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  • MIL-OSI: FTC Solar Announces Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter revenue of $13.2 million, at the high end of our prior target
    • Entered into 5-gigawatt supply arrangement with Recurrent Energy
    • Awarded 330+ megawatt project in Australia from GPG Naturgy
    • Awarded 280-megawatt project in U.S. from Rosendin
    • Appointed industry veteran Kent James as U.S. Chief Commercial Officer
    • Received additional $3.2 million earn-out on prior investment post quarter end
    • Announced upsizing of promissory note offering for up to additional $10-$15 mil. to close in Q2

    AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) —  FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the fourth quarter that ended December 31, 2024.

    “In addition to reporting favorable quarterly results relative to our targets, I’m pleased to say that we have had a number of recent wins and building momentum,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “Last quarter I highlighted a new 1-gigawatt supply agreement with Dunlieh Energy, a 500+ megawatt supply agreement with Strata Clean Energy, additional detail on a 1-gigawatt agreement with Sandhills Energy, a $15 million note placement and a $4.7 million cash earn-out on a prior investment. Building on those successes, today we announced several additional wins, including a new 5-gigawatt supply arrangement with Recurrent Energy, a 330+ megawatt project award from GPG Naturgy, a 280-megawatt project award from Rosendin, an additional earn-out payment, and an upsizing to our promissory note offering.

    “During the first six months of my tenure, we have been focused on shoring up our near-term backlog. In aggregate we have added multiples of our current annual revenue run rate to our backlog, signing several gigawatts of agreements with Tier 1 accounts along with other awards, added more than $30 million in additional liquidity to our balance sheet, strengthened our sales team with new hires including Kent James, further strengthened our product offering and capabilities and increased our commercial traction with bids on many gigawatts of future projects.

    “I believe that FTC Solar is in an incredibly fortunate situation in many respects with products that customers love, a business they enjoy working with, a cost structure that will enable strong margin growth and profitability, and a compelling 1P product set that opens up the 85% of the market that wasn’t available to us in the past. We believe our revenue bottomed in Q3, we saw growth in Q4, expect growth in Q1, and have been winning many new awards that we believe will help us ramp our revenue, achieve adjusted EBITDA breakeven, and become a strong and significant competitor in the industry.” 

    Summary Financial Performance: Q4 2024 compared to Q4 2023

        U.S. GAAP     Non-GAAP(c)  
        Three months ended December 31,  
    (in thousands, except per share data)   2024     2023     2024     2023  
    Revenue   $ 13,202     $ 23,201     $ 13,202     $ 23,201  
    Gross margin percentage     (29.1 %)     3.0 %     (25.6 %)     4.8 %
    Total operating expenses   $ 9,591     $ 12,428     $ 7,391     $ 10,848  
    Loss from operations(a)   $ (13,428 )   $ (11,736 )   $ (9,840 )   $ (10,050 )
    Net loss   $ (12,235 )   $ (11,177 )   $ (10,228 )   $ (9,657 )
    Diluted loss per share(b)   $ (0.96 )   $ (0.89 )   $ (0.80 )   $ (0.77 )


    (a)   Adjusted EBITDA for Non-GAAP
    (b)   Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
    (c)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures

    Reflecting net purchase order additions and adjustments since November 12, 2024, the contracted portion of the company’s backlog1 now stands at approximately $502 million. 

    Fourth Quarter Results
    Total fourth-quarter revenue was $13.2 million, within our target range. This revenue level represents an increase of 30.2% compared to the prior quarter and a decrease of 43.1% compared to the year-earlier quarter due to lower product volumes.

    GAAP gross loss was $3.8 million, or 29.1% of revenue, compared to gross loss of $4.3 million, or 42.5% of revenue, in the prior quarter. Non-GAAP gross loss was $3.4 million or 25.6% of revenue. The result for this quarter compares to non-GAAP gross profit of $1.1 million in the prior-year period, with the difference driven primarily by the impact of lower current quarter revenues which were not sufficient to cover certain fixed indirect costs.

    GAAP operating expenses were $9.6 million. On a non-GAAP basis, operating expenses were $7.4 million. This result compares to non-GAAP operating expenses of $10.8 million in the year-ago quarter. 

    GAAP net loss was $12.2 million or $0.96 per diluted share, compared to a loss of $15.4 million or $1.21 per diluted share in the prior quarter (post-split) and a net loss of $11.2 million or $0.89 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $2.4 million net loss from stock-based compensation expense and other non-cash items, was $9.8 million, compared to losses of $12.2 million(2) in the prior quarter and $10.1 million in the year-ago quarter.

    Subsequent Events
    The company announced today a number of agreements, awards or other items which occurred subsequent to the end of the fourth quarter, including: 

    • A 5-gigawatt supply arrangement with Recurrent Energy. Recurrent is one of the world’s largest and most geographically diversified utility-scale solar developers. The projects are expected to be located in the U.S., Europe and Australia and utilize a combination of our 1P and 2P tracker technologies. It’s anticipated that the first project revenue under this arrangement will begin in the second half of 2025.
    • A 333-megawatt project award from GPG, the power generation subsidiary of multinational energy leader Naturgy, which operates in more than 20 countries with 16 million customers. The project, which is located in Australia, will utilize our 1P Pioneer tracker and is expected to begin tracker production in mid-2025.
    • A 280-megawatt project award from Rosendin, a top 5 EPC and the largest employee-owned electrical contractor in the U.S. The project, which is located on the U.S. West Coast, will also utilize our 1P Pioneer solution and is expected to begin tracker production in mid-2025. 
    • A $3.2 million earn-out on the company’s prior investment in Dimension Energy. The payment, which was received in the first quarter of 2025, brings the total escrow release and earn-outs received since 2021 to more than $15 million.
    • And finally, on March 4, 2024, the company entered into a binding term sheet to upsize the previously announced promissory note offering. Under the terms of the upsized agreement the company will issue to the Investor, in a private placement, senior secured promissory notes in an aggregate principal amount of up to an additional $10-$15 million dollars and common stock purchase warrants. The transaction is expected to close during the second quarter. This is in addition to the $15 million received in the fourth quarter of 2024.

    Outlook
    For the first quarter, we expect revenue at the midpoint of our guidance range to be up approximately 44% relative to the fourth quarter.

    (in millions) 4Q’24
    Guidance    		   4Q’24
    Actual    		   1Q’25
    Guidance(3)
    Revenue $10.0 – $14.0   $13.2    $18.0 – $20.0
    Non-GAAP Gross Loss $(4.2) – $(1.5)   $(3.4)   $(4.8) – $(2.3)
    Non-GAAP Gross Margin (42.2%) – (10.7%)   (25.6%)   (26.6%) – (11.7%)
    Non-GAAP operating expenses $8.2 – $9.0   $7.4    $7.7 – $8.4
    Non-GAAP adjusted EBITDA $(13.7) – $(9.9)   $(9.8)   $(13.3) – $(10.0)

    We continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

    Fourth Quarter 2024 Earnings Conference Call
    FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its fourth quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    Footnotes
    1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.
    2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on November 12, 2024.
    3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.

    Forward-Looking Statements
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar 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, except as required by law.

    FTC Solar Investor Contact:
    Bill Michalek
    Vice President, Investor Relations
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (unaudited)
     
      Three months ended December 31,     Year ended December 31,  
    (in thousands, except shares and per share data) 2024     2023     2024     2023  
    Revenue:                      
    Product $ 10,428     $ 20,945     $ 37,520     $ 101,872  
    Service   2,774       2,256       9,835       25,130  
    Total revenue   13,202       23,201       47,355       127,002  
    Cost of revenue:                      
    Product   13,553       19,620       48,185       93,314  
    Service   3,486       2,889       11,764       25,381  
    Total cost of revenue   17,039       22,509       59,949       118,695  
    Gross profit (loss)   (3,837 )     692       (12,594 )     8,307  
    Operating expenses                      
    Research and development   1,474       1,450       5,915       7,166  
    Selling and marketing   2,051       4,924       8,881       14,811  
    General and administrative   6,066       6,054       25,440       37,107  
    Total operating expenses   9,591       12,428       40,236       59,084  
    Loss from operations   (13,428 )     (11,736 )     (52,830 )     (50,777 )
    Interest expense, net   (208 )     (59 )     (319 )     (253 )
    Gain from disposal of investment in unconsolidated subsidiary   4,722       421       8,807       1,319  
    Gain on sale of Atlas   906       —       906       —  
    Loss from change in fair value of warrant liability   (4,322 )     —       (4,322 )     —  
    Other income (expense), net   346       8       468       (257 )
    Loss from unconsolidated subsidiary   (319 )     (324 )     (1,086 )     (660 )
    Loss before income taxes   (12,303 )     (11,690 )     (48,376 )     (50,628 )
    (Provision for) benefit from income taxes   68       513       (230 )     338  
    Net loss   (12,235 )     (11,177 )     (48,606 )     (50,290 )
    Other comprehensive income (loss):                      
    Foreign currency translation adjustments   (311 )     219       (249 )     (232 )
    Comprehensive loss $ (12,546 )   $ (10,958 )   $ (48,855 )   $ (50,522 )
    Net loss per share:                      
    Basic and diluted (*) $ (0.96 )   $ (0.89 )   $ (3.83 )   $ (4.35 )
    Weighted-average common shares outstanding:                      
    Basic and diluted (*)   12,787,050       12,510,743       12,675,923       11,554,615  

    ___________

    (*) Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
    FTC Solar, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited)
     
    (in thousands, except shares and per share data)   December 31, 2024     December 31, 2023  
    ASSETS            
    Current assets            
    Cash and cash equivalents   $ 11,247     $ 25,235  
    Accounts receivable, net of allowance for credit losses of $1,717 and $8,557 at December 31, 2024 and December 31, 2023, respectively     39,709       65,279  
    Inventories     10,144       3,905  
    Prepaid and other current assets     15,028       14,089  
    Total current assets     76,128       108,508  
    Operating lease right-of-use assets     1,149       1,819  
    Property and equipment, net     2,217       1,823  
    Intangible assets, net     —       542  
    Goodwill     7,139       7,353  
    Equity method investment     954       240  
    Other assets     2,341       2,785  
    Total assets   $ 89,928     $ 123,070  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable   $ 12,995     $ 7,979  
    Accrued expenses     20,134       34,848  
    Income taxes payable     325       88  
    Deferred revenue     5,306       3,612  
    Other current liabilities     10,313       8,138  
    Total current liabilities     49,073       54,665  
    Long-term debt     9,466       —  
    Operating lease liability, net of current portion     411       1,124  
    Warrant liability     9,520       —  
    Other non-current liabilities     2,422       4,810  
    Total liabilities     70,892       60,599  
    Commitments and contingencies            
    Stockholders’ equity            
    Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2024 and December 31, 2023     —       —  
    Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 12,853,823 and 12,544,533 shares issued and outstanding as of December 31, 2024 and December 31, 2023(*)     1       1  
    Treasury stock, at cost; 1,076,257 shares as of December 31, 2024 and December 31, 2023     —       —  
    Additional paid-in capital(*)     367,318       361,898  
    Accumulated other comprehensive loss     (542 )     (293 )
    Accumulated deficit     (347,741 )     (299,135 )
    Total stockholders’ equity     19,036       62,471  
    Total liabilities and stockholders’ equity   $ 89,928     $ 123,070  

    ___________

    (*) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
    FTC Solar, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited)
     
        Year ended December 31,  
    (in thousands)   2024     2023  
    Cash flows from operating activities            
    Net loss   $ (48,606 )   $ (50,290 )
    Adjustments to reconcile net loss to cash used in operating activities:            
    Stock-based compensation     5,412       8,295  
    Depreciation and amortization     1,671       1,375  
    Loss from change in fair value of warrant liability     4,322       —  
    Gain from sale of property and equipment     —       (2 )
    Amortization of debt discount and issue costs     296       709  
    Paid-in-kind non-cash interest     146       —  
    Provision for obsolete and slow-moving inventory     177       706  
    Loss from unconsolidated subsidiary     1,086       660  
    Gain from disposal of investment in unconsolidated subsidiary     (8,807 )     (1,319 )
    Gain on sale of Atlas     (906 )     —  
    Warranties issued and remediation added     7,204       4,310  
    Warranty recoverable from manufacturer     558       90  
    Credit loss provisions     2,072       7,373  
    Deferred income taxes     83       138  
    Lease expense and other     1,123       996  
    Impact on cash from changes in operating assets and liabilities:            
    Accounts receivable     23,498       (23,600 )
    Inventories     (6,416 )     10,338  
    Prepaid and other current assets     (934 )     (3,681 )
    Other assets     (376 )     383  
    Accounts payable     4,963       (7,960 )
    Accruals and other current liabilities     (19,292 )     10,582  
    Deferred revenue     1,754       (7,704 )
    Other non-current liabilities     (2,696 )     (3,083 )
    Lease payments and other, net     (1,031 )     (972 )
    Net cash used in operations     (34,699 )     (52,656 )
    Cash flows from investing activities:            
    Purchases of property and equipment     (1,645 )     (816 )
    Proceeds from sale of Atlas software platform     900       —  
    Equity method investment in Alpha Steel     (1,800 )     (900 )
    Proceeds from disposal of investment in unconsolidated subsidiary     8,807       1,319  
    Net cash provided by (used in) investing activities     6,262       (397 )
    Cash flows from financing activities:            
    Proceeds from borrowings     14,550       —  
    Sale of common stock     —       34,007  
    Stock offering costs paid     —       (283 )
    Financing costs paid     (60 )     —  
    Proceeds from stock option exercises     8       226  
    Net cash provided by financing activities     14,498       33,950  
    Effect of exchange rate changes on cash and cash equivalents     (49 )     (47 )
    Decrease in cash and cash equivalents     (13,988 )     (19,150 )
    Cash and cash equivalents at beginning of period     25,235       44,385  
    Cash and cash equivalents at end of period   $ 11,247     $ 25,235  


    Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

    We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

    The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands, except percentages) 2024     2023     2024     2023  
    U.S. GAAP revenue $ 13,202     $ 23,201     $ 47,355     $ 127,002  
    U.S. GAAP gross profit (loss) $ (3,837 )   $ 692     $ (12,594 )   $ 8,307  
    Depreciation expense   182       139       716       478  
    Stock-based compensation   203       283       902       1,596  
    Severance costs   70       —       70       252  
    Non-GAAP gross profit (loss) $ (3,382 )   $ 1,114     $ (10,906 )   $ 10,633  
    Non-GAAP gross margin percentage   (25.6 %)     4.8 %     (23.0 %)     8.4 %

    The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    U.S. GAAP operating expenses $ 9,591     $ 12,428     $ 40,236     $ 59,084  
    Depreciation expense   (126 )     (99 )     (420 )     (355 )
    Amortization expense   (134 )     (133 )     (535 )     (542 )
    Stock-based compensation   (966 )     1,032       (4,510 )     (6,699 )
    CEO transition   (194 )     —       (1,423 )     —  
    Non-routine legal fees   —       (33 )     (66 )     (214 )
    Reverse stock split   (212 )     —       (212 )     —  
    Severance costs   (568 )     (2,347 )     (568 )     (4,170 )
    Other (costs) credits   —       —       —       (3,241 )
    Non-GAAP operating expenses $ 7,391     $ 10,848     $ 32,502     $ 43,863  

    The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and twelve months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,     Year ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    U.S. GAAP loss from operations $ (13,428 )   $ (11,736 )   $ (52,830 )   $ (50,777 )
    Depreciation expense   308       238       1,136       833  
    Amortization expense   134       133       535       542  
    Stock-based compensation   1,169       (749 )     5,412       8,295  
    CEO transition   194       —       1,423       —  
    Non-routine legal fees   —       33       66       214  
    Reverse stock split   212       —       212       —  
    Severance costs   638       2,347       638       4,422  
    Other costs   —       —       —       3,241  
    Other income (expense), net   346       8       468       (257 )
    Gain on sale of Atlas   906       —       906       —  
    Loss from unconsolidated subsidiary   (319 )     (324 )     (1,086 )     (660 )
    Adjusted EBITDA $ (9,840 )   $ (10,050 )   $ (43,120 )   $ (34,147 )

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended December 31, 2024 and 2023, respectively:

      Three months ended December 31,  
      2024     2023  
    (in thousands, except shares and per share data) Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
    Net loss per U.S. GAAP $ (12,235 )   $ (12,235 )   $ (11,177 )   $ (11,177 )
    Reconciling items –                      
    Provision for (benefit from) income taxes   (68 )     —       (513 )     —  
    Interest (income) expense, net   208       —       59       —  
    Amortization of debt discount and issue costs in interest expense   —       60       —       177  
    Depreciation expense   308       —       238       —  
    Amortization of intangibles   134       134       133       133  
    Stock-based compensation   1,169       1,169       (749 )     (749 )
    Gain from disposal of investment in unconsolidated subsidiary(a)   (4,722 )     (4,722 )     (421 )     (421 )
    Loss from change in fair value of warrant liability(b)   4,322       4,322       —       —  
    CEO transition(c)   194       194       —       —  
    Non-routine legal fees(d)   —       —       33       33  
    Reverse stock split(e)   212       212       —       —  
    Severance costs(f)   638       638       2,347       2,347  
    Adjusted Non-GAAP amounts $ (9,840 )   $ (10,228 )   $ (10,050 )   $ (9,657 )
                           
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                      
    Basic and diluted(g) N/A     $ (0.80 )   N/A     $ (0.77 )
                           
    Weighted-average common shares outstanding:                      
    Basic and diluted(g) N/A       12,787,050     N/A       12,510,743  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
    (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
    (g) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the twelve months ended December 31, 2024 and 2023, respectively:

