Warrants exercised at the relevant exercise price.

For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.

For further information contact:

Marianne Bøe, Head of Investor Relations, +47 91800186
Kristian Flaten, CFO, +47 95092322

E-mail:ir@idexbiometrics.com

For information about the Warrants please contact the Manager: Arctic Securities AS, tel.: + 47 21 01 30 40

About IDEX Biometrics IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. The company’s solutions provide convenience, security, peace of mind, and seamless user experiences worldwide. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, IDEX Biometrics’ biometric solutions target card-based applications for payments and digital authentication. As an industry enabler, the company partners with leading card manufacturers and technology companies to bring its solutions to market.

For more information, please visit www.idexbiometrics.com (https://www.idexbiometrics.com).

– IMPORTANT INFORMATION –

This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

This announcement has been prepared on the basis that any offer of securities in any Member State of the European Economic Area, other than Norway, which has implemented the Prospectus Regulation (EU) (2017/1129, as amended, the “Prospectus Regulation”) (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Regulation, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of securities. Accordingly any person making or intending to make any offer in that Relevant Member State of securities which are the subject of the offering contemplated in this announcement, may only do so in circumstances in which no obligation arises for the Company or any of the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus Regulation, in each case, in relation to such offer.

In the United Kingdom, this announcement is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This announcement are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company. The Manager is acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement. Any offering of the securities referred to in this announcement will be made by means of a prospectus.

This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus dated 13 November 2024 and stock exchange announcements published in connection with the private placement, subsequent offering and the Warrants. Copies of the Prospectus is available from the Company’s registered office and, subject to certain exceptions, on the websites of the Company (www.idexbiometrics.com), Arctic Securities AS (www.arctic.com/secno/en/offerings).

Each of the Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

About this notice
This notice was published by Kristian Flaten, CFO, 31 March 2025 at 22:10 CET on behalf of IDEX Biometrics ASA. This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

Attachment
- 250331 IDEX Biometrics ASA – Exercise form – Warrants B
The MIL Network –
April 1, 2025
MIL-OSI: Archimedes Tech SPAC Partners II Co. Announces the Separate Trading of its Ordinary Shares and Warrants Commencing April 3, 2025

Source: GlobeNewswire (MIL-OSI)

CLAYMONT, Del., March 31, 2025 (GLOBE NEWSWIRE) — Archimedes Tech SPAC Partners II Co. (Nasdaq: ATIIU) (the “Company”) today announced that, commencing April 3, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s ordinary shares and warrants included in the units.

No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The ordinary shares and warrants that are separated will trade on The Nasdaq Global Market under the symbols “ATII” and “ATIIW,” respectively. Those units not separated will continue to trade on The Nasdaq Global Market under the symbol “ATIIU.” Holders of units will need to have their brokers contact Odyssey Transfer and Trust Company, the Company’s transfer agent, in order to separate the units into ordinary shares and warrants.

The offering of the units was made only by means of a prospectus, copies of which may be obtained from BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com. A registration statement on Form S-1 (333-282885) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on February 10, 2025. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Archimedes Tech SPAC Partners II Co.

Archimedes Tech SPAC Partners II Co. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. While the Company may pursue a business combination target in any business, industry or geographical location, the Company intends to focus its search for businesses in the technology industry, and its focus will be on the artificial intelligence, cloud services and automotive technology sectors.

Cautionary Note Concerning Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement and the prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

Contact Information

Long Long
Chief Executive Officer
Archimedes Tech SPAC Partners II Co.
(725) 312-2430

The MIL Network –

April 1, 2025

MIL-OSI: Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements for the year ended December 31, 2024 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).

On March 31, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 18.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the year ended December 31, 2024 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results and financial statements for this period. In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation to English of Dorad’s financial results.

Dorad Financial Highlights

Dorad’s revenues for the year ended December 31, 2024 – approximately NIS 2,863.8 million.
Dorad’s operating profit for the year ended December 31, 2024 – approximately NIS 620.3 million.

Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. Since January 1, 2023, the months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of full year results in the future or comparable to full year results in the past.

The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of February 27, 2025 (the date of approval of Dorad’s financial statements as of December 31, 2024), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the war and hostilities being resumed may affect Dorad’s assessments, and that as of the date of its financial statements, Dorad is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.

In December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

A convenience translation to English of the financial results for Dorad as of December 31, 2024 and 2023 and for each of the three years ended December 31, 2023 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.

About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status;
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Dorad Energy Ltd.

Statements of Financial Position

	December 31	December 31
	2024	2023
	NIS thousands	NIS thousands
Current assets
Cash and cash equivalents	846,565	219,246
Trade receivables and accrued income	185,625	211,866
Other receivables	32,400	12,095
Total current assets	1,064,590	443,207


Restricted deposits	531,569	522,319
Long- term Prepaid expenses	79,739	30,053
Fixed assets	2,697,592	3,106,550
Intangible assets	9,688	7,653
Right of use assets	54,199	55,390
Total non-current assets	3,372,787	3,721,965

Total assets	4,437,377	4,165,172


Current maturities of loans from banks	321,805	299,203
Current maturities of lease liabilities	4,887	4,787
Current tax liabilities	14,016	–
Trade payables	168,637	166,089
Other payables	14,971	31,446
Total current liabilities	524,316	501,525


Loans from banks	1,750,457	1,995,909
Other long-term liabilities	60,987	12,943
Long-term lease liabilities	46,809	47,618
Provision for restoration and decommissioning	38,102	38,985
Deferred tax liabilities	399,282	278,095
Liabilities for employee benefits, net	160	160
Total non-current liabilities	2,295,797	2,373,710

Equity
Share capital	11	11
Share premium	642,199	642,199
Capital reserve for activities with shareholders	3,748	3,748
Retained earnings	971,306	643,979

Total equity	1,617,264	1,289,937

Total liabilities and equity	4,437,377	4,165,172

Dorad Energy Ltd.

Statements of Profit or Loss

	2024	2023	2022
	NIS thousands	NIS thousands	NIS thousands
Revenues	2,863,770	2,722,396	2,369,220

Operating costs of the power plant
Energy costs	574,572	583,112	544,118
Purchases of electricity and infrastructure services	1,372,618	1,244,646	1,088,127
Depreciation and amortization	106,266	242,104	239,115
Other operating costs	190,027	186,024	157,189

Total operating costs of the power plant	2,243,483	2,255,886	2,028,549

Profit from operating the power plant	620,287	466,510	340,671

General and administrative expenses	23,929	27,668	24,066
Other income	58	39	–

Operating profit	596,416	438,881	316,605

Financing income	184,939	45,286	52,131
Financing expenses	193,825	209,773	271,116

Financing expenses, net	8,886	164,487	218,985

Profit before taxes on income	587,530	274,394	97,620

Taxes on income	135,203	63,079	22,340

Net profit for the year	452,327	211,315	75,280

Dorad Energy Ltd.

Statements of Changes in Shareholders’ Equity

		Capital
		reserve for
		activities with
	Share	controlling	Retained
Share capital	premium	shareholders	earnings	Total
NIS thousands	NIS thousands	NIS thousands	NIS thousands	NIS thousands

For the year ended December 31, 2024

Balance as at January 1, 2024	11	642,199	3,748	643,979		1,289,937

Dividend distributed	–	–	–	(125,000	)	(125,000	)
Net profit for the year	–	–	–	452,327		452,327

Balance as at December 31, 2024	11	642,199	3,748	971,306		1,617,264

For the year ended December 31, 2023

Balance as at January 1, 2023	11	642,199	3,748	572,664		1,218,622

Dividend distributed	–	–	–	(140,000	)	(140,000	)
Net profit for the year	–	–	–	211,315		211,315

Balance as at December 31, 2023	11	642,199	3,748	643,979		1,289,937

For the year ended December 31, 2022

Balance as at January 1, 2022	11	642,199	3,748	497,384	1,143,342

Net profit for the year	–	–	–	75,280	75,280

Balance as at December 31, 2022	11	642,199	3,748	572,664	1,218,622

Dorad Energy Ltd.

Statements of Cash Flows

	2024		2023		2022
	NIS thousands		NIS thousands		NIS thousands
Cash flows from operating activities:
Profit for the year	452,327		211,315		75,280
Adjustments:
Depreciation, amortization, and diesel consumption	121,664		245,566		242,345
Taxes on income	135,203		63,079		22,340
Financing expenses, net	8,886		164,487		218,985
	265,753		473,132		483,670

Change in trade receivables and accrued income	26,241		26,715		9,991
Change in other receivables	(20,951	)	20,714		7,480
Change in trade payables	(10,361	)	(115,976	)	(127,907	)
Change in other payables	(3,481	)	2,507		4,339
Change in other long-term liabilities	(3,661	)	(4,586	)	1,695
	(12,213	)	(70,626	)	(104,402	)
Taxes on income paid	–		–		(21,795	)

Net cash from operating activities	705,867		613,821		432,753

Cash flows from investing activities:
Proceeds from settlement of financial derivatives	1,548		8,884		13,652
Decrease in long-term restricted deposits	17,500		40,887		–
Investment in fixed assets	(44,132	)	(102,082	)	(110,715	)
Proceeds from arbitration	337,905		–		–
Proceeds from insurance for damages to fixed assets	5,148		–		–
Investment in intangible assets	(4,054	)	(3,162	)	(1,810	)
Interest received	42,221		33,501		6,433
Net cash from )used in( investing activities	356,136		(21,972	)	(92,440	)

Cash flows from financing activities:
Repayment of lease liability	(4,984	)	(4,817	)	(4,726	)
Repayment of loans from banks	(284,570	)	(253,382	)	(255,705	)
Dividends paid	(142,500	)	(122,500	)	–
Interest paid	(129,957	)	(151,220	)	(159,804	)
Proceeds from arbitration	127,195		–		–

Net cash used in financing activities	(434,816	)	(531,919	)	(420,235	)

Net increase (decrease) in cash and cash equivalents	627,187		59,930		(79,922	)

Effect of exchange rate fluctuations on cash and
cash equivalents	132		7,835		29,543
Cash and cash equivalents at beginning of year	219,246		151,481		201,860

Cash and cash equivalents at end of year	846,565		219,246		151,481
(a) Significant non-cash activity

Liability for gas agreements	56,208		–		–

The MIL Network –

April 1, 2025

MIL-OSI: Duos Technologies Group Reports 4th Quarter and FY 2024 Results

Source: GlobeNewswire (MIL-OSI)

Issues guidance following a transformative year with the Company adding two new business lines, significantly strengthening the Balance Sheet and demonstrating enhanced operational capabilities for additional services and consulting related to the fast power business.

JACKSONVILLE, Fla., March 31, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, Edge Data Centers and power solutions, reported financial results for the fourth quarter (“Q4 2024”) and full year ended December 31, 2024.

Fourth Quarter 2024 and Recent Operational Highlights

Signed Asset Management Agreement (“AMA”) with New APR Energy and Fortress Investment Group value at up to $42 million to manage 850MW of Gas-Powered Turbines. This agreement includes a 5% equity stake in the parent of New APR Energy and is the largest contract in the Company’s history.
Secured a $5 million advance payment for future services related to the AMA providing low-cost interim working capital as the Company grows.
Initiated marketing campaign targeted at the Tier 3 and Tier 4 data center markets for the provision of Duos Edge AI Edge Data Centers (“EDC”s).
Acquired six EDCs for initial deployments to Texas Regional Schools as “anchor” locations for service provisions.
Installed an initial EDC site in Amarillo, Texas with contract to include primary power for the support of installation site in addition to backup power.
Developing a high-density Data Center Park in Pampa, Texas in cooperation with New APR Energy and the Pampa Energy Center. The project includes the deployment of two Edge Data Centers and up to 500MW of bridging and permanent power, to support growing AI hyperscalers and HPC demands.
Added further intellectual property with patents covering the Railcar Inspection Portal (“RIP^®”) and issued potential “IP Infraction” letters to a Class 1 railroad and its technology partner.
Scanned almost 10 million railcar images on over 700,000 unique railcars for the full year. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 44% of the total freight car population in North America.
Entering 2025, the Company estimates $50.5 million of revenue in backlog including near-term extensions.
Completed an At-The-Market (“ATM”) capital raise for approximately $7.5 million with an average price of greater than $5.00 per share and low issuance costs.

Fourth Quarter 2024 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation.

Total revenue for Q4 2024 decreased 4% to $1.46 million compared to $1.53 million in the fourth quarter of 2023 (“Q4 2023”). Total revenue for Q4 2024 includes approximately $1.43 million in recurring services and consulting revenue, an increase of 9% over the same period. The increase in recurring services and consulting revenues was driven by new revenue from power consulting work, which was not present in the comparative period.

Cost of revenues for Q4 2024 increased 47% to $1.79 million compared to $1.22 million for Q4 2023. The increase in costs year-over-year stems from $548,121 in amortization expenses recorded in Q4 2024 to offset site revenue related to a nonmonetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $415,580 in services and consulting revenue from power consulting work, which was provided at cost, further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of Q4, 2023.

Gross margin for Q4 2024 decreased 209% to negative $330,000 compared to $303,000 for Q4 2023. The decline in margin during the quarter was a direct result of lower business activity timing in the technology systems area of the business as well as $415,580 in services and consulting revenue from power consulting work, which was largely provided at cost, and had a onetime dilutive effect on gross margin. These same project revenues and subsequent margin impacts were absent during Q4, 2023.

Operating expenses for Q4 2024 decreased 21% to $2.76 million compared to $3.48 million for Q4 2023. The decrease in expenses is attributed to reductions in development and administrative costs due to the completion of certain activities and the impact of previously implemented cost reductions. The decrease in operating expenses was slightly offset by additional investments in sales resources for expansion of the commercial team in preparation of the business expansions planned for Power and Data Centers. Beginning in late Q3 2024 and throughout all of Q4 2024 the Company allocated personnel costs, typically recorded under operating expenses, to costs of revenue associated with power consulting efforts, allowing the Company to recover costs that it would not have otherwise allowing the Company to maintain certain key resources required for anticipated business growth.

Net operating loss for Q4 2024 totaled $3.09 million compared to net operating loss of $3.18 million for Q4 2023. The decrease in net operating loss was as a result of planned reductions in operating expenses offset by anticipated lower revenues which resulted in an overall decrease in operating loss compared to the same quarter in 2023.

Net loss for Q4 2024 totaled $3.41 million compared to a net loss of $3.16 million for Q4 2023 as a result of higher interest costs related to the acquisition of 3 Edge Data Centers.

Cash and cash equivalents at December 31, 2024 totaled $6.27 million compared to $2.44 million at December 31, 2023. As of year-end, the Company had an additional $0.40 million in receivables, bolstering its liquidity position to approximately $6.67 million. Duos also had an additional $0.80 million of inventory as of December 31, 2024, consisting primarily of long-lead items for future RIP installations.

Across January and February of 2025, the Company issued an aggregate of 633,683 shares of common stock at a weighted average price of $6.24 per share through its ATM offering program, generating total net proceeds of approximately $3,836,032.

Full Year 2024 Financial Results

Total revenue for the full year 2024, decreased 3% to $7.28 million, down from $7.47 million for 2023. Much of the decrease in overall revenues was due to ongoing customer-driven delays beyond the Company’s control related to the deployment of two high-speed transit-focused Railcar Inspection Portals (RIPs). Although the systems were largely ready in 2023, installation was delayed due to customer site preparation issues, which has prevented the Company from recognizing the next phase of revenue. However, in 2024, the Company secured an equitable adjustment as partial compensation for those delays and increased the total contract value by $1.4 million, a substantial portion of which was recognized during the year. The customer is now nearing completion of site preparation, and field installation is expected to progress in 2025 with anticipated completion in 2026. Meanwhile, the Company continued its transition toward a greater focus on AI software and support services. Services and consulting revenues increased by 31% compared to 2023, driven by the addition of new AI and subscription customers, higher service contract pricing, and $921,562 in new revenue from power consulting work, all which was not present in for the full year in 2023. Underlying recurring revenues also continued to grow as new maintenance contracts are being established on installations coming online during 2025. The Company anticipates continued growth in service revenue from both new and existing customers, supported by upcoming renewals, a growing backlog, and the next generation of technology systems currently in production and expected to be completed in 2025.

Cost of revenues for the full year 2024, increased 11% to $6.81 million, up from $6.16 million in the same period of 2023. The increase in cost of revenues was driven by $1,569,311 in amortization expenses recorded in 2024 to offset site revenue related to a non-monetary transaction for the new services and data agreement signed during the second quarter of 2024. The Company also generated $921,562 in services and consulting revenue from power consulting work, which although was provided at cost, was partially performed by existing Duos staff. Part of the work was the retention of outside consultants further increasing the cost of revenue for services and consulting, which was also not present in the corresponding period of 2023, but prepared the Company for the signing of the Asset Management Agreement and expected significant revenue increases in 2025 and beyond. The Company continues to put into service additional artificial intelligence algorithms and maintenance and support services which are high margin and represent only marginal increases in the requisite costs to deliver these services. Cost of revenues on technology systems decreased during the period compared to the equivalent period in 2023 in line with the decline in project revenues. The decline in costs generally follows the same year-over-year trend as project revenues due to timing differences in major project work. This is primarily related to the procurement and manufacturing of transit-focused RIPs. As we are near the end of the manufacturing cycle and begin preparations for field installation in 2025, the cost of revenues for technology systems decreases accordingly. In contrast, during the same period in 2023, the Company was still progressing through the advanced stages of procurement and manufacturing for these RIPs.

Gross margin for the full year 2024, decreased 64% to $469,000, down from $1.31 million in the same period of 2023. As noted above, the decline in margin was primarily driven by the timing of business activity related to the two high-speed, transit-focused Railcar Inspection Portals. In 2024, activity centered on the advanced stages of procurement and manufacturing for these systems, but customer driven delays in installation deferred the recognition of higher-margin revenue. Additionally, the Company generated $921,562 in services and consulting revenue from power consulting work that was provided at cost, which further diluted overall gross margin. These power consulting revenues, and their margin impacts were not present in 2023. The gross margin for 2024 was approximately 6%, compared to 18% in 2023. This decline also reflects the fixed nature of certain departmental costs and the evolving stage of project completion. When comparing year-over-year results, the timing of manufacturing and installation milestones should be taken into consideration, as they can significantly impact the gross margin profile in any given period.

Operating expenses for the full year 2024, decreased 10% to $11.45 million, down from $12.76 million in the same period of 2023. There was a 43% increase in sales and marketing driven by continued investment in the commercial team, including the addition of professionals with extensive experience and leadership across the rail, Edge data center, and power industries. Research and development expenses declined by 16%, primarily due to lower personnel costs allocated to R&D and reduced testing as a result of completion of certain activities for prospective technologies. General and administration costs decreased by 18%, influenced by reductions in headcount and related personnel expenses, as well as a decline in non-cash amortization charges associated with the forfeiture of approximately 781,323 share options during 2024. Further contributing to the decrease were reductions in consulting and legal expenses compared to 2023.

Net operating loss for the years ended, December 31, 2024 and 2023 were $10,983,526 and $11,446,566, respectively. The decrease in losses from operations during the year was the result of planned decreases in operating expenses, which offset the impact of lower revenues recorded in the period as a consequence of delays in going to field for the two high-speed RIPs for a passenger transit client, and the short term lower gross margins from the impact of the initial power industry consulting.

Net loss for the years ended December 31, 2024 and 2023 was $10,764,457 and $11,241,718, respectively. The decrease in overall net loss was primarily attributable to a decrease in operating costs. Net loss per common share was $1.39 and $1.56 for the years ended December 31, 2024, and 2023, respectively, an improvement of $0.17 per share (basic).

Financial Outlook
At the end of 2024, the Company’s contracts in backlog represented approximately $50.5 million in revenue, of which approximately $22.6 million is expected to be recognized in calendar 2025 not including an estimated $8.0 – $9.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending through fiscal 2025, related to Duos Technologies, Duos Edge AI, and Duos Energy.

