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Category: GlobeNewswire

  • MIL-OSI: authID Named “Best ID Management Platform” Award in 2025 FinTech Breakthrough Awards

    Source: GlobeNewswire (MIL-OSI)

    The biometric verification and authentication leader was honored for setting a new standard in identity management with its advanced biometric solutions

    DENVER, Colorado, March 19, 2025 (GLOBE NEWSWIRE) — authID (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced that it has once again been selected as the winner of the “Best ID Management Platform” award in the 2025 FinTech Breakthrough Awards.

    Presented by FinTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market, the 9th annual FinTech Breakthrough Awards recognize the most innovative companies in the financial technology industry, highlighting those that have demonstrated exceptional performance and growth. authID was recognized for its groundbreaking biometric identity verification technology, which has set a new standard for precision, speed, and data privacy in the fintech industry, as well as the verification landscape at large.

    This marks the third time in the past four years that authID has been recognized as the “Best ID Management Platform” by FinTech Breakthrough. The company previously received this recognition in 2022 and 2023.

    “We are honored to once again be recognized as the ‘Best ID Management Platform’ by FinTech Breakthrough,” said Rhon Daguro, CEO of authID. “At authID, we are committed to helping businesses navigate the ever-evolving challenges of digital identity security. Our platform offers biometric authentication and identity verification solutions that are not only sub-second fast and accurate but also designed with privacy and compliance in mind. This recognition is a testament to the dedication of our team in making the digital ecosystem safer, more secure, and more user-friendly for both businesses and consumers.”

    As consumer awareness of data privacy grows, authID addresses the need for secure digital identity management without compromising on compliance or ease of use. By leveraging public/private key encryption and key-rotation capabilities, as well as advanced deepfake detection, authID’s solutions enable companies to control who can access sensitive data and combat sophisticated fraud. Moreover, authID’s groundbreaking PrivacyKey™ solution stores zero biometric data while retaining one-in-one-billion false-match accuracy and 25ms authentication speed, and helping prevent identity fraud, account takeovers, and data breaches, ensuring clients stay ahead of emerging threats and regulatory changes.

    The FinTech Breakthrough Award nominations were evaluated by an independent panel of experts within the financial services and technology industries, with the winning products and companies selected based on a variety of criteria. For more about the 2025 Fintech Breakthrough Awards, click here. Learn more about authID and its suite of solutions here.

    About authID

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. With our ground-breaking PrivacyKey Solution, authID delivers all the benefits of biometric identity verification, with a 1-to-1-billion false match rate, while storing no biometric data. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, prevents account takeover, eliminates password risks and costs, and provides the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks, and account takeover.

    Media Contacts

    NextTech Communications
    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Investor Relations Contacts
    Investor-Relations@authid.ai

    Gateway Group, Inc.
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Next Layer Capital Joins Bitcoin for Corporations Amid Growing Institutional Adoption

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 19, 2025 (GLOBE NEWSWIRE) — Next Layer Capital has officially become a member of Bitcoin for Corporations (BFC), an initiative led by BTC Inc to accelerate corporate Bitcoin adoption. This strategic move aligns the firm with a corporate network of teams integrating and advancing Bitcoin initiatives. 

    Next Layer Capital’s Role in the Digital Asset Ecosystem 
    Headquartered in Miami and New York City, Next Layer Capital brings together a team of Digital Asset and traditional finance experts in one entity.

    Their diversified expertise enables the firm to offer comprehensive services that assist both corporations and family offices with their Digital Asset goals. Their proficiency has led them to the development of turn-key digital asset allocation strategies. Additionally, Next Layer Capital provides institutional-grade financing solutions, crafting alternative capital structures that incorporate Bitcoin, thereby enhancing financial flexibility. The firm also optimizes deal structuring using ai-agent workflows in its backend to ensure efficient transaction processes. This multifaceted approach positions Next Layer Capital as a pivotal player in facilitating corporate, and ultra-high net worth, Bitcoin adoption.

    Bitcoin for Corporations: An Organization Dedicated to Advancing Institutional Adoption
    Bitcoin for Corporations serves as a key organization for businesses seeking to incorporate Bitcoin into their balance sheets and treasury strategies. The initiative connects corporate leaders with industry experts, offering education, financial models, and execution frameworks to facilitate large-scale adoption. By joining BFC, Next Layer Capital strengthens its role in expanding the Bitcoin ecosystem, offering advisory services that support corporate adoption.

    Strategy’s Aggressive Bitcoin Accumulation
    The announcement of Next Layer Capital’s membership in BFC coincides with significant developments in the institutional Bitcoin landscape. Notably, Strategy (formerly MicroStrategy) has continued its aggressive Bitcoin accumulation strategy. As of Mar 18, 2025, Strategy holds approximately 499,096 bitcoins, acquired at an average price of $66,473 per bitcoin, totaling nearly $27.95 billion in investment. To further bolster its Bitcoin holdings, Strategy unveiled plans to raise up to $21 billion through a stock-sale initiative, underscoring the company’s commitment to Bitcoin as a primary treasury reserve asset.

    Other Public Companies Embracing Bitcoin
    The following public companies are actively incorporating Bitcoin into their corporate treasury strategies:

    • MicroStrategy: The largest corporate holder of Bitcoin, with 499,096 BTC, valued at approximately $40.96 billion as of March 2025.
    • Metaplanet: A Japan-based hotel business that has integrated Bitcoin into its corporate treasury, holding 3,200 BTC, valued at approximately $262.84 million as of March 2025.
    • Semler Scientific: A medical technology company that develops healthcare diagnostic solutions, holding 3,192 BTC, valued at approximately $261.98 million as of March 2025.

    Notable companies with Bitcoin on their balance sheet:

    • Tesla, Inc: The electric vehicle manufacturer currently holds 11,509 BTC, valued at approximately $944.59 million as of March 2025.
    • Marathon Digital Holdings Inc.: One of the world’s largest Bitcoin mining companies, holding approximately 40,435 BTC, valued at $3.32 billion as of March 2025.
    • Coinbase Global Inc.: A leading cryptocurrency exchange and custodian, holding 9,000 BTC, valued at approximately $738.67 million as of March 2025.

    These developments indicate a broader acceptance of Bitcoin as a legitimate corporate asset class.

    Advancing the Institutional Bitcoin Narrative
    “Digital assets, like Bitcoin and Stablecoins more specifically, are reshaping financial strategies at both the corporate and sovereign levels,” said Brandon Turp, Co-Founder at Next Layer Capital. “Joining Bitcoin for Corporations is a step toward providing the expertise necessary for corporations and family offices to integrate Bitcoin effectively.”

    As macroeconomic pressures drive increased demand for non-sovereign financial assets, Next Layer Capital’s participation in Bitcoin for Corporations marks a significant milestone in the evolution of corporate Bitcoin adoption. Corporations and family offices interested in exploring Digital Asset Strategies, like Bitcoin and Stablecoin integration, are encouraged to consider Next Layer Capital’s advisory services. 

    This development highlights the growing institutional acceptance of Bitcoin and reflects a broader shift toward digital asset integration in corporate finance.

    About Next Layer
    Next Layer Capital is a digital asset advisory firm that provides institutional-grade capital markets solutions to corporations, family offices, and nation-states looking to gain exposure to the digital asset ecosystem. Founded in 2024, the firm is dedicated to accelerating the global adoption of Bitcoin and digital assets. 

    Contact

    Co-Founder
    Brandon Turp
    Next Layer Capital
    turp@nextlayer.capital

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6918b242-b1ae-440c-95c3-dc8dbadd5ce1

    The MIL Network –

  • MIL-OSI: Order.co Achieves Effective Data Security Controls According to Recent SOC 2 Report

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — Order.co, the world’s leading B2B Ecommerce Platform, announced that the company has undergone a System and Organization Controls (SOC) 2 examination resulting in a CPA’s report stating that management maintained effective controls over the security, availability, processing integrity, confidentiality, and privacy of its platform. This achievement reflects Order.co’s dedication to ensuring its customers’ data remains safe at every step of the ordering process.

    “We’re pleased that our SOC 2 report has shown we have the appropriate controls in place to mitigate security risks,” said Glenn Veil, Vice President of Engineering at Order.co. “We hope that achieving this milestone gives our customers and partners confidence that we view data security as a top priority.”

    A SOC 2 report is designed to meet the needs of existing or potential customers who need assurance about the effectiveness of controls used when processing their information. The engagement was performed by BARR Advisory, P.A., a global cybersecurity consulting and compliance attestation firm that has served as a trusted advisor to hundreds of cloud-based and hybrid organizations aiming to build trust and resilience through cybersecurity compliance.

    “This SOC 2 Type 1 report affirms that Order.co has successfully designed controls over the selected trust services criteria developed by the American Institute of CPAs (AICPA) for effective data management,” said Sydney Buchel, manager of automation SOC services at BARR Advisory. “It’s a pleasure to work with a team that cares about data security and integrity as much as we do.”

    The following principles and related criteria have been developed by the American Institute of CPAs (AICPA) for use by practitioners in the performance of trust services engagements:

    • Security: The system is protected against unauthorized access (both physical and logical).
    • Availability: The system is available for operation and use as committed or agreed.
    • Processing Integrity: System processing is complete, valid, accurate, timely, and authorized to meet the entity’s objectives.
    • Confidentiality: Information designated as confidential is protected as committed or agreed.
    • Privacy: Personal information is collected, used, retained, disclosed, and disposed of to meet the entity’s objectives.

    Based on one or more of these criteria, SOC 2 reports provide valuable information that existing and potential customers need when evaluating an outsourced service.

    Current and prospective customers interested in a copy of Order.co’s SOC 2 report can visit the company’s trust center: https://trust.order.co

    About Order.co

    Order.co simplifies business buying by combining the ease of online shopping with the sophistication of world-class purchase order and AP automation. The result? Businesses cut costs and complexity with every order.

    Hundreds of companies, like WeWork and Hugo Boss, leverage Order.co to centralize purchase-to-pay workflows, scale operations, and gain total control over spending – saving an average of 5% on products. Founded in 2016 and headquartered in New York City, Order.co has raised $50M in funding from industry-leading investors like MIT, Stage 2 Capital, Rally Ventures, 645 Ventures, and more.

    About BARR Advisory

    BARR Advisory is a cloud-based security and compliance solutions provider specializing in cybersecurity consulting and compliance for companies with high-value information in cloud environments like AWS, Microsoft Azure, and Google Cloud Platform. A trusted advisor to some of the fastest growing cloud-based organizations around the globe, BARR simplifies compliance across multiple regulatory and customer requirements in highly regulated industries including technology, financial services, healthcare, and government.