      Year ended December 31,  
      2024     2023  
    (in thousands, except shares and per share data) Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
    Net loss per U.S. GAAP $ (48,606 )   $ (48,606 )   $ (50,290 )   $ (50,290 )
    Reconciling items –                      
    Provision for (benefit from) income taxes   230       —       (338 )     —  
    Interest expense, net   319       —       253       —  
    Amortization of debt discount and issue costs in interest expense   —       296       —       709  
    Depreciation expense   1,136       —       833       —  
    Amortization of intangibles   535       535       542       542  
    Stock-based compensation   5,412       5,412       8,295       8,295  
    Gain from disposal of investment in unconsolidated subsidiary(a)   (8,807 )     (8,807 )     (1,319 )     (1,319 )
    Loss from change in fair value of warrant liability(b)   4,322       4,322       —       —  
    CEO transition(c)   1,423       1,423       —       —  
    Non-routine legal fees(d)   66       66       214       214  
    Reverse stock split(e)   212       212       —       —  
    Severance costs(f)   638       638       4,422       4,422  
    Other costs(g)   —       —       3,241       3,241  
    Adjusted Non-GAAP amounts $ (43,120 )   $ (44,509 )   $ (34,147 )   $ (34,186 )
                           
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                      
    Basic and diluted(h) N/A     $ (3.51 )   N/A     $ (2.96 )
                           
    Weighted-average common shares outstanding:                      
    Basic and diluted(h) N/A       12,675,923     N/A       11,554,615  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) We incurred one-time incremental recruitment fees in connection with hiring a new CEO in August 2024. In addition, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions during 2025 and 2026, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental legal and professional fees to implement a reverse stock split that was consummated effective November 29, 2024. We do not consider these fees to be part of our normal ongoing operations.
    (f) Severance costs were incurred during 2024 and 2023, due to restructuring changes involuntarily impacting a number of employees each period, to adjust our operations to reflect current market and activity levels and to take advantage of process efficiencies gained.
    (g) Other costs in 2023 included the write-off of remaining prepaid costs resulting from termination of our consulting agreement with a related party.
    (h) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The MIL Network –

  • MIL-OSI: TransUnion Announces Earnings Release Date for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 31, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) will publish its financial results for the first quarter ended March 31, 2025, in a press release to be issued at approximately 6:00 a.m. Central Time (CT) on Thursday, April 24, 2025. The company will hold a conference call on the same day at 8:30 a.m. (CT) to discuss its financial results. The press release and a live webcast of the earnings conference call will be available on the TransUnion Investor Relations website at http://www.transunion.com/tru.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    The MIL Network –

  • MIL-OSI: Subsea7 awarded contract offshore Norway

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 31 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Equinor as technical service provider (TSP) for the Northern Lights Phase 2 project, offshore Norway.

    Subsea7’s scope includes engineering, procurement, construction and installation of a five kilometre CO2 pipeline, as well as installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities.

    Project management and engineering will commence immediately at Subsea7’s office in Stavanger, Norway. Fabrication of the pipeline will take place at Subsea7’s spoolbase at Vigra, Norway and offshore operations will be executed in 2026 and 2027.

    Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to continue our collaboration with Equinor TSP and the Northern Lights’ owners Equinor, Shell and TotalEnergies on phase 2 of this ambitious and pioneering project. We look forward to working together to increase the development’s carbon storage capacity to a minimum of five million tonnes per year, and to support the continued development of a new value chain for Norway and Europe.”

    Northern Lights phase 2 is enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme. 

    1. Subsea7 defines a sizeable contract as being between $50 million and $150 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

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

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

    Contact for media enquiries:
    Jan Roger Moksnes
    Communications Manager
    Tel +47 41515777
    janroger.moksnes@subsea7.com
    www.subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 31 March 2025 at 12:15 CET.

    Attachment

    The MIL Network –

  • MIL-OSI: 16/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 16 / 2025
    Schindellegi, Switzerland – 31 March 2025

    Trifork Group: Weekly report on share buyback

    On 28 Februay 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million).

    Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital.

    Under the program, the following transactions have been made:

    Date    Number of shares       Average purchase price (DKK)       Transaction value (DKK)
    Total beginning 29,388 84.04 2,469,874
    24 March 2025 1,900 93.98 178,562
    25 March 2025 1,900 92.99 176,681
    26 March 2025 2,000 92.20 184,400
    27 March 2025 2,200 90.24 198,528
    28 March 2025 2,480 88.11 218,513
    Accumulated 39,868 85.95 3,426,558

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 39,868 at a total amount of DKK 3,426,558. As of 25 March 2025, 1,352 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025).

    With the transactions stated above, Trifork holds a total of 294,845 treasury shares, corresponding to 1.5%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,450,054.


    Investor and media contact
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc | Stock Exchange Release | March 31, 2025 at 8:50 EEST

    Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    The Board of Directors of Innofactor Plc (“Innofactor”) has today resolved to apply for the termination of public trading in the shares of Innofactor and for the delisting of its shares from the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) as soon as possible upon Onni Bidco Oy (“Onni Bidco”) having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Onni Bidco holds more than 90 per cent of all the issued and outstanding shares in Innofactor. As previously announced, Onni Bidco has, by submitting an application to the Redemption Board of the Finland Chamber of Commerce dated December 2, 2024, commenced redemption proceedings in respect of Innofactor’s minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Innofactor. Onni Bidco served its application to appoint an arbitral tribunal and to initiate arbitration proceedings in accordance with Chapter 18, Section 5 of the Finnish Companies Act on January 7, 2025.

    The Board of Directors of Innofactor has resolved to submit an application to Nasdaq Helsinki for the termination of public trading and for the delisting of the Innofactor shares. In the application, it is requested that the delisting in respect of the Innofactor shares admitted to trading on the official list of Nasdaq Helsinki would become effective as soon as possible upon Onni Bidco having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Investor and media enquiries:

    Veera Vitie (Innofactor), ir@innofactor.com, +358 44 331 0207
    Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media

    ABOUT INNOFACTOR

    Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

    The MIL Network –

  • MIL-OSI: Innofactor Plc Annual Report for 2024 has been published

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Annual Financial Report, on March 31, 2025, at 9:00 Finnish time

    Innofactor Annual Report for 2024 has been published as a PDF file on the company website: www.innofactor.com/invest-in-us/releases-publications-and-reports/#annual-reports. The Annual Report includes the Financial Statement, the Report of the Board of Directors and the Sustainability Report.

    Innofactor’s Corporate Governance Statement for the Financial Period 2024 has been published separately from the Annual Report on the company website: https://www.innofactor.com/invest-in-us/corporate-governance/.

    The Remuneration Report for the Financial Period 2024 has been published on the company website: www.innofactor.com/invest-in-us/corporate-governance/#compensations.

    The Annual Report, the Corporate Governance Statement, and the Remuneration Report are also attached to this release.

    Espoo, March 31, 2025

    INNOFACTOR PLC

    Sami Ensio, CEO

    Additional information:
    Sami Ensio, CEO
    Innofactor Plc
    Tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

    Attachments

    • Innofactor Plc Annual Report 2024
    • Corporate Governance Statement 2024
    • Remuneration Report 2024

    Attachments

    The MIL Network –

  • MIL-OSI: CLEAR, an Official TSA PreCheck® Enrollment Provider, Expands Enrollment and Renewal Options by Opening a New Location at Salesforce Transit Center in Downtown San Francisco

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), an official TSA PreCheck® enrollment provider, continues to expand locations outside the airport environment to enroll and renew consumers in the Trusted Traveler program by opening a new location at the Salesforce Transit Center in downtown San Francisco. This marks CLEAR’s first non-airport location in the area for TSA PreCheck enrollment and renewal services, complementing its 58 airport-based enrollment and renewal locations across the U.S. TSA PreCheck enrollment and renewal services through CLEAR are also available at select Staples stores nationwide.

    The launch of this new enrollment location represents the ongoing expansion of CLEAR’s national TSA PreCheck enrollment footprint. Throughout 2025, CLEAR will continue delivering convenience to consumers by launching additional locations and extended hours of operation for enrollment and renewals.

    “TSA PreCheck through CLEAR provides a fast and efficient travel experience,” said Caryn Seidman Becker, CEO of CLEAR. “We’re excited to bring this trusted traveler program to the Salesforce Transit Center, a key hub for Bay Area travelers in the heart of San Francisco. By expanding TSA PreCheck enrollment beyond airports, we’re making it easier and more convenient than ever for travelers to enroll or renew—helping them move through security faster and more efficiently.”

    “Salesforce Transit Center is a vital connection point for commuters and travelers across the Bay Area, and we are always looking for ways to enhance the services available to our visitors,” said Adam Van de Water, TJPA Executive Director. “Bringing TSA PreCheck enrollment to the Transit Center provides a new level of convenience for those looking to simplify their future air travels, whether they’re frequent flyers or planning ahead for their next trip. We’re excited to partner with CLEAR to bring this valuable service to Downtown San Francisco.”

    Located in the Grand Hall of the Salesforce Transit Center, the enrollment local hours are Monday through Friday, 8 a.m. PT to 6 p.m. PT; and Saturday and Sunday from 10 a.m. PT to 5 p.m. PT. Look for the TSA PreCheck through CLEAR standing banners and pods.

    TSA PreCheck members benefit from the convenience of keeping shoes, belts and light jackets on through the airport security checkpoint, and keeping laptops and 3-1-1 compliant liquids in carry-on bags. Members typically get through security screening much faster, with about 99% of members waiting less than 10 minutes at airport checkpoints nationwide.

    New TSA PreCheck applicants can pre-enroll or find an enrollment location by visiting the authorized CLEAR’s authorized TSA PreCheck website, https://tsaprecheckbyclear.tsa.dhs.gov/. Most existing TSA PreCheck members can renew directly on the website, regardless of the provider they enrolled with originally.

    A list of CLEAR enrollment locations for TSA PreCheck is included below, and on the CLEAR, TSA PreCheck website: https://tsaprecheckbyclear.tsa.dhs.gov/locations.

    About TSA PreCheck®        
    TSA PreCheck is a Department of Homeland Security (DHS) Trusted Traveler program that allows enrolled travelers expedited screening through airport security. TSA PreCheck lanes are located at over 200 airports with nearly 90 airlines participating. Since TSA first launched the TSA PreCheck application program as a DHS Trusted Traveler Program for low-risk travelers in December 2013, active membership in the program has grown to more than 20 million members.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 30 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    About the Transbay Joint Powers Authority (TJPA)
    The Transbay Joint Powers Authority (TJPA) is charged with delivering the Transbay Program, a visionary transportation and housing project that has transformed downtown San Francisco and the Bay Area’s regional transportation system by creating a world-class transportation hub in the heart of downtown San Francisco. The TJPA has completed two of the three components of the Program by replacing the former Transbay Terminal at First and Mission streets with a modern regional transit hub, the Salesforce Transit Center, that currently connects nine Bay Area transit systems and creating a transit-oriented neighborhood with new residents, shops and open-space.

    The TJPA is working to complete the Program by delivering the third and final component of the Program, The Portal, also known as the Downtown Rail Extension, which will extend Caltrain and ultimately, California High-Speed Rail service from 4th and King streets to the Transit Center in downtown San Francisco. As the owner and operator of the multimodal Transit Center, the TJPA manages the 5.4-acre public Salesforce Park, found on the Transit Center’s rooftop and partners with the East Cut Community Benefit District to provide free Park activities and events throughout the year. The name of the Salesforce Transit Center and Salesforce Park is the result of a naming rights agreement with salesforce.com that helps fund the Center’s operating costs.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    CLEAR
    media@clearme.com   

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

    The MIL Network –

  • MIL-OSI: LPL Financial to Acquire Commonwealth Financial Network

    Source: GlobeNewswire (MIL-OSI)

    • Commonwealth supports ~2,900 independent advisors managing ~$285 billion in assets
    • Commonwealth ranked #1 in Independent Advisor Satisfaction 11 times in a row by J.D. Power
    • Founder of Commonwealth to assume advisory role to LPL Board of Directors
    • Commonwealth CEO to join LPL Management Committee, partnering to launch Office of Advisor Advocacy

    SAN DIEGO and WALTHAM, Mass., March 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) today announced that it has entered into a definitive purchase agreement to acquire Commonwealth Financial Network (“Commonwealth”), the largest independently owned wealth management firm in the country.

    Headquartered in Waltham, Mass., Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing approximately $285 billion of brokerage and advisory assets. Since its founding in 1979, Commonwealth has built a culture that prioritizes exemplary client service, which has resulted in Commonwealth ranking #1 in Independent Advisor Satisfaction among financial investment firms 11 times in a row by J.D. Power.

    “Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business,” said Rich Steinmeier, LPL Financial chief executive officer. “A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all Advisors across the LPL network. In addition, LPL’s advanced technology, intuitive business solutions and breadth of wealth management offerings unlock boundless potential for Commonwealth Advisors and the clients they serve.”

    “As we’ve grown our business over the past 46 years, Commonwealth has placed a premium on delivering the industry’s highest standards of service. We’ve been diligent in finding a partner that shares our mission of prioritizing Advisor needs above all else. LPL became the logical choice for our next chapter,” said Joseph Deitch, Commonwealth founder, who will assume an advisory role to LPL’s Board of Directors through the conversion. “We are incredibly proud of the culture we’ve nurtured that leverages all opportunities for our Advisors to thrive. To continue supporting this mission, we are confident that LPL’s shared commitment to Advisor centricity, advocacy for Advisor independence, highly experienced team and value-added offerings will serve our Advisors extraordinarily well for the long-term.”

    Commonwealth Chief Executive Officer Wayne Bloom will join LPL’s Management Committee and report to Mr. Steinmeier, and will continue to lead the Commonwealth community and their advisor experience. He will also partner with the LPL leadership team to launch LPL’s Office of Advisor Advocacy, charged with further elevating the service experience for LPL’s growing network of advisors. “This impressive partnership accelerates our joint competitive advantage, bringing unparalleled value to our Advisors and our employees,” said Bloom. “Commonwealth will retain its brand as part of LPL, and Commonwealth Advisors will continue to benefit from their relationships with our team members, all while taking full advantage of LPL’s scale and platform that fuels its industry-leading offerings.”

    The transaction is expected to close in the second half of 2025, and the conversion to the LPL platform is expected to be completed in mid-2026, subject to the receipt of regulatory approvals and other conditions. Following the closing, LPL will evaluate opportunities to bring the Commonwealth advisor experience into the broader LPL ecosystem, including the review of key capabilities at Commonwealth that have been developed in partnership with Advisor360°.

    Under the transaction structure, LPL will acquire 100 percent of the equity of the holding company of Commonwealth for a purchase price of approximately $2.7 billion in cash. LPL anticipates financing this transaction through a combination of corporate cash, debt and equity, resulting in credit agreement leverage of roughly 2.25x following the close of the transaction, with a near-term path to reduce leverage to the midpoint of its stated range of 1.5-2.5x.

    Investor Presentation

    LPL Financial posted an investor presentation with an overview of the transaction on its Investor Relations page at investor.lpl.com.

    Conference Call and Additional Information

    The Company will hold a conference call to discuss the transaction at 8 a.m. ET on Monday, March 31, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

    Financial and Legal Advisors to the Transaction

    Morgan Stanley & Co. LLC is acting as exclusive financial advisor to LPL, with Allen Overy Shearman Sterling LLP serving as LPL’s legal counsel. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Commonwealth, with Ropes & Gray LLP serving as Commonwealth’s legal counsel.

    About Commonwealth Financial Network®

    Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 11 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California, and an operations hub in Blue Ash, Ohio.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 Financial Advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that Advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial Advisors” and “Advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC and Commonwealth. Unless otherwise indicated, data in this communication is as of December 31, 2024.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Forward-Looking Statements

    Certain of the statements included in this release, such as those regarding LPL Financial and its potential growth, business strategy and plans, including the expected benefits of LPL Financial’s acquisition of Commonwealth, the timing of the closing and the conversion of such transaction, and LPL Financial’s plans to replicate the Commonwealth Advisor service experience within its ecosystem, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon LPL, Commonwealth or both. In particular, LPL Financial can provide no assurance that the assets reported as serviced by Commonwealth financial Advisors will translate into assets serviced at LPL Financial, that Commonwealth financial Advisors will join LPL Financial or that the benefits that are expected to accrue to LPL Financial, Commonwealth and their respective advisors and stockholders as a result of the transaction described herein will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: the failure of the parties to satisfy the closing conditions applicable to the acquisition in a timely manner or at all, including obtaining the required regulatory approvals; disruptions to the parties’ businesses as a result of the announcement and pendency of the transaction; difficulties or delays of LPL Financial in onboarding Commonwealth financial Advisors, staff or clients, which could negatively affect LPL Financial’s ability to realize revenue or expense synergies or other expected benefits of the transaction; the inability of LPL Financial to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL Financial’s success in onboarding assets currently served by Commonwealth’s Advisors; disruptions to Commonwealth’s or LPL Financial’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with their financial Advisors and their clients, employees, other business partners or governmental entities; the choice by clients of Commonwealth’s Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Commonwealth to LPL Financial; challenges replicating the Commonwealth Advisor service experience at LPL Financial; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and Commonwealth’s Advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    The MIL Network –

  • MIL-OSI: Westport Announces Agreement to Divest the Light-Duty Segment for $73.1 Million

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”). The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

    Moving forward, Westport intends to concentrate fully on providing affordable solutions for hard-to-decarbonize mobility and industrial applications, centered around the unique opportunities created by the HPDI technology and our Cespira joint venture. The Transaction also strengthens Westport’s balance sheet and enables Westport to consider strategic acquisition opportunities consistent with the above strategic focus and extend its runway to fund near-term growth.