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

Management Commentary

“Over the past several months, we have made significant progress across all three of our business lines—rail, edge computing, and power—while also expanding our investor base and analyst coverage,” said Duos Chief Executive Officer Chuck Ferry. “Our Railcar Inspection Portal continues to gain traction, with growing interest from both rail operators and government agencies, despite the industry’s slow adoption cycle. Meanwhile, Duos Edge AI is scaling quickly, with strong demand for our Edge Data Centers, particularly in underserved rural areas. We remain on track to deploy 15 pods by the end of 2025 and are actively exploring opportunities to accelerate that growth. At the same time, Duos Energy is capitalizing on unprecedented demand for behind-the-meter power solutions, securing contracts for 390MW in just the first three months of operation, with additional deals in negotiation. The synergies between our power and edge computing businesses have exceeded expectations, opening doors to new opportunities across both sectors. With strong execution and a diversified portfolio, we are well-positioned for continued growth and profitability in 2025 and beyond.”

Conference Call
The Company’s management will host a conference call today, March 31, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Date:	Monday, March 31, 2025
Time:	4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in:	877-407-3088
International dial-in:	201-389-0927
Confirmation:	13751912

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

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

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

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

Forward- Looking Statements

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

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS


	For the Years Ended
	December 31,
	2024			2023

REVENUES:
Technology systems	$	2,252,357		$	3,618,022
Services and consulting		5,028,528			3,853,176

Total Revenues		7,280,885			7,471,198

COST OF REVENUES:
Technology systems		2,818,078			4,352,247
Services and consulting		3,993,592			1,810,070

Total Cost of Revenues		6,811,670			6,162,317

GROSS MARGIN		469,215			1,308,881

OPERATING EXPENSES:
Sales and marketing		2,138,431			1,493,309
Research and development		1,531,390			1,812,951
General and administration		7,782,920			9,449,187

Total Operating Expenses		11,452,741			12,755,447

LOSS FROM OPERATIONS		(10,983,526	)		(11,446,566	)

OTHER INCOME (EXPENSES):
Interest expense		(286,114	)		(7,159	)
Change in fair value of warrant liabilities		245,980			0
Gain on extinguishment of warrant liabilities		379,626			0
Other income, net		(120,423	)		212,007

Total Other Income (Expenses), net		219,069			204,848

NET LOSS	$	(10,764,457	)	$	(11,241,718	)


Basic and Diluted Net Loss Per Share	$	(1.39	)	$	(1.56	)


Weighted Average Shares-Basic and Diluted		7,736,281			7,204,177

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS


		December 31,			December 31,
		2024			2023

ASSETS
CURRENT ASSETS:
	Cash	$	6,266,296		$	2,441,842
	Accounts receivable, net		403,441			1,462,463
	Contract assets		635,774			641,947
	Inventory		605,356			1,526,165
	Prepaid expenses and other current assets		176,338			184,478
	Note Receivable, net		–			–

	Total Current Assets		8,087,205			6,256,895

	Inventory – non current		196,315			–
	Property and equipment, net		2,771,779			726,507
	Operating lease right of use asset – Office Lease		4,028,397			4,373,155
	Financing lease right of use asset – Edge Data Centers		2,019,180			–
	Security deposit		500,000			550,000

OTHER ASSETS:
	Equity Investment – Sawgrass APR Holdings LLC		7,233,000			–
	Intangible Asset, net		9,592,118			–
	Note Receivable, net		–			153,750
	Patents and trademarks, net		127,300			129,140
	Software development costs, net		403,383			652,838
	Total Other Assets		17,355,800			935,728

TOTAL ASSETS		$	34,958,677		$	12,842,285

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
	Accounts payable	$	969,822		$	595,634
	Notes payable – financing agreements		17,072			41,976
	Accrued expenses		373,251			164,113
	Operating lease obligations – Office Lease -current portion		798,556			779,087
	Financing lease obligation – Edge Data Centers – current portion		367,451			–
	Notes payable, net of discount – related parties		1,758,396			–
	Contract liabilities, current		11,805,018			1,666,243

	Total Current Liabilities		16,089,566			3,247,053

	Contract liabilities, less current portion		11,016,134			–
	Operating lease obligations – Office Lease, less current portion		3,867,042			4,228,718
	Financing lease obligation – Edge Data Centers, less current portion		1,724,604			–

	Total Liabilities		32,697,346			7,475,771

Commitments and Contingencies (Note 12)

STOCKHOLDERS’ EQUITY:
	Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated
	Series A redeemable convertible preferred stock, $10 stated value per share,		–			–
	500,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024 and December 31, 2023, respectively,
	convertible into common stock at $6.30 per share
	Series B convertible preferred stock, $1,000 stated value per share,		–			–
	15,000 shares designated; 0 and 0 issued and outstanding at December 31, 2024
	and December 31, 2023, respectively, convertible into common stock at $7 per share
	Series C convertible preferred stock, $1,000 stated value per share,		–			–
	5,000 shares designated; 0 and 0 issued
	and outstanding at December 31, 2024 and December 31, 2023, respectively,
	convertible into common stock at $5.50 per share
	Series D convertible preferred stock, $1,000 stated value per share,		1			1
	4,000 shares designated; 1,299 and 1,299 issued
	and outstanding at December 31, 2024 and December 31, 2023, respectively,
	convertible into common stock at $3.00 per share
	Series E convertible preferred stock, $1,000 stated value per share,
	30,000 shares designated; 13,500 and 11,500 issued
	and outstanding at December 31, 2024 and December 31, 2023, respectively,		14			12
	convertible into common stock at $2.61 and $3.00 per share, respectively,
	Series F convertible preferred stock, $1,000 stated value per share,
	5,000 shares designated; 0 and 0 issued
	and outstanding at December 31, 2024 and December 31, 2023, respectively,		–			–
	convertible into common stock at $6.20 per share

	Common stock: $0.001 par value; 500,000,000 shares authorized,
	8,922,576 and 7,306,663 shares issued, 8,921,252 and 7,305,339		8,921			7,306
	shares outstanding at December 31, 2024 and December 31, 2023, respectively
	Additional paid-in-capital		76,777,856			69,120,199
	Accumulated deficit		(74,368,009	)		(63,603,552	)
	Sub-total		2,418,783			5,523,966
	Less: Treasury stock (1,324 shares of common stock
	at December 31, 2024 and December 31, 2023)		(157,452	)		(157,452	)
Total Stockholders’ Equity			2,261,331			5,366,514

Total Liabilities and Stockholders’ Equity		$	34,958,677		$	12,842,285

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended
	December 31,
	2024			2023

Cash from operating activities:
Net loss	$	(10,764,457	)	$	(11,241,718	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		2,161,722			550,201
Stock based compensation		108,981			710,047
Stock issued for services		165,000			143,065
Amortization of debt discount related to warrant liabilities		184,002			–
Fair value of warrant liabilities		(245,980	)		–
Gain on settlement of warrant liabilities		(379,626	)		–
Amortization of operating lease right of use asset – Office Lease		344,757			316,776
Amortization of lease right of use asset – Edge Data Centers		50,820			–
Provision for credit losses, accounts receivable		76,037			–
Provision for credit losses, note receivable		161,250			–
Write off of inventory		126,703			–
Changes in assets and liabilities:
Accounts receivable		982,985			1,955,800
Note receivable		(7,500	)		(153,750	)
Contract assets		6,173			(216,225	)
Inventory		52,700			(97,804	)
Security deposit		50,000			50,000
Prepaid expenses and other current assets		414,091			744,771
Accounts payable		374,188			(1,694,756	)
Accrued expenses		209,138			(289,209	)
Operating lease obligation – Office Lease		(342,206	)		(232,007	)
Lease obligation – Edge Data Centers		22,055			–
Contract liabilities		2,760,480			708,245

Net cash used in operating activities		(3,488,687	)		(8,746,564	)

Cash flows from investing activities:
Purchase of patents/trademarks		(9,535	)		(69,327	)
Purchase of software development		–			(527,896	)
Purchase of fixed assets		(1,831,763	)		(496,686	)

Net cash used in investing activities		(1,841,298	)		(1,093,909	)

Cash flows from financing activities:
Repayments on financing agreements		(430,855	)		(520,529	)
Repayment of finance lease		–			(22,851	)
Proceeds from notes payable, related parties		2,200,000			–
Proceeds from warrant exercises		899,521			–
Proceeds from common stock issued		3,544,689			–
Stock issuance cost		(220,183	)		(25,797	)
Proceeds from shares issued under Employee Stock Purchase Plan		166,265			230,400
Proceeds from preferred stock issued		2,995,002			11,500,000

Net cash provided by financing activities		9,154,439			11,161,223

Net increase in cash		3,824,454			1,320,750
Cash, beginning of year		2,441,842			1,121,092
Cash, end of year	$	6,266,296		$	2,441,842

Supplemental Disclosure of Cash Flow Information:
Interest paid	$	3,865		$	7,159
Taxes paid	$	20,126		$	29,085

Supplemental Non-Cash Investing and Financing Activities:
Debt discount for warrant liability	$	625,606		$	–
Notes issued for financing of insurance premiums	$	434,883		$	487,929
Transfer of inventory to fixed assets	$	545,091		$	–
Intangible asset acquired with contract liability	$	11,161,428		$	–
Equity Investment – Sawgrass APR Holdings LLC	$	7,233,000		$	–
Right of use asset and liability for Edge Data Centers	$	2,070,000		$	–

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f0eb27-5f9e-4015-9a56-d69465f6e1fd

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

The MIL Network –

April 1, 2025

MIL-OSI: AleAnna, Inc. Reports Fiscal Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

A Series of Milestones, Including Public Listing, Were Achieved in 2024; Longanesi First Gas Production Has Been Achieved

Fiscal Year 2024 and Recent Company Highlights:

Gas production at Longanesi has commenced as of March 13, 2025
Between March 2024 and July 2024, AleAnna successfully completed three separate strategic acquisitions of renewable natural gas (“RNG”) plant projects in Italy for aggregate consideration of approximately $9.7 million, which generated $1.4 million in electricity production revenue in 2024
On December 13, 2024, AleAnna completed its de-SPAC transaction and became publicly traded on Nasdaq under the ticker symbol “ANNA”
AleAnna ended fiscal year 2024 with approximately $28.3 million in cash and cash equivalents

DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or the “Company”) (NASDAQ: ANNA) today reported results for fiscal year 2024. Fiscal year 2024 was a transformative year for the Company, highlighted by the successful completion of our de-SPAC public listing transaction. AleAnna also launched its RNG asset acquisition program to expand the Company’s renewable energy portfolio. At year-end, AleAnna had $28.3 million in cash and cash equivalents, providing a solid foundation to advance its strategic initiatives.

More recently, in March 2025, AleAnna and its operating partner Padana reached a major milestone with the commencement of production at the Longanesi field, marking a significant step forward for the Company.

Management Commentary

Marco Brun, Chief Executive Officer, reflected on AleAnna’s milestone year and recent achievements: “2024 was a pivotal year for AleAnna as we successfully completed our de-SPAC transaction and became a publicly traded company. We also strengthened our position in Italy’s renewable natural gas sector with strategic acquisitions and secured a long-term gas sales agreement with Shell Energy Europe.

“As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy. We remain committed to driving sustainable energy development while delivering value to our shareholders.”

About AleAnna

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

Forward-Looking Statements

The information included herein 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. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s definitive proxy statement/prospectus filed by AleAnna with the SEC on November 21, 2024, as well as general economic conditions; AleAnna’s need for additional capital; risks associated with the growth of AleAnna’s business; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact
Bill Dirks
wkdirks@aleannagroup.com

Website
https://www.aleannainc.com/

ALEANNA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

	For the Year Ended December 31,
	2024			2023

Revenues	$	1,420,030		$	–

Operating expenses:
Cost of revenues	$	1,043,174		$	–
General and administrative		6,264,087			5,634,150
Depreciation		133,516			–
Accretion of asset retirement obligation		133,239			133,239
Business Combination transaction expenses		8,398,653			–
Total operating expenses		15,972,669			5,767,389

Operating loss		(14,552,639	)		(5,767,389	)

Other income (expense):
Interest and other income (expense)		1,948,281			(102,041	)
Change in fair value of derivative liability		173,177			708,869
Total other income (expense)		2,121,458			606,828
Net loss	$	(12,431,181	)	$	(5,160,561	)
Deemed dividend to Class 1 Preferred Units redemption value		(155,423,177	)		(53,219,200	)
Net loss attributable to noncontrolling interests		87,511			–
Net loss attributable to Class A Common stockholders or holders of Common Member Units	$	(167,766,847	)	$	(58,379,761	)

Other comprehensive income (loss)
Currency translation adjustment		(1,548,154	)		218,908
Comprehensive loss		(13,979,335	)		(4,941,653	)
Comprehensive loss attributable to noncontrolling interests		87,511			–
Total comprehensive loss attributable to Class A Common stockholders	$	(13,891,824	)	$	(4,941,653	)

Weighted average shares of Class A Common Stock outstanding, basic and diluted		38,286,170			31,643,646
Net loss per share of Class A Common Stock, basic and diluted	$	(4.38	)	$	(1.84	)

ALEANNA, INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023

	December 31, 2024			December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	28,330,159		$	6,759,265
Accounts receivable		1,225,297			–
Prepaid expenses and other assets		1,666,155			27,485
Total Current Assets		31,221,611			6,786,750

Non-current assets:
Natural gas and other properties, successful efforts method		33,979,014			22,480,830
Renewable natural gas properties, net of accumulated depreciation of $132,094		9,296,039			–
Value-added tax refund receivable		6,845,030			4,425,353
Operating lease right-of-use assets		1,744,897			–
Total Non-current Assets		51,864,980			26,906,183
Total Assets	$	83,086,591		$	33,692,933

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	2,204,208		$	1,053,819
Related party payables		–			525,276
Lease liability, short-term		163,865			–
Derivative liability, at fair value		–			173,177
Total Current Liabilities		2,368,073			1,752,272

Non-current Liabilities:
Asset retirement obligation		4,375,919			4,242,680
Lease liability, long-term		1,579,443			–
Contingent consideration liability, long-term		24,994,315			26,482,682
Total Non-current Liabilities		30,949,677			30,725,362
Total Liabilities		33,317,750			32,477,634

Commitments and Contingencies (Note 6)

Temporary Equity:
Class 1 Preferred Units, no par value, 43,611 units authorized, issued and outstanding; liquidation preference $152,637,776 as of December 31, 2023		–			152,464,599

Stockholders’ and Members’ Equity:
Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,560,433 shares issued and outstanding as of December 31, 2024		4,056			–
Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of December 31, 2024		2,599			–
Additional paid-in capital		226,722,424			–
Accumulated other comprehensive loss		(5,803,378	)		(4,859,933	)
Accumulated deficit		(191,047,953	)		(146,389,367	)
Noncontrolling interest		19,891,093			–
Total Equity (Deficit)		49,768,841			(151,249,300	)
Total Liabilities and Equity	$	83,086,591		$	33,692,933

The MIL Network –

April 1, 2025

MIL-OSI: Binah Capital Group Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

– Grew Total Revenue 8% Year-over-Year to $45 Million in the Fourth Quarter 2024 –

– Assets Under Management (“AuM”) Increased 13% Year-over-Year to $27 Billion –

– GAAP Net Loss of $1.1 Million in the Fourth Quarter –

– Grew Adjusted EBITDA^*43% Year-Over-Year to $2.0 Million in the Fourth Quarter –

NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, Inc. (“Binah”, “Binah Capital” or the “Company”) (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, today announced results for the quarter and year ended December 31, 2024.

“As we celebrate the one-year anniversary of our successful public listing, we’re pleased to deliver our 2024 fourth quarter results,” stated Craig Gould, Chief Executive Officer of Binah Capital Group. “Beyond our solid financial performance, we’ve accomplished several key milestones over the past year: closing of the business combination, forming Binah Capital Group, Inc. and listing on the NASDAQ, successful recruiting efforts, significantly reducing our cost of funding through the successful refinancing of our senior credit facility at favorable terms, and maintaining a mature and stable business despite ongoing market volatility.”

“Looking ahead, we are off to a strong start in 2025, with a robust acquisition and recruiting pipeline. We continue to uncover many significant opportunities to onboard additional new businesses as we execute on our external growth strategy. Moreover, our hybrid-friendly business model, coupled with the favorable market for opportunities in our sector, we believe positions us well to deliver profitable, long-term growth as we work to create significant value for our shareholders.”

________________________________
^*Non-GAAP Financial Measures. Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in the judgement of management significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. See the section captioned the “Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.

Fourth Quarter 2024 Key Highlights Compared to Prior Year Period

Total advisory and brokerage assets in the fourth quarter grew 13% year-over-year to $27 billion.
Total revenue increased 8% year-over-year to $45 million.
Gross profit of $8.5 million, compared to $9.0 million in the prior year period.
Total operating expenses were $9.6 million, compared to $7.8 million in the prior-year period. The change in operating expenses was primarily due to costs related to the re-financing of senior credit facility and public company operating expenses incurred in the fourth quarter but not incurred in the prior year.
GAAP net loss of $1.1 million, compared to GAAP net loss of $1.1 million in the prior year.
Adjusted EBITDA^* grew 43% year-over-year to $2.0 million, which was primarily attributable to revenue growth, partially offset by higher expenses.

Full Year 2024 Key Highlights Compared to 2023

Total revenue rose 1% year-over-year to $169 million.
Gross profit increased 1% year-over-year to $32 million.
Total operating expenses were $35 million, compared to $31 million in the prior-year. The change was primarily driven by costs related to the successful business combination, refinancing and public company related costs occurred in 2024 but were not incurred in 2023.
GAAP net loss of $5.3 million, compared to GAAP net income of $0.6 million in the prior year.
Adjusted EBITDA^* of $6.3 million, compared to Adjusted EBITDA of $8.4 million in the prior year.
Further optimized the balance sheet through the successful refinance of its $20.0 million senior notes at more favorable terms than the prior facility.

Liquidity and Capital

The Company had cash and cash equivalents of $8 million and outstanding long-term debt of $25 million, as of December 31, 2024.

_______________
* See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

About Binah Capital Group

Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

For more, please visit: www.binahcap.com

Contact:

Binah Capital Investor Relations
ir@binahcap.com

Binah Capital Public Relations
media@binahcap.com

Non-GAAP Financial Measure

EBITDA and Adjusted EBITDA are non-GAAP financial measures, defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. The principal limitations of EBITDA and Adjusted EBITDA are that they exclude certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA and Adjusted EBITDA are subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA and Adjusted EBITDA. A reconciliation of Adjusted EBITDA to Net income attributable to Binah Capital, the most directly comparable GAAP measure, and Adjusted EBITDA to EBITDA appears below.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Binah. Forward-looking statements include, but are not limited to statements regarding: Binah’s financial and operational outlook; Binah’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Binah’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah’s control environment, including the identification of control deficiencies.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Binah with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Binah cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Binah assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Binah does not give any assurance that it will achieve its expectations.