    Media Contact
    Allison Reich
    Senior Manager of Brand, Content & Enablement
    Allison.reich@order.co

    The MIL Network –

  • MIL-OSI: Duty of disclosure: Transactions in shares in Ringkjøbing Landbobank A/S

    Source: GlobeNewswire (MIL-OSI)

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

    Duty of disclosure: Transactions in shares in Ringkjøbing Landbobank A/S

    Ringkjøbing Landbobank A/S hereby reports on transactions in Ringkjøbing Landbobank A/S shares carried out by persons who have a duty of disclosure, in compliance with Article 19 of the Market Abuse Regulation.

    For further details, please be referred to the attached templates for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

    Kind regards,

    John Fisker        
    CEO

    Enc.:
    Transaction templates

    Attachments

    The MIL Network –

  • MIL-OSI: Santech Holdings Announces Completion of Issuance of Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 19, 2025 (GLOBE NEWSWIRE) — On March 17, 2025, Santech Holdings Limited (NASDAQ: STEC) (the “Company”), entered into a share subscription agreement and raised additional capital to fund its current operations. Pursuant to the share subscription agreement, the Company will issue to Carmel Holdings Limited 112,000,000 restricted ordinary shares of the Company (the “Subscription Shares”) for a total consideration of approximately US$1.0 million.

    With the approval of all independent directors of the Board of Directors, issuance of the Subscription Shares has been completed on March 19, 2025. The total proceeds to the Company are approximately US$1.0 million, which will be used to support the Company’s liquidity and working capital needs.

    Carmel Holdings Limited is a company duly incorporated and validly existing under the laws of the British Virgin Islands, controlled by Lawrence Wai Lok, Chief Executive Officer. This issuance of ordinary shares marks the completion of another key step in the Company’s ongoing efforts in restructuring and business reorganization.

    About Santech Holdings Limited

    Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company. The Company historically served a large number of high net-worth clients in China in financial services and health management, and accumulated a large customer base. The Company has exited or disposed of its historical businesses in financial services and is actively exploring innovative new opportunities in technology, including but not limited to new retail, social e-commerce and metaverse. For more information, please visit https://ir.santechholdings.com.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    Investor Contact:

    Santech Holdings Limited
    Email: ir@santechholdings.com

    The MIL Network –

  • MIL-OSI: Sierra Financial Holdings to Acquire Preferred Security Life Insurance Company

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 19, 2025 (GLOBE NEWSWIRE) — Sierra Financial Holdings, LLC today announced that it received final regulatory approval from the Texas Department of Insurance to acquire Preferred Security Life Insurance Company, a Texas-Domiciled Life Insurance carrier. Closing is expected to occur on April 1, 2025.

    Dennis Haley, President of Preferred Security Life Insurance Company, stated “The addition of a life insurance option to Sierra’s wide array of mortgage loan products significantly expands its portfolio of financial services and provides Preferred Security Life with ready access to the growing Latino market while simultaneously offering customers a means to provide financial protection and security for their family.”

    About Sierra Financial Holdings, LLC – Headquartered in Houston, Texas, Sierra Financial Holdings, LLC is a privately held company focused on the financial services industry. Since 2010 our family of independent financial services organizations have provided a full line of insurance and mortgage portfolio products to the primarily Latino market. The companies include:

    Sierra Mortgage Capital, LLC – a nationwide closed loan mortgage conduit that acquires first lien residential whole loans from approved mortgage bankers and retail lenders.

    Sierra Lending Group, LLC – a retail residential mortgage originator specializing in products that serve the Latino market in Texas.

    Sierra Lending Corporation – a California-based retail residential mortgage originator specializing in products that serve the Latino market in California.

    Sierra Insurance Services, LLC – a Houston-based insurance agency specializing in life insurance products that cater to the Latino market.

    About Preferred Security Life Insurance Company – Founded in 1994, Preferred Security Life Insurance Company is a Stipulated Premium Life insurance company with operational headquarters in Colorado Springs, Colorado USA.

    CONTACT
    John F. Sexton
    Managing Partner
    jsexton@groupsierra.com
    4550 Post Oak Place Dr, Suite 244
    Houston, TX 77027
    (713) 629-6300
    www.SierraFinancialHoldings.com

    The MIL Network –

  • MIL-OSI: Regula Blog Wins 2025 Cybersecurity Excellence Awards

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., March 19, 2025 (GLOBE NEWSWIRE) — Regula, a global developer of forensic devices and identity verification solutions, is proud to announce that its blog has been accoladed as the Best Cybersecurity Blog in the 2025 Cybersecurity Excellence Awards. Providing diverse expert content such as how-to guides, original analytics, and detailed visuals, the Regula Blog serves as a valuable resource for the general public and niche professionals.

    The Regula Blog has been named the Best Cybersecurity Blog by the 2025 Cybersecurity Excellence Awards

    For more than a decade, the Cybersecurity Excellence Awards have honored individuals, teams, and companies that demonstrate exceptional performance and innovation in cybersecurity.

    The Regula Blog received the award for its expert insights, authoritative opinions, real-world fraud case analyses, practical guides, and forward-looking discussions on evolving security challenges.

    With over 18,000 unique readers per month, the Regula Blog is a fast-growing knowledge hub for professionals in cybersecurity, forensic science, and identity verification. The blog provides in-depth content on deepfake detection, facial recognition, document authentication, forensic examination, and more, to ensure that businesses and professionals get the timely and relevant knowledge they need.

    “In today’s rapidly evolving digital landscape, trust and security are more critical than ever. Our blog is more than just industry news—it’s a true knowledge hub designed to educate and empower professionals tackling identity fraud, document forgery, and cybersecurity risks. Winning this award is an honor and a testament to our team’s effort in providing actionable content that helps businesses navigate today’s complex security challenges,” says Ihar Kliashchou, Chief Technology Officer at Regula.

    These are the current top 10 most-read Regula Blog articles:

    For more insights and expert analysis, visit the award-winning Regula Blog.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.

    Contact:
    Kristina – ks@regulaforensics.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b43b713b-6760-4e89-8a88-6a6561fad951

    The MIL Network –

  • MIL-OSI: University of Pennsylvania Student Receives SBB Research Group Foundation STEM Scholarship

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 19, 2025 (GLOBE NEWSWIRE) — The SBB Research Group Foundation named Eric Sun, a recipient of its STEM scholarship. The $2,500 award empowers students to create value for society by pursuing higher learning through interdisciplinary combinations of Science, Technology, Engineering, and Mathematics (STEM).

    Eric Sun, a sophomore, is pursuing a dual BA/MS in Physics and a BSE in Computer Science at the University of Pennsylvania. Eric also conducted significant research at Yale, eventually publishing and presenting his work at MIT. He is the director of a coding nonprofit that serves over 2,000 students in rural areas and partners with organizations to teach skills like machine learning and programming.

    “Eric is dedicated not only to his studies but to the academic access of so many others. It’s exciting to support a student who will impact others in this way,” said Matt Aven, co-founder and board member of the SBB Research Group Foundation.

    For eligibility criteria and more information on the Foundation’s STEM scholarship, please visit http://www.sbbscholarship.org.

    About the SBB Research Group Foundation

    The SBB Research Group Foundation is a 501(c)(3) nonprofit that furthers the philanthropic mission of SBB Research Group LLC (SBBRG), a Chicago-based investment management firm led by Sam Barnett, Ph.D., and Matt Aven. The Foundation sponsors the SBB Research Group Foundation STEM Scholarship, supporting students pursuing Science, Technology, Engineering, and Mathematics (STEM) degrees. In addition to its scholarship program, the Foundation provides grants to support ambitious organizations solving unmet needs with thoughtful, long-term strategies.

    Contact: Erin Noonan
    Organization: SBB Research Group Foundation
    Email: scholarship@sbbrg.org
    Address: 450 Skokie Blvd, Building 600, Northbrook, IL 60062 United States
    Phone: 1-847-656-1111
    Website: https://www.sbbscholarship.com/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf0fe208-3a88-41a5-be55-b6aa44163981

    The MIL Network –

  • MIL-OSI: Orezone Gold Announces Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

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

    VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) announces that Canaccord Genuity Corp., the sole underwriter and bookrunner for the Company’s previously announced C$35 million bought deal financing that closed on March 13, 2025 (the “Offering”), has now fully exercised their over-allotment option (the “Over-Allotment Option”) under the Offering to acquire an additional 6,402,450 common shares of the Company (the “Shares”) at a price of C$0.82 per Share for additional gross proceeds of C$5,250,009. The issuance and purchase of the additional 6,402,450 Shares closed earlier today.

    The Company intends to use the net proceeds from the Over-Allotment Option to accelerate both stage 2 of the hard rock expansion and additional exploration at its Bomboré Gold Mine, as well as for working capital and general corporate purposes, as further described in the Company’s short form prospectus dated March 7, 2025.

    The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Contact Information

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.  Forward-looking statements in this press release include, but are not limited to, statements regarding the use of proceeds of the Over-Allotment Option.

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI: XBP Europe Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Full Year 2024 Highlights

    • Revenue of $142.8 million, decrease of 8.0% year-over-year
    • Gross margin of 26.8%, a 110 bps increase year-over-year
    • Operating profit of $3.5 million, an increase of $2.4 million year-over-year
    • Approximately $25M of ACV in active ramp, resulting in an incremental step-up in margin contribution in the second half of 2024
    • Signed an exclusive, non-binding LOI to acquire Exela Technologies BPA, LLC, a potentially transformational deal that could expand XBP Europe’s revenue to ~$1 billion annually

    Fourth Quarter 2024 Highlights

    • Revenue of $35.6 million, decrease of 7.5% year-over-year and increase of 0.7% sequentially
    • Gross margin of 28.3%, a 480 bps increase year-over-year and 440 bps decrease sequentially
    • Operating profit of $1.0 million, an increase of $3.4 million year-over-year and a decrease of $1.5 million sequentially
    • Net loss of $2.7 million includes $0.5 million of FX losses, an improvement of $2.4 million year-over-year and $0.1 million sequentially

    LONDON and SANTA MONICA, Calif., March 19, 2025 (GLOBE NEWSWIRE) — XBP Europe Holdings, Inc. (“XBP Europe” or “the Company”) (NASDAQ: XBP), a pan-European integrator of bills, payments, and related solutions and services seeking to enable the digital transformation of its clients, announced today its financial results for the quarter and full year ended December 31, 2024.

    “We ended 2024 with growing momentum, as we continued to ramp our recently awarded contracts, leading to improving profitability and operating metrics. We are excited about our organic growth trajectory in 2025 and we continue to work towards a potential acquisition of Exela Technologies BPA, LLC in 2025 so that we can benefit from global scale,” said Andrej Jonovic, Chief Executive Officer of XBP Europe.