    “This Transaction marks a significant milestone in our evolution as an alternative fuel systems enterprise. By returning to our roots and focusing on our core strengths, providing solutions in hard-to-decarbonize mobility and industrial applications, we are positioning Westport for sustainable growth and enhanced operational efficiency. The Light-Duty segment has been an important part of our history, and we are confident that Heliaca Investments is the right partner to continue its development. This Transaction allows us to streamline our operations, sharpen our focus on innovation, and create long-term value for our stakeholders. We are excited about the opportunities ahead and look forward to building on our momentum,” said Dan Sceli, Chief Executive Officer of Westport Fuel Systems.

    Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

    The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

    Strategic Transformation

    The proposed divestiture is a pivotal step in refocusing Westport on its competitive strengths. Westport remains committed to providing affordable, alternative fuel solutions for the heavy-duty truck, off-road, and industrial markets. Westport believes that hydrogen will play a role in decarbonizing mobility applications long-term. However, Westport’s products are timeline-agnostic, allowing the Company to leverage its High-Pressure Controls and Systems segment and its stake in Cespira, which both have solutions available now, to address decarbonization with net zero and low carbon fuels while also providing affordable solutions utilizing zero carbon hydrogen in the future. Westport’s remaining assets, when combined, create the potential for fuel agnostic high-pressure storage solutions, complementing HPDI and Cespira’s growth aspirations.

    As the hydrogen ecosystem evolves, Westport views the natural gas market, including LNG, CNG and RNG as our foundation, with strong economics in many geographies and diverse growth opportunities. The Company’s GFI products are already industry leading on a global scale and backed by intellectual property rights that are expected to strengthen our already significant competitive advantage in high-pressure fuel solutions.

    Moreover, the Company will consider strategic merger and acquisition opportunities that align with the reimagined strategic focus.

    Creating Focus

    The resurgence of natural gas and renewable natural gas globally provides a market opportunity for Westport. In particular, while HPDI technology is well positioned and established in Europe, the North American market presents many growth opportunities. North America is again embracing natural gas and renewable natural gas as an important part of the solution to reduce the cost and the carbon footprint of heavy-duty long-haul trucking. Natural gas infrastructure is abundant and RNG production is growing.

    As we wait for hydrogen adoption, both Cespira and our High-Pressure Controls & Systems segment have products and technologies enabling the use of lower-carbon fuels today. These same products are equally viable in the future as hydrogen adoption ramps up. In the near-term, our High-Pressure Controls and Systems business has expertise in high-pressure components, providing the capability to rapidly develop CNG high pressure solutions for heavy-duty, off-road and industrial applications, providing effective solutions for decarbonization by utilizing alternative fuels today while advancing zero-emissions hydrogen solutions for the future. Additionally, the Company holds extensive intellectual property assets related to high-pressure fuels for HPDI engines. These initiatives are being designed to strengthen Westport’s competitive position and reinforce its role in advancing low-carbon fuel solutions for hard-to-decarbonize mobility applications.

    Advisors

    J.P. Morgan is acting as financial advisor to Westport and is providing a fairness opinion to the board of directors in connection with the Transaction. Bennett Jones LLP and Delfino Willkie are acting as legal advisors to Westport, and E&Y is acting as tax advisor to the Company.

    Gianni & Origoni, NautaDutilh, Wardyński & Partners and PwC are advising Heliaca Investments in connection with the Transaction.

    About Westport Fuel Systems

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

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the Transaction alleviating liquidity concerns, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, including fund strategic acquisitions, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business, the adoption of hydrogen and the future growth and development of HPDI. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand for high-pressure storage solutions and other products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

    Investor Inquiries:

    Investor Relations
    T: +1 604-718-2046
    E: invest@wfsinc.com

    The MIL Network –

  • MIL-OSI: MEXC Unveils MNT Promotion Offering Up to $1 Million in Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles , March 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has announced a groundbreaking partnership with Mantle (MNT) to launch an exclusive month-long trading campaign with a prize pool of up to $1,000,000, offering users an opportunity to earn substantial rewards.

    The event presents a range of valuable opportunities for users:

    • Zero trading fees on MNT Spot and Futures markets, helping users reduce costs and optimize returns.
    • Up to 500% APR through MNT staking, offering one of the most competitive yields currently available.
    • Token rewards via Launchpool, where users can stake USDT, MX, or MNT to earn additional MNT tokens and exclusive benefits.

    Additionally, users can join the Deposit & Trade campaign, designed with a low entry threshold—ideal for newcomers looking to explore the ecosystem. For seasoned traders, the Futures Trading Competition provides a platform to demonstrate their trading expertise, climb the leaderboard based on trading volume, and compete for a share of the $300,000 prize pool.

    Event Overview

    Period: March 31, 2025, 10:00 – April 30, 2025, 10:00 (UTC)
    During the event period, users can participate in the following MNT-related activities on the platform by clicking on the links below.
    Event 1: MNT trading (Spot and Futures) is available with zero trading fees.
    Event 2: Users who deposit and trade MNT on the Spot market may qualify to share a pool of 113,340 MNT.
    Event 3: MNT staking offers returns of up to 500% APR, subject to platform terms.
    Event 4: A Futures Trading event allows participants to compete for a share of 300,000 USDT in bonus rewards.
    Event 5: The MNT Launchpool enables users to stake selected tokens in exchange for a portion of 240,000 MNT in rewards.

    As a pioneering Layer-2 scaling solution for Ethereum, Mantle uses Optimistic Rollup technology to lower transaction costs and improve network performance. This collaboration highlights MEXC’s leadership in backing innovative blockchain projects and its unwavering commitment to offering users diverse, cutting-edge trading opportunities, lowering costs and helping them maximize their potential returns.

    Looking ahead, MEXC is committed to continuously enhancing the trading experience by introducing innovative features, expanding user opportunities, and launching new initiatives aligned with the dynamic nature of the cryptocurrency market.

    For further details on the event, please see the official announcement.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/75a055b0-3b18-4f14-b6f9-f7a099054d63

    The MIL Network –

  • MIL-OSI: Enlight Announces the Financial Close for Project Country Acres

    Source: GlobeNewswire (MIL-OSI)

    The debt financing package includes $773 million of construction loans

    Country Acres consists of 403 MW of solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026

    TEL AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announced today that the Company has received debt financing (the “Debt Financing”) for project Country Acres (“Country Acres” or “the Project”), located near Sacramento, California, USA.

    As part of the Debt Financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.

    The Project has a 30-year solar generation busbar PPAand 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District (“SMUD”).The Company expects to conclude a tax equity transaction during the construction period, noting that the Project has met the terms required to achieve safe harbor status for beginning of construction.

    Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026. Construction at the 966-acre site has already begun, and all procurement contracts have been signed. The Project is expected to provide clean electricity equivalent to the average annual consumption of approximately 80,000 California households.

    “We are grateful to once again be partnering with leading banks on one of our largest projects,” said Adam Pishl, President and CEO of Clenera. “The American-generated, reliable energy produced at Country Acres will fueling the homes and businesses in central California for decades to come.”

    After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera are now constructing in the U.S. These include Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh). Along with additional projects planned to be built in the years to come, these projects are driving Enlight’s massive expansion into the U.S. renewable energy market. This is best illustrated by the growing run rate of Enlight’s U.S. revenue base, which is expected to reach $195-207 million annually after the completion of the projects now under construction.

    The Company’s next projects in the western Unites States are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh). The two mega projects have almost completed their development phase, and are scheduled to begin construction in the coming months. Each of the two projects employs a grid connection of 1.0 GW, one of the largest in the US. These grid connections generate potential additional development opportunities in the future through the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity.

    “Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build out of our large US project portfolio.”

    “After the successful closing of Roadrunner, BNP Paribas is proud to once again support Clenera and Enlight as Coordinating Lead Arranger on their new landmark project financing of Country Acres,” said Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas. “Supporting premier platforms like Clenera squarely fits our energy infrastructure ambitions, and we look forward to growing our partnership with Clenera as they continue to execute on their high-quality U.S. renewables pipeline.”

    Nasir Khan, Managing Director & Head of Real Assets and Global Trade Americas at Natixis Corporate & Investment Bankng said, “Natixis is thrilled to close our second transaction with Clenera on another robust renewable energy project financing, which aligns perfectly with our commitment to the energy transition. As Clenera continues to expand its pipeline of large-scale energy projects, we look forward to further strengthening our partnership and providing innovative capital solutions to meet its long-term financial needs.”

    “CACIB is proud to partner with Clenera and Enlight once again on a landmark project which will deliver reliable, clean power to SMUD, underscoring our collective objective to provide long term sustainable and affordable power,” said Julien Tizorin – Head of Power and New Energy at CACIB

    Sondra Martinez, Managing Director and Head of Originations Nord/LB’s said “Nord/LB is extremely excited to support Clenera and Enlight on the Country Acres financing. This deal demonstrates our commitment to supporting recurring clients as they advance the energy transition and provide affordable power to local communities.” 

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, win energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il 

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il 

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Maris-Tech Announces Full Year 2024 Financial Results and Reports Record 51% Revenue Growth for 2024 with Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    Revenues Increased by 51%, Gross Profit Increased by 82% and Net Loss Reduced by 54% for the Year Ended December 31, 2024

    Rehovot, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced its financial results for the full year ended December 31, 2024. The Company reported record revenues of approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023. Gross profit for the year ended December 31, 2024, grew by 82%, reaching approximately $3.5 million compared to approximately $1.9 million for the year ended December 31, 2023.

    Mr. Israel Bar, Chief Executive Officer of Maris-Tech, said, “In 2024, we focused on new developments, strategic partnerships and expanding our presence in key markets. We strengthened our position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. Among our key achievements, we launched the Uranus Drones – a miniature codec tailored for the drone industry – and introduced the Diamond System, which is already deployed in the battlefield, providing comprehensive protection for thousands of vehicles. We also increased our investment in marketing and business development in the United States, which has contributed to our accelerated growth.”

    Financial Highlights

    ●    Revenues: Revenues for the year ended December 31, 2024, were approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023.

    ●    Gross Profit: Gross profit for the year ended December 31, 2024, was approximately $3.5 million, an increase of 82% compared to approximately $1.9 million for the year ended December 31, 2023.

    ●    Net Loss: Net loss for the year ended December 31, 2024, was approximately $1.2 million, a decrease of 54% compared to approximately $2.7 million for the year ended December 31, 2023.

    ●    Net Loss per Ordinary Share: Net loss per ordinary share for the year ended December 31, 2024, was approximately $0.16, a decrease of 53% compared to approximately $0.34 for the year ended December 31, 2023.

    ●    Cash, Cash Equivalents and Short-Term Bank Deposits: Cash and cash equivalents and short-term bank deposits as of December 31, 2024, were approximately $2.3 million, compared to approximately $5.2 million as of December 31, 2023.

    ●    Trade Receivables Balance: Increased to approximately $3.5 million as of December 31, 2024, compared to approximately $3.0 million as of December 31, 2023.

    We expect that our existing cash and cash equivalents as of December 31, 2024, along with anticipated revenue from existing customers pursuant to existing orders and the availability of a $4 million line of credit, will be sufficient to fund our operations and meet our obligations for the next twelve months.

    Year Ended 2024 Highlights

    We strengthened our position in the defense and homeland security (“HLS”) markets, and accelerated revenue growth:

    ●    In January 2024, we secured a new purchase order for approximately $590,000 for an AI-based HLS and Defense Surveillance Application based on the Jupiter AI platform;

    ●    In February 2024, we received a purchase order for approximately $190,000 for a miniature low-power solution to enhance gun sight capabilities in tactical applications;

    ●    In February 2024, we received a repeat purchase order for approximately $600,000 with an option to increase the purchase order to approximately $730,000 to provide armored and autonomous vehicles with enhanced situational awareness;

    ●    In April 2024, we secured a new purchase order for $415,800 for a defense solution based on our Jupiter Nano platform;

    ●    In April 2024, we received a new purchase order for approximately $110,000 for a novel miniature intelligence-gathering product based on the Maris platform technology;

    ●    In June 2024, we received a new purchase order for $225,000 from Aero Sol military drone manufacturer for our Uranus-Drones solution;

    ●    In June 2024, we secured a repeat purchase order for approximately $957,000 for our situational awareness solution for Armored Vehicles;

    ●    In August 2024, we secured a $700,000 purchase order for innovative AI-Based Video Distribution Solution; and

    ●    In December 2024, we secured a $1 million purchase order from a U.S. repeat customer in the HLS industry for our advanced Jupiter-based video solution.

    Strategic Partnerships

    ●    In March 2024, we entered into a collaboration agreement with Renesas Electronics Corporation, one of the world’s largest semiconductor manufacturers, and we were accepted into the Renesas’ Preferred Partner Program; and

    ●    In June 2024, we entered into a collaboration agreement with LightPath Technologies, Inc. (Nasdaq: LPTH) (“LightPath”) for AI-Ready Infrared Cameras, providing AI accelerated hardware, software and algorithms for LightPath’s infrared cameras.

    New Products & Developments

    ●    In February 2024, we launched Emerald, a Jupiter-based multiple-channel high-definition and standard-definition raw video recording platform especially designed for defense armored vehicles;

    ●    In July 2024, we unveiled Diamond – a revolutionary defense 360° 3D Situational Awareness Solution for armored fighting vehicles;

    ●    In September 2024, we announced that our Amethyst Edge Computing video solution now supports 5G, enabling ultra-speed and high data transfer;

    ●    In September 2024, we enhanced our Diamond platform ability to combat airborne threats with Diamond Ultra; and

    ●    In December 2024, we completed the development of Uranus-Drones technology, which is now available for large-scale delivery.

    Expanded Global Awareness

    Maris-Tech strengthened our presence in the U.S. with the engagement of new sales representatives and increased participation in international defense and technology exhibitions, showcasing the Company’s cutting-edge solutions to a global audience.

    Backlog and Outlook

    Our backlog as of January 1, 2025, was approximately $9.8 million, which represents an increase from our backlog as of January 1, 2024, of approximately $9.76 million. Our backlog, as of March 28, 2025, was approximately $9.9 million.

    We define backlog as the accumulation of all pending orders with a later fulfillment date for which revenue has not been recognized, and we consider valid. The backlog consists of executed purchase orders from new customers and existing customers with which we have had long standing relationships and from governmental agencies.

    Mr. Bar concluded, “We remain committed to driving long-term growth by focusing on strategic innovation, expanding our market presence, and strengthening our relationships with global defense and homeland security customers. We believe that our pipeline of opportunities and strong order backlog position us well for continued growth in 2025 and beyond.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: its growth in 2025 and beyond; expanding its market presence; strengthening its relationships with global defense and homeland security customers; future pipeline and opportunities; its backlog and the anticipated fulfillment of that backlog; the demand for its defense and AI-powered solutions; expanding its  presence in key markets; and its position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. 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 the Company’s control. The Company’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. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company’s ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport”) (TSX: WPRT / Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “The past year has been transformative for Westport as we sharpened our strategic focus, advanced our clean transportation technologies, and enhanced operational efficiencies. We have made significant strides in aligning our operations with our competitive strengths, improving margins, and reinforcing our commitment to delivering cost-effective solutions that drive decarbonization in the transportation sector. We have also transformed our culture to be one built on discipline and excellence, driving a high-performance mindset in everything we do.

    The launch of Cespira, our joint venture with Volvo Group, was a key milestone for us in 2024. Cespira is committed to accelerating the commercialization of HPDI™ technology with carbon-neutral fuels like hydrogen and renewable natural gas. This partnership underscores the industry’s recognition of HPDI as a leading solution to enable affordable, sustainable heavy transport.

    Additionally, we are taking bold steps to streamline our operations and strengthen our financial footing, allowing us to focus on areas with the highest growth potential. A prime example of this strategic realignment is our recently announced proposed divestiture of the Light-Duty business. This decision is expected to enable us to concentrate fully on providing affordable solutions for hard to decarbonize mobility applications like long haul and heavy-duty trucking that can take advantage of the unique, practical and affordable HPDI technology and our world class high-pressure components and systems technologies and scalable alternative fuel solutions, ensuring that we remain at the forefront of emissions-reducing innovations that are cost effective.

    Looking ahead, we are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape. Hydrogen remains a critical component of the future but, in the meantime, we are delivering practical, commercially viable low-carbon solutions today such as natural gas and renewable natural gas solutions which, in some cases, can represent a lower total cost of ownership than incumbent technologies. Driven by these environmental and economic considerations we are seeing a global resurgence of interest in the heavy-duty transport sector towards utilizing natural gas as an alternative to diesel. While we will continue to invest in technology, we are positioned to take advantage of markets that are embracing products enabled by our years of investment in innovation as the world pivots to more practical and cost-effective solutions to decarbonize.  

    We are committed to providing sustainable, high-performance solutions that help our customers achieve their commercial and environmental goals, now and for years to come.”

    Dan Sceli, Chief Executive Officer

    2024 Highlights

    • Revenue was $302.3 million for 2024 and $75.1 million for the fourth quarter. Full year results were primarily driven by the transition of the Heavy-Duty OEM business into Cespira, partially offset by an increase in revenue in our Light-Duty segment. Cespira earned $22.8 million for the three months ended December 31, 2024 and $43.1 million for the period from June 3, 2024 through to December 31, 2024.
    • Net loss for the year ended December 31, 2024 was $21.8 million, or $1.27 loss per share, compared to net loss of $49.7 million for the prior year. Net loss for the fourth quarter in 2024 was $10.1 million, or $0.59 loss per share, compared to net loss of $13.9 million, or $0.81 loss per share, for the same period in 2023. For the year, the net positive change was primarily a result of improvements in gross margin, a $15.2 million gain on deconsolidation of the HPDI business in the formation of the joint venture with Volvo Group on June 3, 2024, reductions in operating expenditures and depreciation and amortization expense due to continuation of the HPDI business in Cespira, partially offset by higher income tax expense and foreign exchange losses in the year.
    • Adjusted EBITDA1 loss of $11.2 million, compared to a loss of $21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $1.8 million.
    • Cash and cash equivalents were $37.6 million for the year ended December 31, 2024. Cash provided by operating activities during the year was $7.2 million.
    • Announced the closing the HPDI joint venture, Cespira, with Volvo Group, working together to accelerate the commercialization and global adoption of the HPDI™ fuel system technology for long-haul and off-road applications.