Binah Capital Group Consolidated Balance Sheet


BINAH CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2024 AND 2023

(in thousands, except share amounts)

	2024			2023
ASSETS
Assets:
Cash, cash equivalents and restricted cash	$	8,486		$	7,621
Receivables, net:
Commissions receivable		9,198			8,220
Due from clearing broker		873			631
Other		938			1,587
Property and equipment, net		599			974
Right of use assets		3,730			4,332
Intangible assets, net		1,021			1,580
Goodwill		39,839			39,839
Other assets		1,993			2,626

TOTAL ASSETS	$	66,677		$	67,410


LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:
Accounts payable, accrued expenses and other liabilities	$	10,208		$	9,082
Commissions payable		11,468			10,676
Operating lease liabilities		3,820			4,381
Notes payable, net of unamortized debt issuance costs of $739 and $645 as of December 31, 2024 and 2023, respectively		19,561			20,822
Promissory notes-affiliates		5,442			12,177
Due to members		—			5,169

TOTAL LIABILITIES		50,499			62,307

Mezzanine Equity:
Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,555,000 shares outstanding at December 31, 2024		14,947			—
Stockholders’ Equity and Members’ Equity:
Series B Convertible Preferred Stock, par value $0.0001, 500,000 shares authorized, 150,000 shares outstanding at December 31, 2024		1,500			—
Common stock, $0.0001 par value, 55,000,000 authorized, 16,602,460 issued and outstanding at December 31, 2024		—			—
Additional paid-in-capital		22,984			—
Accumulated deficit		(23,253	)		—
Members’ Equity attributed to Legacy BMS Management Services LLC		—			5,103
Total Stockholders’ Equity, Mezzanine Equity and Members’ Equity Attributable to BMS Management Services LLC		16,178			5,103

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	$	66,677		$	67,410

Binah Capital Group Consolidated Statement of Operations


BINAH CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (in thousands, except per share amounts)

	2024			2023
Revenues:
Revenue from Contracts with Customers:
Commissions	$	139,452		$	138,191
Advisory fees		24,939			21,668
Total Revenue from Contracts with Customers		164,391			159,859
Interest and other income		4,512			8,096

Total revenues		168,903			167,955

Expenses:
Commissions and fees		136,932			136,169
Employee compensation and benefits		15,544			13,385
Rent and occupancy		1,150			1,189
Professional fees		6,971			4,709
Technology fees		1,292			2,457
Interest		4,026			5,119
Depreciation and amortization		1,019			1,216
Other		5,116			3,225

Total expenses		172,050			167,469

(Loss) income before provision for income taxes		(3,147	)		486

Provision (benefit) for income taxes		1,415			(85	)

Net (loss) income	$	(4,562	)	$	571

Net income attributable to Legacy BMS Management Services LLC members		730			—

Net loss attributable to Binah Capital Group, Inc.	$	(5,292	)		—

Net loss per share basic and diluted	$	(0.32	)		—

Weighted average shares basic and diluted		16,593			—

Binah Capital Group Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus non-recurring costs related to our business combination as well as re-financing the senior credit facility costs. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP.

Below is a reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the periods presented (in millions):

	For the Years Ended December 31,
EBITDA Reconciliation	2024			2023
Net (loss) income	$	(4.6	)	$	0.6
Interest expense		4.0			5.1
(Benefit) Provision for income taxes		1.4			(0.1	)
Depreciation and amortization		1.0			1.2
EBITDA	$	1.9		$	6.8
Business combination and re-financing costs		4.4			1.6
Adjusted EBITDA	$	6.3		$	8.4

The MIL Network –

April 1, 2025

MIL-OSI: Wrap Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Results
Source: GlobeNewswire (MIL-OSI)

MIAMI, March 31, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

Q4 2024 Financial Results:
- Revenue increased 47%, from $0.6 million in 2023 to $0.9 million in 2024.
- Gross Profit improved by $0.7 million, rising from $(0.3) million in 2023 to $0.4million in 2024
- Total Operating Expenses decreased 21%, from $6.3million in 2023 to $5.0million in 2024
- Sales, General & Administrative (SG&A) Expenses declined 19%, from $5.8million in 2023 to $4.7million in 2024
- Net Loss from Operations improved by $10.8million, decreasing from $(18.4) million in 2023 to $(7.6) million in 2024
2024 Financial Results:
- Revenue was $4.5 million in 2024, down 27% from $6.1million in 2023.
- Cost of Revenue decreased 37%, from $3.2million in 2023 to $2.0million in 2024.
- Gross Margin increased by over 7 percentage points, rising from 47% to over 54%.
- Operating Loss improved 17%, decreasing from $(18.7) million in 2023 to $(15.6) million in 2024,
- Net Loss improved 81%, from $(30.2) million in 2023 to $(5.9) million in 2024,
Recent Operational Highlights:
- October 2024: Wrap regained compliance with Nasdaq’s continued listing requirements.
- November 2024: announced Wrap’s Go-Forward Strategy, including a new advanced manufacturing facility in Wise, Virginia, focused on innovation, job creation, and expanding Wrap’s presence in defense, education and public safety markets.
- February 2025: introduced Wrap’s Managed Safety and Response (MSR) connected ecosystem, bringing together tools, technology and training to deliver real-time, integrated public safety support.
- February 2025: acquired W1 Global, LLC, integrating former FBI, DEA, and DoD leadership into Wrap’s organization and enhancing its ability to deliver Made-in-America, end-to-end public safety and defense solutions.
- February 2025: closed a $5.8 million private placement of the Company’s securities to support the execution of its go-forward strategy.
- March 2025: expanded Wrap’s leadership in managed services with the addition of Joseph Bonavolonta, a 27-year FBI veteran, and Rob Heuchling, a 15-year FBI career, to scale the Company’s support offerings.
- March 2025: appointed Stephen M. Renna, former Executive at the Export-Import Bank of the United States, to lead Wrap’s international growth and financing strategy, strengthening its global expansion efforts.
2024 Management Commentary Summary:

2024 was a transformational year for Wrap. The Company made a deliberate choice to restructure. This reset led to a significant reduction in monthly cash burn to approximately $600,000 on an annualized cash basis, which we believe allows for the rebuild of a sustainable and high-performing business.

Despite a 27% decline in revenue to $4.5 million, we believe Wrap dramatically improved financial discipline, reducing cost of revenue by 37%, operating losses by 17%, and net losses by 81%. We believe these improvements show the success of the restructuring strategy.

The Company’s BolaWrap remains as an entry-point into a broader public safety platform. Usage data collected by the Company shows officers deploy the device more frequently than any other on their belt when Wrap provides full support. Demand is expanding, both domestically and internationally, as restrictive use-of-force policies create a market need for early-stage de-escalation tools paired with robust training.

Wrap’s product roadmap is evolving into an integrated, end-to-end solution, with agencies requesting complementary tools such as VR training, body cameras and additional services. The Company has begun to engage with U.S. government resources like EXIM Bank and the DoD’s Office of Strategic Capital to scale international expansion and support “Made in USA” public safety initiatives.

Wrap revitalized every leadership role, assembling what we believe to be a high-caliber team with backgrounds across elite public and private sector institutions. The acquisition of W1 Global, LLC has already yielded new opportunities and expanded the Company’s reach into critical law enforcement networks, both domestic and global.

Outlook:
As we enter 2025, we believe Wrap is well positioned to capitalize on the groundwork laid during its transformation year. We anticipate measurable progress each quarter as we execute our strategy and scale operations.

Key priorities for 2025 include:
- Scaling Integrated Solutions: we expect to continue expanding beyond the BolaWrap into a full ecosystem of de-escalation tools, including training, VR simulation, and more.
- Global Growth: we are leveraging U.S. government partnerships and resources (e.g., EXIM Bank, DoD) to support our international strategy. Several late-stage international deals are in motion, and we anticipate converting those into significant revenue opportunities.
- Federal and Strategic Engagements: our recent additions to the team opens the door to U.S. federal funding programs and public safety initiatives, which we believe enables Wrap to serve as a trusted vendor for government-backed public safety efforts globally.
- Innovation: the expanded talent bench is expected to provide new capabilities in high-trust, high-security sectors. We plan to productize and monetize these capabilities through partnerships, contracts and services.
- Performance and Accountability: we are building a culture that rewards execution with compensation structures dependent upon results. We expect KPIs around product deployment, training efficacy, customer satisfaction and recurring revenue will guide our actions and investments.
We believe the public safety market is at an inflection point, and believe that Wrap is positioned to lead a new era of non-lethal policing solutions. We believe our value proposition is more relevant than ever—officers and agencies need tools that de-escalate situations without force and communities are demanding safer outcomes.

Our confidence is not theoretical—it’s reflected in the capital, commitment, and conviction of our leadership team.

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

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

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

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

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

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

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

The MIL Network –
April 1, 2025
MIL-OSI: Silynxcom Ltd. Announces Proposed Public Offering of Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

Netanya, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, today announced that it intends to offer to sell ordinary shares in an underwritten public offering. All of the ordinary shares are to be sold by the Company. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

ThinkEquity is acting as sole book-running manager for the offering.

The Company expects to grant the underwriter a 45-day option to purchase up to an additional 15% of the number of ordinary shares sold in this offering to cover over-allotments, if any. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes.

The securities will be offered and sold pursuant to a shelf registration statement on Form F-3 (File No. 333-285443), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2025 and declared effective on March 7, 2025. The offering will be made only by means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been or will be filed with the SEC on its website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from the offices of ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Silynxcom Ltd.
Silynxcom Ltd. develops, manufactures, markets, and sells ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations, weapons training courses, and on the factory floor. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers in leading military and law enforcements units. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.

For additional informaiton about the company please visit: https://silynxcom.com

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses: the proposed public offering of its ordinary shares and intended use of proceeds from such offering. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 30, 2024, and other documents filed with or furnished to the SEC which are available on the SEC’s website, www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For Investor Relations Inquiries
ARX | Capital Market Advisors
North American Equities Desk
ir@silynxcom.com

The MIL Network –

April 1, 2025

MIL-OSI: FSI ANNOUNCES FULL YEAR, 2024 FINANCIAL RESULTS

Source: GlobeNewswire (MIL-OSI)

A Conference call is scheduled for Tuesday April 1st, 2025, 11:00am Eastern Time

See dial in number below

TABER, ALBERTA, March 31, 2025 (GLOBE NEWSWIRE) — FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: FSI), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. In addition, FSI is increasing its presense in the food and nutrition supplement manufacturing markets. Today the Company announces financial results for full year ended December 31, 2024.

Mr. Daniel B. O’Brien, CEO, states, “2024 was a significant improvement over 2023. Net income was up and non-GAAP cash flow improved even more. Of particular note is the assessment of a temporary loss of $385 thousand related to our sale of units in the Florida LLC which reduced net income by 3 cents even though the full term of the sale will result in a large profit.”

Mr. O’Brien continues, “During 2024, we progressed toward potential purchase orders that could increase our revenue by Q4 2025 and could increase our 2026 revenue significantly. We have also taken concrete steps to limit the effects of tariffs on our international sales, which we hope will generate growth in the next two years and we increased our efforts to recover the rebates of previously paid tariffs that are due to us.”

Sales for the Full Year were $38,234,860 compared to sales of $38,324,806 in the corresponding period a year ago.
Full Year, 2024 net income was $3,038,529 or $0.24 per share, compared to a net income of $2,775,864, or $0.22 per share, in Full Year, 2023.
Basic weighted average shares used in computing earnings per share amounts were 12,454,957 and 12,434,886 for full year, 2024 and full year, 2023 respectively.
2024 Non-GAAP operating cash flow: The Company shows 12 months operating cash flow of $7,082,952, or $0.57 per share. This compares with operating cash flow of $4,604,320, or $0.37 per share, in the corresponding 12 months of 2023 (see the table that follows for details of these calculations).

The NanoChem division and ENP subsidiary continue to be the dominant sources of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment, oil field extraction, turf, ornamental and agricultural use to further increase sales in these divisions. More recently, opportunities in the food and nutrition supplement manufacturing markets have emerged.

Conference call

Due to business travel obligations a conference call has been scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Tuesday April 1st, 2025. CEO, Dan O’Brien will be presenting and answering questions on the conference call. To participate in this call please dial 1-888-999-5318 (or 1-848-280-6460) just prior to the scheduled call time. To join the call participants will be requested to give their name and company affiliation. The conference_ID: SOLUTIONS and/or call title Flexible Solutions International ‑ Full Year 2024 Financials may be requested

Note: The above information and following table contain supplemental information regarding income and cash flow from operations for the period ended December 31, 2024. Adjustments to exclude depreciation, stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation G. The GAAP financial measure most directly comparable is net income.

The reconciliation of each Non-GAAP financial measure is as follows:

FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
Consolidated Statement of Operations
For Full Year Ended December 31 (12 Months Operating Cash Flow)
(Unaudited)

	12 months ended December 31
	2024			2023
Revenue	$	38,234,860		$	38,324,806
Income (loss) before income tax – GAAP	$	4,952,800		$	3,623,250
Provision for Income tax(recovery) – net – GAAP	$	851,211		$	(132,735	)
Net income (loss) – GAAP	$	3,038,529		$	2,775,864
Net income (loss) per common share – basic. – GAAP	$	0.24		$	0.22
12 month weighted average shares used in computing per share amounts – basic.- GAAP		12,454,957			12,434,886
		12 month Operating Cash Flow Ended December 31
Operating Cash Flow (12 months). NON-GAAP	$	7,082,952	a,b,c	$	4,604,320	a,b,c
Operating Cash Flow per share excluding non-operating items and items not related to current operations (12 months) – basic. –NON-GAAP	$	0.57	a,b,c	$	0.37	a,b,c
Non-cash Adjustments (12 month) –GAAP	$	2,630,606	d	$	2,081,399	d
Shares (12 month basic weighted average) used in computing per share amounts – basic –GAAP		12,454,957			12,434,886

Notes: certain items not related to “operations” of the Company’s net income are listed below.

a) Non-GAAP – Flexible Solutions International owns 65% of ENP and 80% of 317 Mendota. Therefore Operating Cash Flow is adjusted by the pre tax Net income or loss of the non-controlling interest(minority interest) in both entities. A pretax minority interest number now appears in the financials for full year 2023 and future years.
b) Non-GAAP – amounts exclude certain cash and non-cash items: Depreciation and Stock compensation expense (2024 = $2,630,606, 2023 = $2,081,399), Interest expense (2024 = $610,265, 2023 = $498,666), Interest income (2024 = $196,464, 2023 = $113,809), Gain on investment (2024 = $245,631, 2023 = 505,065), Loss on sale of investment (2024 = $353,076, 2023 = N/A), Loss on lease termination (2024 = $41,350, 2023 = N/A) Deferred income tax (expense) benefit (2024 = $(146,767), 2023 = $250,917), Current Income tax expense (2024 = $704,444, 2023 = $118,182), and pretax Net income attributable to non-controlling interests (2024 = $1,063,060, 2023 = $980,121) are removed to arrive at Operating Cash Flow. Although included in operating expenses these expenditures were not related to operations of FSI. *See the financial statements for all adjustments.
c) The revenue and gain from the investment in the private Florida LLC announced in January 2019 are not treated as revenue or profit from operations by Flexible Solutions. The profit is treated as investment income and therefore occurs below Operating income in the Statement of Operations. As a result, the gains from all investments (2024 – 245,631, 2023 = $505,065), including those from the Florida LLC, are removed from the calculation to arrive at Operating Cash Flow.
d) Non-GAAP – amounts represent depreciation and stock compensation expense.

Safe Harbor Provision

The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.

Flexible Solutions International
6001 54^thAve, Taber, Alberta, CANADA T1G 1X4
Company Contacts

Jason Bloom
Toll Free: 800 661 3560
Fax: 403 223 2905
E-mail: info@flexiblesolutions.com

If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com

To find out more information about Flexible Solutions and our products, please visit www.flexiblesolutions.com.

The MIL Network –

April 1, 2025

MIL-OSI: ESO Earns NERIS V1 Compatibility Badge, Ensuring Compliance, Continuity for Fire Incident Customers

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) — ESO, a leading data services and software provider for EMS, fire departments, hospitals, and state and federal agencies, today announced it is one of the first software providers to earn the compatibility badge for the National Emergency Response Information System V1 (NERIS) through the Fire Safety Research Institute (FSRI).

As one of the first software providers to earn the NERIS V1 Compatible Badge, ESO’s Fire Incident application meets all new compliance requirements under NERIS while maintaining its focus on ease of use, data accuracy and intuitive reporting. Rolling out in 2026, NERIS is set to replace the National Fire Incident Reporting System (NFIRS) and marks the most significant update to national standardized reporting for fire departments in decades.

“NERIS represents a tremendous opportunity to unite fire incident reporting under a newer, more modern data standard,” said Tom Jenkins, senior advisory and research manager at FSRI. “Fire departments’ ability to easily collect, report and gather insights from incident data is as important to their own decision-making as it is to overall community safety. Compliant third-party technology providers play a critical role in making that possible.”

As part of its ongoing commitment to empower fire departments with industry-leading data and software tools, ESO has been working closely with FSRI for more than a year to provide the documentation and technical specifications required to earn NERIS compliance and demonstrate compatibility.

“The impending NERIS rollout has left fire departments unsure of how to best prepare. That’s why we’ve made it a core focus to support them with the resources and technology to ensure a seamless transition,” said Sam Brown, chief operating officer at ESO. “With this NERIS-compliant update, fire departments using ESO’s Fire Incident application will gain all the benefits of a truly interoperable data platform—without the implementation headaches that come from such a comprehensive migration.”

The NERIS update comes at no additional cost to ESO Fire Incident application customers, who will have access to onboarding and training resources as limited and general availability open throughout 2025. The application will also feature new compliant workflows and full permission sets for system administrators, while maintaining CAD file integrity and archived incident search pages.

For more information about ESO, visit www.eso.com/fire.

About ESO
ESO (ESO Solutions, Inc.) is dedicated to improving community health and safety through the power of data. Since its founding in 2004, the company continues to pioneer innovative, user-friendly software to meet the changing needs of today’s EMS agencies, fire departments, hospitals, and state and federal offices. ESO currently serves thousands of customers across the globe with a broad software portfolio, including the industry-leading ESO Electronic Health Record (EHR), the next-generation ePCR; ESO Health Data Exchange (HDE), the first-of-its-kind health care interoperability platform; ESO Fire RMS, the modern fire Record Management System; ESO Patient Registry (trauma, burn and stroke registry software); and ESO State Repository. ESO is headquartered in Austin, Texas. For more information, visit www.eso.com.

About Fire Safety Research Institute
Fire Safety Research Institute (FSRI), part of UL Research Institutes, strives to advance fire safety knowledge and strategies in order to create safer environments. Using advanced fire science, rigorous research, extensive outreach and education in collaboration with an international network of partners, the organization imparts stakeholders with knowledge, tools, and resources that enable them to make better, more fire safe decisions that ultimately save lives and property. To learn more, visit fsri.org. Follow FSRI on Instagram, Facebook, and LinkedIn.

Media Contact:
For ESO,
Hope Sander
Red Fan Communications
eso@redfancommunications.com
737-280-8783

The MIL Network –

April 1, 2025

MIL-OSI: Red Cat Holdings Reports Financial Results for the 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, March 31, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and provides a corporate update.

Recent Operational Highlights:

Black Widow selected as the sole winner and provider of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record.
Closed the acquisition of FlightWave Aerospace Systems Corporation. The acquisition officially brings the Edge 130, FlightWave’s Blue UAS approved military-grade tri-copter, into Red Cat’s Family of Systems.
Partnered with Palantir to integrate Visual Navigation software (VNav) into Red Cat’s Black Widow drones. This collaboration will transform autonomous sUAS operations for modern warfare by utilizing Palantir’s Visual Navigation in GPS denied environments.
Partnered with Palantir to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform our supply and manufacturing operations with Palantir’s AI enabled monitoring, process flow enhancement and comprehensive data analysis. Palantir’s Warp Speed will optimize Red Cat’s production and streamline its supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.
Announced that the Black Widow drone and FlightWave Edge 130 were included on the list of 23 platforms and 14 unique components and capabilities selected as winners of the Blue UAS Refresh. The platforms will undergo National Defense Authorization Act (NDAA) verification and cyber security review with the ultimate goal of joining the Blue UAS List.
Introduced our Black Widow™ short-range reconnaissance drone and Edge 130 Tricopter to the Middle East market at the International Defense Exhibition and Conference in Abu Dhabi, UAE, Feb 17-21 2025.
Will be introducing Black Widow™ and Edge 130 drones to the Latin American market at LAAD 2025 in Rio De Janeiro, Brazil in April 2025.
Introduced Black Widow™ to the Asia Pacific Market at the AISSE conference in Putrajaya, Malaysia in January 2025.
Expanded our Red Cat Futures Industry Consortium to include Palantir and Palladyne to boost AI capabilities in contested environments, including visual navigation.