    Full Year Highlights

    • Revenue: Total Revenue for 2024 was $142.8 million, a decline of 8.0% year-over-year, primarily due to completion of projects, lower volumes, and client contract ends, offset by positive impact of newly won business.
      • Bills & Payments segment revenue was $101.9 million, a decline of 7.8% year-over-year, primarily attributable to completion of one-time projects, lower volumes, and client contract end, offset by the positive impact of newly won business.
      • Technology segment revenue was $40.9 million, a decrease of 8.5% year-over-year, largely due to a lower volume of licenses sold, offset by a drop in technology implementation and professional services revenue.
    • Operating Profit: Operating Profit was $3.5 million, an increase of $2.4 million compared to 2023. This improvement was driven primarily by higher gross margins coupled with SG&A cost optimizations. Our operating expenses include costs associated with accelerated migration to the cloud.
    • Net Loss: Net loss from continuing operations was $6.5 million, compared with a net loss from continuing operations of $5.6 million in 2023. The year-over-year increase was primarily driven by higher income tax expense and interest expense, offset by higher operating profit and lower related party interest expense.
    • Adjusted EBITDA(1): Adjusted EBITDA from Continuing Operations was $13.4 million, a decrease of $2.4 million or 15.1% compared to 2023. Adjusted EBITDA margin was 9.4%, a decrease of 80 basis points from 10.2% in 2023.
    • Capital Expenditures: Capital expenditures were 1.2% of revenue compared to 1.7% of revenue in 2023, with the decrease primarily due to lower purchases of PP&E.
    • Adequate Liquidity: The Company’s cash and cash equivalents totaled $12.1 million as of December 31, 2024.

    Other Highlights:

    • Pending Acquisition: As announced on March 4, 2025, XBP Europe has entered into an exclusive, non-binding letter of intent with Exela Technologies, Inc. to acquire Exela Technologies BPA, LLC (“BPA”), a leading provider of business process automation solutions. The closing of the acquisition will be subject to BPA completing a corporate reorganization which is expected to create a sustainable capital structure with a substantially deleveraged balance sheet. If completed, the acquisition will expand XBP Europe’s revenue to more than $1 billion from $145 million on a pro forma basis for the twelve months ending September 30, 2024. The parties have agreed to act in good faith to negotiate definitive agreements, complete due diligence, undertake necessary regulatory approvals, and seek any necessary approvals, including from XBP Europe’s shareholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Readers are cautioned that those portions of the LOI that describe the proposed transaction are non-binding. XBP Europe only intends to announce additional details regarding the proposed transaction if and when a definitive agreement is executed.

    Segment Revenue and Profitability:

      Three months ended December 31, 2024
      Bills & Payments   Technology   Total
    Revenue, net $ 25,851   $ 9,794   $ 35,645
    Cost of revenue 20,460   5,108   25,568
    Segment Gross Profit 5,391   4,686   10,077
               
      Three months ended December 31, 2023
      Bills & Payments   Technology   Total
    Revenue, net $ 27,368   $ 11,165   $ 38,533
    Cost of revenue 24,203   5,270   29,472
    Segment Gross Profit 3,165   5,895   9,061
      Twelve months ended December 31, 2024
      Bills & Payments   Technology   Total
    Revenue, net $ 101,850   $ 40,922   $ 142,772
    Cost of revenue 85,454   19,059   104,513
    Segment Gross Profit 16,396   21,863   38,259
               
      Twelve months ended December 31, 2023
      Bills & Payments   Technology   Total
    Revenue, net $ 110,458   $ 44,719   $ 155,177
    Cost of revenue 95,572   19,738   115,310
    Segment Gross Profit 14,886   24,981   39,867
               

    Below is the note referenced above:

    (1)   Adjusted EBITDA is a non-GAAP measure. A reconciliation of Adjusted EBITDA is attached to this release.

    Supplemental Investor Presentation
    An investor presentation relating to our fourth quarter and full year 2024 performance is available at investors.xbpeurope.com. This information has also been furnished to the SEC in a current report on Form 8-K.

    About Non-GAAP Financial Measures
    This press release includes constant currency, EBITDA and Adjusted EBITDA, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). XBP Europe believes that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance, results of operations and liquidity and allows investors to better understand the trends in our business and to better understand and compare our results. XBP Europe’s board of directors and management use constant currency, EBITDA and Adjusted EBITDA to assess XBP Europe’s financial performance, because it allows them to compare XBP Europe’s operating performance on a consistent basis across periods by removing the effects of XBP Europe’s capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the combination with CF Acquisition Corp. VIII. on November 29, 2023). Adjusted EBITDA also seeks to remove the effects of restructuring and related expenses and other similar non-routine items, some of which are outside the control of our management team. Restructuring expenses are primarily related to the implementation of strategic actions and initiatives related to right sizing of the business. All of these costs are variable and dependent upon the nature of the actions being implemented and can vary significantly driven by business needs. Accordingly, due to that significant variability, we exclude these charges since we do not believe they truly reflect our past, current or future operating performance. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency revenue on a constant currency basis by converting our current-period local currency revenue using the exchange rates from the corresponding prior-period and compare these adjusted amounts to our corresponding prior period reported results. XBP Europe does not consider these non-GAAP measures in isolation or as an alternative to liquidity or financial measures determined in accordance with GAAP. A limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in XBP Europe’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures and therefore the basis of presentation for these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this release.

    Forward-Looking Statements
    This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of XBP Europe, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by XBP Europe and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against XBP Europe or others and any definitive agreements with respect thereto; (2) the inability to meet the continued listing standards of Nasdaq or another securities exchange; (3) the risk that the business combination disrupts current plans and operations of XBP Europe and its subsidiaries; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of XBP Europe and its subsidiaries to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the business combination; (6) changes in applicable laws or regulations; (7) the possibility that XBP Europe or any of its subsidiaries may be adversely affected by other economic, business and/or competitive factors; (8) risks related to XBP Europe’s potential inability to achieve or maintain profitability and generate cash; (9) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (10) volatility in the markets caused by geopolitical and economic factors; (11) the ability of XBP Europe to retain existing clients; (12) the potential inability of XBP Europe to manage growth effectively; (13) the ability to recruit, train and retain qualified personnel, and (14) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Reports on Form 10-K filed on April 1, 2024 and, our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XBP Europe gives no assurance that either XBP Europe or any of its subsidiaries will achieve its expected results. XBP Europe undertakes no duty to update these forward-looking statements, except as otherwise required by law.

    About XBP Europe
    XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The Company’s name – ‘XBP’ – stands for ‘exchange for bills and payments’ and reflects the Company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimize clients’ bills and payments and related digitization processes. The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and services partner for its clients. Its cloud-based structure enables it to deploy its solutions across the European market, along with the Middle East and Africa. The physical footprint of XBP Europe spans 15 countries and 32 locations and a team of approximately 1,500 individuals. XBP Europe believes its business ultimately advances digital transformation, improves market wide liquidity by expediting payments, and encourages sustainable business practices. For more information, please visit: www.xbpeurope.com.

    For more XBP Europe news, commentary, and industry perspectives, visit: https://www.xbpeurope.com/
    And please follow us on social:
    X: https://X.com/XBPEurope
    LinkedIn: https://www.linkedin.com/company/xbp-europe/

    The information posted on XBP Europe’s website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Europe should monitor XBP Europe’s website and its social media accounts in addition to XBP Europe’s press releases, SEC filings and public conference calls and webcasts.

    Investor and/or Media Contacts:
    investors@xbpeurope.com

     
    XBP Europe Holdings, Inc.
    Consolidated Balance Sheets
    For the years ended December 31, 2024 and 2023
    (in thousands of United States dollars except share and per share amounts)
               
      December 31, 
      2024      2023
    ASSETS            
    Current assets            
    Cash and cash equivalents $ 12,099   $ 6,537
    Accounts receivable, net of allowance for credit losses of $1,198 and $1,183, respectively   19,810     30,238
    Inventories, net   3,823     4,045
    Prepaid expenses and other current assets   4,228     6,550
    Current assets held for sale   1,378     2,497
    Total current assets   41,338     49,867
    Property, plant and equipment, net of accumulated depreciation of $40,325 and $39,876, respectively   11,272     12,811
    Operating lease right-of-use assets, net   4,805     5,206
    Goodwill   21,666     22,823
    Intangible assets, net   1,121     1,498
    Deferred income tax assets   7,026     6,811
    Other noncurrent assets   817     705
    Noncurrent assets held for sale   —     3,018
    Total assets $ 88,045   $ 102,739
               
    LIABILITIES AND STOCKHOLDERS’ DEFICIT            
    LIABILITIES            
    Current liabilities            
    Accounts payable $ 12,553   $ 13,281
    Related party payables   5,443     13,012
    Accrued liabilities   17,993     23,850
    Accrued compensation and benefits   16,482     16,267
    Customer deposits   277     323
    Deferred revenue   6,870     6,004
    Current portion of finance lease liabilities   12     91
    Current portion of operating lease liabilities   1,734     1,562
    Current portion of long-term debts   4,958     3,863
    Current liabilities held for sale   2,443     3,818
    Total current liabilities   68,765     82,071
    Related party notes payable   1,451     1,542
    Long-term debt, net of current maturities   23,966     12,763
    Finance lease liabilities, net of current portion   —     23
    Pension liabilities   10,339     12,208
    Operating lease liabilities, net of current portion   3,271     3,785
    Other long-term liabilities   1,599     1,635
    Noncurrent liabilities held for sale   —     1,280
    Total liabilities $ 109,391   $ 115,307
                 
               
    STOCKHOLDERS’ DEFICIT            
    Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   —     —
    Common Stock, par value of $0.0001 per share; 200,000,000 shares authorized; 30,166,102 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   30     30
    Additional paid in capital   1,611     —
    Accumulated deficit   (23,705)     (11,339)
    Accumulated other comprehensive loss:            
    Foreign currency translation adjustment   474     (1,416)
    Unrealized pension actuarial gains, net of tax   244     157
    Total accumulated other comprehensive loss   718     (1,259)
    Total stockholders’ deficit   (21,346)     (12,568)
    Total liabilities and stockholders’ deficit $ 88,045   $ 102,739
               
    XBP Europe Holdings, Inc.
    Consolidated Statements of Operations
    For the years ended December 31, 2024 and 2023
    (in thousands of United States dollars except share and per share amounts)
               
      Year ended December 31, 
      2024      2023
    Revenue, net $ 142,408   $ 154,943
    Related party revenue, net   364     234
    Cost of revenue (exclusive of depreciation and amortization)   104,467     115,234
    Related party cost of revenue   47     76
    Selling, general and administrative expenses (exclusive of depreciation and amortization)   26,525     31,173
    Related party expense   5,101     4,633
    Depreciation and amortization   3,160     2,944
    Operating profit   3,472     1,117
    Other expense (income), net            
    Interest expense, net   6,232     5,035
    Related party interest expense, net   90     1,971
    Foreign exchange losses, net   2,520     599
    Changes in fair value of warrant liability   (43)     (597)
    Pension income, net   (1,705)     (929)
    Net loss before income taxes   (3,622)     (4,962)
    Income tax expense   2,911     606
    Net loss from continuing operations   (6,533)     (5,568)
    Net loss from discontinued operations, net of income taxes   (5,833)     (5,479)
    Net loss $ (12,366)   $ (11,047)
    Loss per share:           
    Basic and diluted – continuing operations $ (0.22)   $ (0.25)
    Basic and diluted – discontinued operations   (0.19)     (0.24)
    Basic and diluted $ (0.41)   $ (0.49)
               