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

    Consolidated Results            
    ($ in millions, except per share amounts)     Over / (Under)
    %    		     Over / (Under)
    %
      4Q24 4Q23 FY24 FY23
    Revenue $75.1 $87.2 (14)% $302.3 $331.8   (9)%  
    Gross Profit(2) 14.3 8.0 79% 57.6 48.9   18%  
    Gross Margin(2) 19% 9% — 19% 15%   —  
    Income (loss) from Investments Accounted for by the Equity Method(1) (2.0) 0.1 (2,100)% (5.4) 0.8   (775)%  
    Net Loss (10.1) (13.9) 27% (21.8) (49.7)   56%  
    Net Loss per Share – Basic (0.59) (0.81) 27% (1.27) (2.90)   56%  
    Net Loss per Share – Diluted (0.59) (0.81) 27% (1.27) (2.90)   56%  
    EBITDA (2) (6.1) (10.9) 44% (6.6) (35.9)   82%  
    Adjusted EBITDA (2) (1.8) (10.0) 82% (11.2) (21.5)   48%  

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

    Segment Information

    Light-Duty Segment

    Revenue for the three months and year ended December 31, 2024 was $68.0 million and $262.2 million, respectively, compared with $63.4 million and $263.6 million for the three months and year ended December 31, 2023.

    Light-Duty revenue increased by $4.6 million for the three months ended December 31, 2024 as compared to the prior year. This was primarily driven by a significant increase in sales of LPG fuel system solutions to a global Original Equipment Manufacturer (“OEM”) for their Euro 6 vehicle applications in our light-duty OEM business and an increase in delayed OEM business, partially offset by lower revenues in other business lines.

    Light-Duty revenue decreased by $1.4 million for the year ended December 31, 2024 compared to the prior year. This was primarily driven by a decrease in sales in our delayed OEM business in the first half of 2024, decrease in sales to customers in developing markets, and our fuel storage business. This was partially offset by the aforementioned increase in sales of LPG fuel system solutions in our light-duty OEM business.

    Gross profit increased by $2.0 million to $14.0 million, or 21% of revenue for the three months ended December 31, 2024, as compared to $12.0 million, or 19% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions along with an increase in sales volumes.

    Gross profit for the year ended December 31, 2024 increased by $6.3 million to $55.4 million, or 21% of revenue, compared to $49.1 million, or 19% of revenue, for the prior year. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions. The segment’s manufacturing operations continues to implement operational improvement initiatives lowering its manufacturing overhead costs in the year. For the year ended December 31, 2024, Light-Duty recorded inventory write-downs of $2.1 million related to our restructuring activities in India for $0.9 million and $0.5 million related to components for markets that we have exited, and the remainder due to our periodic analysis of excess and obsolete inventory.

    Westport began supplying its Euro 6 LPG fuel system to its global OEM customer in early 2024. This production supply agreement has been instrumental in improving revenue and delivering higher margins, which more than offset the decline in revenue as a result of a key delayed OEM customer continuing to work through their inventory. Production for the Euro 7 LPG fuel system for the same global OEM customer is anticipated to begin mid-to-late 2025.

    High-Pressure Controls & Systems Segment

    Revenue for the three months and year ended December 31, 2024 was $1.4 million and $8.8 million, respectively, compared with $2.5 million and $12.0 million for the three months and year ended December 31, 2023. Revenue for the three months ended December 31, 2024 decreased by $1.1 million compared to the prior year period. Revenue for the year ended December 31, 2024 decreased $3.2 million compared to the prior year.

    The decrease in revenue for the three months and year ended December 31, 2024 compared to the prior year periods continues to be primarily driven by the general slowdown in hydrogen infrastructure development, leading to a slower adoption of automotive and industrial applications powered by hydrogen.

    Gross profit for the three months ended December 31, 2024 decreased by $0.4 million to nominal, or 0% of revenue, compared to $0.4 million, or 16% of revenue, for the same prior year period. This was primarily driven by lower sales volumes, increasing the per unit manufacturing costs in the quarter.

    Gross profit for the year ended December 31, 2024 decreased by $1.3 million to $1.5 million, or 17% of revenue, compared to $2.8 million, or 23% of revenue, for the prior year. This was primarily driven by decrease in sales volume for the year. The segment recorded $0.8 million in inventory write-downs in the year due to slow-moving inventory.

    Heavy-Duty OEM Segment

    Revenue for the three months and year ended December 31, 2024 includes revenue until the closing of the transaction to form Cespira, which occurred on June 3, 2024. Revenue for the three months and year ended December 31, 2024 was $5.7 million and $31.3 million, respectively, compared with $21.3 million and $56.2 million for the three months and year ended December 31, 2023.

    The decrease in revenue for the three months and year ended December 31, 2024 is a result of the continuation of the business in Cespira. Refer to the “Selected Cespira Financial Information” for more information on the performance of the business. Revenue earned in the three months ended December 31, 2024 reflects revenue earned from a transitional services agreement in place with Cespira that we expect to expire by the end of Q2 2026.

    Gross profit for the three months ended December 31, 2024 increased by $4.7 million to $0.3 million, or 5% of revenue, compared to negative $4.4 million or negative 21% of revenue, for the three months ended December 31, 2023. The Heavy-Duty OEM segment was impacted by a $4.5 million inventory write-down in the prior year period.

    Gross profit increased by $3.7 million to $0.7 million, or 2% of revenue, for the year ended December 31, 2024 compared to negative $3.0 million, or negative 5% of revenue, for the prior year. Heavy-Duty OEM recorded $0.4 million in inventory write-downs in the year. The segment was impacted by the aforementioned inventory write-down of $4.5 million in the prior year.

    Selected Cespira Financial Information

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain financial information from Cespira in notes 8 and 22 in our consolidated financial statements for the year ended December 31, 2024 and the period from June 3, 2024 to December 31, 2024.

    The following table sets forth a summary of the financial results of Cespira for the three months ended December 31, 2024 and the period between June 3, 2024 to December 31, 2024:

      (in millions of U.S. dollars)   Three months ended December 31,   Change   Year ended December 31,   Change
        2024   2023   $   %   2024   2023   $   %
    Revenue   $ 22.8     $ —     $ 22.8     — %   $ 43.1     $ —     $ 43.1     — %
    Gross profit     1.4       —       1.4     — %     0.5       —       0.5     — %
    Gross margin1     6 %     — %             1 %     — %        
    Operating loss     (4.8 )     —       (4.8 )   — %     (12.1 )     —       (12.1 )   — %
    Net loss attributable to the Company     (2.6 )     —       (2.6 )   — %     (6.7 )     —       (6.7 )   — %

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

    Cespira revenue was $22.8 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment, which included our HPDI business, earned $21.3 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Cespira gross profit was $1.4 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment had negative $4.4 million in gross profit primarily driven by the aforementioned $4.5 million inventory write-down in the prior year period.

    Cespira incurred operating losses of $4.8 million for the three months ended December 31, 2024. For the prior year quarter, the Heavy-Duty OEM had operating losses of $9.3 million. Aside from the aforementioned inventory write-down in the prior year period, the Heavy-Duty OEM had comparable operating losses compared to Cespira.

    As previously announced, Westport and Weichai are parties to a technology development and supply agreement which contains an obligation for Weichai to order, and Westport to supply, certain volumes of HPDI fuel system components prior to December 31, 2024. Significant orders for HPDI fuel system components against this agreement were not received prior to year-end. Westport and Cespira continue to collaborate with Weichai Power Co. Ltd (“Weichai Power”) on an HPDI fuel system equipped version of the Weichai Power engine platforms. The parties are currently discussing the next stages of this work and the obligations of each party going forward.

    Liquidity and Going Concern

    In addition, as disclosed in Westport Management Discussion & Analysis, for the year ended December 31, 2024, we continue to sustain operating losses and use cash to support our business activities. Cash provided by operating activities was $7.2 million for the year ended December 31, 2024 was primarily driven by reductions in working capital.

    As at December 31, 2024, we had cash and cash equivalents of $37.6 million and long-term debt of $33.7 million, of which $14.7 million was current. Based on our projected capital expenditures, debt servicing obligations and operating requirements under our current business plan, we are projecting that our cash and cash equivalents will not be sufficient to fund our operations through the next twelve months from the date of the issuance of this MD&A. These conditions raise substantial doubt about Westport’s ability continue as a going concern within one year after the date our December 31, 2024 Consolidated Financial Statements are issued.

    We plan to improve our liquidity position by selling certain subsidiaries in Europe and Argentina which comprise substantially all the assets and liabilities reported within the Light-Duty segment and continue our cost reduction initiatives. On March 30, 2025, we entered into a share purchase agreement (“SPA”) with a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm, to sell all of the issued and outstanding shares of Westport Fuel Systems Italia S.r.l for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. If we are successful in closing the sale, we will receive sufficient cash to fund our operations for the next twelve months and alleviate the risk of substantial doubt identified. As of the date of issuance of our December 31, 2024 financial statements, we are seeking shareholder approval of the plan to complete the sale of these businesses to the buyer. As such, there can be no assurances that Westport will be successful in obtaining sufficient funding. Accordingly, we concluded under the accounting standards that these plans do not alleviate the substantial doubt about Westport’s ability to continue as a going concern.

    Divestment of the Light-Duty Business and 2025 Outlook

    Westport recently announced the proposed divestment of its Light-Duty business, which includes the light-duty OEM, delayed OEM, and independent aftermarket businesses (the “Transaction”). The Transaction is designed to focus the Company’s strategy and streamline its operations allowing Westport to direct its energy on solution to address hard to decarbonize sectors like long-haul, heavy-duty trucking and off-road applications that can take advantage of Cespira and our High-Pressure Controls & Systems technology – where Westport sees the largest opportunities to grow and where the Company has a unique and differentiated offering generating interest with customers as the world transitions to a more practical and easier to adopt approach to decarbonization.

    Highlights of the Transaction include:

    • Provides immediate up front proceeds to alleviate liquidity concerns, strengthening the balance sheet and funds near-term growth in Cespira and the High-Pressure Controls & Systems business;
    • Brings forward more cash today than the Light-Duty business was projected to earn over 5-years on an undiscounted cash basis; and
    • Enables management to focus exclusively on the higher growth HPDI and high-pressure segments.

    In light of the evolving market and regulatory environment, over the long term, the Light-Duty business’ ability to grow LPG / CNG sales in developed markets is expected to continue facing increased competition from pure electrification or petrol – electrification hybrids.

    The base purchase price of the Transaction is $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an additional $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. The purchaser is a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm.

    Net proceeds from the transaction are to be used to bolster the balance sheet, fund organic growth opportunities through Cespira and High-Pressure Controls & Systems over the near term as well as opportunistic bolt on acquisitions. The Transaction ultimately eliminates future restructuring costs required by the Italian operations in the light-duty business.

    Westport is shifting to a smaller, more focused organization, that is positioned to provide solutions to decarbonize challenging segments of the mobility and industrial markets.​ Westport has 30 years of experience delivering component solutions and developing HPDI fuel technology​. We are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape.

    The Company anticipates that the closing of the transaction will occur late in Q2 2025, subject to receiving shareholder approval.

    Conference call

    Westport has scheduled a conference call for Monday, March 31, 2025, at 10:30 am Pacific Time (1:30 pm Eastern Time) to discuss these results. To access the conference call please register at https://register.vevent.com/register/BI1ba7402b85a5491292e48354a2e80b90. 

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

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

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

    Financial Statements and Management’s Discussion and Analysis

    To view Westport full financials for the fourth quarter and year ended December 31, 2024, please visit https://investors.wfsinc.com/financials/. 

    About Westport Fuel Systems

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

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen) including testing to the HPDI fuel system, scaling our alternative fuel-based solutions, our expectations for 2025 and beyond, including the demand for our products, the future success of our business and technology strategies, shareholder approval of the Transaction, our ability to successfully close the Transaction and realize the benefits therefrom, including, potential earn-out payments, the Transaction alleviating liquidity concerns, our focus on providing affordable solutions to decarbonize long haul and heavy-duty trucking, our ability to bolster our balance sheet, fund organic growth as well as opportunistic bolt on acquisitions, a shift to operating as a smaller, more efficient organization. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, changes in business strategy, shifts in market demand, the general economy including impacts due to inflation, the effects of competition and pricing pressures, conditions of and access to the capital and debt markets, solvency, governmental policies, trade restrictions or other changes to international trade agreements, sanctions and regulation including the imposition of tariffs, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

    Inquiries:
    Investor Relations
    T: +1 604-718-2046
    invest@wfsinc.com

    GAAP and Non-GAAP Financial Measures

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

    Segment Information

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

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

      Year ended December 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 262.2   $ 8.8     $ 31.3     $ 43.1     $ 345.4  
    Cost of revenue   206.8     7.3       30.6       42.6       287.3  
    Gross profit   55.4     1.5       0.7       0.5       58.1  
    Operating expenses:
    Research & development   13.0     4.4       4.2       4.7       26.3  
    General & administrative   19.2     1.0       3.1       5.6       28.9  
    Sales & marketing   9.9     0.7       0.9       1.0       12.5  
    Depreciation & amortization   2.6     0.3       0.1       1.7       4.7  
    Equity income   1.3     —       —       —       1.3  
    Add back: Depreciation & amortization1   6.4     0.5       1.4       3.8       12.1  
    Segment EBITDA $ 18.4   $ (4.4 )   $ (6.2 )   $ (8.7 )   $ (0.9 )
      Year ended December 31, 2023
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 263.6   $ 12.0     $ 56.2     $ 331.8  
    Cost of revenue   214.5     9.2       59.2       282.9  
    Gross profit   49.1     2.8       (3.0 )     48.9  
    Operating expenses:
    Research & development   13.1     3.6       9.3       26.0  
    General & administrative   21.6     1.3       6.4       29.4  
    Sales & marketing   10.6     0.7       2.9       14.1  
    Depreciation & amortization   3.2     0.2       0.4       3.8  
    Equity income   0.8     —       —       0.8  
    Add back: Depreciation & amortization1   6.7     0.4       4.9       11.9  
    Segment EBITDA $ 8.1   $ (2.6 )   $ (17.1 )   $ (11.6 )