2024 Transition Period (as of December 31, 2024 and the eight months then ended) Financial Highlights:

Transition period revenue of $4.9 million
Ended the period with cash and accounts receivable of $9.6 million
Closed an additional $6 million financing since prior quarter end
Guidance of $80-$120 million for calendar year 2025 , which consists of:
- $25 million in Non-SRR Black Widow sales
- $25 million in Edge 130 sales
- $5 million in Fang FPV sales
- $25 to $65 million in SRR-related Black Widow sales

“Red Cat’s partnerships and global expansion strategy is already yielding strong results. Over the past few months, we’ve introduced the Black Widow and Edge 130 drones to key international markets, including the Middle East, Asia Pacific, and soon Latin America,” said Jeff Thompson, Red Cat CEO. “This momentum underscores growing global interest in our Family of Systems. The ongoing development of Black Widow for the U.S. Army’s SRR Program of Record, bolstered by AI partners like Palantir and Palladyne, we’re not only meeting immediate defense needs—we’re ensuring our warfighters and allies are well equipped for rapidly-evolving battlefield.”

“Our financial position remains solid as we scale to meet increased demand,” added Thompson. “With over $9 million in cash and receivables and the recently secured debt financing of $15 million, we’ve significantly strengthened our capital position heading into a pivotal year. This infusion of non-dilutive capital allows us to aggressively scale production, and meet accelerating demand tied to the U.S. Army’s SRR program and international opportunities. Combined with our strong cash balance and operational discipline, we are confident in our ability to support 2025 revenue guidance and deliver long-term shareholder value.”

Conference Call Today

CEO Jeff Thompson will host an earnings conference call at 4:30 p.m. ET on Monday, March 31, 2025 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

Interested parties can attend the conference call through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=kOCu4DoZ.

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com


RED CAT HOLDINGS
Condensed Consolidated Balance Sheets

		December 31,			April 30,
		2024			2024
ASSETS

Cash	$	9,154,297		$	6,067,169
Accounts receivable, net		489,316			4,361,090
Inventory, including deposits		13,592,900			8,610,125
Intangible assets including goodwill, net		26,124,133			12,882,939
Equity method investee		—			5,142,500
Note receivable		—			4,000,000
Other		6,243,621			7,473,789

TOTAL ASSETS	$	55,604,267		$	48,537,612

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses	$	3,517,118		$	2,703,922
Debt obligations		350,000			751,570
Operating lease liabilities		1,617,596			1,517,590
Total liabilities		5,484,714			4,973,082

Stockholders’ capital		174,864,256			124,690,641
Accumulated deficit/comprehensive loss		(124,744,703	)		(81,126,111	)
Total stockholders’ equity		50,119,553			43,564,530
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	55,604,267		$	48,537,612


Condensed Consolidated Statements of Operations

	For the Eight Months Ended December 31, 2024			For the Year Ended April 30, 2024
Revenues	$	4,850,304		$	17,836,382

Cost of goods sold		6,206,378			14,155,836

Gross (loss) profit		(1,356,074	)		3,680,546

Operating Expenses
Research and development		6,610,980			6,266,129
Sales and marketing		6,321,763			5,086,600
General and administrative		11,459,442			11,214,154
Impairment loss		93,050			412,999
Total operating expenses		24,485,235			22,979,882
Operating loss		(25,841,309	)		(19,299,336	)

Other expense		17,772,662			2,227,360

Net loss from continuing operations		(43,613,971	)		(21,526,696	)

Loss from discontinued operations		—			(2,525,933	)
Net loss	$	(43,613,971	)	$	(24,052,629	)

Loss per share – basic and diluted	$	(0.57	)	$	(0.40	)

Weighted average shares outstanding – basic and diluted		77,039,869			60,118,675

Condensed Consolidated Statements of Cash Flows

	For the Eight Months Ended December 31, 2024			For the Year Ended April 30, 2024
Cash Flows from Operating Activities
Net loss from continuing operations	$	(43,613,971	)	$	(21,526,696	)
Non-cash expenses		22,633,786			8,479,195
Changes in operating assets and liabilities		444,208			(4,672,816	)
Net cash used in operating activities		(20,535,977	)		(17,720,317	)

Cash Flows from Investing Activities
Proceeds from sale of marketable securities		—			12,826,217
Proceeds from sale of equity method investment and note receivable		4,400,000			—
Other		(163,555	)		740,861
Net cash provided by investing activities		4,236,445			13,567,078

Cash Flows from Financing Activities
Proceeds from issuance of convertible notes payable, net		13,456,000			—
Payments of debt obligations, net		(394,606	)		(572,137	)
Proceeds from exercise of stock options		1,350,267			2,655
Proceeds from exercise of warrants		4,974,999			—
Proceeds from issuance of common stock, net		—			8,404,812
Net cash provided by financing activities		19,386,660			7,835,330

Net cash used in discontinued operations		—			(875,227	)

Net increase in Cash		3,087,128			2,806,864
Cash, beginning of period		6,067,169			3,260,305
Cash, end of period	$	9,154,297		$	6,067,169

The MIL Network –

April 1, 2025

MIL-OSI: Bank OZK Announces Date for First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., March 31, 2025 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) expects to report its first quarter 2025 earnings after the market closes on Wednesday, April 16, 2025. Management’s comments on the first quarter of 2025 will be released simultaneously with the earnings press release and will be available on the Bank’s investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Thursday, April 17, 2025. Interested parties may access the conference call live via webcast on the Bank’s investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in more than 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $38.26 billion in total assets as of December 31, 2024. For more information, visit www.ozk.com.

The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank’s investor relations website at ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts to sign up.

Investor Relations Contact: Jay Staley (501) 906-7842

Media Contact: Michelle Rossow (501) 906-3922

The MIL Network –

April 1, 2025
MIL-OSI: SAML Announces Strategic Review and Operational Streamlining of Public Safety Businesses and Shareholder Meeting Date.
Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, March 31, 2025 (GLOBE NEWSWIRE) — Samsara Luggage Inc. (OTC: SAML), a publicly traded company focused on acquiring and growing businesses in the public safety sector, today announced the streamlining of its operations to enhance efficiency and position the company for future growth. Additionally, the company is completing feasibility studies, due diligence, and/or contract negotiations on several potential acquisitions and growth initiatives.

SAML currently operates seven public safety subsidiaries across the United States and the United Arab Emirates, along with an industrial electric vehicle (EV) business in Serbia. These businesses are undergoing efficiency and cost-reduction initiatives to better align resources and optimize cash flow while building a robust management team to support the company’s uplisting ambitions.

Like many OTC companies, the company has faced challenges raising capital over the past two years, significantly affecting the growth and operations of its operating companies and its parent company, Ilustrato Pictures International Inc. (“ILUS”). However, ILUS believes it has a clear path to significant capital access during the next quarter. It’s anticipated that SAML will benefit greatly from improved investment, cash flow, and liquidity, allowing it to revitalize the cash-starved subsidiaries and reignite its growth and acquisition plans.

Streamlining the Public Safety Division

In 2024, SAML faced challenges scaling its public safety division due to the business’s capital-intensive nature and limited access to growth capital. To address these challenges, the company has implemented operational improvements to enhance cost efficiency and plans to advance previously delayed product certifications.

“There is no beating around the bush. The last 18 months in the ERT businesses have been extremely tough, with limited access to working capital. However, we expect those days are rapidly ending as the parent company anticipates being in a stronger position to assist with working capital. We remain committed to advancing our public safety ERT businesses and positioning the company for an uplisting alongside simultaneous M&A activities. I’m expecting an exciting time, with lots of hard work bringing our visions to reality, but we are ready,” said Nicolas Link, Interim CEO of SAML.

SAML is exploring non-cash-intensive acquisitions that can add scale and enhance the company’s market presence to supplement organic growth.

Revitalizing the Industrial Electric Vehicle Business

SAML’s Eraptor division, which focuses on industrial electric vehicles, will also receive renewed focus in 2025. Resource constraints in 2024 led to stalled production and R&D activities. Management aims to resume production and enhance R&D efforts to capitalize on the growing demand for innovative industrial EV solutions.

The Eraptor business is strategically aligned with SAML’s public safety operations, sharing a similar customer base and target markets. This alignment offers opportunities for cross-sector synergies and market penetration.

Exploring opportunities

Over the past 36 months, the world has changed considerably in almost all areas, including but not limited to governments, costs, inflation, financing, access to capital, technology, geopolitics, energy demands, defense, remote working, and nearly every aspect of daily life. These changes have drastically altered global dynamics. For this reason, we will explore opportunities that will add value to shareholders and generate positive cash flow, focusing on areas that align with our management skill set.

Corporate Updates

SAML also provides the following updates regarding its corporate structure and leadership. The company had previously filed for a name change to Emergency Response Technologies Inc. and a new trading symbol (RESQ). Although the application was initially declined due to a lender relationship, the company has since resolved the matter. Management expects to refile an application after its audited 2024 financials are completed.

Mr. John-Paul Backwell has stepped down as CEO and a Director of the Company to devote his efforts to developing Nasdaq-listed Fusion Fuel Green Plc (Nasdaq: HTOO), a corporation in which SAML’s parent entity, ILUS, maintains a substantial shareholding. Mr. Nicolas Link will temporarily assume the duties of CEO while the company recruits a new permanent CEO and Mr. Backwell will remain as an advisor to the company.

“We will undoubtedly miss John Paul Backwell’s involvement in ERT, but he remains a part of our extended ILUS family. He remains an advisor to ERT while focusing primarily on the HTOO business. I want to thank JP for his incredible sacrifice and commitment to the ERT business and to the group, for that matter. We are actively recruiting for a CEO to lead the SAML business into the next stage,” said Nicolas Link, Chairman and Interim CEO.

SAML notifies shareholders that it will file an NT 10-K and will file its financials late for a number of reasons, including but not limited to the following:
- Addressing several SEC comments on its previous filings and disclosures, many of which are technical accounting issues, with numerous comments dating back to a period before our takeover.
- There have been a number of changes within the group, including acquisitions, mergers, and share swaps. All of these have a knock-on effect in terms of accounting and consolidation that can only be completed once the subsidiaries have been audited and can be consolidated. We are mindful that we want to file the 2024 financials and any prior amendments correctly, providing a clean runway for upcoming registrations across the group. We have engaged consultants to assist with this, who have been working on it for several months.
- In 2024, we changed auditors across the group, who are re-auditing the entire two-year period and can only complete their audits sequentially as the group finishes each part.
- We also underwent software integration across the companies of an integrated ERP system, which naturally took time.
- To prevent this scenario from happening again, we have hired additional accounting resources, highly experienced specialists in management within this area, and consultants with extensive PCAOB and SEC experience to ensure that we are accurate going forward.
The team is working diligently to complete the filing as soon as possible. Management thanks shareholders for their patience and assures them that the delay is not due to any legal problems. Instead, it is for continued improvement and to address previously raised regulatory comments, allowing for smoother registration processes in the future.

SAML will hold its annual shareholder meeting on June 20, 2025, as part of the broader ILUS group shareholder meeting, with further information to be published in due course.

More information on the company’s progress can be found in the links below:
Website: https://ert-international.com
X: @ERT_ILUS
Email: info@ert-international.com
Source: SAML
Related Links: https://ert-international.com

Forward-Looking Statement

Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission (“SEC”) has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, considering the SEC’s guidance, we encourage investors, the media, and others interested in our company to review the information we post on social & media channels.

SOURCE: Samsara Luggage Inc.

The MIL Network –
April 1, 2025

MIL-OSI: Helport AI Reports First Half Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Half Fiscal Year 2025 Revenue up 13.1% to $16.4 Million Period over Period

Accelerating Enterprise AI Adoption Fuels Market Expansion, Unlocking New Opportunities in AI-Powered Customer Engagement

Management to Host Conference Call Today, March 31, 2025 at 4:30 PM ET

SINGAPORE and SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”), an AI technology company serving enterprise clients with intelligent customer communication software and services, today announced financial results for the six months ended December 31, 2024.

First Half Fiscal Year 2025 Highlights

Average monthly subscribed seats were 6,469 for the six months ended December 31, 2024, representing an increase of 29.1% from 5,011 in the same period of 2023.
Revenue for the six months ended December 31, 2024, was $16.4 million, representing an increase of 13.1% from $14.5 million in the six months ended December 31, 2023, driven by increased enterprise adoption of AI-driven solutions.
Gross profit for the first half of fiscal year 2025 was $9.0 million, representing a decrease of 7.7% from $9.7 million in the first half of fiscal year 2024, as a result of continued investment in AI infrastructure and product innovation.
Net income was $1.1 million in the first half of fiscal year 2025, compared to $6.2 million in the first half of fiscal year 2024, representing a decrease of 82.9%, as a result of our increased investments in R&D, public company regulatory compliance costs, and global expansion expenses.
Net cash provided by operating activities was $3.9 million for the six months ended December 31, 2024, supporting business expansion and strategic initiatives.
As of December 31, 2024, there were 37,132,968 ordinary shares and 18,845,000 warrants issued and outstanding.

Subsequent Operational Milestones

As of December 2024, Helport AI Assist software is officially approved and available on Google Cloud Marketplace, allowing businesses across sectors to access Helport’s AI-driven software.
Successful rollout of partnership with Google by delivering AI-driven software and services to one of its US west coast government accounts. First phase completed with further collaboration underway.
In December 2024, Helport AI formed a strategic partnership with a US wholesale mortgage lender to offer Helport AI Assist software to its network of over 100,000 loan officers nationwide.
Opened new office in the Philippines in January 2025, establishing a ‘Global Center of Excellence’ to drive artificial intelligence operations and service offerings in the business process outsourcing (BPO) industry. In less than three months, headcount has grown to more than 100 workers, reflecting strong demand from customers in the region.
Appointed Amy Fong as President, Director, and Interim Chief Financial Officer, bringing over 25 years of experience as a seasoned professional across multiple industries, including banking, private equity, management consulting, and the not-for-profit sector.
Progress in the debt collection space since January 2025, having secured partnerships with three consumer financing companies in Southeast Asia, two of which are publicly listed in the U.S.
Since February 2025, the Company has signed partnerships with seven U.S. insurance agencies to pilot Helport AI Assist software.
Company to host “Investor/Analyst Day” at its North America HQ in San Diego in Q2 of 2025.

Outlook for Second Half Fiscal Year 2025 & Beyond:

Revenue Growth: Accelerating revenue materialization from a robust pipeline of customers in our core sectors of insurance, mortgage sales, BPO call centers, consumer financing, and government services. Driving further expansion in the U.S. and Southeast Asia through enterprise partnerships and focused execution in these core industries.
Profitability & Cost Optimization: Improving AI training efficiency and cloud infrastructure to enhance margins over time.
AI+BPO Monetization: Expanding in-house AI + human service delivery model to facilitate new customer acquisition and rapid proof of concept. Leveraging this software plus service offering to efficiently scale user base and revenue generation across global markets.
Continued R&D Innovation: Investing in AI capabilities, including voice cloning, multilingual automation, and industry-specific integrations.

Management Commentary

“The first half of fiscal year 2025 delivered revenue growth of 13.1%, which was driven by continued enterprise adoption of AI-powered software, technology improvements, and the scaling of our international sales and operations teams,” said Guanghai Li, Chief Executive Officer of Helport AI. “During this time, we made significant investments in product development, cloud infrastructure, and international expansion, which temporarily impacted gross margins and profitability. However, we believe that these investments are essential to scaling our platform and expanding into new markets, and we maintained profitability despite these investments. Moreover, we have seen our enterprise customers increasingly leverage our AI-powered BPO solutions to drive cost efficiencies and improve customer engagement, helping differentiate ourselves as a market leader in the AI-driven customer contact space.”

“On the technology front, our products are now comprehensively integrated with large language models (LLMs), which has been shown to enhance their ability to digest raw, unstructured information and provide smart, domain-specific applications for our growing customer base. We have also built new industry-specific knowledge bases, achieving major milestones for the Company across key sectors. Demonstrating this ability to penetrate new industries where we see vast growth potential, we have partnered with U.S.-based LendSure Mortgage Corp. (“LendSure”), a wholesale lender with a network of over 100,000 loan officers, as well as with seven insurance agencies across multiple US states. These scalable seeds represent early traction across multiple industry sectors, each of which represents significant market opportunities.”

“Operationally, we continued to make strategic investments in our team and infrastructure to strengthen and expand our capabilities and global reach. We have established offices in the Philippines and the U.S. and are in the process of opening additional offices in North America and Southeast Asia to execute on both existing and potential demand in these regions. We also welcomed Amy Fong as President, Director, and Interim CFO. Amy is a seasoned executive who is now overseeing our finance functions, leading strategy across capital markets, partner and customer development, and global operations.”

“Looking ahead to the second half of fiscal year 2025, we are building on our foundation and doubling down on strategic initiatives to accelerate revenue growth and enhance profitability. We are deepening penetration in what we anticipate will be high-growth markets, specifically North America and Southeast Asia. As demonstrated with our recent customer acquisitions across mortgage, insurance, and debt collection, we are tailoring our AI-powered solutions for industry-specific needs, aiming to expand adoption among BPOs, financial services, and public sector industries. We are driving monetization and acceleration of our AI+BPO offering, which has seen noteworthy demand in new segments such as consumer financing, which we expect will allow us to capture greater market share in AI-driven customer engagement solutions.”

“We will continue to prioritize R&D investments and building next-generation AI products that further differentiate Helport AI in the market. We are also focusing on cost efficiencies, including optimizing AI training costs and cloud infrastructure, and improving unit economics per deployment, to strengthen profitability and deliver long-term value to our shareholders,” concluded Li.

Financial Review for the Six Months Ended December 31, 2024 and 2023

Revenue

During the six months ended December 31, 2024 and 2023, all of our revenue was derived from AI services. Revenue increased by approximately US$1.9 million, or 13.1%, from US$14.5 million for the six months ended December 31, 2023 to US$16.4 million for the six months ended December 31, 2024. The increase was primarily attributable to the average monthly subscribed seats, which grew from 5,011 for the six months ended December 31, 2023 to 6,469 for the six months ended December 31, 2024. The growth was driven by (i) our efforts in continuous optimization and development in our service offerings and software platform, (ii) our abilities to improve overall cost performance for customers in their business management process, and (iii) the growing demand for AI software in the professional technology services market. During the first half of FY2025, the Company entered the U.S. market and secured several customers, demonstrating initial business traction and expansion potential.

Cost of Revenue

Cost of revenue primarily consists of amortization of software, payments to a third-party service provider for outsourced operations, as well as cloud infrastructure costs. Cost of revenue related to AI services increased by approximately US$2.6 million, or 55.2%, from US$4.8 million for the six months ended December 31, 2023 to US$7.4 million for the six months ended December 31, 2024, mainly due to the corresponding rise in outsourced operation costs as revenue increased. The growth rate of cost of revenue is proportionally higher than that of revenue, primarily due to investments required to serve new markets and customers. These investments enable us to enhance our product and service offerings with differentiated, competitive technology—particularly through the development of industry-specific application scenarios. These tailored solutions are essential for entering new sectors such as insurance, mortgage sales, and government services, as well as for localizing our platform to meet the regulatory and operational demands of new geographic regions like North America and Southeast Asia.

Gross Profit

As a result of the foregoing, we recorded gross profit of US$9.0 million and US$9.7 million for the six months ended December 31, 2024 and 2023, respectively. This reduction of gross profit margin from 67.0% to 54.6% is the result of the aforementioned elevated amortization costs from software R&D, increased outsourcing operation fees, and expanded cloud infrastructure, which we believe are necessary for our future growth and profitability.