    XBP Europe Holdings, Inc.
    Consolidated Statements of Cash Flows
    For the years ended December 31, 2024 and 2023
    (in thousands of United States dollars)
               
      Years ended December 31, 
      2024      2023
    Cash flows from operating activities          
    Net loss $ (12,366)   $ (11,047)
    Adjustments to reconcile net loss to net cash used in operating activities:           
    Depreciation   2,965     3,467
    Amortization of intangible assets   750     384
    Debt issuance cost amortization   216     —
    Impairment of goodwill   87     —
    Credit loss expense   16     343
    Changes in fair value of warrant liability   (43)     (597)
    Stock-based compensation expense   1,611     —
    Unrealized foreign currency losses (gains)   2,428     (616)
    Change in deferred income taxes   (247)     (422)
               
    Change in operating assets and liabilities          
    Accounts receivable   9,568     5,990
    Inventories   240     (58)
    Prepaid expense and other assets   2,297     2,123
    Accounts payable   (365)     (2,417)
    Related party payables   (8,446)     (843)
    Accrued expenses and other liabilities   (4,848)     2,629
    Deferred revenue   1,099     67
    Customer deposits   (189)     (538)
    Net cash used in operating activities   (5,227)     (1,535)
               
    Cash flows from investing activities           
    Purchase of property, plant and equipment   (1,263)     (2,330)
    Cash paid for costs of fulfilling a contract   —     (339)
    Additions to internally developed software   (447)     —
    Net cash used in investing activities   (1,710)     (2,669)
               
    Cash flows from financing activities           
    Borrowings under secured borrowing facility   —     87,635
    Principal repayment on borrowings under secured borrowing facility   (79)     (91,662)
    Borrowings under 2024 Term Loan A Facility   3,834     —
    Borrowings under 2024 Term Loan B Facility   11,360     —
    Borrowings under 2024 Revolving Credit Facility   15,352     —
    Cash paid for debt issuance costs   (1,527)     —
    Principal payments on 2024 Term Loan A Facility   (383)     —
    Principal payments on 2024 Term Loan B Facility   (1,136)     —
    Principal payments on long-term obligations   (15,270)     (920)
    Proceeds from Secured Credit Facility   930     223
    Principal payments on finance leases   (635)     (786)
    Proceeds from Business Combination, net of transaction expenses   —     5,205
    Net cash provided by (used in) financing activities   12,446     (305)
    Effect of exchange rates on cash and cash equivalents     (308)     3,941
    Net increase (decrease) in cash and cash equivalents   5,201     (568)
               
    Cash and equivalents, beginning of period, including cash from discontinued operations   6,905     7,473
    Cash and equivalents, end of period, including cash from discontinued operations $ 12,106   $ 6,905
               
    Supplemental cash flow data:            
    Income tax payments, net of refunds received   567     1,059
    Interest paid         3,429     1,798
               
    XBP Europe Holdings, Inc.
    Schedule 1: Reconciliation of Adjusted EBITDA and constant currency revenues
         
    Reconciliation of Non-GAAP Financial Measures to GAAP Measures    
             
    Non-GAAP constant currency revenue reconciliation      
        Twelve Months ended December 31, 
    ($ in thousands)   2024   2023
    Revenues, as reported (GAAP)   142,772   155,177
    Foreign currency exchange impact (1)   (1,055)   – 
    Revenues, at constant currency (Non-GAAP)   141,717   155,177
             
    Reconciliation of Adjusted EBITDA from Continuing Operations             
        Year Ended December 31, 
    (dollars in thousands)   2024      2023
    Net loss from continuing operations   $ (6,533)   $ (5,568)
    Income tax expense     2,911     606
    Interest expense including related party interest expense, net     6,322     7,006
    Depreciation and amortization     3,160     2,944
    EBITDA from continuing operations     5,860     4,988
    Restructuring and related expenses (2)     1,879     5,053
    Employee litigation matter (3)     1,283     1,431
    Related party management fee and royalties (4)     —     1,330
    Foreign exchange losses, net     2,520     599
    Non-cash equity compensation (5)     1,611     —
    Changes in fair value of warrant liability     (43)     (597)
    Transaction Fees (6)     280     2,970
    Adjusted EBITDA from continuing operations   $ 13,390   $ 15,774
                 

    (1)   Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the year ended December 31, 2023, to the revenues during the corresponding period in 2024.
    (2)   Adjustment represents costs associated with restructuring, including employee severance and vendor and lease termination costs.
    (3)   Represents litigation settlement and associated expenses incurred in connection with the Company subsidiary litigation.
    (4)   Primarily represents management fee incurred in exchange for services, which included provision of legal, human resources, corporate finance, and marketing support. The management services agreement was terminated in connection with the Business Combination and was replaced by the related party service fee pursuant to the Services Agreement which reduced the fee and modified the services provided.
    (5)   Represents the non-cash charges to restricted stock units and options.
    (6)   Represents transaction costs incurred as part of the Business Combination.

         
    Reconciliation of Adjusted EBITDA from Discontinued Operations    
        Year Ended December 31, 
    (dollars in thousands)   2024      2023
    Net loss from discontinued operations, net of income taxes   $ (5,833)   $ (5,479)
    Income tax expense     —     —
    Interest expense, net     145     189
    Depreciation and amortization     555     907
    EBITDA from discontinued operations     (5,133)     (4,383)
    Restructuring and related expenses (7)     38     187
    Related party service fees and royalties     —     25
    Impairment of goodwill     87     —
    Foreign exchange losses (gains), net     211     (5)
    Adjusted EBITDA from discontinued operations   $ (4,797)   $ (4,176)
                 

    (7)   Adjustment represents costs associated with restructuring related to employee severance.

    Source: XBP Europe Holdings, Inc.

    The MIL Network –

  • MIL-OSI: Kingsoft Cloud Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results; First Time Operating Margin Profitable with Accelerated Growing Revenue of AI Cloud

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 19, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

    Fourth Quarter Financial Highlights

    • Total Revenues reached RMB2,232.1 million (US$305.8 million)1, increased by 29.6% year-over-year from RMB1,722.5 million in the same quarter of 2023. Our business has experienced accelerated and high-quality growth and our revenue structure is well-balanced.
    • Gross profit was RMB426.0 million (US$58.4 million), representing a significant increase of 68.3% from RMB253.1 million in the same quarter of 2023. Our profitability has been fundamentally improved.
    • Non–GAAP EBITDA2 was RMB359.7 million (US$49.3 million), compared with RMB-27.7 million in the same quarter of 2023. Non–GAAP EBITDA margin was 16. 1%, compared with -1.6% in the same quarter of 2023.
    • Operating loss was RMB43.5 million (US$6.0 million), compared with operating loss of RMB342.7 million in the same quarter of 2023.
    • Non–GAAP Operating profit (loss) turned profit for the first time, achieving RMB24.4 million (US$3.3 million), compared with RMB-187.6 million in the same quarter of 2023. Non–GAAP Operating profit (loss) margin was 1. 1%, compare with -10.9% in the same quarter of 2023.

    Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, “We are very pleased to close Fiscal Year 2024 with historically strong financial performance. This quarter, we recorded positive non–GAAP operating profit (loss)for the first time, demonstrating our unwavering execution of the ‘High- quality, Sustainable Development Strategy’. Driven by the growing popularity of AI applications, we firmly believe that AI will continue to penetrate into various verticals, improving the efficiency of daily life. This quarter the gross billing of AI business increased by triple-digit year-over-year to RMB474 million. Both our public cloud and enterprise cloud businesses are harnessing the vast potential of AI cloud computing. Meanwhile, we have seen strong growth in demand from our ecosystem. Revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year. We are well on track to build cutting- edge cloud infrastructure and technology to support our ecosystem and expand into the broader AI industry.”

    Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, “We are very pleased to highlight several significant achievements. First, we achieved profitability in non-GAAP operating profit for the first time since our inception in 2012, demonstrating our strong execution of our high-quality and sustainable development strategy in the past two years. Second, our revenue has been growing for three consecutive quarters year-over-year, and this quarter we achieved a high-speed growth rate of 30% in total revenue, reaching RMB2,232.1 million. Third, gross billing of our Al cloud business increased by around 500% year-over-year to RMB474 million, accounting for as high as 34% of our public cloud revenue. This marks a three-digit year-on-year growth or six consecutive quarters. Fourth, last December, our shareholders approved revenue from connected-party of Xiaomi and Kingsoft Group for next three years of RMB11.3 billion, around 10 times over the revenue of 2023, providing solid support for Company’s revenue and profit growth. We believe we are well on track to meet the ecosystem’s fast-growing demands and build a solid cloud infrastructure to support its AI development. Notably, in this quarter, we are thrilled to report that revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year, validating the effectiveness of our ecosystem strategy.”

    Fourth Quarter 2024 Financial Results

    Total Revenues reached RMB2,232.1 million (US$305.8 million), increased by 29.6% year-over-year from RMB1,722.5 million in the same quarter of 2023 and increased by 18.4% quarter-over-quarter from RMB1,885.6 million in the third quarter of 2024. The year-over-year increase was mainly due to the expanded revenue from Xiaomi and Kingsoft Ecosystem and AI related customers, incremental demands and more projects delivered from enterprise cloud approaching year-end.

    • Revenues from public cloud services were RMB1,409.8 million (US$193.1 million), increased by 34.0% from RMB1,052.0 million in the same quarter of 2023 and increased by 19.9% from RMB1, 175.5 million last quarter. The year-over-year increase was mainly due to the growth of AI demands.

    ______________________
    1 This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

    2 Non-GAAP EBITDA is defined as non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

    • Revenues from enterprise cloud services were RMB822.3 million (US$112.7 million), representing an increase of 22.7% from RMB670.3 million in the same quarter of 2023 and an increase of 15.8% from RMB710.0 million last quarter. We keep focusing in selected verticals such as public services cloud, state-owned assets cloud, healthcare, financial services and private enterprise services, enhance our solutions with AI capabilities and take profitability and sustainability of the enterprise cloud projects as our priorities.
    • Other revenues were nil this quarter.

    Cost of revenues was RMB1,806.2 million (US$247.4 million), representing an increase of 22.9% from RMB1,469.3 million in the same quarter of 2023, which was in-line with our revenue expansion. IDC costs decreased by 2.6% year-over-year from RMB740.4 million to RMB721.5 million (US$98.8 million) this quarter. The decrease was in line with the scale down of our CDN services and our strict control over procurement costs. Depreciation and amortization costs increased from RMB146.9 million in the same quarter of 2023 to RMB343.1 million (US$47.0 million) this quarter. The increase was mainly due to the depreciation of newly acquired servers which were related to AI business. Solution development and services costs increased by 10.8% year-over-year from RMB502.9 million in the same quarter of 2023 to RMB557.0 million (US$76.3 million) this quarter. The increase was mainly due to the solution personnel expansion of Camelot. Fulfillment costs and other costs were RMB102.4 million (US$14.0 million) and RMB82.2 million (US$11.3 million) this quarter.