    NON-GAAP FINANCIAL MEASURES RECONCILIATION

    Gross Profit   Years ended December 31,
    (expressed in millions of U.S. dollars)   2024   2023
    Revenue   $ 302.3   $ 331.8
    Less: Cost of revenue   $ 244.7   $ 282.9
    Gross Profit   $ 57.6   $ 48.9
    Gross Margin as a percentage of Revenue   Years ended December 31,
    (expressed in millions of U.S. dollars)     2024       2023  
    Revenue   $ 302.3     $ 331.8  
    Gross Margin   $ 57.6     $ 48.9  
    Gross Margin as a percentage of Revenue     19 %     15 %
      Year ended December 31, 2024
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 345.4   $ 43.1   $ —     $ 302.3  
    Cost of revenue   287.3     42.6     —       244.7  
    Gross profit   58.1     0.5     —       57.6  
    Operating expenses:
    Research & development   26.3     4.7     —       21.6  
    General & administrative   28.9     5.6     14.4       37.7  
    Sales & marketing   12.5     1.0     1.2       12.7  
    Depreciation & amortization   4.7     1.7     0.4       3.4  
    Equity income (loss)   1.3     —     (6.7 )     (5.4 )
      Year ended December 31, 2023
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 331.8   $ —   $ 331.8
    Cost of revenue   282.9     —     282.9
    Gross profit   48.9     —     48.9
    Operating expenses:
    Research & development   26.0     —     26.0
    General & administrative   29.4     14.8     44.2
    Sales & marketing   14.1     2.2     16.3
    Depreciation & amortization   3.8     0.5     4.3
    Equity income   0.8     —     0.8
    Reconciliation of Segment EBITDA to Loss before income taxes   Years ended December 31,
        2024       2023  
    Total Segment EBITDA   $ (0.9 )   $ (11.6 )
    Adjustments:
    Depreciation and amortization     8.7       12.5  
    Cespira’s Segment EBITDA     (8.7 )     —  
    Cespira’s equity loss     6.7       —  
    Corporate and unallocated operating expenses     15.6       17.0  
    Foreign exchange loss     6.2       4.0  
    Loss on sale of assets     0.7       —  
    Gain on deconsolidation     (15.2 )     —  
    Loss on sale of investment     0.4       —  
    Impairment of long-term investment     —       0.4  
    Loss on extinguishment of royalty payable     —       2.9  
    Interest on long-term debt and accretion of royalty payable     2.8       3.0  
    Interest and other income, net of bank charges     (1.2 )     (2.7 )
    Loss before income taxes   $ (16.9 )   $ (48.7 )
    EBITDA and Adjusted EBITDA                
    Three months ended   31-Mar-23   30-Jun-23   30-Sep-23   31-Dec-23   31-Mar-24   30-Jun-24   30-Sep-24   31-Dec-24
    Income (loss) before income taxes   $         (9.7 )   $         (13.0 )   $         (12.0 )   $         (14.0 )   $         (12.9 )   $         6.8             $         (2.5 )   $         (8.3 )
    Interest expense, net             0.4                       (0.1 )             0.2                       (0.2 )             0.5                       0.5                       0.4                       0.2          
    Depreciation and amortization             3.0                       3.0                       3.2                       3.3                       3.2                       1.7                       1.8                       2.0          
    EBITDA   $         (6.3 )   $         (10.1 )   $         (8.6 )   $         (10.9 )   $         (9.2 )   $         9.0             $         (0.3 )   $         (6.1 )
    Stock based compensation (recovery)   $         0.7             $         0.8             $         (0.3 )   $         1.4             $         0.3             $         1.2             $         (0.1 )   $         —          
    Unrealized foreign exchange (gain) loss   $         1.1             $         2.4             $         1.4             $         (0.9 )   $         1.8             $         0.1             $         (1.1 )   $         5.4          
    Loss on extinguishment of royalty payable   $         —             $         2.9             $         —             $         —             $         —             $         —             $         —             $         —          
    Severance costs   $         —             $         —             $         4.5             $         —             $         0.5             $         0.2             $         0.1             $         0.1          
    Gain on deconsolidation   $         —             $         —             $         —             $         —             $         —             $         (13.3 )   $         —             $         (1.9 )
    Loss on sale of investment   $         —             $         —             $         —             $         —             $         —             $         —             $         0.4             $         —          
    Restructuring costs   $         —             $         —             $         —             $         —             $         —             $         0.8             $         0.2             $         —          
    Loss on sale of assets   $         —             $         —             $         —             $         —             $         —             $         —             $         —             $         0.7          
    Impairment of long-term investment   $         —             $         —             $         —             $         0.4             $         —             $         —             $         —             $         —          
    Adjusted EBITDA   $         (4.5 )   $         (4.0 )   $         (3.0 )   $         (10.0 )   $         (6.6 )   $         (2.0 )   $         (0.8 )   $         (1.8 )
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Balance Sheets
    (Expressed in thousands of United States dollars, except share amounts)
    December 31, 2024 and 2023
        December 31,
          2024       2023  
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 37,646     $ 54,853  
    Accounts receivable     73,054       88,077  
    Inventories     53,526       67,530  
    Prepaid expenses     5,660       6,323  
    Total current assets     169,886       216,783  
    Long-term investments     39,732       4,792  
    Property, plant and equipment     41,956       69,489  
    Operating lease right-of-use assets     19,019       22,877  
    Intangible assets     5,277       6,822  
    Deferred income tax assets     9,695       11,554  
    Goodwill     2,876       3,066  
    Other long-term assets     3,180       20,365  
    Total assets   $ 291,621     $ 355,748  
    Liabilities and Shareholders’ Equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 88,123     $ 95,374  
    Current portion of operating lease liabilities     2,624       3,307  
    Short-term debt     —       15,156  
    Current portion of long-term debt     14,660       14,108  
    Current portion of warranty liability     3,861       6,892  
    Total current liabilities     109,268       134,837  
    Long-term operating lease liabilities     16,433       19,300  
    Long-term debt     19,067       30,957  
    Warranty liability     1,456       1,614  
    Deferred income tax liabilities     4,029       3,477  
    Other long-term liabilities     4,343       5,115  
    Total liabilities     154,596       195,300  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,282,934 (2023 – 17,174,502) common shares issued and outstanding     1,245,805       1,244,539  
    Other equity instruments     9,472       9,672  
    Additional paid-in-capital     11,516       11,516  
    Accumulated deficit     (1,096,275 )     (1,074,434 )
    Accumulated other comprehensive loss     (33,493 )     (30,845 )
    Total shareholders’ equity     137,025       160,448  
    Total liabilities and shareholders’ equity   $ 291,621     $ 355,748  
    WESTPORT FUEL SYSTEMS INC.  
    Consolidated Statements of Operations and Comprehensive Income (Loss)  
    (Expressed in thousands of United States dollars, except share and per share amounts)  
    Years ended December 31, 2024 and 2023  
        Years ended December 31,
          2024       2023  
    Revenue   $ 302,299     $ 331,799  
    Cost of revenue     244,708       282,862  
    Gross profit     57,591       48,937  
    Operating expenses:        
    Research and development     21,587       26,003  
    General and administrative     37,679       44,234  
    Sales and marketing     12,676       16,278  
    Foreign exchange loss     6,248       3,974  
    Depreciation and amortization     3,367       4,299  
    Loss on sale of assets     703       32  
          82,260       94,820  
    Loss from operations     (24,669 )     (45,883 )
             
    Income from investments accounted for by the equity method     (5,402 )     780  
    Gain on deconsolidation     15,198       —  
    Loss on sale of investment     (352 )     —  
    Loss on extinguishment of royalty payable     —       (2,909 )
    Interest on long-term debt and accretion of royalty payable     (2,797 )     (2,981 )
    Impairment of long-term investment     —       (413 )
    Interest and other income, net of bank charges     1,161       2,690  
    Loss before income taxes     (16,861 )     (48,716 )
    Income tax expense (recovery):        
    Current     3,183       1,786  
    Deferred     1,797       (784 )
          4,980       1,002  
    Net loss for the year     (21,841 )     (49,718 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     (2,535 )     4,473  
    Ownership share of equity method investments’ other comprehensive loss   $ (113 )   $ —  
        $ (2,648 )   $ 4,473  
    Comprehensive loss   $ (24,489 )   $ (45,245 )
    Loss per share:        
    Net loss per share – basic and diluted   $ (1.27 )   $ (2.90 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,248,090       17,173,016  
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of United States dollars)
    Years ended December 31, 2024 and 2023
        Years ended December 31,
          2024       2023  
             
    Operating activities:        
    Net loss for the year   $ (21,841 )   $ (49,718 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     8,661       12,490  
    Stock-based compensation expense     1,066       1,727  
    Unrealized foreign exchange loss     6,248       3,974  
    Deferred income tax expense (recovery)     1,797       (784 )
    Loss (income) from investments accounted for by the equity method     5,402       (780 )
    Interest on long-term debt and accretion of royalty payable     74       9  
    Impairment of long-term investment     —       413  
    Change in inventory write-downs to net realizable value     3,283       7,066  
    Gain on deconsolidation     (15,198 )     —  
    Loss on sale of investment     352       —  
    Net loss on sale of assets     627       32  
    Loss on extinguishment of royalty payable     —       2,909  
    Change in bad debt expense     282       56  
    Changes in operating assets and liabilities:        
    Accounts receivable     25,567       5,340  
    Inventories     (6,836 )     9,481  
    Prepaid expenses     (153 )     2,869  
    Accounts payable and accrued liabilities     2,233       (2,448 )
    Warranty liability     (4,380 )     (5,829 )
    Net cash provided by (used in) operating activities     7,184       (13,193 )
    Investing activities:        
    Purchase of property, plant and equipment     (16,923 )     (15,574 )
    Proceeds on sale of investments     29,994       —  
    Proceeds on sale of assets     998       161  
    Dividends received from investments accounted for by the equity method     297       —  
    Capital contributions to investments accounted for by the equity method     (9,900 )     —  
    Net cash provided by (used in) investing activities     4,466       (15,413 )
    Financing activities:        
    Drawings on operating lines of credit and long-term facilities     19,336       46,367  
    Repayment of operating lines of credit and long-term facilities     (44,546 )     (39,904 )
    Payment of royalty payable     —       (8,687 )
    Net cash used in financing activities     (25,210 )     (2,224 )
    Effect of foreign exchange on cash and cash equivalents     (3,647 )     (501 )
    Net decrease in cash and cash equivalents     (17,207 )     (31,331 )
    Cash and cash equivalents, beginning of year (including restricted cash)     54,853       86,184  
    Cash and cash equivalents, end of year (including restricted cash)     37,646       54,853  

    The MIL Network –

  • MIL-OSI: Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking

    Source: GlobeNewswire (MIL-OSI)

    Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking

    Bernin (France), March 31, 2025 – Soitec (Euronext – Tech Leaders), a world leader in the design and production of innovative semiconductor materials, once again demonstrates its excellence in innovation through its rise in the 2024 ranking of patent filers published by the INPI (the French National Institute of Industrial Property).

    This recognition highlights Soitec’s unwavering commitment to innovation and confirms its central role in the development of disruptive technologies, driven by a global strategy and a network of research centers spread across several continents.

    For the first time, the patents filed originate from all of its innovation sites around the world, illustrating a collaborative approach that combines technological excellence with strong local roots.

    With 76 patents filed in France in 2024, compared to 62 the previous year, Soitec:

    • Confirms its 1st place among the most innovative mid-sized companies1, for the second consecutive year;
    • Rises to 22nd place nationally, up three places.

    This achievement reflects the strength of Soitec’s innovation strategy, driven by its research, technology, and intellectual property teams. The company protects its technological advances with a robust patent portfolio, securing its innovations and ensuring product differentiation in the market through the exclusivity of its innovations. With approximately 400 patents filed worldwide each year, Soitec has established itself as an essential technology leader.

    Pierre Barnabé, CEO of Soitec, stated:

    “This progress in the INPI ranking demonstrates Soitec’s unwavering commitment to innovation and intellectual property. Our teams continue to develop breakthrough solutions that address the strategic challenges of our industry. By strengthening our patent portfolio, we consolidate our leadership position and create value for our customers and partners worldwide.”

    Soitec’s continuous investments in R&D enable it to anticipate the needs of strategic markets and address the technological challenges of the future. With 14% of its revenue dedicated to R&D this year2, the company develops innovative materials that accelerate the transition to more efficient and sustainable solutions in the field of mobile communications, artificial intelligence, and power electronics.

    At the same time, Soitec continues to diversify its activities by introducing innovative new products. The company is at the forefront of Photonics-SOI technology, which facilitates the shift from electrical to optical interconnects – a key development for the evolution of data centers and telecommunications. Furthermore, Soitec’s SmartSiC™ silicon carbide wafers, produced using its patented SmartCut™ technology, enhance the performance and sustainability of power electronics applications, which are essential for electric mobility and the energy industry. Another example is Soitec’s POI (Piezoelectric On Insulator), an innovative substrate also manufactured using its SmartCut™ technology. It is based on a high-resistivity silicon substrate, topped with an embedded oxide layer and a thin layer of single-crystal piezoelectric material, making it particularly suitable for advanced applications in optoelectronics and telecommunications.

    Link to the full INPI report: 2024 Patent Filers Ranking

    *****

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    # # #

    Media Relations: media@soitec.com

    Investor Relations: investors@soitec.com

    1 ETI (Entreprises de Taille Intermédiaire) in French
    2 Before capitalization (Universal Registration Document 2023-2024)

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  • MIL-OSI: Aegon announces changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    The Hague, March 31, 2025 – Aegon today announces the nomination of David Herzog, Lori Fouché and Jay Ralph as new members of its Board of Directors at the company’s Annual General Meeting of shareholders (AGM) which will be held on June 12, 2025. 

    The Board intends to appoint David Herzog as Chair in the second half of 2025. Mr. Herzog will succeed William Connelly. To ensure a smooth transition, the Board will propose the reappointment of Mr. Connelly as a member for an additional year. Subsequently, Mr. Connelly will retire as Chair and member of the Board in the second half of 2025. 

    Mark Ellman, who joined Aegon’s Board in 2017 and whose second term will end in 2025, along with Jack McGarry, who joined the Board in 2021 and whose first term will end in 2025, will be nominated for reappointment at the AGM. Meanwhile, Dona Young, who joined Aegon’s Board in 2013 and whose third term concludes in 2025, will retire. 

    William Connelly commented: “We are delighted to propose David Herzog, Lori Fouché and Jay Ralph as new members of Aegon’s Board. We believe their expertise in insurance and asset management will strengthen the Board’s composition and support the company as we continue to execute our strategy and deliver value to our stakeholders. I would also like to take this opportunity to extend my heartfelt gratitude to Dona Young for her many contributions to Aegon. With her commitment, valuable insights and pragmatic approach, Dona has played an important role in Aegon’s transformation.” 

    David Herzog brings over forty years of life insurance and financial services experience to the Board. Currently serving as a member of the Board of Directors at MetLife, and as Chairman of the Board at DXC Technology, David’s extensive career includes key roles such as Chief Financial Officer and Executive Vice President at American International Group (AIG) from 2008 to 2016. Prior to this, Mr. Herzog was the Chief Financial Officer and Chief Operating Officer at American General Life, following its acquisition by AIG. He also held various executive positions at GenAmerica Corporation and Family Guardian Life, a Citicorp company, adding to his profound insight into the financial services industry.

    Lori Fouché brings over two decades of experience in the financial services industry and has extensive expertise in driving transformation and innovation. Most recently, Ms. Fouché served as Senior Executive Vice President and Advisor to the CEO of TIAA, a US-based provider of retirement and investment solutions, and as CEO of TIAA Financial Solutions. Prior to joining TIAA in 2018, she held several senior positions at Prudential Financial, including Group Head of Individual Solutions, President of Individual Annuities, and CEO of Group Insurance businesses. In addition to her executive roles, Ms. Fouché currently serves on the Board of The Kraft Heinz Company, a global food and beverage company, and Hippo Holdings, a property insurance provider and she is member of the Princeton University Board of Trustees.

    Jay Ralph has had a distinguished career in insurance and asset management including almost 20 years in leadership roles at Allianz SE, a global insurance and asset management company. Mr. Ralph was most recently a member of the Board of Management of Allianz SE and Chairman of both Allianz Asset Management and Allianz Life Insurance Company North America. He has also served on various boards of Allianz SE’s global subsidiaries across Europe and the Americas. Prior to this, he held several senior roles in the financial industry. Mr. Ralph currently sits on the Board of Swiss Re Group and the Siemens Pension Advisory Board. 

    The appointments are subject to shareholder approval and will be included in the agenda of the 2025 AGM, which will be published in May. Once elected by Aegon’s AGM, the appointments will be effective as of the end of that meeting. 

    Contacts

    About Aegon

    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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  • MIL-OSI: VAALCO Energy, Inc. to Present Live Via Investor Meet Company

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that George Maxwell, Chief Executive Officer, and Ron Bain, Chief Financial Officer, will provide a live presentation via Investor Meet Company Thursday, April 17, 2025. The presentation will begin at 10 a.m. British Summer Time (4 a.m. Central Time).

    The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until April 16, 2025, 09:00 BST (3 a.m. Central Time), or at any time during the live presentation.

    Investors can sign up to Investor Meet Company for free and add to meet Vaalco via:
    https://www.investormeetcompany.com/vaalco-energy-inc/register-investor. Interested parties can also access the presentation on Vaalco’s web site, www.vaalco.com, under the “Investors” tab. An archived version will be available on Vaalco’s web site after the presentation.

    Investors who already follow Vaalco on the Investor Meet Company platform will automatically be invited.

    About Vaalco
    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    Forward Looking Statements
    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities law (collectively “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

    Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    The MIL Network –

  • MIL-OSI: Nasdaq Verafin Report Finds that $750 Billion in Money Laundering and Illicit Funds Flowed Through Europe

    Source: GlobeNewswire (MIL-OSI)

    More than a Quarter of the Region’s Money Laundering Activity was Across Borders

    New Analysis of European Country-Level Data and Insights into Fraud Trends, Cross-Border Flows and Money Mule Activity

    ST. JOHN’s, Newfoundland and Labrador, March 31, 2025 (GLOBE NEWSWIRE) — Nasdaq Verafin has released its new report, Financial Crime Insights: Europe, that takes a deeper dive into the scale of financial crime across Europe. This report provides new analysis of the data from the 2024 Global Financial Crime Report, and industry insights from a survey of anti-financial crime professionals from across Europe, including the EU, UK, Nordic region and more.

    Financial crime in Europe is staggering in scale and inextricably linked to a global crisis that undermines financial systems, economies and communities around the world. An estimated $750 billion in illicit funds flowed through Europe’s financial system, representing 2.3% of total European GDP. Fraud also poses a substantial threat to Europe’s financial industry, with an estimated $103.6 billion in losses resulting from various scams and bank fraud scenarios.

    New insights from our research reveals that of all funds laundered across Europe, $194.9 billion was moved across borders, representing more than a quarter of the total estimates for money laundering activity in the region in 2023. With cross-border transactions increasing globally, pan-European and international financial flows are a significant vector for illicit activity.

    This expert analysis highlights the scale of financial crime across the region, which significantly impedes the growth and security of Europe’s financial system. The nefarious activities that underpin illicit flows, such as elder abuse, fraud scams, human trafficking, drug trafficking, and terrorist financing – have serious economic and societal impacts across Europe and around the world.

    “The time is now for industry stakeholders to work together to build on the positive momentum across Europe to deliver on a step change in the fight against financial crime. Criminals are not bound by banks, borders or regulations – so by aligning on shared goals, we can strengthen economies across the region and safeguard the wider financial system from harm,” said Stephanie Champion, Executive Vice President and Head of Nasdaq Verafin. “This report highlights the need for unified action to address both domestic and cross-border risks, fostering a safer financial system for all.”

    Financial Crime Insights: Europe provides authoritative research findings and industry perspectives that define notable trends and priorities within the financial sector across the UK, EU, and Nordics. Additionally, it underscores opportunities for stakeholders within the European financial industry to align their priorities for financial crime prevention, collaborate across sectors and borders, and expedite innovation through advanced technology. Innovative solutions and data-driven strategies will be crucial for enhancing anti-money laundering and fraud prevention efforts, ultimately ensuring a more secure financial ecosystem in Europe.