Selling and Marketing Expenses

Our selling and marketing expenses increased by 953.0% from US$50,214 for the six months ended December 31, 2023 to US$528,746 for the six months ended December 31, 2024, which was mainly due to (i) the increase of payroll expenses of US$303,050, primarily driven by the establishment and ramp-up of dedicated sales and marketing teams in our U.S. subsidiary; and (ii) the increase of share-based compensation expense of US$121,800, resulting from share grants under the Company’s 2024 Equity Incentive Plan. The U.S. team expansion is part of our broader international growth strategy, aimed at strengthening our presence in North America—a key strategic market. As part of this effort, we significantly expanded our U.S. office presence, increasing headcount to support go-to-market execution, client onboarding, business development, and marketing in the region. In February 2024, we established the U.S. team, and by December 2024, it had expanded to twenty-two staff, among whom eight were engaged in selling and marketing activities.

General and Administrative Expenses

Our general and administrative expenses increased by 125.2% from US$2.0 million for the six months ended December 31, 2023 to US$4.6 million for the six months ended December 31, 2024, which was primarily attributable to: (i) an increase of US$1.5 million in professional service fees such as advisory fees, audit fees and legal fees for overseas listing; (ii) an increase of US$0.4 million in insurance expenses; (iii) an increase of US$0.2 million in payroll expenses resulting from the expansion of the management team’s headcount; and (iv) an increase of US$0.2 million in withholding tax incurred from 10% withholding tax on AI services provided to our customers in China.

Research and Development Expenses

Our research and development expenses increased by US$1.3 million from US$78.8 thousand for the six months ended December 31, 2023 to US$1.4 million for the six months ended December 31, 2024. The increase was attributable to an additional US$0.8 million in AI training service fees and US$0.3 million in product development fees incurred during the six months ended December 31, 2024, allowing us to better differentiate and diversify our product and services offerings with competitive technologies, especially as they relate to the development of industry-specific application scenarios.

Financial Expenses, net

Our financial expenses, net increased from US$19,162 for the six months ended December 31, 2023 to US$312,437 for the six months ended December 31, 2024, primarily due to an increase in foreign exchange loss of US$266,669 and the increase in interest expenses accrued for convertible promissory notes and the loan from a third party of US$22,139.

Income Tax Expenses

As a result of our operating income position for the six months ended December 31, 2024 and 2023, we incurred income tax expenses of US$0.7 million and US$1.3 million for the six months ended December 31, 2024 and 2023, respectively.

Net Income

As a result of the foregoing, our net income decreased by US$5.1 million, or 82.9%, from US$6.2 million for the six months ended December 31, 2023 to US$1.1 million for the six months ended December 31, 2024. The decrease in net income was mainly due to a US$2.6 million increase in general and administrative expenses, a US$1.4 million increase in research and development expenses, and a US$0.7 million decrease in gross profit.

Liquidity and Capital Resources

Cash was $0.9 million as of December 31, 2024, as compared to $0.1 million on December 31, 2023. We had a positive working capital of $7.6 million and $10.6 million as of December 31, 2024 and June 30, 2024, respectively. Our liquidity is based on our ability to enhance our operating cash flow position and obtain financing from equity and debt investors to fund our general operations and capital expenditure. Our ability to further enhance our liquidity depends on management’s ability to execute our business plan successfully, which includes optimizing accounts receivable collection and striking a balance between revenue growth and investments in R&D activities.

Use of Non-GAAP Financial Measures

We consider adjusted net income, a non-GAAP financial measure, as a supplemental measure to review and assess our operating performance. We define adjusted net income for a specific period as net income in the same period excluding share-based compensation expenses and changes in fair value of warrant liabilities.

We present this non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Accordingly, we believe that adjusted net income helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net income and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. We also believe that the use of the non-GAAP financial measure facilitates investors’ assessment of our operating performance, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision making.

The non-GAAP financial measure should not be considered in isolation from or construed as an alternative to its most directly comparable financial measure prepared in accordance with GAAP. Investors are encouraged to review the historical non-GAAP financial measure in reconciliation to its most directly comparable GAAP financial measure. As the non-GAAP financial measure has material limitations as an analytical metric and may not be calculated in the same manner by all companies, such measure may not be comparable to other similarly titled measure used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measure as a substitute for, or superior to, its most directly comparable financial measure prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

The following table reconciles our adjusted net income for the periods indicated to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is net income.

	For the six months ended December 31,
	2024		2023
Net income	$	1,066,894	$	6,243,606
Add:
Share-based compensation expenses		223,933		–
Change in fair value of warrant liabilities		336,136		–
Total	$	1,626,963	$	6,243,606

First Half Fiscal Year 2025 Financial Results Conference Call

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

To access the call, please use the following information:

Date:	Monday, March 31, 2025
Time:	4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time
Toll-free dial-in number:	1-800-274-8461
International dial-in number:	1-203-518-9814
Conference ID (Required for Entry):	HELPORT

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1712485&tp_key=f52524cadf and via the investor relations section of the Company’s website here.

A replay of the webcast will be available after 9:30 p.m. Eastern Time through July 1, 2025.

Toll-free replay number:	1-844-512-2921
International replay number:	1-412-317-6671
Replay ID:	11158521

About Helport AI Limited

We are a global AI technology company serving enterprise clients with intelligent customer communication software and services. Our proprietary software offering, Helport AI Assist (“AI Assist”), is a real-time, AI-driven “co-pilot” providing intelligent guidance for customer contact professionals across business settings. In addition, we provide AI+BPO (Business Process Outsourcing) services to facilitate customer engagement, helping clients grow sales, improve customer service, and reduce operational costs.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, HPAI’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on HPAI’s current expectations and projections about future events that HPAI believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions, although not all forward-looking statements contain these identifying words. HPAI undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although HPAI believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and HPAI cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in HPAI’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Helport AI Investor Relations:
Website: https://ir.helport.ai
Email: ir@helport.ai

External Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us

HELPORT AI LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in and U.S. dollars (“US$”), except share data)

	As of December 31,		As of June 30,
	2024		2024
	(unaudited)
Cash	$	852,463	$	2,581,086
Accounts receivable		22,016,884		21,313,735
Deferred offering costs		–		817,871
Prepaid expenses and other receivables		2,027,167		41,966
Total current assets		24,896,514		24,754,658

Intangible assets, net		8,592,817		2,425,694
Right-of-use assets, net		762,644		–
Total non-current asset		9,355,461		2,425,694
Total assets	$	34,251,975	$	27,180,352

Accounts payable	$	3,280,565	$	284,067
Income tax payable		2,508,021		2,724,998
Amount due to related parties		536,538		965,776
Convertible promissory notes		–		4,889,074
Warrant liabilities		4,782,915		–
Accrued expenses and other liabilities		5,684,775		5,263,239
Lease liabilities, current		110,832		–
Deferred tax liabilities		332,626		–
Total current liabilities		17,236,272		14,127,154

Lease liabilities, non-current		687,093		–
Total non-current liabilities		687,093		–
Total liabilities		17,923,365		14,127,154

Commitments and contingencies

Ordinary shares (US$0.0001 par value per share; 500,000,000 authorized as of December 31, 2024 and June 30, 2024, respectively; 37,132,968 and 30,280,768 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively)*		3,713		3,028
Additional paid-in capital*		2,212,361		4,528
Retained earnings		14,112,536		13,045,642
Shareholders’ equity		16,328,610		13,053,198
Total liabilities and shareholders’ equity	$	34,251,975	$	27,180,352

*Par value of ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.

HELPORT AI LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in and U.S. dollars (“US$”), except share data)

	For the six months ended December 31,
	2024			2023
	(unaudited)			(unaudited)
Revenue	$	16,406,402		$	14,506,363
Cost of revenue		(7,440,338	)		(4,793,021	)
Gross profit		8,966,064			9,713,342

Selling expenses		(528,746	)		(50,214	)
General and administrative expenses		(4,598,484	)		(2,042,289	)
Research and development expenses		(1,448,115	)		(78,757	)
Total operating expenses		(6,575,345	)		(2,171,260	)

Income from operation		2,390,719			7,542,082

Financial expenses, net		(312,437	)		(19,162	)
Change in fair value of warrant liabilities		(336,136	)		–
Income before income tax expense		1,742,146			7,522,920
Income tax expense		(675,252	)		(1,279,314	)
Net income	$	1,066,894		$	6,243,606

Total comprehensive income	$	1,066,894		$	6,243,606

Earnings per ordinary share
Basic		0.03			0.21
Diluted		0.03			0.21
Weighted average number of ordinary shares outstanding*
Basic		35,990,935			30,280,768
Diluted		35,990,935			30,280,768

*Share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.

HELPORT AI LIMITED UNAUDITED CONDENSED CONDOLIDATED STATEMENTS OF CASH FLOWS (Amounts in and U.S. dollars (“US$”), except share data)

	For the six months ended December 31,
	2024			2023
	(unaudited)			(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,066,894		$	6,243,606
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets		1,957,877			1,166,667
Amortization of right-of-use assets		36,806			–
Share-based compensation		223,933			–
Change in fair value of warrant liabilities		336,136			–
Changes in operating assets and liabilities:
Accounts receivable		(703,149	)		(5,809,454	)
Prepaid expenses and other receivables		1,028,346			(57,896	)
Accounts payable		2,996,498			1,654,223
Amount due to related parties		–			10,800
Accrued expenses and other liabilities		(3,196,882	)		1,939,154
Income tax payable		(216,977	)		1,279,315
Deferred tax liabilities		332,626			–
Lease liabilities		(10,810	)		–
Net cash provided by operating activities		3,851,298			6,426,415

CASH FLOWS FORM INVESTING ACTIVITY
Purchase of intangible assets		(8,125,000	)		(7,000,000	)
Net cash used in investing activity		(8,125,000	)		(7,000,000	)

CASH FLOWS FORM FINANCING ACTIVITIES
Deferred offering costs		(213,052	)		(467,465	)
Loan from a third party		–			954,909
Repayment of loans from a third party		(199,582	)		–
Repayment of loans from related parties		(429,238	)		(5,143	)
Cash inflow from reverse recapitalization		1,136,951			–
Proceeds from PIPE investments		2,600,000			–
Repayment of sponsor loans		(350,000	)		–
Net cash provided by financing activities		2,545,079			482,301

Effect of exchange rate changes		–			(130	)

Net change in cash		(1,728,623	)		(91,414	)
Cash at the beginning of the period		2,581,086			142,401
Cash at the end of the period	$	852,463		$	50,987

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Recognition of right-of use assets and lease liabilities	$	799,450		$	–

The MIL Network –

April 1, 2025

MIL-OSI: Open Lending Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

Board Chair Jessica Buss Appointed Chief Executive Officer

Charles “Chuck” Jehl will Continue to Serve as Interim Chief Financial Officer and a Member of the Board of Directors

Michelle Glasl Appointed Chief Operating Officer

AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today announced that its Board of Directors (the “Board”) has appointed Jessica Buss as Chief Executive Officer, effective immediately. Chuck Jehl will continue to serve as Interim Chief Financial Officer and as a member of the Board. The Board also has appointed Michelle Glasl as Chief Operating Officer. The Board is conducting a comprehensive search process to identify a permanent Chief Financial Officer.

“We are thrilled to announce Jessica as our new CEO,” said Thomas Hegge, a member of the Board. “Her extensive experience in the insurance industry will be instrumental in ensuring a seamless and profitable collaboration between Open Lending, our insurance carrier partners, and our automotive lending partners. Our focus remains on enhancing loan performance, minimizing potential loan defaults, and improving our underwriting processes to more accurately price insurance premiums for the risk. We remain committed to serving our near and non-prime consumers alongside our valued partners.”

“We are grateful that Chuck stepped in to lead Open Lending through a challenging and volatile period for our Company and industry,” added Mr. Hegge. “He is passing the baton to Jessica to continue to execute our strategic plan and usher in the next phase of growth. Meanwhile, Chuck will continue to support Open Lending during this transitionary period as Interim Chief Financial Officer and a valued member of the Board.

“In addition to serving on Open Lending’s Board for the last five years, Jessica brings decades of executive experience in the insurance industry,” said Mr. Jehl. “She understands the opportunities and challenges of our industry, and I believe she will continue our legacy of serving our underserved near- and non-prime consumers.”

“I’d like to thank Chuck for his many contributions in various executive leadership roles at Open Lending since 2020, including taking the Company public,” said Ms. Buss. “He has been a critical part of the management team, and I am looking forward to continuing to work with him as a member of our Board.

Jessica Buss previously served as the CEO of Argo Group International Holdings, Ltd. a subsidiary of Brookfield Reinsurance Ltd (NYSE, TSX: BNRE), a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. She was previously the president, U.S. insurance, of Argo prior to its acquisition by Brookfield Re. Prior to joining Argo, she was President and CEO of GuideOne Insurance Company and, prior to that, she was senior vice president – Commercial and Specialty Lines at State Auto Insurance Companies. Jessica held several other positions during her tenure at State Auto, including chief operating officer and chief financial officer of the company’s specialty subsidiary, and senior vice president of Specialty. Prior to joining State Auto, Jessica was a member of a three-person team that raised the capital for the formation and start-up operations of Rockhill Holdings, a niche property and casualty business that was purchased by State Auto in 2009. She was also CFO for Citizens Property Insurance Corporation. In 2016, Jessica was named one of Insurance Business’ Elite Women of the Year. Jessica earned her bachelor’s degree in accounting from the University of Wisconsin and her Master of Business Administration from the University of Florida.

Michele Glasl also joins Open Lending from Argo Group, where she has served as Head of Operations since 2022. As Head of Operations, she oversaw information technology, security, operations and communications. Glasl previously served as SVP of Strategy and Business Development at Argo Group. Prior to that, she served as Chief Information Officer at GuideOne Insurance from June 2017 to June 2022. She previously served as Vice President of Technology at State Auto from February 2009 to June 2017. Ms. Glasl holds a Bachelor of Science degree from the University of Wisconsin – Milwaukee.

Board Changes
Jessica Buss will continue to serve as Chairman of the Board but will no longer be a member of the nominating and corporate governance and audit committees of the Board. Thomas Hegge will join the audit committee. Chuck Jehl will continue to serve as a member of the Board.

About Open Lending
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to the benefits of any leadership transition and future strategic plans. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contact:
Investors
openlending@icrinc.com

The MIL Network –

April 1, 2025
MIL-OSI: Pathfinder Bancorp, Inc. Declares Dividend

Source: GlobeNewswire (MIL-OSI)

OSWEGO, N.Y., March 31, 2025 (GLOBE NEWSWIRE) — James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company’s voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2025. The first quarter 2025 dividend will be payable to all shareholders of record on April 18, 2025 and will be paid on May 9, 2025.

About Pathfinder Bancorp, Inc.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The Bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The Bank has twelve full service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.

This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

CONTACT: James A. Dowd, President and CEO, (315) 343-0057

The MIL Network –

April 1, 2025

MIL-OSI: Progress Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annualized Recurring Revenue (“ARR”) of $836 million Grew 48% year-over-year
Revenue of $238 million Grew 29% year-over-year
ShareFile Integration Underway

BURLINGTON, Mass., March 31, 2025 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2025.

First Quarter 2025 Highlights:

Revenue and non-GAAP revenue of $238 million increased 29% year-over-year on an actual and 30% on a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $836 million increased 48% year-over-year on a constant currency basis.
Operating margin was 14% and non-GAAP operating margin was 39%.
Diluted earnings per share was $0.24 compared to $0.51 in the same quarter last year, a decrease of 53%.
Non-GAAP diluted earnings per share was $1.31 compared to $1.25 in the same quarter last year, an increase of 5%.

“We’re extremely pleased with our excellent Q1 results,” said Yogesh Gupta, CEO of Progress. “We are ahead, or on plan, with all our ShareFile integration milestones, which are providing significant contributions to ARR and revenues, as well as expense savings. Our solid performance on the top line was again driven by our product portfolio across the board, with our data platform and infrastructure management products having a particularly solid quarter. Our Net Retention Rate again surpassed 100%, which reflects the resiliency of our business and the strength of our customer relationships. Operationally, our first quarter was solid by every metric, and I am extremely proud of our team for their dedication and relentless commitment to our customers.”

Additional financial highlights included:

	Three Months Ended
	GAAP									Non-GAAP
(In thousands, except percentages and per share amounts)	February 28, 2025			February 29, 2024			% Change			February 28, 2025			February 29, 2024			% Change
Revenue	$	238,015		$	184,685			29	%	$	238,015		$	184,685			29	%
Income from operations	$	32,426		$	35,006			(7	)%	$	93,595		$	76,756			22	%
Operating margin		14	%		19	%		(500) bps			39	%		42	%		(300) bps
Net income	$	10,946		$	22,639			(52	)%	$	58,995		$	55,928			5	%
Diluted earnings per share	$	0.24		$	0.51			(53	)%	$	1.31		$	1.25			5	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	68,947		$	70,504			(2	)%	$	73,211		$	72,204			1	%
										$	87,954		$	78,079			13	%

See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

Other fiscal first quarter 2025 metrics and recent results included:

Cash and cash equivalents were $124.2 million at the end of the quarter.
Days sales outstanding was 48 days compared to 50 days in the fiscal first quarter of 2024 and 67 days in the fiscal fourth quarter of 2024.

“We’re off to a very strong start for FY25, as our Q1 results demonstrate. Revenues at the high end of guidance reflect steady demand; expenses remain well-controlled; cash flow was again strong; and our bottom-line results and raised EPS guidance reflect numerous positives,” said Anthony Folger, CFO of Progress. “Beyond excellent financial performance, we repurchased $30 million of Progress shares and accelerated repayment of the revolving credit line used to partially finance the ShareFile acquisition, paying down $30 million during Q1. The ShareFile integration is tracking well, and we expect to complete the integration by year-end.”

2025 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal second quarter ending May 31, 2025:

	Updated FY 2025 Guidance (March 31, 2025)				Prior FY 2025 Guidance (January 21, 2025)
(In millions, except percentages and per share amounts)	GAAP		Non-GAAP		GAAP		Non-GAAP
Revenue	$958 – $970		$958 – $970		$958 – $970		$958 – $970
Diluted earnings per share	$1.19 – $1.35		$5.25 – $5.37		$1.08 – $1.23		$5.00 – $5.12
Operating margin	14% – 15	%	38	%	14% – 15	%	37% – 38	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$216 – $228		$226 – $238		$216 – $228		$225 – $237
			$283 – $294				$282 – $294
Effective tax rate	19	%	20	%	21	%	20	%

	Q2 2025 Guidance
(In millions, except per share amounts)	GAAP	Non-GAAP
Revenue	$235 – $241	$235 – $241
Diluted earnings per share	$0.24 – $0.30	$1.28 – $1.34

Based on current exchange rates, the expected negative currency translation impact on our:

Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.8 million on revenue.
Fiscal Q2 2025 business outlook compared to 2024 exchange rates is approximately $0.1 million on revenue.