    Gross profit was RMB426.0 million (US$58.4 million), representing a significant increase of 68.3% from RMB253.1 million in the same quarter of 2023, demonstrating our improvements in revenue quality and structure, as well as strict cost control. Gross margin was 19. 1%, compared with 14.7% in the same period in 2023. Non–GAAP gross profit3 was RMB427.7 million (US$58.6 million), compared with RMB262.5 million in the same period in 2023. Non–GAAP gross margin3 was 19.2%, compared with 15.2% in the same period in 2023. The significant improvement of our gross profit and margin was mainly due to our strategic adjustment of revenue mix, expansion of AI revenues, optimized enterprise cloud project selection and efficient cost control measures.

    Total operating expenses were RMB469.5 million (US$64.3 million), decreased by 21.2% from RMB595.9 million in the same quarter last year and decreased by 67.6% from RBM1,447.1 million last quarter. Among which:

    Selling and marketing expenses were RMB115.8 million (US$15.9 million), decreased by 8.4% from RMB126.5 million in the same period in 2023 and decreased by 4.4% from RMB121.1 million last quarter, the decrease was due to the decrease of share-based compensation.

    General and administrative expenses were RMB179.5 million (US$24.6 million), decreased by 39.0% from RMB294.2 million in the same period in 2023 and slightly increased by 5.4% from RMB170.4 million last quarter. The year-over-year decrease was mainly due to the decrease of credit loss expense.

    Research and development expenses were RMB174.2 million (US$23.9 million), decreased by 0.6% from RMB175.2 million in the same period in 2023 and 26.2% from RMB235.9 million last quarter. The decrease was mainly due to the decrease of share-based compensation.

    Operating loss was RMB43.5 million (US$6.0 million), compared with operating loss of RMB342.7 million in the same quarter of 2023 and RMB1,143.8 million last quarter. The improvement was mainly due to the increase of gross profit and our strict expenses control. Non–GAAP operating profit (loss)4 was RMB24.4 million (US$3.3 million), compared with operating loss of RMB187.6 million in the same quarter last year and RMB140.2 million last quarter. Our non-GAAP operating profit (loss) turned breakeven for the first time and verified our high quality and sustainable development strategy.

    Net loss was RMB200.6 million (US$27.5 million), compared with net loss of RMB286.8 million in the same quarter of 2023 and RMB1,061.1 million last quarter. Non–GAAP net loss5 was RMB70.3 million (US$9.6 million), narrowed down compared with RMB250.4 million in the same quarter of 2023 and RMB236.7 million last quarter. The improvement was mainly due to the revenue quality increase, revenue mix adjustment, strict costs control and expenses control.
    ______________________
    3 Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

    4 Non-GAAP operating loss is defined as operating loss excluding share-based compensation, impairment of long-lived assets and amortization of intangible assets and we define Non-GAAP operating loss margin as Non-GAAP operating loss as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

    5 Non-GAAP net loss is defined as net loss excluding share-based compensation, impairment of long-lived assets and foreign exchange (gain) loss, and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

    Non–GAAP EBITDA6 was RMB359.7 million (US$49.3 million), compared with RMB-27.7 million in the same quarter of 2023 and RMB185.4 million last quarter. Non–GAAP EBITDA margin was 16. 1%, compared with -1.6% in the same quarter of 2023 and 9.8% last quarter. The increase was mainly due to the expansion in gross profit and our strict control over costs and expenses.

    Basic and diluted net loss per share was RMB0.05 (US$0.01), compared with RMB0.08 in the same quarter of 2023 and RMB0.29 last quarter.

    Cash and cash equivalents were RMB2,648.8 million (US$362.9 million) as of December 31, 2024, compared with RMB1,617.9 million as of September 30, 2024. The increase was mainly due to the increased cash receipts from operating activities and the increase in bank loan drawdowns.

    Fiscal Year 2024 Financial Results

    Total Revenues reached RMB7,785.2 million (US$1,066.6 million), representing an increase of 10.5% from RMB7,047.5 million in 2023. The increase was due to the strong demands from AI business and enterprise cloud projects increase, while partially offset by our proactive scale-down of CDN services within public cloud services.

    • Revenues from public cloud services were RMB5,007.3 million (US$686.0 million), representing an increase of 14.3% from RMB4,381.7 million in 2023.
    • Revenues from enterprise cloud services were RMB2,777.8 million (US$380.6 million), representing an increase of 4.3% from RMB2,664.0 million in 2023.
    • Other revenues were RMB0.1 million (US$0.02 million).

    ______________________
    6     Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

    Cost of revenues was RMB6,444.3 million (US$882.9 million), representing a slight increase of 4.0% from RMB6, 197.3 million in 2023. Among which:

    IDC costs decreased by 9.9% to RMB2,892.1 million (US$396.2 million) from RMB3,211.2 million in 2023. The decrease was in line with our cost control measures adjustment of CDN services. Depreciation and amortization costs were RMB1,090.1 million (US$149.3 million), compared with RMB774.0 million in 2023, mainly due to the depreciation of new acquired servers related to AI business. Fulfillment costs were RMB235.7 million (US$32.3 million), representing an increase of 2.7% from RMB229.5 million in 2023. The increase was in line with enterprise cloud projects increase. Solution development and services costs were RMB1,993.1 million (US$273.1 million) in 2024, compared with RMB1,804.8 million in 2023. The increase was mainly due to the revenue expansion of Camelot business.

    Gross profit increased by 57.7% to RMB1,340.9 million (US$183.7 million) in 2024, from RMB850.2 million in 2023. Gross margin increased to 17.2%, from 12. 1% in 2023. Non–GAAP gross profit increased to RMB1,357.8 million (US$186.0 million) in 2024, from RMB859.9 million in 2023. Non–GAAP gross margin increased to 17.4% in 2024 from 12.2% in 2023. Such increases were primarily because of the optimization of revenue mix and our effective cost controls.

    Selling and marketing expenses were RMB479.4 million (US$65.7 million), compared with RMB460.2 million in 2023. The increase was mainly due to the increase of share-based compensation.

    General and administrative expenses were RMB834.9 million (US$114.4 million), compared with RMB1,060.0 million in 2023. The decrease was mainly due to the decrease of credit loss expense.

    Research and development expenses were RMB846.0 million (US$115.9 million), compared with RMB784.8 million in 2023. The increase was mainly due to the rise in personnel-related expenses.

    Impairment of long–lived assets was RMB919.7 million (US$126.0 million), mainly attributable to impairment of long-lived assets dedicated to assets of low-margin services.

    Operating loss was RMB1,739.0 million (US$238.2 million), compared with RMB2, 108.6 million in 2023. Non–GAAP operating loss was RMB431.3 million (US$59.1 million), significantly narrowed compared with RMB1,092.8 million in 2023. Non–GAAP operating loss margin was 5.5%, significantly improved from 15.5% in 2023.

    Net loss was RMB1,979.0 million (US$271.1 million), significantly narrowed from net loss of RMB2, 183.6 million in 2023.

    Non–GAAP net loss was RMB825.3 million (US$113.1 million), compared with Non-GAAP net loss of RMB1,291.1 million in 2023.

    Non–GAAP EBITDA was RMB638.9 million (US$87.5 million), compared with RMB-265.1 million in 2023. Non–GAAP EBITDA margin was 8.2%, compared with -3.8% in 2023.

    Basic and diluted net loss per share was RMB0.54 (US$0.07), compared with RMB0.61 in 2023.

    Outstanding ordinary shares were 3,687,690,772 as of December 31, 2024, equivalent to about 245,846,051 ADSs.

    Conference Call Information

    Kingsoft Cloud’s management will host an earnings conference call on Wednesday, March 19, 2025 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day).

    Participants can register for the conference call by navigating to https://register-conf.media-server.com/register/BIc315136cafe94825b98dca6b37795790. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

    To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

    Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.ksyun.com.

    Use of Non–GAAP Financial Measures

    The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating loss, Non-GAAP operating loss margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non- GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-
    GAAP gross profit as a percentage of revenues. We define Non-GAAP operating loss as operating loss excluding share-based compensation, impairment of long-lived assets and amortization of intangible assets, and we define Non-GAAP operating loss margin as Non-GAAP operating loss as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange (gain) loss and impairment of long-lived assets, and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

    We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information

    This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate ofRMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as ofthe date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Kingsoft Cloud Holdings Limited

    Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

    For more information, please visit: http://ir.ksyun.com.

    For investor and media inquiries, please contact:
    Kingsoft Cloud Holdings Limited
    Nicole Shan
    Tel: +86 (10) 6292-7777 Ext. 6300
    Email: ksc–ir@kingsoft.com

    KINGSOFT CLOUD HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands)
      Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB US$
    ASSETS      
    Current assets:      
    Cash and cash equivalents 2,255,287   2,648,764   362,879  
    Restricted cash 234,194   81,337   11,143  
    Accounts receivable, net 1,529,915   1,468,663   201,206  
    Short-term investments —   90,422   12,388  
    Prepayments and other assets 1,812,692   2,233,074   305,930  
    Amounts due from related parties 266,036   318,526   43,638  
    Total current assets 6,098,124   6,840,786   937,184  
    Non-current assets:      
    Property and equipment, net 2,186,145   4,630,052   634,315  
    Intangible assets, net 834,478   694,880   95,198  
    Goodwill 4,605,724   4,605,724   630,982  
    Prepayments and other assets 870,781   449,983   61,647  
    Equity investments 259,930   234,182   32,083  
    Amounts due from related parties 56,264   —   —  
    Operating lease right-of-use assets 158,832   137,047   18,775  
    Total non-current assets 8,972,154   10,751,868   1,473,000  
    Total assets 15,070,278   17,592,654   2,410,184  
           
    LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable 1,805,083   1,877,004   257,149  
    Accrued expenses and other current liabilities 2,838,085   3,341,990   457,851  
    Short-term borrowings 1,110,896   2,225,765   304,928  
    Income tax payable 63,961   69,219   9,483  
    Amounts due to related parties 931,906   1,584,199   217,034  
    Current operating lease liabilities 78,659   61,258   8,392  
    Total current liabilities 6,828,590   9,159,435   1,254,837  
    Non-current liabilities:      
    Long-term borrowings 100,000   1,660,584   227,499  
    Amounts due to related parties 40,069   309,612   42,417  
    Deferred tax liabilities 142,565   101,677   13,930  
    Other liabilities 634,803   790,271   108,267  
    Non-current operating lease liabilities 78,347   65,755   9,008  
    Total non-current liabilities 995,784   2,927,899   401,121  
    Total liabilities 7,824,374   12,087,334   1,655,958  
    Shareholders’ equity:      
    Ordinary shares 25,443   25,689   3,519  
    Treasury stock (208,385 ) (105,478 ) (14,450 )
    Additional paid-in capital 18,811,028   18,940,885   2,594,891  
    Statutory reserves funds 21,765   32,001   4,384  
    Accumulated deficit (12,315,041 ) (14,291,957 ) (1,957,990 )
    Accumulated other comprehensive income 555,342   566,900   77,665  
    Total Kingsoft Cloud Holdings Limited shareholders’ equity 6,890,152   5,168,040   708,019  
    Non-controlling interests 355,752   337,280   46,207  
    Total equity 7,245,904   5,505,320   754,226  
    Total liabilities, non-controlling interests and shareholders’ equity 15,070,278   17,592,654   2,410,184  
           