    Nasdaq Verafin has been a partner to the financial industry for decades and provides an industry-leading suite of cloud-based financial crime management solutions that support banks in preventing fraud and uncovering money laundering. Today, more than 2,600 financial institutions representing $10 trillion in assets use Nasdaq Verafin to fight crimes such as scams, elder financial exploitation, human trafficking, and terrorist financing. Nasdaq Verafin’s unique consortium data approach delivers insights into counterparty risk to reduce false positives and significantly improve payments fraud detection. Its AI-driven solutions help banks automate compliance processes for efficiency and delivers highly targeted AML analytics for specific financial crime typologies and ultimately improves the effectiveness of anti-financial crime efforts.

    This report focuses on financial crime trends and perspectives in Europe, EU, the UK and the Nordic region and was produced by Nasdaq Verafin in collaboration with Celent Research and Oliver Wyman.

    The full report can be found at https://verafin.com/financial-crime-insights-europe/.

    About Nasdaq Verafin

    Nasdaq Verafin provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,600 financial institutions globally, representing nearly $10T in collective assets, use Nasdaq Verafin to prevent fraud and strengthen AML/CFT efforts. Leveraging our unique consortium data approach in targeted analytics with artificial intelligence and machine learning, Nasdaq Verafin significantly reduces false positive alerts and delivers context-rich insights to fight financial crime more efficiently and effectively. To learn how Nasdaq Verafin can help your institution fight fraud and money laundering visit www.verafin.com or call 1-877-368-9986.

    Media Relations Contacts:

    Europe:
    Hampus Stenberg
    +46 73 449 6431
    hampus.stenberg@nasdaq.com

    North America:
    Melanie Stead
    (709) 330-8005
    melanie.stead@nasdaq.com

    NDAQG

    The MIL Network –

  • MIL-OSI: KBC Group: Notification for shareholders of KBC Group

    Source: GlobeNewswire (MIL-OSI)

    Regulated information – 31 March 2025, 8h00

    Please be informed that following documents will be available today on www.kbc.com:

    Note: the 2024 annual report of KBC Bank, a 100% subsidiary of KBC Group, is also available
    (https://www.kbc.com/en/investor-relations/information-on-kbc-bank/annual-and-interim-reports.html)

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  • MIL-OSI: Share repurchase programme: Transactions of week 13 2025

    Source: GlobeNewswire (MIL-OSI)

    The share repurchase programme runs as from 26 February 2025 and up to and including 30 January 2026 at the latest. In this period, Jyske Bank will acquire shares with a value of up to DKK 2.25 billion, cf. Corporate Announcement No. 3/2025 of 26 February 2025. The share repurchase programme is initiated and structured in compliance with the EU Commission Regulation No. 596/2014 of 16 April 2014, the so-called “Market Abuse Regulation”, and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions have been made under the program:

      Number of
    shares    		 Average purchase
    price (DKK)    		 Transaction
    value (DKK)
    Accumulated, previous announcement 71,716 581.53 41,705,310
    24 March 2025 3,909 587.82 2,297,802
    25 March 2025 3,871 595.04 2,303,389
    26 March 2025 49,692 572.47 28,446,961
    27 March 2025 46,217 569.76 26,332,422
    28 March 2025 45,592 559.11 25,490,975
    Accumulated under the programme 220,997 572.75 126,576,859

    Following settlement of the transactions stated above, Jyske Bank will own a total of 2,986,115 of treasury shares, excluding investments made on behalf of customers and shares held for trading purposes, corresponding to 4.65% of the share capital.

    Attached to this corporate announcement, aggregated details on the transactions related to the share repurchase programme are shown by venue.
                                                             
    Yours faithfully,
    Jyske Bank

    Contact: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44.

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  • MIL-OSI: Large European and US organizations are prioritizing reindustrialization investments over short-term profitability

    Source: GlobeNewswire (MIL-OSI)

    Press contact: 
    Florence Lièvre  
    Tel.: +33 1 47 54 50 71  
    Email: florence.lievre@capgemini.com

    Large European and US organizations are prioritizing reindustrialization investments over short-term profitability

    • To mitigate concerns over supply chain pressures, rising tariffs and trade disputes, cumulative investments within and outside of domestic markets projected to reach $4.7 trillion over the next three years, up from $3.4 trillion in 2024
    • More than half have invested in nearshoring or reshoring their manufacturing over the past year, with 35% planning to increase investments in nearshoring in 2025 to diversify their manufacturing
    • Friendshoring, in terms of sourcing and production, is poised to become a key route forward for nearly three quarters of organizations

    Paris, March 31, 2025 – The 2025’ edition of the Capgemini Research Institute’s report, ‘The Resurgence of manufacturing: Reindustrialization strategies in Europe and the US’, published today, shows that large organizations across the US and Europe are intensifying their focus on reindustrialization to mitigate concerns over supply chain pressures, rising tariffs and trade disputes. The reconfiguration of global supply chains and manufacturing capacity, including ‘reshoring’ and ‘nearshoring1production, as well as diversification, is being strategically prioritized over short-term profitability. Nearly 60% of executives are determined to continue their efforts despite higher costs and most organizations (65%) are reducing reliance on Chinese products. Instead, they are planning to invest in ‘friendshoring’1over the next three years to de-risk their supply chains.

    According to the survey conducted from January 1st to 20th, 2025, market tensions are driving large European and US organizations to accelerate their plans to diversify their manufacturing and supply chains: two thirds have an active or in-progress reindustrialization strategy – up from 59% in 2024.

    “After decades of globalization, the imperative to reindustrialize is clear. Organizations are intensifying their efforts to de-risk and diversify their manufacturing and supply chains through friendshoring to reinforce proximity to markets,” said Aiman Ezzat, Chief Executive Officer at Capgemini. “Complexities and costs involved in re-orchestrating supply chains are not being underestimated. Business leaders are investing to navigate the unpredictable macro-environment and drive long-term competitiveness, taking advantage of advanced technologies. In an evolving global landscape, regional collaboration with suppliers, technology providers and policymakers will be key to build a resilient and adaptable manufacturing ecosystem.”

    Rising tariffs and strain on supply chains drive reindustrialization
    Supply chain resilience, geopolitical concerns, and a desire to be closer to customers emerge as the top drivers of reindustrialization. Supply chain pressure is cited by an overwhelming majority (95%) of executives, a significant increase from 69% in 2024. The desire to be closer to customers is cited for the first time, arriving in second position (92%).

    Rising tariffs are further exacerbating supply chain challenges, with 93% of executives expressing concerns about their impact. Reindustrialization is increasingly viewed as a strategic response to the geopolitical environment – notably for battery/energy storage manufacturing, automotive and telecom – with more than half of executives across regions stating that tariffs are accelerating their reshoring and reindustrialization efforts.

    Executives acknowledge the complexity and cost of reindustrialization. More than six in ten (62%) expect rising capital costs in the next three years but half foresee reduced logistics and supply chain costs within the same period thanks to greater proximity to customers. In addition, nearly two-thirds still view the domestic skills gap as a major challenge, showing no improvement from 2024.

    Nearshore and friendshore manufacturing to surge in the next three years
    Over the past year, business leaders across sectors say that they have intensified their strategy to relocate their production and supply chain with more than half (56%) having invested in either nearshoring or combined reshoring and nearshoring of their manufacturing, up from 42% in 2024. This trend is predicted to continue. In the next three years, onshore and nearshore operations are expected to rise to account for 48% (up 7 percentage points) and 24% (up 2 percentage points) respectively, of total manufacturing capacity.

    According to the report, ‘friendshoring’ is poised to become a key route forward for most organizations (73%) in terms of sourcing and production. It is expected to account for 41% of total manufacturing capacity in the next three years, up from 37% in 2024. More than eight in ten (82%) executives indicate that they plan to reduce supply chain reliance on China, a significant increase from 58% in 2024. Organizations surveyed have instead targeted reindustrialization destinations in North America, UK, Mexico, Vietnam, India and North Africa.

    Advanced technologies to accelerate reindustrialization while driving innovation and reducing costs
    Most organizations (62%) are focusing on upgrading manufacturing facilities to make them smart and tech enabled. Over half of them have realized more than 20% cost savings through digital technologies in their reindustrialization efforts and a large majority (84%) plan to invest in advanced manufacturing technologies to further reduce costs.

    More than 6 in 10 organizations are looking at critical technologies like data and analytics and AI/Machine Learning to support reindustrialization in the next three years. Organizations are also considering emerging technologies such as Gen AI and 5G & Edge computing; blockchain and digital twins; and quantum technologies.

    In addition, nearly three quarters (73%) of organizations foresee that reindustrialization will help catalyze a shift toward sustainable and eco-friendly manufacturing practices, a significant increase from 56% in 2024.

    To read the full report: LINK

    Report Methodology
    During January 1-20, 2025, the Capgemini Research Institute surveyed 1,401 executives employed at organizations with more than $1 billion in annual revenue, across the US, the UK, and continental Europe (France, Germany, Italy, the Netherlands, the Nordics, and Spain). Organizations surveyed operate across 13 key industrial and manufacturing industries. Executives surveyed were at director level and work across diverse business, technology, and manufacturing-related functions. The Capgemini Research Institute also interviewed supply chain and manufacturing executives and experts at large organizations globally.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get The Future You Want | www.capgemini.com

    About the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

    Visit us at https://www.capgemini.com/researchinstitute/

    1 In this research, reshoring is defined as bringing manufacturing/production back to the domestic market/country of headquarters. Nearshoring is defined as moving manufacturing/production to a nearby or neighboring country. Friendshoring is a growing trade practice where supply chain networks are focused on countries regarded as political and economic allies, to further reduce risk exposure.

    Attachments

    The MIL Network –

  • MIL-OSI: Tabi Becomes Title Sponsor of 2025 Bangladesh Cricket Championship

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 31, 2025 (GLOBE NEWSWIRE) — Tabi, a Web3 entertainment and consumer blockchain platform backed by Animoca Brands and Binance Labs, has officially signed on as title sponsor of the 2025 Bangladesh Cricket Championship. The partnership marks Tabi’s first major move into the South Asian market, aligning with its mission to bring decentralized technology into everyday culture through sport, entertainment, and community engagement.

    Tabi’s sponsorship reflects more than just branding—it’s part of a broader push to integrate Web3 into real-world experiences that resonate with millions. Cricket, the most beloved sport in Bangladesh and across the region, provides an ideal platform for introducing digital ownership, fan participation, and creator economies powered by blockchain.

    “Tabi is building a Web3 world where culture, content, and community converge,” said Mori Xu, co-founder of Tabi. “Sponsoring the Bangladesh Cricket Championship allows us to connect with a passionate, mobile-first audience through a sport that embodies national identity and collective spirit. This isn’t just a logo placement—it’s an invitation to explore what ownership and participation look like in the next internet era.”

    As part of its broader regional strategy, Tabi sees this sponsorship as a key step in introducing its brand and values to a passionate, mobile-native audience. The move signals Tabi’s intent to explore long-term opportunities where blockchain can enhance fan culture, digital identity, and participation—particularly in regions where community-driven platforms thrive and traditional systems are ripe for innovation.

    While cricket serves as the cultural entry point, Tabi’s long-term goal is to help users across emerging markets access decentralized tools without friction—transforming everyday fandom into on-chain engagement.

    More details about the sponsorship campaign and on-site activations will be shared in the lead-up to the tournament.

    About Tabi Chain
    Tabi Chain is a decentralized blockchain ecosystem designed to facilitate mass adoption of Web3 through seamless social media integration. By leveraging Proof of Attention (PoA) and Tabi Mini Nodes, Tabi Chain enables users to engage with Web3 platforms effortlessly, turning social interactions into meaningful blockchain participation. The project is committed to lowering the barriers to entry for decentralized applications, governance, and digital ownership, fostering a more inclusive and accessible Web3 landscape.

    Media Content:
    Name: Mori Xu
    Media contact: tabimedium@tabilabs.org

    Disclaimer: This press release is provided by Tabi Chain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae996481-be7f-4a47-9123-5350cb24a00b

    The MIL Network –

  • MIL-OSI: Nokia modernizes Vodafone Idea’s optical network to enhance 4G services and support 5G rollout

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia modernizes Vodafone Idea’s optical network to enhance 4G services and support 5G rollout

    • Optical transport upgrade will insulate network against 4G data growth and accelerate commercial 5G rollout in India.
    • Incorporates energy-efficient solutions and processes to minimize VIL’s carbon footprint.

    31 March 2025
    New Delhi, India – Nokia today announced that it will upgrade and expand Vodafone Idea Limited (VIL) optical transport network across key metro and circle locations in India. The upgrade, which utilizes Nokia’s leading optical switching technology, will increase its capacity, supporting 4G data growth. In addition, Nokia’s equipment will modernize the network, providing flexibility and efficiency, and boost VIL’s 5G rollout.

    Among the comprehensive optical suite of products deployed to enable this network overhaul include Nokia’s 1830 Photonic Service Switch (PSS) platform, and its CDC-F 2.0 wavelength switching technologies. In addition, Nokia will also deploy its market-leading photonic service engine (PSE-Vs) super-coherent optics, industry-leading Dense Wavelength Division Multiplexing (DWDM) and optical transport network (OTN) to ensure VIL’s customers continue to experience great connectivity even during peak usage times.

    Nokia’s future-ready solution will also enable VIL to efficiently scale its network from C-band to C+L band as required, avoiding the need for any forklift changes in platform or architecture. This deployment will lead to reduced VIL’s operational costs. Additionally, the project prioritizes sustainability, incorporating energy-efficient solutions and automation-enabled deployment processes to minimize the carbon footprint.

    “Nokia’s innovative optical solutions align perfectly with our goal to enhance customer experience and ensure robust network readiness for future demands. With Nokia’s advanced optical network solutions, we are excited to build an agile, high-capacity and future-ready network that will support India’s digital transformation and drive innovation across sectors,” said Jagbir Singh, CTO at Vodafone Idea Limited.

    “We are proud to be selected by Vodafone Idea (VIL) to modernize their optical transport network. We have been a long-standing partner for them in India, built on our trusted performance in network infrastructure. Our cutting-edge 1830 PSS technology will ensure their readiness to deliver multi-terabit data growth and support upcoming quantum-safe services for their enterprise customers. This significant milestone with VIL, further cements Nokia’s leadership in India’s optical transport market and commitment to enabling next-generation connectivity in India,” said Sang Xulei, Vice President and Head of Network Infrastructure at Nokia Asia Pacific.

    Multimedia, technical information and related news 
    Webpage: Nokia Optical Networks
    Product Page: 1830 Photonic Service Switch (PSS)
    Product page: WaveSuite applications

    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.

    About Vodafone Idea Limited
    Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst
    India’s leading telecom service providers. The Company provides pan India Voice and Data
    services across 2G and 4G platforms. Company holds a large spectrum portfolio including mid
    band 5G spectrum in 17 circles and mmWave spectrum in 16 circles. To support the growing
    demand for data and voice, the Company is committed to delivering delightful customer
    experiences and contributing towards creating a truly ‘Digital India’ by enabling millions of
    citizens to connect and build a better tomorrow. The Company is developing infrastructure to
    introduce newer and smarter technologies, making both retail and enterprise customers future
    ready with innovative offerings, conveniently accessible through an ecosystem of digital
    channels as well as extensive on-ground presence. The Company’s equity shares are listed on
    National Stock Exchange (NSE) and the BSE in India.

    Media inquiries
    Nokia Communications, Asia Pacific
    Email: cordia.so@nokia.com

    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: International Petroleum Corp. Annual General Meeting to be held on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that the Annual General Meeting (the “Meeting”) of holders of common shares (“Shareholders”) will be held at the offices of Blake, Cassels and Graydon LLP, Suite 3500, 855 – 2nd Street S.W., Calgary, Alberta, Canada T2P 4J8 on Wednesday, May 7, 2025 at 8:00 a.m. (Mountain time), for the following purposes:

    1. To receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2024 and accompanying report of the auditor;
    2. To set the number of directors of the Corporation at eight;
    3. To elect the eight nominees of the Corporation standing for election as directors of the Corporation to hold office until the next annual meeting of Shareholders or until his or her successor is duly elected or appointed;
    4. To appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the auditor of the Corporation, to hold office until the next annual meeting of Shareholders and to authorize the directors to fix the auditor’s remuneration; and
    5. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) of the Meeting.

    The record date for the Meeting is March 18, 2025. The Notice of Meeting, the Management Information Circular dated March 24, 2025 (the “Information Circular”) and related Meeting materials, and the Corporation’s Annual Information Form for the year ended December 31, 2024, will be available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.international-petroleum.com.

    The Corporation is not aware of any items of business to be brought before the Meeting other than those described in the Information Circular and there will be no management presentation on the business and operations of the Corporation at the Meeting.

    Advice to Holders of Euroclear Sweden Registered Common Shares

    Shareholders who hold their common shares (“Euroclear Registered Common Shares”) through Euroclear Sweden AB, which common shares trade on the Nasdaq Stockholm, are not registered holders of common shares for the purposes of voting at the Meeting. Instead, Euroclear Registered Common Shares are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Common Shares will receive a voting instruction form (the “VIF”) by mail directly from Computershare AB (“Computershare Sweden”). Additional copies of the VIF, together with the Information Circular, can also be obtained from Computershare Sweden and are available on the Corporation’s website at www.international-petroleum.com. The VIF cannot be used to vote common shares directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines as further described in the instructions provided with the VIF.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    The information was submitted for publication, through the contact persons set out above, at 09:00 CEST on March 31, 2025.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Attachment

    The MIL Network –

  • MIL-OSI: Share buyback programme – week 13

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen
    London Stock Exchange
    Euronext Dublin
    Danish Financial Supervisory Authority
    Other stakeholders

    Date        31 March 2025

    Share buyback programme – week 13

    The share buyback programme runs in the period 28 January 2025 up to and including 28 May 2025, see company announcement of 28 January 2025.