Based on current exchange rates, the currency translation impact is expected to be immaterial on our GAAP and non-GAAP diluted earnings per share for both fiscal year 2025 and Q2 2025.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal first quarter of 2025 at 5:00 p.m. ET on Monday, March 31, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIb86bb577ced14b9fa67069eb761f36a9. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bt5rgqn7. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

About Progress

Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Investor Contact:		Press Contact:
Michael Micciche		Jeff Young
Progress Software		Progress Software
+1 781 850 8450		+1 781 280 4000
Investor-Relations@progress.com		PR@progress.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended
(In thousands, except per share data)	February 28, 2025			February 29, 2024			% Change
Revenue:
Software licenses	$	58,445		$	64,100			(9	)%
Maintenance, SaaS, and professional services		179,570			120,585			49	%
Total revenue		238,015			184,685			29	%
Costs of revenue:
Cost of software licenses		2,925			2,731			7	%
Cost of maintenance, SaaS, and professional services		32,884			22,219			48	%
Amortization of acquired intangibles		10,422			7,859			33	%
Total costs of revenue		46,231			32,809			41	%
Gross profit		191,784			151,876			26	%
Operating expenses:
Sales and marketing		51,296			39,111			31	%
Product development		46,375			34,988			33	%
General and administrative		25,623			21,344			20	%
Amortization of acquired intangibles		25,808			17,389			48	%
Cyber vulnerability response expenses, net		737			987			(25	)%
Restructuring expenses		7,029			2,349			199	%
Acquisition-related expenses		2,490			702			255	%
Total operating expenses		159,358			116,870			36	%
Income from operations		32,426			35,006			(7	)%
Other expense, net		(19,124	)		(7,399	)		158	%
Income before income taxes		13,302			27,607			(52	)%
Provision for income taxes		2,356			4,968			(53	)%
Net income	$	10,946		$	22,639			(52	)%

Earnings per share:
Basic	$	0.25		$	0.52			(52	)%
Diluted	$	0.24		$	0.51			(53	)%
Weighted average shares outstanding:
Basic		43,256			43,802			(1	)%
Diluted		44,887			44,826			—	%

Cash dividends declared per common share	$	—		$	0.175			(100	)%

Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
Cost of revenue	$	1,195	$	986	21	%
Sales and marketing		3,032		2,312	31	%
Product development		4,410		3,665	20	%
General and administrative		6,046		5,501	10	%
Total	$	14,683	$	12,464	18	%

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)	February 28, 2025		November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	124,161	$	118,077
Accounts receivable, net		126,366		163,575
Unbilled receivables		35,454		34,672
Other current assets		54,694		52,489
Total current assets		340,675		368,813
Property and equipment, net		13,233		13,746
Goodwill and intangible assets, net		1,980,181		2,015,748
Right-of-use lease assets		28,308		30,894
Long-term unbilled receivables		30,416		28,893
Other assets		69,605		68,872
Total assets	$	2,462,418	$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	90,768	$	113,801
Short-term operating lease liabilities		8,975		9,202
Short-term deferred revenue, net		328,798		332,142
Total current liabilities		428,541		455,145
Long-term debt, net		700,000		730,000
Convertible senior notes, net		797,277		796,267
Long-term operating lease liabilities		24,260		26,259
Long-term deferred revenue, net		71,508		72,270
Other long-term liabilities		8,985		8,237
Stockholders’ equity:
Common stock and additional paid-in capital		353,469		354,592
Retained earnings		78,378		84,196
Total stockholders’ equity		431,847		438,788
Total liabilities and stockholders’ equity	$	2,462,418	$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended
(In thousands)	February 28, 2025			February 29, 2024
Cash flows from operating activities:
Net income	$	10,946		$	22,639
Depreciation and amortization		39,209			27,544
Stock-based compensation		14,683			12,464
Other non-cash adjustments		3,070			1,327
Changes in operating assets and liabilities		1,039			6,530
Net cash flows from operating activities		68,947			70,504
Capital expenditures		(1,290	)		(309	)
Repurchases of common stock, net of issuances		(23,870	)		(14,917	)
Dividend equivalent and dividend payments to stockholders		(359	)		(8,171	)
Payments for acquisitions		(1,195	)		—
Principal payment on term loan and repayment of revolving line of credit		(30,000	)		(33,437	)
Other		(6,149	)		(7,406	)
Net change in cash and cash equivalents		6,084			6,264
Cash and cash equivalents, beginning of period		118,077			126,958
Cash and cash equivalents, end of period	$	124,161		$	133,222

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)

	Three Months Ended
(In thousands, except per share data)	February 28, 2025			February 29, 2024
Adjusted income from operations:
GAAP income from operations	$	32,426		$	35,006
Amortization of acquired intangibles		36,230			25,248
Stock-based compensation		14,683			12,464
Restructuring expenses		7,029			2,349
Acquisition-related expenses		2,490			702
Cyber vulnerability response expenses, net		737			987
Non-GAAP income from operations	$	93,595		$	76,756

Adjusted net income:
GAAP net income	$	10,946		$	22,639
Amortization of acquired intangibles		36,230			25,248
Stock-based compensation		14,683			12,464
Restructuring expenses		7,029			2,349
Acquisition-related expenses		2,490			702
Cyber vulnerability response expenses, net		737			987
Provision for income taxes		(13,120	)		(8,461	)
Non-GAAP net income	$	58,995		$	55,928

Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.24		$	0.51
Amortization of acquired intangibles		0.80			0.56
Stock-based compensation		0.32			0.28
Restructuring expenses		0.16			0.05
Acquisition-related expenses		0.06			0.02
Cyber vulnerability response expenses, net		0.02			0.02
Provision for income taxes		(0.29	)		(0.19	)
Non-GAAP diluted earnings per share	$	1.31		$	1.25

Non-GAAP weighted avg shares outstanding – diluted		44,887			44,826

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow
	Three Months Ended
(In thousands)	February 28, 2025			February 29, 2024			% Change
Cash flows from operations	$	68,947		$	70,504			(2	)%
Purchases of property and equipment		(1,290	)		(309	)		317	%
Free cash flow		67,657			70,195			(4	)%
Add back: restructuring payments		5,554			2,009			176	%
Adjusted free cash flow	$	73,211		$	72,204			1	%
Add back: tax-effected interest expense		14,743			5,875			151	%
Unlevered free cash flow	$	87,954		$	78,079			13	%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(In millions)	Low			High
GAAP income from operations	$	137.2		$	145.7
GAAP operating margins		14	%		15	%
Acquisition-related expense		6.0			6.0
Restructuring expense		9.4			9.4
Stock-based compensation		62.8			62.8
Amortization of acquired intangibles		144.9			144.9
Cyber vulnerability response expenses, net		4.2			4.2
Total adjustments⁽¹⁾		227.3			227.3
Non-GAAP income from operations	$	364.5		$	373.0
Non-GAAP operating margin		38	%		38	%
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(In millions, except per share data)	Low			High
GAAP net income	$	53.2		$	60.9
Adjustments (from previous table)		227.3			227.3
Income tax adjustment⁽²⁾		(46.1	)		(46.2	)
Non-GAAP net income	$	234.4		$	242.0

GAAP diluted earnings per share	$	1.19		$	1.35
Non-GAAP diluted earnings per share	$	5.25		$	5.37

Diluted weighted average shares outstanding		44.7			45.1



² Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:
	Fiscal Year Ending November 30, 2025
	Low			High
Non-GAAP income from operations	$	364.5		$	373.0
Other (expense) income		(71.5	)		(70.5	)
Non-GAAP income from continuing operations before income taxes		293.0			302.5
Non-GAAP net income		234.4			242.0
Tax provision	$	58.6		$	60.5
Non-GAAP tax rate		20	%		20	%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(In millions)	Low			High
Cash flows from operations (GAAP)	$	216		$	228
Purchases of property and equipment		(7	)		(7	)
Add back: restructuring payments		17			17
Adjusted free cash flow (non-GAAP)		226			238
Add back: tax-effected interest expense		57			56
Unlevered free cash flow (non-GAAP)	$	283		$	294

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q2 2025 GUIDANCE
(Unaudited)

Q2 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending May 31, 2025
	Low			High
GAAP diluted earnings per share	$	0.24		$	0.30
Acquisition-related expense		0.04			0.04
Restructuring expense		0.03			0.03
Stock-based compensation		0.38			0.38
Amortization of acquired intangibles		0.83			0.83
Cyber vulnerability response expenses, net		0.01			0.01
Total adjustments⁽¹⁾		1.29			1.29
Income tax adjustment		(0.25	)		(0.25	)
Non-GAAP diluted earnings per share	$	1.28		$	1.34
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affords a view of our operating results that may be more easily compared to our peer companies, and (iv) enables investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior and proposed acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.
We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; and (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

April 1, 2025

MIL-OSI: Expion360 Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Q4 Sequential Revenue Growth of 43% Driven by New Products and Technologies, and 131% Year over Year

New OEM and Distributor Relationships to Equip New Campers and RVs with Advanced Lithium-Ion Batteries

Began Shipping e360 Home Energy Storage Solutions

REDMOND, Ore., March 31, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 & Subsequent Financial & Operational Highlights

Q4 2024 revenue totaled $2.0 million, up 131% from Q4 2023, and 43% sequentially from Q3 2024.
Began fulfilling purchase orders for its Home Energy Storage Solutions (“HESS”).
Signed a non-binding letter of intent with NeoVolta Inc. (“NeoVolta”), a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.
Partnered with Scout Campers, a subsidiary of Adventurer Manufacturing, Inc., to equip its high-quality campers with Expion360’s advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers’ products.
Added several new original equipment manufacturers (“OEMs”) and one new distributor reflecting successful ongoing sales efforts to expand customer base across the United States.
Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Management Commentary

“The fourth quarter of 2024 and early 2025 was highlighted by robust sequential revenue growth, a strengthened balance sheet, and the addition of new OEM customers,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew sequentially for a fourth consecutive quarter, improving 43% from Q3 2024, demonstrating the successful execution of our efforts to expand sales with our more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and OEMs who then sell our products to end consumers. Year-over-year sales continued to be impacted by the downturn in the RV market with the persistence of high interest rates. We believe the RV market will continue to gain ground through 2025, with shipments remaining steady in the short term and increasing traction heading into next year. In January we took the opportunity to strengthen our balance sheet with the close of a $2.6 million registered direct offering and private placement.

“We are making significant progress against our goals with the ongoing expansion of our OEM relationships and acquisition of several new OEM partnerships. New customers, including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, are driving demand for high-quality lithium battery technology for their premium campers and vehicles.

“We are working with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs. A formal engagement would enable us to contribute our expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together we expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.

“We have continued our progress in our Home Energy Storage Solutions vertical, with production shipments beginning in January 2025. We believe the HESS product line will benefit from a fast-growing battery energy storage market, and consumer uptake can rapidly scale with the introduction of products that improve price, flexibility, and integration. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems.

“Looking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately $5.0 million for fiscal year 2025, with additional new customers expressing interest across our product line, including our next generation GC2, Group 27, and new Edge batteries. The anticipated revenue growth is expected to increase gross profits by an estimated $1.4 million for fiscal year 2025. We are also highly focused on further development of HESS and the introduction of new technologies and batteries. We look forward to announcements of additional wins and milestones in the months ahead,” concluded Mr. Schaffner.

Fourth Quarter 2024 Financial Summary

Revenue in the fourth quarter of 2024 totaled $2.0 million, an increase of 131% from $0.9 million in the prior year period. The increase was primarily due to increased OEM sales with existing and new customers.

Gross profit in the fourth quarter of 2024 totaled $438,552 or 22.1% of revenue, as compared to $205,114 or 23.9% of revenue in the prior year period. The decrease in gross profit was primarily due to OEM customer discounts issued in connection with higher-volume purchases.

Selling, general and administrative expenses in the fourth quarter of 2024 decreased to $1.6 million compared to $2.4 million in the prior year period. The decrease was primarily due to reductions in salaries related to a lower employee headcount and lower stock-based compensation.

Net loss in the fourth quarter of 2024 totaled $251,647, an 88% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily due to our sales growth.

Full Year 2024 Financial Summary

For the year ended December 31, 2024, revenue totaled $5.6 million, decreasing 6.0% from $6.0 million in the prior year. The decrease was primarily attributable to softness in the recreational market during the first two quarters, driving decreases in OEM sales during those same two periods.

Gross profit for the full year of 2024 totaled $1.2 million, a 20.5% gross margin as compared to $1.6 million or 26.3% of revenue in the same year-ago period. The decrease in gross profit was primarily attributable to lower sales volumes due to the slowdown in the RV industry resulting in lower economies of scale on fixed costs, as well as the liquidation of non-core product increasing cost of sales above what they would have been without the liquidation.

Selling, general and administrative expenses for the full year of 2024 decreased 9.6% to $7.9 million compared to $8.7 million in the prior year period. The decrease was primarily due to decreases in legal and professional fees, as well as salaries and benefits, which was partially offset by an increase in license and fee cash premiums paid when making repayment on our convertible note, as well as fees incurred in connection with our termination of our warehouse lease.

Net loss for the year ended December 31, 2024, totaled $13.5 million or $(21.03) per share, compared to net loss of $7.5 million or $(108.25) per share in the prior year. The net loss was primarily the result of $5.0 million in suspended liability expense due to our reverse stock split cash true-up payment provision in the Series A Warrants issued and sold in a public offering we consummated in August 2024, as well as increased interest incurred under our convertible note, and increased settlement expenses.

Cash and cash equivalents totaled $0.5 million as of December 31, 2024, compared to $3.9 million as of December 31, 2023. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Net cash used in operating activities totaled $9.6 million for the year ended December 31, 2024, compared to $5.5 million in the prior year period.

The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the reverse stock split of the Company’s common stock, par value $0.001 per share, which was effective on October 8, 2024.

Fourth Quarter & Full Year 2024 Results Conference Call

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

To access the call, please use the following information:

A telephone replay will be available approximately three hours after the call and will remain available through April 14, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10196334. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

About Expion360

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

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

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

Forward-Looking Statements

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

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

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


Expion360 Inc. Balance Sheets

	As of December 31, 2024			As of December 31, 2023
Assets
Current Assets
Cash and cash equivalents	$	547,565		$	3,932,698
Accounts receivable, net		613,022			154,935
Inventory		4,831,461			3,825,390
Prepaid/in-transit inventory		1,612,686			163,948
Prepaid expenses and other current assets		236,461			189,418
Total current assets		7,841,195			8,266,389

Property and equipment		914,081			1,348,326
Accumulated depreciation		(430,191	)		(430,295	)
Property and equipment, net		483,890			918,031

Other Assets
Operating leases – right-of-use asset		754,832			2,662,015
Deposits		27,471			58,896
Total other assets		782,303			2,720,911
Total assets	$	9,107,388		$	11,905,331

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	338,091		$	286,985
Customer deposits		48,474			17,423
Accrued expenses and other current liabilities		187,464			292,515
Convertible note		—			2,082,856
Current portion of operating lease liability		256,153			522,764
Current portion of stockholder promissory notes		—			762,500
Current portion of long-term debt		31,758			50,839
Suspended Liability		4,985,948			—
Total current liabilities		5,847,888			4,015,882

Long-term debt, net of current portion and discount		198,412			298,442
Operating lease liability, net of current portion		542,764			2,241,325
Total liabilities	$	6,589,064		$	6,555,649

Stockholders’ equity
Preferred stock, par value $.001; 20,000,000 shares authorized; zero shares issued and outstanding		—			—
Common stock, par value $.001; 200,000,000 shares authorized; 2,096,082 and 69,230 issued and outstanding as of December 31, 2024 and 2023, respectively		2,096			69
Additional paid-in capital		37,091,468			26,445,378
Accumulated deficit		(34,575,240	)		(21,095,765	)
Total stockholders’ equity		2,518,324			5,349,682
Total liabilities and stockholders’ equity	$	9,107,388		$	11,905,331


Expion360 Inc. Statements of Operations

	For the Years Ended December 31,
	2024			2023
Net sales	$	5,624,939		$	5,981,134
Cost of sales		4,469,711			4,405,611
Gross profit		1,155,228			1,575,523
Selling, general and administrative		7,909,219			8,745,135
Loss from operations		(6,753,991	)		(7,169,612	)

Other (Income) / Expense
Interest income		(86,121	)		(125,854	)
Interest expense		976,618			124,511
Loss on sale of property and equipment		146,760			3,426
Settlement expense		709,900			281,680
Suspended liability expense		4,985,948			—
Other income		(6,073	)		(394	)
Total other expense		6,727,032			283,369
Loss before taxes		(13,481,023	)		(7,452,981	)

Tax (income) / expense		(1,548	)		3,293
Net loss	$	(13,479,475	)	$	(7,456,274	)

Net loss per share (basic and diluted)	$	(21.03	)	$	(108.25	)
Weighted-average number of common shares outstanding		641,011			68,882


Expion360 Inc. Statements of Cash Flows

	For the Years Ended December 31,
	2024			2023
Cash flows from operating activities

Net loss	$	(13,479,475	)	$	(7,456,274	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		173,973			205,723
Amortization of convertible note costs		667,144			—
Loss on sale of property and equipment		146,760			3,426
Decrease in allowance for doubtful accounts		—			(18,804	)
Stock-based settlement		209,000			251,680
Stock-based compensation		616,632			560,365
Decrease in right-of-use assets and lease liabilities		(67,778	)		—
Increase in suspended liability		4,985,948			—

Changes in operating assets and liabilities:
(Increase) / Decrease in accounts receivable		(458,087	)		161,904
(Increase) / Decrease in inventory		(1,006,071	)		704,746
Increase in prepaid/in-transit inventory		(1,448,738	)		(22,338	)
Increase in prepaid expenses and other current assets		(47,043	)		(17,626	)
Decrease in deposits		31,425			5,005
Increase in accounts payable		51,106			56,735
Increase in customer deposits		31,051			17,365
Increase / (Decrease) in accrued expenses and other current liabilities		21,819			(13,649	)
Increase in right-of-use assets and lease liabilities		9,789			30,510
Net cash used in operating activities		(9,562,545	)		(5,531,232	)

Cash flows from investing activities
Purchases of property and equipment		(19,203	)		(20,170	)
Net proceeds from sale of property and equipment		132,611			36,748
Net cash provided by investing activities		113,408			16,578

Cash flows from financing activities
Proceed from / (Principal payment on) convertible note		(2,750,000	)		2,420,025
Principal payments on long-term debt		(119,111	)		(161,194	)
Principal payments on stockholder promissory notes		(762,500	)		(62,500	)
Proceeds from exercise of warrants		185,434			49,800
Settlement of fractional shares for cashless warrant exercise		—			(23	)
Net proceeds from issuance of common stock		9,510,181			—
Net cash provided by financing activities		6,064,004			2,246,108

Net change in cash and cash equivalents		(3,385,133	)		(3,268,546	)
Cash and cash equivalents, beginning		3,932,698			7,201,244
Cash and cash equivalents, ending		547,565			3,932,698

The MIL Network –

April 1, 2025

MIL-OSI: Open Lending Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today reported financial results for its fourth quarter and full year ended December 31, 2024.

In a separate press release today, the Company announced that its Board of Directors (the “Board”) has appointed Jessica Buss, Chairman of the Board, as Chief Executive Officer, effective immediately. The Board has also appointed Michelle Glasl as Chief Operating Officer. Charles Jehl will continue to serve as Interim Chief Financial Officer and as a member of the Board.

Three Months Ended December 31, 2024 Highlights

The Company facilitated 26,065 certified loans during the fourth quarter of 2024, compared to 26,263 certified loans in the fourth quarter of 2023.
Total revenue was $(56.9) million during the fourth quarter of 2024, compared to $14.9 million in the fourth quarter of 2023. The fourth quarter of 2024 was negatively impacted by a $81.3 million reduction in estimated profit share revenues related to business in historic vintages as compared to a $14.3 million reduction in the fourth quarter of 2023.
Gross loss was $63.2 million during the fourth quarter of 2024, compared to gross profit of $9.6 million in the fourth quarter of 2023.
Net loss was $144.4 million during the fourth quarter of 2024, compared to a net loss of $4.8 million in the fourth quarter of 2023. The fourth quarter of 2024 was negatively impacted by the recording of a valuation allowance on our deferred tax assets of $86.1 million, which increased our income tax expense during the period.
Adjusted EBITDA was $(73.1) million during the fourth quarter of 2024, compared to $(2.1) million in the fourth quarter of 2023.

Twelve Months Ended December 31, 2024 Highlights

The Company facilitated 110,652 certified loans during the year ended December 31, 2024, compared to 122,984 certified loans in the prior year.
Total revenue was $24.0 million during the year ended December 31, 2024, compared to $117.5 million in the prior year. The year ended December 31, 2024 was negatively impacted by a $96.1 million reduction in estimated profit share revenues related to business in historic vintages as compared to a $22.8 million reduction in the prior year.
Gross profit was $0.2 million during the year ended December 31, 2024, compared to $95.2 million in the prior year.
Net loss was $135.0 million during the year ended December 31, 2024, compared to net income of $22.1 million in the prior year.
Adjusted EBITDA was $(42.9) million during the year ended December 31, 2024, compared to $50.2 million in the prior year.