    KINGSOFT CLOUD HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except for share and per share data)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB RMB RMB RMB US$ RMB RMB US$
    Revenues:                  
    Public cloud services 1,051,966   1,187,370   1,234,542   1,175,535   1,409,804   193,142   4,381,741   5,007,251   685,991  
    Enterprise cloud services 670,331   588,162   657,238   710,039   822,338   112,660   2,663,993   2,777,777   380,554  
    Others 153   152   –   –   –   –   1,727   152   21  
    Total revenues 1,722,450   1,775,684   1,891,780   1,885,574   2,232,142   305,802   7,047,461   7,785,180   1,066,566  
    Cost of revenues (1,469,312 ) (1,482,431 ) (1,573,433 ) (1,582,220 ) (1,806,170 ) (247,444 ) (6,197,292 ) (6,444,254 ) (882,859 )
    Gross profit 253,138   293,253   318,347   303,354   425,972   58,358   850,169   1,340,926   183,707  
    Operating expenses:                  
    Selling and marketing expenses (126,477 ) (116,752 ) (125,708 ) (121,117 ) (115,792 ) (15,863 ) (460,221 ) (479,369 ) (65,673 )
    General and administrative expenses (294,240 ) (218,695 ) (266,249 ) (170,374 ) (179,536 ) (24,596 ) (1,060,022 ) (834,854 ) (114,375 )
    Research and development expenses (175,155 ) (231,963 ) (203,959 ) (235,912 ) (174,155 ) (23,859 ) (784,807 ) (845,989 ) (115,900 )
    Impairment of long-lived assets –   –   –   (919,724 ) –   –   (653,670 ) (919,724 ) (126,002 )
    Total operating expenses (595,872 ) (567,410 ) (595,916 ) (1,447,127 ) (469,483 ) (64,318 ) (2,958,720 ) (3,079,936 ) (421,950 )
    Operating loss (342,734 ) (274,157 ) (277,569 ) (1,143,773 ) (43,511 ) (5,960 ) (2,108,551 ) (1,739,010 ) (238,243 )
    Interest income 12,442   8,370   9,945   4,517   4,176   572   78,410   27,008   3,700  
    Interest expense (46,992 ) (51,066 ) (59,414 ) (57,404 ) (61,821 ) (8,469 ) (146,026 ) (229,705 ) (31,469 )
    Foreign exchange gain (loss) 74,011   (42,737 ) (6,999 ) 135,777   (105,572 ) (14,463 ) (57,211 ) (19,531 ) (2,676 )
    Other (loss) gain, net (16,741 ) (8,207 ) (7,829 ) 6,046   (2,956 ) (405 ) (32,673 ) (12,946 ) (1,774 )
    Other income (expense), net 33,776   (11,190 ) (4,961 ) 4,433   5,336   731   100,363   (6,382 ) (874 )
    Loss before income taxes (286,238 ) (378,987 ) (346,827 ) (1,050,404 ) (204,348 ) (27,994 ) (2,165,688 ) (1,980,566 ) (271,336 )
    Income tax (expense) benefit (598 ) 15,371   (6,891 ) (10,662 ) 3,706   508   (17,959 ) 1,524   209  
    Net loss (286,836 ) (363,616 ) (353,718 ) (1,061,066 ) (200,642 ) (27,486 ) (2,183,647 ) (1,979,042 ) (271,127 )
    Less: net loss attributable to non-controlling interests (2,688 ) (4,206 ) (542 ) (3,931 ) (3,683 ) (505 ) (7,307 ) (12,362 ) (1,694 )
    Net loss attributable to Kingsoft Cloud Holdings Limited (284,148 ) (359,410 ) (353,176 ) (1,057,135 ) (196,959 ) (26,981 ) (2,176,340 ) (1,966,680 ) (269,433 )
                       
    Net loss per share:                  
    Basic and diluted (0.08 ) (0.10 ) (0.10 ) (0.29 ) (0.05 ) (0.01 ) (0.61 ) (0.54 ) (0.07 )
    Shares used in the net loss per share computation:                  
    Basic and diluted 3,570,915,939   3,614,662,846   3,649,307,331   3,655,882,906   3,710,632,202   3,710,632,202   3,558,354,940   3,658,088,876   3,658,088,876  
    Other comprehensive (loss) income, net of tax of nil:                  
    Foreign currency translation adjustments (67,636 ) 20,704   (530 ) (112,296 ) 103,658   14,201   102,241   11,536   1,580  
    Comprehensive loss (354,472 ) (342,912 ) (354,248 ) (1,173,362 ) (96,984 ) (13,285 ) (2,081,406 ) (1,967,506 ) (269,547 )
    Less: Comprehensive loss attributable to non-controlling interests (2,662 ) (4,247 ) (570 ) (3,900 ) (3,667 ) (502 ) (7,334 ) (12,384 ) (1,697 )
    Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders (351,810 ) (338,665 ) (353,678 ) (1,169,462 ) (93,317 ) (12,783 ) (2,074,072 ) (1,955,122 ) (267,850 )
                       
    KINGSOFT CLOUD HOLDINGS LIMITED
    RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for percentage)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB RMB RMB RMB US$ RMB RMB US$
    Gross profit 253,138 293,253 318,347 303,354 425,972 58,358 850,169 1,340,926 183,707
    Adjustments:                  
    – Share-based compensation expenses (allocated in cost of revenues) 9,330 5,814 5,076 4,252 1,726 236 9,757 16,868 2,311
    Adjusted gross profit (Non-GAAP Financial Measure) 262,468 299,067 323,423 307,606 427,698 58,594 859,926 1,357,794 186,018
                       
    KINGSOFT CLOUD HOLDINGS LIMITED
    RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for percentage)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024
    Gross margin 14.7 % 16.5 % 16.8 % 16.1 % 19.1 % 12.1 % 17.2 %
    Adjusted gross margin (Non-GAAP Financial Measure) 15.2 % 16.8 % 17.1 % 16.3 % 19.2 % 12.2 % 17.4 %
                   
    KINGSOFT CLOUD HOLDINGS LIMITED
    RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for percentage)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB RMB RMB RMB US$ RMB RMB US$
    Net Loss (286,836 ) (363,616 ) (353,718 ) (1,061,066 ) (200,642 ) (27,486 ) (2,183,647 ) (1,979,042 ) (271,127 )
    Adjustments:                  
    – Share-based compensation expenses 110,437   103,595   45,649   40,423   24,774   3,394   181,645   214,441   29,378  
    – Foreign exchange (gain) loss (74,011 ) 42,737   6,999   (135,777 ) 105,572   14,463   57,211   19,531   2,676  
    – Impairment of long-lived assets –   –   –   919,724   –   –   653,670   919,724   126,002  
    Adjusted net loss (Non-GAAP Financial Measure) (250,410 ) (217,284 ) (301,070 ) (236,696 ) (70,296 ) (9,629 ) (1,291,121 ) (825,346 ) (113,071 )
    Adjustments:                  
    – Interest income (12,442 ) (8,370 ) (9,945 ) (4,517 ) (4,176 ) (572 ) (78,410 ) (27,008 ) (3,700 )
    – Interest expense 46,992   51,066   59,414   57,404   61,821   8,469   146,026   229,705   31,469  
    – Income tax expense (benefit) 598   (15,371 ) 6,891   10,662   (3,706 ) (508 ) 17,959   (1,524 ) (209 )
    – Depreciation and amortization 187,542   223,146   305,304   358,540   376,100   51,525   940,482   1,263,090   173,043  
    Adjusted EBITDA (Non-GAAP Financial Measure) (27,720 ) 33,187   60,594   185,393   359,743   49,285   (265,064 ) 638,917   87,532  
    – (Gain) loss on disposal of property and equipment –   (23,821 ) –   (10,667 ) (10,137 ) (1,389 ) 22,996   (44,625 ) (6,114 )
    Excluding loss or gain on disposal of property and equipment, normalized Adjusted EBITDA (27,720 ) 9,366   60,594   174,726   349,606   47,896   (242,068 ) 594,292   81,418  
                       
    KINGSOFT CLOUD HOLDINGS LIMITED
    RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for percentage)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB RMB RMB RMB US$ RMB RMB US$
    Operating loss (342,734 ) (274,157 ) (277,569 ) (1,143,773 ) (43,511 ) (5,960 ) (2,108,551 ) (1,739,010 ) (238,243 )
    Adjustments:                  
    – Share-based compensation expenses 110,437   103,595   45,649   40,423   24,774   3,394   181,645   214,441   29,378  
    – Impairment of long-lived assets –   –   –   919,724   –   –   653,670   919,724   126,002  
    – Amortization of intangible assets 44,656   43,517   43,415   43,460   43,104   5,905   180,459   173,496   23,769  
    Adjusted operating (loss) profit (Non-GAAP Financial Measure) (187,641 ) (127,045 ) (188,505 ) (140,166 ) 24,367   3,339   (1,092,777 ) (431,349 ) (59,094 )
    – (Gain) loss on disposal of property and equipment –   (23,821 ) –   (10,667 ) (10,137 ) (1,389 ) 22,996   (44,625 ) (6,114 )
    Excluding loss or gain on disposal of property and equipment, normalized Adjusted operating (loss) profit (187,641 ) (150,866 ) (188,505 ) (150,833 ) 14,230   1,950   (1,069,781 ) (475,974 ) (65,208 )
                       
    KINGSOFT CLOUD HOLDINGS LIMITED
    RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for percentage)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Mar 31,
    2024    		 Jun 30,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024
    Net loss margin -16.7 % -20.5 % -18.7 % -56.3 % -9.0 % -31.0 % -25.4 %
    Adjusted net loss margin (Non-GAAP Financial Measure) -14.5 % -12.2 % -15.9 % -12.6 % -3.1 % -18.3 % -10.6 %
    Adjusted EBITDA margin (Non-GAAP Financial Measure) -1.6 % 1.9 % 3.2 % 9.8 % 16.1 % -3.8 % 8.2 %
    Normalized Adjusted EBITDA margin -1.6 % 0.5 % 3.2 % 9.3 % 15.7 % -3.4 % 7.6 %
    Adjusted operating (loss) profit margin (Non-GAAP Financial Measure) -10.9 % -7.2 % -10.0 % -7.4 % 1.1 % -15.5 % -5.5 %
    Normalized Adjusted operating (loss) profit margin -10.9 % -8.5 % -10.0 % -8.0 % 0.6 % -15.2 % -6.1 %
                   