    During the period the bank will thus buy back its own shares for a total of up to DKK 500 million under the programme, but to a maximum of 800,000 shares.

    The programme is implemented in compliance with EU Commission Regulation No. 596/2014 of 16 April 2014 and EU Commission Delegated Regulation No. 2016/1052 of 8 March 2016, which together constitute the “Safe Harbour” regulation.

    The following transactions have been made under the programme:

    Date Number of shares Average purchase price (DKK) Total purchased under the programme (DKK)
    Total in accordance with the last announcement 205,000 1,175.97 241,073,056
    24 March 2025 4,100 1,249.83 5,124,303
    25 March 2025 3,800 1,267.05 4,814,790
    26 March 2025 3,800 1,273.87 4,840,706
    27 March 2025 3,800 1,260.09 4,788,342
    28 March 2025 4,100 1,242.11 5,092,651
    Total under the share buyback programme 224,600 1,183.14 265,733,848

    With the transactions stated above, Ringkjøbing Landbobank now owns the following numbers of own shares, excluding the bank’s trading portfolio and investments made on behalf of customers:

    • 1,539,642 shares under the completed and present share buyback programme(-s) corresponding to 5.8 % of the company’s share capital.

    In accordance with the above regulation etc., the transactions related to the share buyback programme on the stated reporting days are attached to this corporate announcement in detailed form.

    Yours sincerely,

    Ringkjøbing Landbobank

    John Fisker
    CEO

    Detailed summary of the transactions on the above reporting days

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    Attachment

    The MIL Network –

  • MIL-OSI: LIN MCU with Touch Sense Technology for Automotive Applications

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Lumissil Microsystems expanded its automotive MCU portfolio with the introduction of the IS32CS8976 and IS32CS8978 family of AEC-Q100 general purpose 8-bit MCU featuring an integrated LIN Controller and Physical Layer and Gen 3 touch key controller.

    For flexibility, the IS32CS8976 and IS32CS8978 integrate 64KB ECC (Error Correction Code) flash memory that can be used to customize GPIO pins and features up to 20 Gen 3 touch sensors with auto wake and sleep modes. The IS32CS8976 and IS32CS8978 also feature onboard touch sensors that are reconfigurable from self-capacitance to mutual-capacitance mode. In mutual-capacitance mode, Shield is offered as a feature which provides dust and water immunity and offers proximity detection. Further, the integrated LIN protocol handler is compliant with SAE J2602 LIN 2.0A, LIN 2.1A and LIN 2.2A standards, ensuring seamless communication and interoperability with electrical sub-systems within vehicle’s LIN networks.

    To support this claim, Lumissil submitted an MCU with LIN stack to iHR Automotive®, a third-party LIN test house for LIN 2.2 OSI Layer 2 data link layer certification. LIN conformity ensures that a LIN master can transmit 19.2kbps LDF (LIN Definition Frames) to the IS32CS8976 and IS32CS8978 and makes certain that the devices process LDF commands as a protocol handler.

    To address EMI concerns, the IS32CS8976 and IS32CS8978 incorporate oscillators with spread-spectrum modulation which effectively disperses energy at the operating frequency thereby reducing EMI-related radiated noise. To further ease the design, the IS32CS8976 and IS32CS8978 were designed to utilize an easy-to-use software calibration GUI which eliminates touch calibration issues and are designed around VS Code, a popular off-the-shelf IDE.

    The new IS32CS8976 and IS32CS8978 MCU’s enable command-control GPIO applications while simultaneously processing touch key functions. “Automotive engineers can achieve LIN command-control operation while processing touch sensor operations with the IS32CS8976 and IS32CS8978,” said Ven Shan, VP of Lumissil Marketing. “Both the IS32CS8976 and IS32CS8978 will facilitate the development of complex MCU applications by providing LIN command-control initiated by user interaction.”

    The IS32CS8976 and IS32CS8978 feature a built-in LIN Physical Layer LDO capable of 100mA and are available in 3.3V or 5V options. For cost sensitive applications, the IS32CS8976 is available in a TSSOP-24 package offering 16kB flash ECC and 10 GPIO pins while the IS32CS8978 is available in a compact wettable flank WQFN-40 package and features large 64kB flash ECC and 20 GPIO pins. Both devices are RoHS compliant and Pb-Free available with a 2,500 unit per reel MOQ.

    About Lumissil Microsystems
    Lumissil Microsystems specializes in analog/mixed-signal products for automotive, Communications, industrial, and consumer markets. Lumissil’s primary products are LED drivers for low to mid-power RGB color mixing and high-power lighting applications. Other products include audio, sensors, high-speed wire communications, optical networking, and application specific microcontrollers. Lumissil Microsystems has worldwide offices in the US, Taiwan, Japan, Singapore, mainland China, Europe, Hong Kong, India, Israel, and Korea.  

    Website: https://www.lumissil.com

    Ven Shan

    P: 408-969-4622

    vshan@lumissil.com

    Herbe Chun

    P. 408-969-5128

    hchun@lumissil.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/871f8a4f-88e9-413f-8101-b87b58d8b7eb

    The MIL Network –

  • MIL-OSI: Welnax BioClear Reviews [Read Before Buying]: The Real Truth About This Toenail Fungus Device!

    Source: GlobeNewswire (MIL-OSI)

    KOWLOON, Hong Kong, March 31, 2025 (GLOBE NEWSWIRE) — Struggling with fungal infections, discolored, or brittle nails? You are not alone, as Millions of people worldwide suffer from the same annoying issue of nail fungus. Finding a solution that truly works is difficult for many people, trapping them in a cycle of routine clinic visits, topical creams and recurrent illnesses.

    Welnax BioClear Toenail Reviews
    Welnax BioClear claims to employ advanced light therapy to address the underlying cause of fungal infections without the use of harsh chemicals or prescription medications. It is intended to be used at home and offers a hassle-free substitute for pricey therapies that frequently have unintended side effects. Does it, however, fulfill its promises?

    We noticed the Welnax BioClear is trending in the USA. Many intending buyers have gone to many online forums like Reddit and TrustPilot in search of a detailed product description. We have decided to put together all you need to know to make an informed purchase in this concise Welnax BioClear Reviews.

    Many individuals are in search of a non-invasive, safer therapy for toenail fungus, and the Welnax BioClear claims to meet this standard by providing a small, user-friendly gadget that only needs a few minutes of daily use. Users report seeing noticeable improvements in as little as a few weeks, while others value the ease of caring for their nails without the need for messy lotions or trips to the podiatrist.

    Is the Welnax BioClear just another overhyped device? Does it work? We will analyze its mechanism of action, user reviews, and whether it is worth buying by people with chronic nail fungus. Find out if the Welnax BioClear is the long-term fix you’ve been looking for by reading on.

    Overview (Welnax Reviews)
    What Is Welnax BioClear?

    Welnax BioClear is a non-invasive device that uses light therapy to address toenail fungus. Welnax BioClear uses Low Light Laser Therapy (LLLT) to attack fungal infections at their source, unlike conventional therapies that depend on lotions, ointments, or oral drugs that may have negative side effects. By penetrating the nail bed with particular light wavelengths, the gadget breaks down fungal cells and encourages better nail development.

    The Welnax BioClear is a hassle-free remedy for people with recalcitrant nail fungus because it just needs to be used for a few minutes each day. It offers a straightforward, at-home substitute that blends in perfectly with any routine, unlike messy topical treatments or expensive clinical procedures.

    According to customer feedback, many users claim observable changes after only a few weeks of regular use. Verified customers, such as Sophia T. and Dylan P., have discussed their positive experiences, complimenting the gadget on its efficiency, ease of use, and capacity to repair nail health without the use of chemicals or negative side effects. Welnax BioClear provides a safe, scientifically supported answer to a long-standing toenail fungal infection.

    Working Principle of Welnax BioClear Toenail Device
    (Does Welnax BioClear Really Work?)

    Welnax BioClear fights toenail fungus at its root with the innovative Low Light Laser Therapy (LLLT). The device targets the fungal infection without damaging the surrounding skin or tissue by emitting potent light wavelengths that go deep into the nail bed.

    The fungal cells are disrupted by the light energy, which stops them from growing and eventually causes them to be eliminated. Users experience progressive improvement in nail thickness, texture, and color with regular use. Customer reviews attest to its efficacy. While complete healing usually takes a few months, users report noticeable improvements in as little as a few weeks.

    DON’T MISS OUT: Welnax BioClear is Available At A Special Price – Click Here To Order From The Official Website

    Features (Welnax BioClear Reviews)

    Below are some unique features that set Welnax BioClear apart from your other alternatives:

    • Advanced Low Light Laser Therapy (LLLT): Welnax BioClear’s application of Low Light Laser Therapy (LLLT) targets fungal infections at their source without causing damage to surrounding tissues by penetrating the nail bed using potent light wavelengths. LLLT fights fungal spores deep into the nail at the cellular level, unlike conventional therapies that primarily address surface symptoms.
    • Drug-Free and Non-Invasive Treatment: Welnax BioClear is a chemical-free, safe substitute that doesn’t include any invasive medications. Without causing pain or running the risk of negative reactions, the gadget promotes the body’s natural healing processes.
    • Quick and Notable Results: Welnax BioClear produces noticeable changes in a matter of weeks, unlike many antifungal therapies that take months to show results. Within the first month of use, users report significantly less discolouration and healthier nail growth.
    • Clinically-Tested: The technology used in the creation of Welnax BioClear has been extensively researched for its efficacy in addressing fungal infections. Light therapy has been shown in numerous scientific investigations to effectively remove fungus without the need for prescription medicines.
    • User-Friendly Design: A key feature of any at-home medical gadget is its ease of use. Welnax BioClear’s design prioritizes portability, ease of use, and lightweight design. The device is easy to use; all that is needed to start a therapy session is the push of a button. According to David S., a happy client, his wife found it easy to integrate the gadget into her daily routine: She was quite pleased with the outcome after using Welnax BioClear for a few months.
    • Painless and Gentle Therapy: Conventional fungal therapies, such as oral antifungal drugs, sometimes have adverse effects. Additionally, some topical treatments may irritate or burn your skin. Welnax BioClear offers a totally painless experience, which makes it perfect for people with sensitive skin or those who are unable to endure traditional treatments. Emily W. stated she was tired of using creams and ointments that didn’t seem to help. She was going to quit trying out different therapies until the Welnax took her by surprise. The Welnax BioClear actually works!
    • No Need for Expensive Prescription Drugs: You probably have spent a lot of money on doctor visits, prescription drugs, and recurrent antifungal cream purchases. A one-time investment for long-term nail health is offered by Welnax BioClear.
    • Strengthens Nails and Prevents Reinfection: The recurrent nature of toenail fungus, even after treatment, is one of its most annoying aspect. In addition to addressing the infection, Welnax BioClear strengthens nails, which lowers the chance of recurrence. Over time, stronger, healthier nails result from the light therapy’s promotion of circulation and cellular repair.
    • Portable and Travel-Friendly: Welnax BioClear is small and portable. Users can now maintain the health of their nails whether they are at home or on the go.

    Is Welnax BioClear Safe?

    Welnax BioClear is designed to be a non-invasive, safe therapy for brittle nails and toenail fungus. The gadget employs low-light laser therapy, a professionally proven technique renowned for its efficacy and safety, unlike conventional therapies that depend on harsh chemicals or prescription drugs. Without causing harm to the surrounding skin or tissue, the technique targets fungal diseases at their source by emitting potent light wavelengths that enter the nail bed.

    Welnax BioClear’s drug-free design has been praised by many users in the USA, Canada, Australia and New Zealand. Strong antifungal ingredients included in many topical therapies might irritate skin, cause dryness, or trigger allergic responses. Welnax BioClear is a mild yet efficient light-based therapy without these side effects.

    Furthermore, because it is intended for home usage, customers can effortlessly make their nails better without a doctor’s supervision. For best results, users just need to adhere to the recommended 7-minute daily use.

    Customer reviews confirm its safety even more. Verified purchasers such as John H. and Dylan P. have commended its efficacy, citing no adverse effects or discomfort. It’s easy and safe to get healthier nails with Welnax BioClear.

    Detailed Instructions on How to Use Welnax BioClear Toenail

    For the best results, use the Welnax BioClear consistently following the instructions below:

    • Clean the Affected Nail: Prior to using the therapy, wash and pat dry the fingernail or toenail. For optimal results, remove any nail polish.
    • Position the Device: Make sure the affected nail is completely covered with Welnax BioClear.
    • Activate the Light Therapy: Switch the machine on and leave it running for around seven minutes.
    • Let It Work: The light targets the fungus without causing pain or suffering by penetrating the nail bed.
    • Repeat Every Day: For reliable results, use once or twice daily. Within weeks, regular use guarantees noticeable improvement!

    DON’T MISS OUT: Welnax BioClear is Available At A Special Price – Click Here To Order From The Official Website

    Why Is Welnax BioClear So Affordable?
    (Welnax BioClear Toenail Reviews)

    Welnax BioClear’s cost-effective production, creative design, and direct-to-consumer business strategy all contribute to its affordability. Professional-grade Low Light Laser Therapy (LLLT) is now available in a small, one-time purchase device with Welnax BioClear, unlike costly laser treatments at clinics that can cost hundreds or even thousands of dollars each session. For people looking for long-term relief from toenail fungus, this is a more affordable option because it does not require frequent trips to a doctor.

    The lack of ongoing expenses is another point that makes it affordable. Prescription drugs, lotions, and ointments are just a few examples of the common therapies that require ongoing expenses over several months, which can mount up over time. Welnax BioClear is a one-time purchase that customers can depend on for continuous use without incurring further costs.

    In addition, the Welnax company eliminates middlemen and costly retail markups by taking a direct-to-consumer strategy. Welnax BioClear passes up the savings to clients because it sells mostly online, eliminating the overhead expenses that come with running physical outlets.

    The efficacy of Welnax BioClear is not affected by its affordable price. According to verified USA customer reviews, it can effectively eradicate fungal infections in a few weeks, making it a reasonably priced alternative.

    Is Welnax BioClear Legit?

    Every day, new health and wellness gadgets are posted on different online platforms, leaving you wondering if the Welnax BioClear is a scam or a genuine product. However, Welnax BioClear stands out as a tested and trusted remedy for toenail fungus based on actual customer experiences and the science underlying its technology.

    The application of Low Light Laser Therapy, a non-invasive procedure that has been extensively researched for its efficacy in addressing fungal infections, is one of the main features that demonstrate its legitimacy. Welnax BioClear employs potent light wavelengths to enter the nail bed and combat fungus at its source, unlike conventional lotions and ointments that just target the surface. Without the use of harsh chemicals or costly medical appointments, this method guarantees deeper, more durable effects.

    Numerous users have expressed their satisfaction, highlighting observable enhancements in nail health after just a few weeks of regular use. For example, Sophia T., a verified customer, was skeptical at first but discovered that Welnax BioClear was a “game-changer.” After years of battling nail fungus, she saw noticeable improvements in a matter of weeks, and her nails looked healthy again in two months. In the same way, Emily W. was on the verge of giving up after trying countless unsuccessful therapies. She was astounded by how well Welnax BioClear removed her nail after four weeks of use.

    Additional testimonies support the product’s efficacy. David S. bought the gadget for his wife, who had long struggled with toenail fungus. Before using Welnax BioClear, she tried a number of drugstore remedies without success. Her nails seemed noticeably healthier in just two months, and she was thrilled with the outcome. John H. agreed, stating that the first therapy that truly worked was Welnax BioClear, which produced better nail growth in as little as one month.

    Beyond customer satisfaction, the device’s ease of use and convenience further demonstrate its legitimacy. Dylan P. valued that Welnax BioClear only needed a straightforward 7-minute daily session, free of chemicals and mess. His confidence returned when he noticed that his nails were getting healthier and that the discolored areas were progressively going away.

    Welnax BioClear Toenail Fungus Device is far from a fraud because of its tried-and-true technology, solid user reviews, and a hassle-free, secure application. It offers a practical, scientifically supported remedy for toenail fungus, enabling customers to attain healthier nails with less work.

    Welnax BioClear Reviews Consumer Reports and Complaints

    Many customers have reported getting exactly the result they wanted from the Welnax BioClear. Below are Real consumer reports from verified customers:

    • Sophia T.| Verified Buyer – “I’ve struggled with nail fungus for years, and nothing seemed to work. I was skeptical at first, but the Welnax™ BioClear has truly been a game-changer! The Low Light Laser Therapy is gentle yet effective. I noticed a visible difference in my nails after just a few weeks of consistent use. After about two months, my nails are finally looking healthy again. I no longer feel embarrassed about my feet, and I’m so glad I gave this product a try. It’s safe, simple, and most importantly, it works!”
    • John H.| Verified Buyer – “I’ve tried countless treatments for nail fungus, but Welnax™ BioClear is the first one that has actually made a difference. It’s super easy to use and doesn’t require a lot of time. Within a month, I started to see healthier nail growth. I’m really impressed with how well it works and how non-invasive it is. I would definitely recommend it to anyone who’s struggled with nail fungus and wants a simple, effective solution.”
    • Dylan P.| Verified Buyer – “I’ve been using Welnax for just over a month now, and I’m amazed at the results. My nails are noticeably healthier, and the thick, discolored spots are slowly fading. I love how easy it is to use—no mess, no chemicals, just a quick 7-minute session each day. I’m finally feeling confident about my nails again and will definitely keep using this device.”
    • Emily W.| Verified Buyer – “I was tired of using creams and ointments that didn’t seem to help. I was about to give up. But Welnax has really surprised me. I’ve been using it for about four weeks now, and my nail is almost completely cleared up. I was skeptical at first, but now I can honestly say it works. So glad I found this!’
    • David S.| Verified Buyer – “ I got this for my wife because she’d been dealing with toenail fungus for a while, and honestly, she hates going to the doctor. She’d tried everything from the drugstore, but nothing worked. After using Welnax™ BioClear for a couple of months, she was super happy with the results. Her nails actually look healthier now, and she’s really glad we gave it a shot. I’m pretty relieved too!”