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the financial table included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”

Fourth Quarter 2024 Impact Related to Profit Share Revenue Change in Estimates
Each quarter, the Company evaluates and updates its profit share revenue forecast and makes adjustments to its profit share revenue and related contract assets accordingly. Following this evaluation, for the fourth quarter of 2024, adjustments attributable to the Company’s profit share revenue forecast resulted in a negative change in estimate of $81.3 million, primarily due to heightened delinquencies and corresponding defaults associated with loans originated in 2021 through 2024.

As discussed below, three factors primarily contributed to this reduction of estimated profit share.

First, there was continued deterioration of the Company’s 2021 and 2022 vintages. These certified loans were generated when used car values reached an all-time high in late 2021, driven by pandemic-related disruptions in the supply chain. The subsequent decline in used car values has increased the likelihood of default on vehicles that are now worth significantly less than their corresponding outstanding loan balances. Adjustments to the forecasted performance of the Company’s 2021 and 2022 vintages accounted for approximately 40% of the Company’s total negative change in estimate for the fourth quarter of 2024.

Second, continued elevated delinquencies and ultimate defaults as a result of broader macroeconomic conditions accounted for approximately 20% of the Company’s total negative change in estimate for the fourth quarter of 2024.

Finally, the Company identified two cohorts of borrowers, borrowers with credit builder tradelines and borrowers with fewer positive tradelines, that caused its 2023 and 2024 vintages to underperform. Adjustments to the forecasted performance of loans to these two cohorts of borrowers accounted for approximately 40% of the Company’s total negative change in estimate for the fourth quarter of 2024.

As a result of the profit share change in estimate adjustment, for the fourth quarter of 2024, the Company reduced its contract assets by $33.7 million and recorded an excess profit share receipts liability of $47.6 million, attributable to the change in its expected profit share revenue. Any future adjustments to the Company’s profit share revenue forecasts, positive or negative, will impact profit share revenue.

First Quarter 2025 Outlook
For the first quarter of 2025, the Company currently expects total certified loans to be between 27,000 and 28,000.

The guidance provided includes forward-looking statements within the meaning of U.S. securities laws. See “Forward-Looking Statements” below.

Board Changes
Jessica Buss will continue to serve as Chairman of the Board but will no longer be a member of the nominating and corporate governance and audit committees of the Board. Thomas Hegge will join the audit committee effective immediately.

Conference Call
Open Lending will host a conference call to discuss the fourth quarter and full year 2024 financial results tomorrow, April 1, 2025, at 8:00 am ET. The conference call will be webcast live from the Company’s investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-4018, or for international callers (201) 689-8471; the conference ID is 13752724. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

About Open Lending
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to market trends, consumer behavior and demand for automotive loans, as well as future financial performance under the heading “First Quarter 2025 Outlook” above. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, tariffs, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures
The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP. The Company uses Adjusted EBITDA and Adjusted EBITDA margin internally in analyzing our financial results and believes these measures are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. The Company believes that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

The Company believes these measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. In addition, these measures provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain non-recurring variable charges. Adjusted EBITDA is defined as GAAP net income (loss) excluding interest expense, income tax expense, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release.

Investor Relations Contact:
InvestorRelations@openlending.com


OPEN LENDING CORPORATION Consolidated Balance Sheets (Unaudited, in thousands, except share data)

	December 31, 2024			December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	243,164		$	240,206
Restricted cash		10,760			6,463
Accounts receivable, net		5,055			4,616
Current contract assets, net		9,973			28,704
Income tax receivable		3,558			7,035
Other current assets		3,215			2,852
Total current assets		275,725			289,876
Property and equipment, net		729			826
Capitalized software development costs, net		5,386			3,087
Operating lease right-of-use assets, net		3,878			3,990
Contract assets		5,094			610
Deferred tax asset, net		—			70,113
Other assets		5,556			5,535
Total assets	$	296,368		$	374,037
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	953		$	375
Accrued expenses		5,166			8,131
Current portion of debt		7,500			4,688
Third-party claims administration liability		10,797			6,464
Current portion of excess profit share receipts		19,346			—
Other current liabilities		3,490			932
Total current liabilities		47,252			20,590
Long-term debt, net of deferred financing costs		132,217			139,357
Operating lease liabilities		3,273			3,450
Excess profit share receipts		28,210			—
Other liabilities		7,329			5,060
Total liabilities		218,281			168,457
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized and none issued and outstanding		—			—
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 119,350,001 shares outstanding as of December 31, 2024 and 128,198,185 shares issued and 118,819,795 shares outstanding as of December 31, 2023		1,282			1,282
Additional paid-in capital		502,664			502,032
Accumulated deficit		(328,759	)		(193,749	)
Treasury stock at cost, 8,848,184 shares at December 31, 2024 and 9,378,390 at December 31, 2023		(97,100	)		(103,985	)
Total stockholders’ equity	$	78,087		$	205,580
Total liabilities and stockholders’ equity	$	296,368		$	374,037


OPEN LENDING CORPORATION Consolidated Statements of Operations (Unaudited, in thousands, except share data)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenue
Program fees	$	13,734		$	13,482		$	57,040		$	64,092
Profit share		(73,160	)		(1,132	)		(43,123	)		43,301
Claims administration and other service fees		2,502			2,589			10,107			10,067
Total revenue		(56,924	)		14,939			24,024			117,460
Cost of services		6,265			5,365			23,855			22,282
Gross profit (loss)		(63,189	)		9,574			169			95,178
Operating expenses
General and administrative		10,549			12,002			43,867			43,043
Selling and marketing		3,958			4,349			17,218			17,485
Research and development		861			1,500			4,462			5,575
Total operating expenses		15,368			17,851			65,547			66,103
Operating income (loss)		(78,557	)		(8,277	)		(65,378	)		29,075
Interest expense		(2,849	)		(2,820	)		(11,317	)		(10,661	)
Interest income		2,812			3,018			12,090			10,335
Other income (expense), net		—			118			—			109
Income (loss) before income taxes		(78,594	)		(7,961	)		(64,605	)		28,858
Income tax expense (benefit)		65,842			(3,119	)		70,405			6,788
Net income (loss)	$	(144,436	)	$	(4,842	)	$	(135,010	)	$	22,070
Net income (loss) per common share
Basic	$	(1.21	)	$	(0.04	)	$	(1.13	)	$	0.18
Diluted	$	(1.21	)	$	(0.04	)	$	(1.13	)	$	0.18
Weighted average common shares outstanding
Basic		119,331,553			119,366,013			119,179,766			120,826,644
Diluted		119,331,553			119,366,013			119,179,766			121,474,880


OPEN LENDING CORPORATION Consolidated Statements of Cash Flows (Unaudited, in thousands)

	Year Ended December 31,
		2024			2023
Cash flows from operating activities
Net income (loss)	$	(135,010	)	$	22,070
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation		8,677			9,492
Depreciation and amortization		1,674			1,159
Amortization of debt issuance costs		427			428
Non-cash operating lease cost		705			620
Deferred income taxes		70,113			(4,985	)
Other		127			15
Changes in assets & liabilities:
Accounts receivable, net		(439	)		1,105
Contract assets, net		14,247			46,116
Excess profit share receipts		47,556			—
Other current and non-current assets		(429	)		(507	)
Accounts payable		578			86
Accrued expenses		(2,473	)		1,183
Income tax receivable, net		4,198			2,699
Operating lease liabilities		(624	)		(561	)
Third-party claims administration liability		4,333			2,409
Other current and non-current liabilities		3,938			1,329
Net cash provided by operating activities		17,598			82,658
Cash flows from investing activities
Purchase of property and equipment		(165	)		(123	)
Capitalized software development costs		(3,731	)		(2,055	)
Net cash used in investing activities		(3,896	)		(2,178	)
Cash flows from financing activities
Payments on term loans		(4,688	)		(3,750	)
Payment of excise tax on shares repurchased		(314	)		—
Shares repurchased		—			(37,322	)
Shares withheld for taxes related to restricted stock units		(1,445	)		(1,258	)
Net cash used in financing activities		(6,447	)		(42,330	)
Net change in cash and cash equivalents and restricted cash		7,255			38,150
Cash and cash equivalents and restricted cash at the beginning of the period		246,669			208,519
Cash and cash equivalents and restricted cash at the end of the period	$	253,924		$	246,669
Supplemental disclosure of cash flow information:
Interest paid	$	12,590		$	10,313
Income tax paid (refunded), net		(3,907	)		9,075
Non-cash investing and financing:
Right-of-use assets obtained in exchange for lease obligations	$	594		$	—
Share-based compensation for capitalized software development		285			88
Capitalized software development costs accrued but not paid		15			248
Accrued excise tax associated with share repurchases		—			314


OPEN LENDING CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited, in thousands)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net income (loss)	$	(144,436	)	$	(4,842	)	$	(135,010	)	$	22,070
Non-GAAP adjustments:
Interest expense		2,849			2,820			11,317			10,661
Income tax expense (benefit)		65,842			(3,119	)		70,405			6,788
Depreciation and amortization expense		393			335			1,674			1,159
Share-based compensation		2,269			2,666			8,677			9,492
Total adjustments		71,353			2,702			92,073			28,100
Adjusted EBITDA	$	(73,083	)	$	(2,140	)	$	(42,937	)	$	50,170
Total revenue	$	(56,924	)	$	14,939		$	24,024		$	117,460
Adjusted EBITDA margin		128	%	(14		)%	(179		)%		43	%

The MIL Network –

April 1, 2025

MIL-OSI: Wendel completes the acquisition of a controlling stake in Monroe Capital LLC, a transformational transaction in line with its strategic roadmap
Source: GlobeNewswire (MIL-OSI)

Wendel completes the acquisition of a controlling stake in Monroe Capital LLC, a transformational transaction in line with its strategic roadmap
- Wendel’s Asset Management platform now represents c.€34 billion¹ of AuM in private assets and is expected to generate, on a full year basis, c.€160 million² of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025
Wendel (MF-FP) today announced that it has completed the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

As part of the initial transaction, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares (from Monroe Capital management and Bonaccord Capital Partners which owns is a minority interest in Monroe Capital) together with rights to c.20% of the carried interest generated on past and future funds. The sellers will continue to own 25% of the Company post-closing of the initial transaction.

AXA IM Prime, through its GP⁴ Stake strategy, has completed the acquisition alongside Wendel, of a minority equity stake in Monroe Capital. This investment is made in conjunction with Wendel’s acquisition of its majority stake in Monroe Capital and reflects AXA IM Prime’s robust relationship with both managers.

This initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism with a maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.

Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.

A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles

Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing more than $20⁵ billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

Through December 31, 2024, Monroe Capital has directly originated over 800 transactions, has invested over $47 billion and has earned c.10% gross unlevered IRR⁶ for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth investors from across the globe.

The firm, which is headquartered in Chicago maintains eleven locations. Monroe Capital has grown to a team of over 275 employees, including 115 investment professionals. The firm currently has employees in the United States, South Korea, Australia and United Arab Emirates.

Wendel Third Party Asset Management Platform has reached a meaningful scale alongside its historical Principal Investment activity

Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€34 billion in AUM⁷, and on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE⁸ (c.€100 million in pre-tax FRE (Wendel share) by 2025 and has the objective to reach €150 million (Wendel share) in pre-tax FRE by 2027 .

This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.

The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.

Laurent Mignon, Wendel Group CEO, commented:

“This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is now becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors. We are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years.

It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime. This first partnership with a leading global player such as AXA IM is for us a strong sign of confidence in the model we are building in private asset management.

Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.

I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”

Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:

“”We are proud to finalize our partnership with Wendel and AXA IM Prime, a milestone achievement in our two-decade journey. Together, we are eager to collaborate and align our efforts to deliver exceptional results for our investors and clients worldwide.”

Gilles Dusaintpère, Head of AXA IM Prime GP Stake Investments at AXA IM said: “We are proud and excited to partner with two institutions we know well and to further strengthen our existing relationship with Monroe, a franchise we have been investing with foryears and that we are now happy to accompany as a minority shareholder. Our GP Stake strategy aims to partner with best-in-class private markets players and we look forward to supporting Monroe and its team, alongside Wendel, to help further grow its impressive platform.”

UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia.

Visit our website: http://www.monroecap.com

About AXA IM Prime

Launched in 2022, AXA IM Prime is the Private Markets Enabler and Hedge Funds platform of AXA IM with c. €40 billion of assets under management as at the end of September 2024. It offers global and diversified private market solutions through primaries, secondaries and co-investments across private equity, infrastructure equity, private debt and hedge funds.

As both a principal investor and a General Partner, AXA IM Prime holds a deep understanding of client needs and offers a differentiated, global perspective of the investment world. It aims to create sustainable value for its clients, integrating ESG practices and encouraging ESG best practices within the industry.

Visit our website: https://www.axa-im.com/prime

Agenda

Thursday, April 24, 2025

Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

Thursday, May 15, 2025

Annual General Meeting

Wednesday, July 30, 2025

H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Friday, December 12, 2025

2025 Investor Day

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also announced in October 2024 the acquisition of 75% of Monroe Capital. Pro forma of Monroe Capital, Wendel manages more than 33 billion euros on behalf of third-party investors, and c.7.4 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com

Follow us on LinkedIn @Wendel

1 As of December 2024

2 c.€100m of FRE expected in 2025, Wendel share. EURUSD @ 1.05

3 This amount includes usual closing adjustments

4 General Partner

5 Committed and managed capital (as of December 31, 2024)

6 Across fully exited companies

7 As of December 2024

8 EURUSD @1.05

Attachment
- Wendel_Monroe_Closing_March 31_2025_ENG
The MIL Network –
April 1, 2025
MIL-OSI: Wintrust Financial Corporation Announces First Quarter 2025 Earnings Release Schedule

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., March 31, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced it will release first quarter 2025 earnings results after the market closes on Monday, April 21, 2025 and host a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT).

For individuals wanting to listen to a simultaneous audio-only web cast, this may be accessed at Webcast Link.

Individuals interested in participating in the call by addressing questions to management should register for the call at Conference Call Link to receive a dial-in number and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

An accompanying slide presentation will be available on the Company’s web site at http://www.wintrust.com, Investor Relations link.

A replay of the audio-only webcast and an accompanying slide presentation will subsequently be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls link. The text of the first quarter 2025 earnings release will be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Press Releases link.

About Wintrust

Wintrust is a financial holding company with approximately $65 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit www.wintrust.com.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in Wintrust’s Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Website address: www.wintrust.com

The MIL Network –

April 1, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 31.03.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
31 March 2025 at 22:30 EEST

Nokia Corporation: Repurchase of own shares on 31.03.2025

Espoo, Finland – On 31 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	2,328,727	4.82
CEUX	1,600,000	4.82
BATE	–	–
AQEU	100,000	4.81
TQEX	146,020	4.83
Total	4,174,747	4.82

* Rounded to two decimals

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

Total cost of transactions executed on 31 March 2025 was EUR 20,131,882. After the disclosed transactions, Nokia Corporation holds 213,560,284 treasury shares.

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

On behalf of Nokia Corporation

BofA Securities Europe SA

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

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

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

Inquiries:

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

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

Attachment

Daily Report 2025-03-31

The MIL Network –

April 1, 2025

MIL-OSI: Disclosure of Voting Rights in IDEX Biometrics to Chair, Morten Opstad – 31 March 2025

Source: GlobeNewswire (MIL-OSI)

At the close of business on 31 March 2025, Morten Opstad, chair of the board of IDEX Biometrics, held the following voting rights in IDEX, for the extraordinary general meeting on 11 April 2025.

Total 63,760,705 shares or 7.37% of the share capital and votes, including shares held by Mr. Opstad and close relations.

Some of the proxies may include voting instructions.

Contact persons
Marianne Bøe, Head of Investor Relations, Tel.: +47 918 00186
Kristian Flaten, CFO, Tel.: +47 950 92322
E-mail: ir@idexbiometrics.com

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

About this notice
This notice was issued by Marianne Bøe, Head of Investor Relations, on 31 March 2024 at 21:15 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 4‑2 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5-12 the Norwegian Securities Trading Act.

The MIL Network –

April 1, 2025

MIL-OSI: Baltic Horizon Fund consolidated audited results for 2024

Source: GlobeNewswire (MIL-OSI)

Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the twelve months of 2024. The financial results remained unchanged compared to the preliminary disclosure on 17 February 2025.

Executing our strategy
In 2024, the Fund’s management team made the strategic decision to implement key performance indicators (KPIs) as a means to effectively measure and track performance. This decision stems from the recognition that clear and measurable benchmarks are essential for evaluating progress towards the Fund’s objectives. By defining specific KPIs, the team aims to enhance transparency, accountability, and facilitate decision-making processes.

The focus of the Fund management team will be on these major objectives:

Actual portfolio occupancy of at least 90% by end of 2025;
Loan-to-Value target at 50% or lower;
To consider disposing of non-strategic assets over the next 12 months;
Clear ESG and refurbishment strategy for the next 1-2 years with an aim to reach the portfolio’s NOI potential of 130 EUR/sq.m. by 2027.

As we recap our goals for 2024, we are pleased to report the following achievements:

We have successfully achieved 100% portfolio BREEAM certification.
Despite receiving a 3-star GRESB rating in 2024, we have thoroughly analysed the assessment results and developed an action plan to achieve a 4-star GRESB rating in 2025.
Although we did not reach our target of 90% portfolio occupancy by the end of 2024, we made significant progress, achieving an 86.5% occupancy rate based on lease signing date with actual occupancy subsequently increasing as tenants move in.
We have recently announced our disposal strategy to reduce LTV levels. Some disposal processes have commenced as of February 2025, with the possible closing of transactions planned for later in the year.
Looking ahead to 2025, we will continue with the same solid strategy and goals that will stabilize the Fund’s financial position and maximize the potential of its portfolio.

Outlook
In 2025 the Fund will focus on flexible and sustainable solutions to meet tenant demands and market conditions. Our key goals are increasing the occupancy of the portfolio and decreasing the LTV by way of repaying part of the bonds.

The Fund’s management has taken proactive measures to enhance financial stability by reducing leverage through partial bond repayment. This strategy aims to alleviate financial pressure, positioning the Fund for more sustainable financial performance.

In 2025, we will continue advancing our social and environmental commitments. We achieved 98% green leases across our portfolio, with a target to further increase this share in the coming year.

Simultaneously, to reinforce its financial position, the Fund is committed to improving its debt service ratio and reducing loan-to-value levels. By focusing on increasing occupancy rates and optimizing property concepts, we aim to enhance asset performance and maximize net operating income. Adaptive leasing strategies, property repositioning, and targeted investments in high-demand segments will remain key priorities. These initiatives are designed to create long-term value for investors while ensuring the Fund remains resilient in a dynamic market environment.

Baltic Horizon achieves a 100% BREEAM certified portfolio
During 2024, Baltic Horizon achieved its first BREEAM Excellent certificate, when Meraki business center received its final certification. During 2025 the Fund will focus on renewals of the relevant certifications to maintain 100 % of certification coverage.

GRESB benchmarking
In 2024 the Fund received a 3-star GRESB rating. The Fund increased its scoring in the management section from 27 points to 29 points (out of 30) but the score in the performance section decreased from 55 points to 50 points (out of 70) due to lack of data from the properties that were sold during the reporting period and the review of data by an external party. During 2024, the Fund has implemented a GRESB improvement plan and aims to receive 4-stars again in the year 2025.

Net result and net rental income
In 2024, the Group recorded a net loss of EUR 16.8 million compared with a net loss of EUR 23.0 million for 2023. The result was mainly driven by the property valuation loss. Earnings per unit for 2024 were negative at EUR 0.13 (2023: negative at EUR 0.19).