    KINGSOFT CLOUD HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (All amounts in thousands)
      Three Months Ended Twelve Months Ended
      Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
      RMB RMB US$ RMB RMB US$
    Net cash generated from (used in) operating activities 16,787   570,222   78,120   (169,070 ) 628,419   86,093  
    Net cash used in investing activities (1,414,761 ) (1,337,978 ) (183,302 ) (673,186 ) (3,620,445 ) (495,999 )
    Net cash generated from (used in) financing activities 1,154,815   1,802,762   246,977   (227,852 ) 3,255,418   445,990  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,013   (15,294 ) (2,095 ) 25,863   (22,772 ) (3,119 )
    Net (decrease) increase in cash, cash equivalents and restricted cash (242,146 ) 1,019,712   139,700   (1,044,245 ) 240,620   32,965  
    Cash, cash equivalents and restricted cash at beginning of period 2,731,627   1,710,389   234,322   3,533,726   2,489,481   341,057  
    Cash, cash equivalents and restricted cash at end of period 2,489,481   2,730,101   374,022   2,489,481   2,730,101   374,022  
                 

    The MIL Network –

  • MIL-OSI: Expansion in Nickel Mining Market Thriving from Heightened Demand Around the Globe

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the nickel mining industry worldwide is expected to reach a projected revenue of US$83.813 Billion by 2030. A compound annual growth rate of 6.6% is expected of the worldwide nickel mining industry from 2023 to 2030.Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. Another Grand View Research report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors. The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the market today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Ballard Power Systems (NASDAQ: BLDP), First Hydrogen Corp. (OTCPK: FHYDF) (TSX-V: FHYD), Bloom Energy Corporation (NYSE: BE), FuelCell Energy, Inc. (NASDAQ: FCEL).

    Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade. Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region. North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral. In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

    First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

    First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

    Geologic Hydrogen: Ophiolites and Peridotite

    Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

    3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

    3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

    “Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring,” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at: https://www.fanickel.com/archive

    In other market news of interest:

    Ballard Power Systems (NASDAQ: BLDP) recently announced a multi-year supply agreement from Manufacturing Commercial Vehicles (‘MCV’, www.mcv-eg.com), a leading commercial vehicle manufacturer based in Egypt, for fuel cell engines totaling approximately 5 MW.

    The supply agreement for 50 FCmove®-HD+ engines, and initial order of 35 units, represents the continued growth of the relationship with MCV which started in 2022 with fuel cell engine integration support and the first fuel cell engine order placed in 2023. Deliveries of the 50 engines are expected between 2025 and 2026 and will initially support projects in the EU.

    First Hydrogen Corp. (TSXV: FHYD) (OTCPK: FHYDF) recently announced the launch of its subsidiary, First Nuclear Corp., an initiative dedicated to advancing clean energy through the innovative use of Small Modular Reactors (SMRs). First Nuclear Corp. (“First Nuclear”) aims to revolutionize green hydrogen production, supporting global decarbonization efforts and paving the way for a sustainable, zero-emission future.

    Harnessing the Power of SMRs for Green Hydrogen – First Nuclear seeks to integrate advanced nuclear technology with green hydrogen production. SMRs, known for their compact design, scalability, and ability to provide a continuous, weather-independent power supply, are the cornerstone of this initiative. By leveraging SMRs, First Nuclear ensures a stable, cost-effective, and efficient process for producing green hydrogen, addressing the growing demand for clean energy solutions worldwide. IDTechEx anticipates the installation rate of SMRs to grow significantly addressing the climate crisis. They project the global market for SMRs to reach US$72.4 billion by 2033 and US$295 billion by 2043, reflecting a compound annual growth rate (CAGR) of 30%.

    Bloom Energy Corporation (NYSE: BE), a global leader in power solutions, announced recently an expansion of its longstanding relationship with Equinix, the world’s digital infrastructure company®. The collaboration now exceeds 100MW of electricity capacity to support Equinix’s International Business Exchange™ (IBX®) data centers across the United States.

    With approximately 75MW already operational and another 30MW under construction, this latest expansion marks a significant milestone in the companies’ decade-long collaboration. What began as a pilot program in 2015 with just 1MW of fuel cells at a single IBX data center in Silicon Valley has scaled one hundredfold, supporting the critical digital infrastructure needed to meet increasing energy needs of AI-driven computing.

    FuelCell Energy, Inc. (NASDAQ: FCEL) and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), a wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (MHB), have announced the signing of a Joint Development Agreement (JDA) to co-develop large-scale hydrogen production systems and technologies across Asia, New Zealand, and Australia.

    Building on a memorandum of understanding signed in February 2023, the JDA represents a pivotal step for the two companies, driven by a shared vision to make clean hydrogen production easily accessible and viable. The collaboration underscores FuelCell Energy and MHB’s commitment to advancing green energy solutions and supporting global decarbonization and energy transition goals.

    About FN Media Group:
    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated thirty four hundred dollars for news coverage of the current press releases issued by First Atlantic Nickel Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: ibex Kicks Off Global Employee-Driven Charitable Initiative for 2025

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced the official launch of its 2025 ibex Cares™ campaign, which empowers employees to select and support local charities in their communities, fostering meaningful connections, and creating lasting positive impact where they live and work.

    In its eighth year, ibex Cares™ spans multiple countries and supports a diverse range of causes, from healthcare and environmental conservation to animal welfare and youth development.

    “Thanks to the exceptional generosity of our global workforce, ibex Cares™ has a meaningful impact in our communities and reflects our company’s unwavering commitment to social responsibility,” said Paul Inson, Chief People Officer at ibex. “What makes this program truly special is that it’s driven by our employees, who choose causes close to their hearts and actively work to improve the lives of their neighbors, colleagues, and communities. This grassroots approach to charitable giving has created a powerful ripple effect of positive change across our global footprint.”

    The 2025 ibex Cares™ campaign kicked off recently in the U.S. with a fundraiser that helped raise $25,000 for the Wounded Warrior Project®. ibex volunteer efforts to support veterans nationwide are ongoing.

    In Jamaica, more than 320 ibex employees came together on Sunday, February 16th, to participate in the Sigma Run 2025, organized by Sagicor Foundation. According to Sagicor, the Sigma Run had a record turnout of more than 30,000 registrants and raised more than JAM $128 million for the Kingston Public Hospital, Father Ho Lung and Friends Foundation, and Sir John Golding Rehabilitation Centre.  

    Other ibex Cares™ initiatives around the globe include:

    • Nicaragua: Establishing a merchandise program selling ibex-branded items to benefit MoviCancer, a non-governmental organization (NGO) fighting cancer in Central and Latin America.
    • Honduras: Coordinating in-kind donations for Asociación Rescate Animal Independiente, an animal rescue network that works to improve the lives of abused and abandoned animals.
    • Jamaica: Raising funds for the Jamaica Cancer Society through the sale of ibex Cares™ merchandise.
    • Philippines: Supporting numerous charitable organizations including the Philippines Eagle Foundation, a non-profit organization dedicated to saving the endangered Philippine Eagle and its rainforest habitat, as well as the Albert Schweitzer Familienwerk Foundation Philippines, which assists vulnerable populations including children, women, and disabled individuals.
    • Pakistan: Engaging in various charitable initiatives by providing volunteer hours, donating items like wheelchairs and organizing blood drives. The supported organizations include the Sundas Foundation, an NGO assisting patients with thalassemia and other blood disorders, and Dar-ul-Sukun, which works to empower abandoned children and marginalized individuals with disabilities.

    As ibex continues to grow, the company remains dedicated to expanding its charitable impact and fostering a culture of giving back across its global operations.

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    Media Contact:
    Dan Burris
    Daniel.Burris@ibex.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74f20cc6-52b6-42c8-a483-a7d1499bc0f3

    The MIL Network –

  • MIL-OSI: Global Interest in Nickel Mining Booming as Demand Skyrockets Around the World

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the global nickel mining market size was estimated at USD 50.40 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. The report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors.   The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the markets today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Vale S.A. (NYSE: VALE), Chevron Corporation (NYSE: CVX), Glencore plc (OTCPK: GLNCY) (OTCPK: GLCNF), Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC).

    Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade.   Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region.   North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral.   In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

    First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

    First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

    Geologic Hydrogen: Ophiolites and Peridotite

    Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

    3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

    3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

    “Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at:   https://www.fanickel.com/archive

    In other market news of interest:

    Vale S.A. (NYSE: VALE) noted the Company leads the production of nickel metal that is considered one of the most versatile. Hard but also malleable, it is corrosion resistant and retains its properties even when subjected to extreme temperatures. It is part of everyday life: it is used in the production of batteries and items ranging from coins to cars.

    Highlights: The ore obtained from our mines contains more than just nickel. Therefore, by extracting and processing it, we also produce cobalt, copper and precious metals. Where we operate: Brazil, Canada and Indonesia.

    Chevron Corporation (NYSE: CVX) recently announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.   The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.

    The Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.

    Ceibo, a clean copper extraction technology company, and Glencore plc‘s (OTCPK: GLNCY) (OTCPK: GLCNF) Lomas Bayas Mining Company have recently entered into a partnership to deploy Ceibo’s proprietary leaching technologies that enable a more effective extraction of copper from low-grade sulfides at one of Chile’s leading mines. Lomas Bayas has validated Ceibo’s technology and is moving toward scaling up to assess this as an alternative to extend the life of their mining operations. This partnership follows two years of testing by Glencore, an important contributor to Chile’s position as the world’s largest copper producer.

    Under the terms of the memorandum of understanding, Ceibo’s technology will scale up with on-site testing through the Lomas Lab, a Glencore world-scale test site, and the company’s research and development branch. This agreement opens a significant commercial avenue for Ceibo, demonstrating its unique approach with a major mining company and affirming the value that Ceibo’s advanced leaching technologies bring to copper assets globally.

    Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC) recently announced the signing of a Memorandum of Understanding (MOU) with Black Tree Energy Group Sàrl (BTEG), a Swiss-based energy infrastructure and project development firm. This partnership reinforces QIMC’s strategic expansion into the U.S., a key market for accelerating the commercialization of natural hydrogen. Together, QIMC and BTEG will drive large-scale hydrogen projects by integrating technical expertise with financial strategy, project development, and execution capabilities.

    With strong support for clean natural hydrogen initiatives, the United States presents a substantial opportunity for natural hydrogen development. Through this Memorandum of Understanding (MOU), QIMC intends to capitalize on its established expertise in natural renewable hydrogen—encompassing geological and geophysical analyses, project evaluation, and hydrogen fieldwork and drilling—to identify high-potential U.S. sites and accelerate the path to commercial production.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Update: Coop Pank 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The file “Coop Pank_aastaaruanne_konsolideeritud 2024_est.pdf“ has been attached to the Estonian version of the notice.