    DON’T MISS OUT: Welnax BioClear is Available At A Special Price – Click Here To Order From The Official Website

    Pros Of Welnax BioClear (Welnax BioClear Toenail Reviews)

    • Welnax BioClear addresses nail fungus with laser treatment, which is less invasive and less irritating than oral antifungal drugs, which can have adverse effects.
    • For people who prefer natural cures, this is a safer alternative because it eliminates the need for prescription drugs and chemical-laden topical treatments.
    • The Welnax BioClear is made for domestic use, so it needs little work. Simply cover the damaged nail with it, click the power button, and let it take care of the rest.
    • After using the product consistently for a few weeks, many users report observable improvements in the health of their nails.
    • Welnax BioClear reaches deep into the nail bed to eradicate fungus at its source, unlike other therapies that simply address symptoms that are visible on the surface.
    • It’s ideal for folks with hectic schedules or who travel because it’s small enough to carry during trips.
    • No Mess or Residue
    • The Welnax BioClear Light therapy is a well-researched and proven treatment for fungal infections.
    • Compared to routine medical visits or continuous purchases of antifungal medications, a single purchase can ultimately result in financial savings.
    • Safe for All Ages
    • 30-Day money-back guarantee

    Cons Of Welnax BioClear Toenail Fungus (Welnax BioClear Reviews)

    • Needs Consistency and Patience: Depending on the extent of the infection, it may take a few weeks to months to see obvious effects.
    • Not an Instant Fix: It takes time for new, healthy nails to grow. Thus, this device does not offer instant aesthetic results like nail paints or temporary cosmetic remedies do.
    • Best purchased online: The Welnax BioClear is not available in Walk-in stores.

    How Much Does Welnax BioClear Cost?

    The Welnax BioClear is surprisingly affordable. The Welnax BioClear company is even running a 50% off discount currently, making it a wonderful bargain. The product is available at the following pricing:

    Welnax BioClear Where To Buy

    The official Welnax BioClear website is the best location to buy it. A genuine product with complete warranty coverage, customer service, and access to any available promotions or discounts is guaranteed when you purchase straight from the manufacturer.

    There are drawbacks associated with buying from third-party platforms, including poor customer service, lack of warranty, and counterfeit products. Always place your order on the official website to prevent problems.

    The money-back guarantee is an additional benefit of purchasing from the manufacturer. Within 30 days of purchase, you can return the product if it does not live up to your expectations. Additionally, clients can save extra when buying multiple units thanks to the official website’s bulk deals.

    Getting yours is simple. Just go to the website, choose the deal you want, and complete the payment process. The company offers safe payment methods to guarantee the security of your transaction. After completing the transaction, tracking information is supplied, and shipping is usually fast. To start down the path to healthier nails, visit the official website right now.

    CLICK HERE NOW TO BUY WELNAX BIOCLEAR DIRECTLY FROM THE OFFICIAL WEBSITE AT A DISCOUNTED PRICE

    Commonly Asked Questions (Welnax BioClear Reviews)

    We understand you might have questions regarding the Welnax BioClear, so we have provided answers to some frequently asked questions below:

    What is the duration required to observe results?

    Depending on the severity of the infection, different people experience noticeable improvements at different times. However, after four to six weeks of regular use, many individuals report observable changes. customer testimonials from confirmed purchasers such as Sophia T. and Dylan P. state that full recuperation happens after a few months, with noticeable progress after only a few weeks.

    Can my fingernails benefit from the Welnax BioClear?

    Of course! Although the gadget is promoted mostly for toenail fungus, it is equally helpful for fungal infections of the fingernails.

    Is it simple to use?

    Yes, Welnax BioClear is made to be used easily at home. Just cover the afflicted nail with the device, switch it on, and wait for the light therapy to begin; usually, only a few minutes per session. There is no need for further setup, and the procedure is totally painless.

    When is the best time to use Welnax BioClear?

    Depending on how severe the infection is, the gadget should be used once or twice a day for optimal effects. Achieving the intended result requires regular and consistent application.

    Can a single device be used by several people?

    As long as appropriate hygiene precautions are taken, several family members can share a Welnax BioClear. The Welnax is a personal device, though, so if possible, everyone should have one for personal use.

    What is the duration of each session?

    Each nail treatment takes about seven minutes. Users can carry on with their regular tasks while receiving therapy.

    Is it possible to combine Welnax BioClear with other treatments?

    Yes, Welnax BioClear can be used in conjunction with other treatments that promote nail health or antifungal lotions. Many customers, nevertheless, discover that the gadget is just enough to give them the result they want.

    Does it work on thick or discolored nails?

    Indeed, Welnax BioClear helps restore the natural look of nails in addition to getting rid of the fungal infection. After regular use, many users have experienced better nails, less discolouration, and better overall nail health.

    Will Welnax BioClear stop infections in the future?

    Indeed, regular application of Welnax BioClear not only gets rid of toenail fungus that is already there, but it also keeps them from coming back by promoting healthy nail development. Maintaining clean, dry, and clipped nails also improves defense against fungus infections in the future.

    What are the opinions of customers regarding Welnax BioClear? (Welnax BioClear Reviews Reddit)

    Welnax BioClear has received overwhelmingly excellent customer feedback. Users such as Emily W., along with John H., have talked about their experiences, emphasizing how convenient and effective the device is. Numerous reviews highlight how simple it is to use and how fast they saw improvements in the condition of their nails. Strong proof that Welnax BioClear is a reliable treatment for toenail fungus is found in the success stories of verified customers.

    Is Welnax BioClear effective for everyone?

    The majority of users report notable improvements, while individual factors such as intensity and consistency of use may affect results. After trying several other treatments with limited success, verified customers have hailed the Welnax as a game-changer in their battle against nail fungus.

    Can I wear nail paint and use Welnax BioClear at the same time?

    Before using the gadget, it is advised to remove any nail polish. Polish may function as a barrier, decreasing the efficiency of light therapy, which requires direct contact with the nail bed.

    What makes the Welnax BioClear special?

    Welnax BioClear provides a painless, practical, and drug-free alternative to messy lotions and ointments or oral drugs with adverse effects. For many users, its light therapy technology offers complete care all from the comfort of their home.

    Wrapping Up Welnax BioClear Reviews

    Welnax BioClear distinguishes itself from conventional toenail fungal treatments with its non-invasive, painless application, quick results, and Low Light Laser Therapy. Its efficacy, simplicity of use, and capacity to restore nail health without the use of harsh chemicals or expensive prescription drugs are the talk of many customer reviews on so many online platforms like Reddit and TrustPilot.

    Welnax BioClear is a drug-free, scientifically supported therapy for those with recalcitrant nail fungus that actually works, as confirmed by customers like John H., Sophia T., and Emily W., who have confirmed that this gadget is a tested and trusted way to get healthier, clearer nails.

    Welnax BioClear offers a straightforward, hands-free treatment that works with any routine, unlike messy lotions or prescription drugs that can take months to show benefits. After weeks of regular use, numerous USA-verified customers have shared their success stories, pointing to observable changes in nail health. The gadget was also made with safety in mind, so there is no chance of negative side effects even after prolonged use.

    Welnax BioClear is unique among nail fungus treatments due to its cost-effectiveness and efficiency. However, buying straight from the official website is advised to ensure authenticity and to take advantage of all manufacturer-backed warranty coverage, possible discounts, and access to authentic products.

    Welnax BioClear has given many consumers an easy-to-use and effective approach to repair healthier nails, even though individual outcomes may differ. Give the Welnax BioClear a try to see for yourself. Hurry while supplies last!

    DON’T MISS OUT: Welnax BioClear is Available At A Special Price – Click Here To Order From The Official Website

    Media Contact:
    Email: apexreviews200@gmail.com

    Disclaimer & Affiliate Disclosure
    This content is for informational purposes only and is not intended to diagnose, treat, cure, or prevent any medical condition. The BioClear Toenail Fungus Device has not been evaluated by the FDA for medical claims. Individuals with severe or persistent medical concerns should consult a healthcare professional before using this device.
    Results may vary, and individual effectiveness depends on factors such as consistency of use, severity of the infection, and individual nail growth rates. The information provided in this article should not be considered professional medical advice.
    Some links within this article may be affiliate links, meaning the publisher may receive a commission if a purchase is made through these links at no extra cost to the buyer. This helps support the continued creation of valuable content and unbiased product reviews.

    Photos accompanying this announcement are available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/12617cd1-40f4-4656-94dd-3f6694b9860b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d47cfd5-4d7d-4c63-80ac-fa7eb4b55d62

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bcb50d43-0cdf-4a6a-885b-d9c9258f9aca

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad8abe5-efc2-46b4-8617-a079756b8ec0

    The MIL Network –

  • MIL-OSI: anske Bank share buy-back programme: transactions in week 13

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 15 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    31/03/2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 13

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 13:
      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 332,100 233.2386 77,458,546
    24/03/2025 148,299 232.3580 34,458,459
    25/03/2025 207,000 237.6324 49,189,907
    26/03/2025 195,756 240.2799 47,036,232
    27/03/2025 207,000 238.6646 49,403,572
    28/03/2025 216,178 232.7320 50,311,538
    Total accumulated over week 13 974,233 236.4934 230,399,708
    Total accumulated during the share buyback programme 1,306,333 235.6660 307,858,254

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.152% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    The MIL Network –

  • MIL-OSI: Virtune AB (Publ) is launching Virtune Litecoin ETP on Nasdaq Stockholm

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 31st of March 2025 – Virtune, a Swedish regulated digital asset manager, is announcing the launch of Virtune Litecoin ETP on Nasdaq Stockholm, the largest stock exchange in the Nordic region. 

    About Virtune Litecoin ETP
    Virtune Litecoin ETP provides exposure to Litecoin. Like all of Virtune’s exchange-traded products, Virtune Litecoin ETP is 100% physically backed and fully collateralized, is denominated in SEK for the Nordic audience and is available through brokers and banks including Avanza and Nordnet.

    Key Information about Virtune Litecoin ETP:

    • 1:1 exposure to Litecoin (LTC)
    • 100% physically backed by LTC
    • 1.95% annual management fee

    Virtune Litecoin ETP

    • Full name: Virtune Litecoin ETP 
    • Short name: Virtune Litecoin
    • Ticker: VIRLTC
    • Trading currency: SEK
    • First day of trading: Monday 31st of March 2025
    • ISIN: SE0023951082
    • Stock exchange: Nasdaq Stockholm

    About Litecoin
    Litecoin is a fast, low-cost, and reliable crypto asset that was founded in 2011 and designed for everyday transactions. Built on a decentralized network with strong security and high liquidity, Litecoin offers faster transactions and lower fees than Bitcoin.

    Christopher Kock, CEO of Virtune: 
    “After an eventful start to 2025 for Virtune, during which we have made significant progress related to expansion and distribution, we are excited to announce the launch of the first Litecoin ETP listed in the Nordics. This innovative product is 100% physically backed, with Litecoin securely stored by our custodian Coinbase, and is available to both institutional and retail investors through various brokers and banks. This marks an important step in the continued expansion of our innovative ETP offering.”

    If you are an institutional investor interested in exploring the potential of our current and upcoming ETPs for your discretionary asset management or wish to learn more about Virtune and our product offering, please feel free to contact us. Visit www.virtune.com for more information, and register your email address on our website to receive updates on upcoming ETP launches and other news related to crypto assets.

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The MIL Network –

  • MIL-OSI: Agillic appoints new CFO Jack Sørensen

    Source: GlobeNewswire (MIL-OSI)

    Press release – Copenhagen – 31 March 2025

    Jack Sørensen joins Agillic as its new Chief Financial Officer on 1 May 2025.

    Jack will manage the finance team, oversee financial strategy and operations, and work closely with CEO Christian Samsø on investor relations. 

    Jack joins Agillic from Evaxion-Biotech A/S – a biotech company listed on Nasdaq New York and operating in Australia and Denmark – where he has been the VP of Finance and Reporting since 2022. Jack brings an extensive international experience across IT and SaaS, med- and biotech, telecom, and consultancy, having held various roles in companies like Deloitte, Chr. Hansen Holding, DONG Energy (Ørsted), Global Connect Outsourcing, and Widex.

    Christian Samsø, CEO at Agillic, comments: 
    “I am very pleased to have concluded a swift recruitment process, welcoming Jack to Agillic already in May. We have a highly capable finance department, and I look forward to seeing Jack develop and lead the team, and together with the Executive Management team deliver on Agillic’s strategic priorities of ARR growth, positive cashflow from operations, and positive EDITDA as outlined with our 2025 guidance.”

    Jack Sørensen adds:
    “Agillic has an impressive portfolio and footprint in the Nordics. Like any SaaS business, it is subject to market conditions, but I see a strong foundation for growth and look forward to contributing to the continued journey.” 

    For further information, please contact
    Christian Samsøe, CEO
    +45 24 88 24 24
    christian.samsoe@agillic.com

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com. 

    The MIL Network –

  • MIL-OSI: Ambarella Debuts Next-Generation Edge GenAI Technology at ISC West, Including Reasoning Models Running on its CVflow® Edge AI SoCs

    Source: GlobeNewswire (MIL-OSI)

     SANTA CLARA, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced during the ISC West security expo that it is continuing to push the envelope for what is possible with generative AI at the edge. As a leading supplier of edge AI systems-on-chip (SoCs), Ambarella recently achieved the milestone of 30 million cumulative units shipped. The company is reinforcing that business and technology leadership with live demonstrations at this week’s show of its latest cutting-edge GenAI and vision AI capabilities.

    The new demonstrations highlight Ambarella’s ability to enable scalable, high-performance reasoning and vision AI applications across its ultra-efficient, edge-inference CVflow® 3.0 AI SoC portfolio, which now supports most of the leading GenAI models from 0.5 to 34 billion parameters. In particular, the company will debut live demonstrations of the DeepSeek GenAI models running on three different price/performance levels of its SoC portfolio. These new demos, along with its advanced multi-stream video analysis demonstrations, exemplify how Ambarella is pushing the boundaries of real-time, AI-powered security and analytics by running state-of-the-art (SOTA) vision language models (VLMs), for both on-device and centralized on-premise AI hub applications with exceptional multimodal video intelligence.

    These demonstrations further illustrate how Ambarella is bringing advanced reasoning capabilities to real-world applications without requiring cloud processing. Additionally, the scalable AI performance across its large portfolio of edge AI SoCs ensures that customers can deploy the same AI models across different product tiers, from high-performance computing to ultra-low-power inference.

    “In addition to providing the industry’s best AI performance per watt, Ambarella stands apart from most competitors, which offer impractical stand-alone AI accelerators that act as add-ons to a main processor,” said Fermi Wang, President and CEO of Ambarella. “While we are continuing to enable advancements in GenAI processing at the edge, we also remain steadfast in our hallmark differentiators of not merely providing the proprietary CVflow AI accelerator, now in its third generation. Instead, we also integrate image processing, encoding and system-level functions into all of our AI SoCs, which is why our customers have been able to so rapidly deploy 30 million-plus Ambarella edge AI SoCs in the market, to date.”

    Another area of focus for Ambarella is on making it easy for edge AI developers to get started. As the latest example of those investments, the company will demonstrate at ISC West its complete AI Model Garden—a vital and growing component of its Cooper™ Developer Platform. Additionally, several companies from Ambarella’s robust developer ecosystem will provide hardware and software demonstrations of what can be achieved with Ambarella’s SoCs, by taking full advantage of their superior AI performance per watt.

    The following are additional highlights from some of Ambarella’s key demonstrations at ISC West this week:

    • DeepSeek 3-in-1 GenAI Reasoning: This demonstration runs the DeepSeek R1 QWen 1.5B model on the CV7 SoC family and DeepSeek R1 QWen 7B on the N1 SoC family, showcasing Ambarella’s seamless scalability for processing reasoning models across its CVflow 3.0 edge AI SoC portfolio.
    • Multi-stream, Multi-channel Video Decoding with Visual Analytics Powered by CLIP & LLaVA One-Vision Models on Cooper Kits: As an example of on-premise centralized AI processing, this set of AI-box demonstrations run real-time CLIP models on multiple video streams in parallel, as well as SOTA VLMs, which enable in-depth video analysis via a chat-based interface, allowing users to query specific insights on any of the multiple streams.
    • On-Device Generative AI in a Camera, Along with Deeper Insights in an AI Box: A multi-agent, multi-chip demonstration supporting VLMs and reasoning models with up to 1.5B parameters on-device, as well as deeper insights locally on an AI box, providing visual insights and event alerts in real-time without needing the cloud, thereby preserving privacy and keeping TCOs lower.

    To put these demonstrations in context, smart security and surveillance can use their capabilities for real-time video analysis, anomaly detection and AI-driven event monitoring. Retail and commercial analytics applications can take advantage of the AI-powered vision insights to understand customer behavior, optimize store layouts and improve loss-prevention strategies. Public safety and law enforcement can use these technologies to rapidly search and analyze surveillance footage, reducing investigation times and improving responses to security threats. Additionally, industrial-monitoring applications can implement AI-driven tracking of operational efficiency and safety compliance, while gaining predictive maintenance insights that reduce downtime and optimize workflows.

    To schedule a tour of these demonstrations during Ambarella’s invitation-only exhibition at ISC West in Las Vegas this week, please contact your Ambarella representative.

    About Ambarella
    Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com.

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