The Group earned consolidated net rental income of EUR 11.6 million in 2024 (2023: 14.6 million). The results for 2023 include two months’ net rental income of the Domus Pro Retail and Office property (EUR 0.3 million) and five months’ net rental income of the Duetto properties (EUR 1.2 million), which were sold in February and May 2023, respectively.

On an EPRA like-for-like basis, the portfolio net rental income in 2024 was 11.8% lower than in 2023, mainly due to vacancies in office properties in Latvia due to the expiry of the agreement with the main tenant in Upmalas Biroji BC and 100% vacancy of S27, as well as lower rental income in Europa due to the new anchor tenant IKI equipping the premises and opening in March.

Portfolio properties in the retail segment contributed 53.3% (like-for-like 2023: 43.6%) of net rental income in 2024, followed by the office segment with 41.7% (like-for-like 2023: 50.9%) and the leisure segment with 5.0% (2023: 5.5%).

Retail assets located in the central business districts (Postimaja, Europa and Galerija Centrs) accounted for 42.2% of total portfolio net rental income in 2024. Total net rental income attributable to neighbourhood shopping centres was 11.1% in 2024.

In 2024, investment properties in Latvia and Lithuania contributed 44.4% (like-for-like 2023: 41.8%) and 22.8% (like-for-like 2023: 31.1%) of net rental income, respectively, while investment properties in Estonia contributed 32.8% (like-for-like 2023: 27.1%).

Investment properties
At the end of 2024, the Baltic Horizon Fund portfolio consisted of 12 cash flow generating investment properties in the Baltic capitals. The fair value of the Fund’s portfolio was EUR 241.2 million at the end of December 2024 (31 December 2023: EUR 250.4 million) and incorporated a total net leasable area of 118.3 thousand sq. m. The change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC). During 2024 the Group invested approximately EUR 6.0 million in tenant fit-outs.

Gross Asset Value (GAV)
As of 31 December 2024, the Fund’s GAV was EUR 256.0 million (31 December 2023: EUR 261.1 million). The decrease compared to the prior year was mainly related to the negative revaluation of the Fund’s investment properties of approx. EUR 15.6 million and was partly offset by the private placement of new units which took place in September and resulted in a cash increase of approx. EUR 6.29 million.

Net Asset Value (NAV)
As of 31 December 2024, the Fund’s NAV was EUR 98.1 million (31 December 2023: EUR 109.5 million). The NAV decrease was mainly due to the revaluation of investment properties. At the end of September 2024 23,927,085 new units were issued resulting in approx. EUR 6.29 million of new equity. As of 31 December 2024, IFRS NAV per unit amounted to EUR 0.6833 (31 December 2023: EUR 0.9156), while EPRA net tangible assets and EPRA net reinstatement value were EUR 0.7267 per unit (31 December 2023: EUR 0.9546). EPRA net disposal value was EUR 0.6797 per unit (31 December 2023: EUR 0.9122).

Interest-bearing loans and bonds
As of 31 December 2024, interest-bearing loans and bonds (excluding lease liabilities) were EUR 149.0 million (31 December 2023: EUR 143.5 million). Annual loan amortisation accounted for 1.5% of total debt outstanding. In July 2024, the Fund successfully signed the Meraki loan with Bigbank for a total amount of EUR 10.3 million. A major part of the loan was used to repay short term bonds in the amount of EUR 8.0 million maturing in July 2024. As of 31 December 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.1 million (31 December 2023: EUR 6.2 million).

Cash flow
Cash inflow from core operating activities in 2024 amounted to EUR 9.9 million (2023: cash inflow of EUR 11.4 million). Cash inflow from core operating activities decreased mainly due to the sale of Duetto and Domus Pro properties in H1 2023 and higher vacancies, mostly in S27 and Upmalas Biroji. Cash outflow from investing activities was EUR 7.0 million (2023: cash inflow of EUR 19.9 million) due to investments in existing properties and transaction costs. Cash inflow from financing activities was EUR 1.0 million (2023: cash outflow of EUR 30.5 million). In Q4 2024, the Fund prepaid loans in the amount of EUR 2.7 million and paid regular amortisation and interest on bank loans and bonds.

Key earnings figures

EUR ‘000	2024	2023	Change (%)
Net rental income	11,588	14,617	(20.7%)
Administrative expenses	(2,373)	(2,617)	(9.3%)
Net other operating income	18	44	(59.1%)
Losses on disposal of investment properties	(863)	(4,047)	(78.7%)
Valuation gains (losses) on investment properties	(15,581)	(21,876)	(28.8%)
Operating profit (loss)	(7,211)	(13,879)	(48.0%)
Net financial expenses	(10,344)	(9,750)	6.1%
Profit (loss) before tax	(17,555)	(23,629)	(25.7%)
Income tax	774	656	18.0%
Net profit (loss) for the period	(16,781)	(22,973)	(27.0%)

Weighted average number of units outstanding (units)	126,303,633	119,635,429	5.6%
Earnings per unit (EUR)	(0.13)	(0.19)	(31.6%)

Key financial position figures

EUR ‘000	31.12.2024	31.12.2023	Change (%)
Investment properties	241,158	250,385	(3.7%)
Gross asset value (GAV)	256,048	261,138	(1.9%)

Interest-bearing loans and bonds	148,989	143,487	3.8%
Total liabilities	157,953	151,606	4.2%

IFRS NAV	98,095	109,532	(10.4%)
EPRA NRV	104,333	114,205	(8.6%)

Number of units outstanding (units)	143,562,514	119,635,429	20.0%
IFRS NAV per unit (EUR)	0.6833	0.9156	(25.4%)
EPRA NRV per unit (EUR)	0.7267	0.9546	(23.9%)

Loan-to-Value ratio (%)	61.8%	57.3%	–
Average effective interest rate (%)	6.7%	5.2%	–

Overview of the Fund’s investment properties as of 31 December 2024

Property name	Sector	Fair value¹	NLA	Direct property yield	Net initial yield	Occupancy rate
Property name	Sector	(EUR ‘000)	(sq. m)	2024²	2024³	Occupancy rate
Vilnius, Lithuania
Europa SC	Retail	35,946	17,092	2.3%	2.8%	80.6%
North Star	Office	19,548	10,734	6.5%	7.0%	91.8%
Meraki	Office	16,380⁴	7,833	1.2%	1.5%	86.3%
Total Vilnius		71,874	35,659	3.0%	3.6%	85.2%
Riga, Latvia
Upmalas Biroji BC	Office	19,224	11,203	3.7%	4.2%	64.1%
Vainodes I	Office	15,900	8,128	8.8%	8.8%	100.0%
S27	Office	11,360	7,303	(0.6%)	(0.9%)	–
Sky SC	Retail	4,900	3,260	8.6%	8.5%	100.0%
Galerija Centrs	Retail	60,020	19,423	3.2%	4.1%	84.7%
Total Riga		111,404	49,317	3.7%	4.5%	71.0%
Tallinn, Estonia
Postimaja & CC Plaza complex	Retail	21,800	9,232	3.7%	6.7%	100.0%
Postimaja & CC Plaza complex	Leisure	13,190	7,869	4.8%	4.3%	97.7%
Lincona	Office	13,100	10,767	6.4%	7.4%	88.5%
Pirita SC	Retail	9,790	5,425	6.7%	9.2%	97.1%
Total Tallinn		57,880	33,293	4.9%	6.7%	95.3%
Total active portfolio		241,158	118,269	3.8%	4.7%	82.1%

Based on the latest valuation as of 31 December 2024 and recognised right-of-use assets.
Direct property yield (DPY) is calculated by dividing annualized NOI by the acquisition value and subsequent capital expenditure of the property.
The net initial yield (NIY) is calculated by dividing annualized NOI by the market value of the property.
Meraki value measured at disposal price. Market value according to independent property valuators Newsec is EUR 17,490,000.

Consolidated statement of profit or loss and other comprehensive income

EUR ‘000		01.01.2024	01.01.2023
		– 31.12.2024	– 31.12.2023
Rental income		15,136	17,743
Service charge income		4,744	6,008
Cost of rental activities		(8,292)	(9,134)
Net rental income		11,588	14,617

Administrative expenses		(2,373)	(2,617)
Other operating income (expenses)		18	44
Losses on disposal of investment properties		(863)	(4,047)
Valuation losses on investment properties	(15,581)		(21,876)
Operating profit (loss)	(7,211)		(13,879)

Financial income	196		104
Financial expenses	(10,540)		(9,854)
Net financial expenses	(10,344)		(9,750)

Profit (loss) before tax	(17,555)		(23,629)
Income tax charge	774		656
Profit (loss) for the period	(16,781)		(22,973)

*Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods*
Net gain (loss) on cash flow hedges	(1,003)		(1,273)
Income tax relating to net gain (loss) on cash flow hedges	52		123
Other comprehensive income (expense), net of tax, that is or may be reclassified to profit or loss in subsequent periods	(951)		(1,150)

Total comprehensive income (expense) for the period, net of tax	(17,732)		(24,123)

Basic earnings per unit (EUR)	(0.13)		(0.19)
Diluted earnings per unit (EUR)	(0.12)		–

Consolidated statement of financial position

EUR ‘000	31.12.2024	31.12.2023
Non-current assets
Investment properties	241,158	250,385
Intangible assets	4	11
Property, plant and equipment	5	4
Derivative financial instruments	1	295
Other non-current assets	1,225	647
Total non-current assets	242,393	251,342

Current assets
Trade and other receivables	2,800	2,591
Prepayments	802	402
Derivative financial instruments	–	621
Cash and cash equivalents	10,053	6,182
Total current assets	13,655	9,796
Total assets	256,048	261,138

Equity
Paid in capital	151,495	145,200
Cash flow hedge reserve	(420)	531
Retained earnings	(52,980)	(36,199)
Total equity	98,095	109,532

Non-current liabilities
Interest-bearing loans and borrowings	98,491	64,158
Deferred tax liabilities	1,898	2,774
Other non-current liabilities	1,446	1,079
Total non-current liabilities	101,835	68,011

Current liabilities
Interest-bearing loans and borrowings	50,736	79,584
Trade and other payables	4,473	3,343
Income tax payable	14	6
Other current liabilities	895	662
Total current liabilities	56,118	83,595
Total liabilities	157,953	151,606
Total equity and liabilities	256,048	261,138

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com

The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.

Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

This announcement contains information that the Management Company is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 22:00 EET on 31 March 2025.

Attachments

The MIL Network –

April 1, 2025

MIL-OSI: Credtent Announces $17-20 Million Dollar Valuation of Studio Ghibli’s IP for AI Training and Advocates for Creative Consent

Source: GlobeNewswire (MIL-OSI)

Los Angeles, CA, March 31, 2025 (GLOBE NEWSWIRE) — Credtent, Inc., a leader in ethical AI and content licensing, has independently assessed the AI training value of Studio Ghibli’s intellectual property at $17 to 20 million annually for enterprise AI platforms. This third-party evaluation underscores the importance of fair compensation for creators whose unique styles are often used in generative AI tools without consent or compensation.

Credtent’s Official CVE for Studio Ghibli

The studio is admired the world over for their award-winning and distinctive films like My Neighbor Totoro, Princess Mononoke, and Kiki’s Delivery Service. The company’s iconic founder, Hayao Miyazaki, has expressed disdain for AI art before, calling it “an assault on life itself.” With Ghibli-styled memes flooding the Internet this last week, fans have complained about the unauthorized use of the studio’s work.

Credtent’s Director of Creator Outreach, Deborah Drake, emphasized the need for respect and collaboration between artists and AI tools, stating, “Artists and technologists think about creative work differently. What is art to creatives is just data to AI companies. As a neutral utility, we enable them both to find common ground with opt-out options and fair-market license pricing.”

Drawing on more than a decade of experience setting industry standards for the value of content and earned media, Credtent’s team calculates pricing for AI training data based on a cross-section of factors grounded in scientific first principles set by the company’s Chief Science Officer, Dr. Galen Buckwalter. Using publicly available data and its expertise in pricing content, Credtent assessed this value to highlight the importance of creative consent.

“The studio could command multi-million dollar pricing from AI companies if they licensed their work for random meme creation,” said Credtent CEO Eric R. Burgess. “But if they feel, as I do, that a gorgeous film like Spirited Away is devalued by random AI slop in its style, their company’s and their artists’ names should be restricted from generative AI prompting.”

Guardrails like these are already in place for many artist names on most Large Language Models (LLMs). They are just not applied to all artists who don’t want their work exploited. “That’s why we built Credtent – to track opt-out requests and licensing across the AI industry for artists and creators of all types,” added Burgess. The company offers creators the ability to opt-out of AI training in one place. Their list is available to all AI companies to ensure respect for creative consent.

Starting in Q2 2025, artists can also license their work to earn revenue through Credtent’s Training Data Marketplace. Thousands of creators have already registered their diverse works, including books, albums, podcasts, music, photos and art, and more to opt-out or for licensing. They will benefit from the highest pay rates in the industry because Credtent is a certified Public Benefit Corporation with plans to deliver 85% of licensing revenue to creators.

“Credtent’s goal is to orchestrate relationships between AI and creative people without stifling innovation,” said Burgess. “We want to support creative people thriving in the Age of AI, while also helping AI companies use credible, licensed content that protects them from lawsuits for copyright infringement and inaccuracy claims.”

Credtent’s commitment to ethical AI is further shown through their certified Ethical Sourcing Badges. These badges are awarded to companies that respect creative rights and undergo regular audits in partnership with Credtent. This initiative helps LLM customers feel confident about using outputs without worrying about copyright violations. Last year, Credtent also introduced Creative Origin Badges to enable creative people to be transparent about their use of AI so audiences can make their own choice about supporting AI-composed content, AI-Assisted work, or creative work that is entirely human-composed.

Open Enrollment for Credtent’s free licensing option is available until July 31st and lifetime Opt-Out requests are free through December 31st. For more information, visit Credtent’s website.

Credtent’s Ethical Sourcing Badges for LLMs that subscribe to the platform.

About Credtent, Inc.

Credtent is a Public Benefit Corporation that enables creators to exclude their work or profit from AI by setting fair licensing terms for responsible companies seeking credible, unbiased training data. We issue Content Origin and Sourcing Badges, and help AI companies make better decisions about the content they use to train their models.

Press inquiries

Credtent, Inc.
https://www.credtent.org
Carmen Sinata
hello@credtent.org
626-600-1226
1822 E. Route 66, Ste. A353
Glendora, CA 91740

The MIL Network –

April 1, 2025
MIL-OSI: BYDFi Lists GUNZ Token: Gunzilla Games Raises Nearly $100M, Ushering in the Next Era of AAA Web3 Gaming
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, March 31, 2025 (GLOBE NEWSWIRE) — The globally renowned crypto exchange BYDFi today announced the global listing of the GUNZ token($GUN), the native asset of the GUNZ Layer1 blockchain developed by German AAA game studio Gunzilla Games. As one of the first crypto economies purpose-built for AAA gaming, GUNZ is rapidly emerging as a standout Web3 project thanks to its strong institutional backing and groundbreaking infrastructure tailored for next-generation gaming.

GUNZ: A Layer-1 Blockchain Built for AAA Games

Unlike early play-to-earn experiments driven by hype, GUNZ is purpose-built to embed blockchain seamlessly into high-end gaming environments. The chain ensures true digital ownership of in-game assets while enhancing player experience—without disrupting gameplay.

Developed by Gunzilla Games, GUNZ will power the studio’s flagship title Off The Grid, a cinematic cyberpunk battle royale that blends high-fidelity storytelling with a native on-chain economy. For a Web3 gaming market that has been largely stagnant, this marks a major leap forward.

The numbers reflect momentum: GUNZ has already onboarded over 12 million wallet addresses, with more than 230 million on-chain transactions processed—clear signs of the scalability and adoption potential of its gaming-focused ecosystem.

Off The Grid: Flagship Title Fueling the GUNZ Ecosystem

Off The Grid features film-quality graphics and immersive storytelling wrapped in a cyberpunk setting. It integrates a full-stack blockchain economy where players can earn and trade in-game NFTs—such as weapons, skins, and gear—directly on the GUNZ network. The game solves one of the key issues in traditional gaming: asset ownership. And it gives NFTs real functionality, rather than speculative hype.

At the protocol level, GUNZ introduces several innovations to support high-performance gaming while remaining decentralized:
- Ultra-High Throughput & Near-Zero Gas Fees: Built on a custom Avalanche subnet, GUNZ delivers 12,000+ TPS and transaction fees below $0.0001.
- Game Engine Compatibility: Native support for Unity and Unreal plugins allows traditional games to integrate in as little as 72 hours.
- Hybrid Validator Network: With node operators including Delphi Ventures and community stakers, GUNZ balances efficiency with decentralization.
Backed by Capital, Powered by Utility

Gunzilla Games has raised $76 million to date:
- In August 2022, the company closed a $46M round led by Republic Capital, with participation from Griffin Gaming Partners, Animoca Brands, Jump Crypto, and Twitch co-founder Justin Kan.
- In March 2024, it secured a $30M follow-on round co-led by Avalanche’s Blizzard Fund and CoinFund.
GUNZ has a total token supply of 10 billion, with an initial circulating supply of 6.05%. The token fuels multiple use cases across the ecosystem, including gas payments, in-game transactions, governance, and rewards—laying the foundation for a sustainable and scalable Web3 gaming economy.

As Gunzilla Games CTO Timur Davidenko put it at the recent developer summit:

“We’re not putting a game on a chain—we’re growing a chain from within the game.”

About BYDFi

Founded in 2020, BYDFi has become one of the most trusted global crypto exchanges, earning recognition from CoinMarketCap, CoinGecko, and Forbes, which ranked it among the Top 10 Crypto Exchanges Globally. With a user base of over 1,000,000 across 150+ countries, BYDFi continues to expand its influence on the digital asset world.

To celebrate its 5th Anniversary, BYDFi is launching a series of global user campaigns, featuring over $100,000 in rewards, limited-time token airdrops, and special gifts. For more details, visit the official website or download the BYDFi mobile app.
- Website: https://www.bydfi.com
- Support Email: CS@bydfi.com
- Business Partnerships: BD@bydfi.com
- Media Inquiries: media@bydfi.com
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The MIL Network –
April 1, 2025
MIL-OSI: Atlantic Petroleum -Financial Calendar 2025 update – new date for Annual report and AGM
Source: GlobeNewswire (MIL-OSI)

Tórshavn, Faroe Islands, 2025-03-31 (GLOBE NEWSWIRE) — P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK) hereby announces an update to the financial calendar for 2025:

Referring to press release released earlier today.

The annual accounts for 2024 which in the financial calendar were scheduled to be issued on 31^st March 2025 are now, pending a debt solution, scheduled to be issued 30^th April 2025

The Annual General Metting which in the financial calendar was scheduled to be held on 30^th April 2025 is now scheduled to be held on 23^rd May 2025.

Updated Financial Calendar
- Wednesday 30^th April: Annual Accounts 2024 to be issued.
- Friday 23^rd May: Annual General Meeting.
- Friday 30^th May: 1^st Quarter 2025 Condensed Consolidated Interim Report to be issued.
- Friday 29^th August: 2^nd Quarter 2025 Condensed Consolidated Interim Report to be issued.
- Friday 28^th November: 3^rd Quarter 2025 Condensed Consolidated Interim Report to be issued.
Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries and offices in the UK and Ireland. Atlantic Petroleum’s shares are listed on NASDAQ OMX Copenhagen.

Further Details:

Further details can be obtained from Mark T. Højgaard, (markh@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company’s website: www.petroleum.fo.

Announcement no.2/2025

Issued 31-03-2025

P/F Atlantic Petroleum
Lucas Debesargøta 8
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands

Website: www.petroleum.fo

The MIL Network –
April 1, 2025

For further information, contact:		John Varnell, Vice President, Corporate Affairs
		(416) 367-4755

Investor Relations Contact:	Jay Staley (501) 906-7842
Media Contact:	Michelle Rossow (501) 906-3922