    Management Board of Coop Pank has compiled 2024 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 13 February 2025.

    The consolidated annual report 2024 of Coop Pank AS has been enclosed to the announcement and will be made available on the bank’s homepage https://www.cooppank.ee/en/financial-reports

    Annual report will be presented for approval to general meeting of shareholders.

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    • By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers. Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%).
    • By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. The market share of the bank’s deposits increased from 6.0% to 6.1% over the year.
    • By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. The market share of the bank’s loans increased from 6.0% to 6.3% over the year.
    • Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year.
    • Over the year the bank’s cost / income ratio increased from 41% to 50% and the return on equity decreased from the level from 23.5% to 16.2%.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 211,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI: Wix Launches Wix Functions to Customize Business Logic Without Code

    Source: GlobeNewswire (MIL-OSI)

    Wix Functions empowers users to create customized business flows, automate pricing and checkout rules, and tailor app behavior

    NEW YORK – Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally1, today launched Wix Functions, a no-code interface that allows users to customize outcomes for various business scenarios, enabling businesses to operate more smoothly and effectively. With an intuitive visual function builder, businesses can define custom business logic, such as adding dynamic pricing rules, enforce checkout conditions, and tailor loyalty rewards, ensuring their operations adapt to their specific business needs.

    With Wix Functions, users can define custom outcomes using conditions, variables, formulas, and dynamic values. Users can start from scratch or customize a template designed for a specific Wix app. By selecting input data from an app, such as cart and checkout details in Wix Stores, users can then apply the  logic to create conditions. The builder visually represents the logic, helping users understand how different criteria affect the function’s output. For example, users can apply location-based fees, trigger a discount for returning customers in the checkout based on purchase history and implement custom form validations. The function then outputs the desired action, which the Wix app executes in real-time. This enhanced customizability of business flows is particularly beneficial as it allows users to implement more custom steps when rendering checkout or validating forms.

    Wix Functions ensures that checkout, rewards, and other workflows wait for the function’s output before proceeding. Users can choose from pre-built function templates or create custom rules from scratch. Functions are triggered by app activity, process the required logic, and return a result that immediately impacts the business flow—whether it’s adjusting a fee, displaying a discount, or restricting a purchase.

    “Wix Functions lets businesses extend and customize Wix apps to fit their unique needs—without writing a single line of code,” said Tomas Petras Rupšys, Head of Wix Functions at Wix. “Building on top of our new Automation builder, Wix Functions gives businesses even more control over their operations, enabling them to customize more workflows, further automate processes and implement advanced business rules. The function’s output directly influences how the Wix app behaves in real-time, ensuring that businesses can seamlessly adapt their operations to meet unique needs, further empowering business owners to operate more efficiently and scale with ease.”

    Wix Functions complements Wix Automations by enabling real-time customization, while automations manage ongoing tasks. Together, they provide a comprehensive suite of tools to help businesses automate and optimize their operations effortlessly.

    Wix Functions is now available on Wix and Wix Studio for Wix Stores, Wix Bookings, Wix Restaurants, Wix Donations, Wix Forms, and Wix Loyalty Program, with free access and optional premium upgrades to access business solutions such as checkout and payments. Users can unlock unlimited actions through premium upgrades. 

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients. 

    For more about Wix, please visit our Press Room
    Media Relations Contact:  PR@wix.com  

    1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    Attachments

    The MIL Network –

  • MIL-OSI: FloQast Named “Best Finance Automation Platform” in 2025 FinTech Breakthrough Awards

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, March 19, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, is proud to announce it has been selected as the winner of the “Best Finance Automation Platform” award in the 2025 FinTech Breakthrough Awards. The prestigious awards program recognizes outstanding financial technology companies and products from around the world.

    In its ninth year, the FinTech Breakthrough Awards received over 4,500 nominations globally, with winners selected through a rigorous evaluation process. The program celebrates innovation and excellence across various financial services categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, and InsurTech.

    “We’re excited to be recognized for our work in transforming accounting workflows with AI and automation,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “Our goal has always been to help accountants work more efficiently and strategically, and this award reinforces that mission. By bringing innovative technology to everyday accounting tasks, we’re giving accounting and finance teams the tools to move faster, stay on top of their numbers, and tackle audits with confidence.”

    FloQast’s accounting platform was purpose-built by accountants for accountants, focusing on enhancing team collaboration, efficiency, and accuracy in financial processes. The platform’s AI-driven capabilities enable accounting professionals to streamline their workflows while maintaining the highest standards of accuracy and control.

    “The 2025 FinTech Breakthrough Awards celebrate the most innovative companies and technologies shaping the future of financial services. FloQast stands out in the FinTech universe for its deep understanding of accountants’ needs and its innovative approach to solving real-world challenges in financial operations,” said Steve Johansson, Managing Director at FinTech Breakthrough. “Their platform demonstrates how thoughtfully applied automation and AI can transform accounting processes, enabling finance teams to focus on higher-value strategic activities.”

    For more information about FloQast and its award-winning platform, visit www.floqast.com.

    About FloQast

    FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 global accounting teams – including Twilio, Los Angeles Lakers, and Zoom – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

    Contact:
    Kyle Cabodi
    FloQast Director of Corporate Communications
    kyle.cabodi@floqast.com

    The MIL Network –

  • MIL-OSI: Stellar V Capital Corp. Announces the Separate Trading of its Class A Ordinary Shares and Warrants Commencing March 24, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — Stellar V Capital Corp. (the “Company”), a special purpose acquisition company formed as a Cayman Islands exempted company, today announced that commencing March 24, 2025, holders of the units sold in the Company’s initial public offering completed on January 31, 2025 may elect to separately trade the Class A ordinary shares of the Company and the warrants included in such units on The Nasdaq Global Market (“Nasdaq”).

    The Class A ordinary shares and warrants that are separated will trade on Nasdaq under the symbols “SVCC” and “SVCCW,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “SVCCU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and Warrants.

    The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as sole book-running manager of the offering.

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

    About Stellar V Capital Corp.

    Stellar V Capital Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    The MIL Network –

  • MIL-OSI: Incorta Welcomes New Chief Revenue Officer Steve Velardi to Drive Incorta’s Growth in the U.S. and Globally

    Source: GlobeNewswire (MIL-OSI)

    FOSTER CITY, Calif., March 19, 2025 (GLOBE NEWSWIRE) — Incorta, the pioneering open data delivery platform, has appointed a new Chief Revenue Officer (CRO) to lead the company’s aggressive growth goals in the U.S. and globally as the company looks to continue revolutionizing the data integration and analytics landscape. Steve Velardi, an industry veteran with more than 20 years of experience as a sales leader, has a proven track record in scaling businesses and building high-performing teams.

    “Steve’s impressive background in enterprise sales and proven ability to foster customer success make him a valuable addition to our team,” says Osama Elkady, CEO of Incorta. “His leadership will be invaluable in driving our revenue growth and delivering innovative solutions for our customers.”

    Velardi has driven transformative growth for enterprise technology companies for more than two decades. Before joining Incorta, he was with Citrix/Cloud Software leading the Western Region for strategic enterprise account sales. Before that, he played a pivotal role at Xangati, transforming the business to a full SaaS model and building out a sustainable ARR model. This helped pave the way for the company’s successful exit. Steve also has extensive experience as a VP of Worldwide Sales at five other startups.

    Incorta empowers organizations to uncover deeper insights and achieve exceptional business outcomes by enabling seamless access to live, detailed data across complex systems. Incorta’s Direct Data Mapping® technology continues to transform enterprise data integration, delivering unmatched speed, accuracy, and scalability. Velardi’s appointment further strengthens Incorta’s leadership to accelerate enterprise adoption across the globe.

    “It’s an honor to join Incorta’s executive team,” said Velardi. “Their unparalleled approach to data integration puts them in an excellent position to achieve the aggressive growth targets ahead. With established partnerships and alliances with Workday, Google, and Hitachi, and loyal enterprise customers like Broadcom, Comcast, and Shutterfly, the prospects for global scale are incredibly exciting. There’s a lot of momentum ahead.”

    About Incorta
    Incorta’s operational lakehouse platform simplifies access to data from multiple, complex enterprise systems to unlock the full value of organizational data, making it readily available for analysis. Backed by GV, Kleiner Perkins, M12, Prysm Capital, Telstra Ventures, and Sorenson Capital, Incorta empowers the most forward-thinking companies to tackle their toughest data challenges, from innovators in the midmarket to Fortune 1000 category leaders such as Broadcom, Comcast, and Shutterfly. For more information visit www.incorta.com.

    Media Relations Contact:
    Elizabeth Byington
    incorta@sparkpr.com

    The MIL Network –

  • MIL-OSI: Rhizome Announces Agreement with Vermont Electric Co-Op for Climate Vulnerability Tool Built Specifically for Muni/Co-Op Utilities

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — Rhizome today announced an agreement with Vermont Electric Cooperative (VEC) to help fortify and modernize the regional utility network through a specifically built climate risk product for municipal and cooperative utilities, gridCAVA. The software tool will provide Vermont Electric Cooperative insights into potential future climate vulnerabilities, ultimately preventing failures against extreme weather-caused power outages through prioritizing grid resilience investments.

    Since 1938, the non-profit Vermont Electric Cooperative has been a member-owned electric distribution utility that provides safe, affordable, and reliable electric service to approximately 33,000 members in 75 communities in northern Vermont. Spanning over 2,500 miles of rural, legacy, and primarily off-road overhead distribution lines, VEC has observed a rapid increase in outages due to ice and wind events over the past five years. Due to limited financial investment capabilities and resources, prioritizing resilience efforts is crucial for VEC. It is the largest locally-owned electric distribution utility in Vermont and is nationally recognized for its innovation and advanced use of technology.

    “VEC is eager to partner with Rhizome to pinpoint where future hazards will impact our grid. As a non-profit, member-owned cooperative with an expansive distribution system, we can’t afford to be anything less than targeted with our investments and upgrades,” said Cyril Brunner, Innovation and Technology Leader at VEC. “That’s what led us to Rhizome, and we’re excited to use their invaluable expertise. This is an important tool and partnership in our mission to provide safe, affordable, and reliable energy throughout Vermont.”

    Rhizome, launched in 2023, supports utilities and grid stakeholders helping to model the impacts of increasingly severe extreme weather events against their system. By leveraging machine learning and artificial intelligence, Rhizome’s platform guides and pinpoints resilience investments and upgrades. As a part of this agreement, Rhizome debuts gridCAVA, a tool designed to bring down the cost of climate vulnerability assessments for municipal and cooperative utilities who typically have fewer resources to perform these activities relative to large investor-owned utilities.

    “Vermont Electric Co-Op’s proactive approach to resilience is leading the way for their municipality and cooperative utility peers,” said Mishal Thadani, Co-founder and CEO of Rhizome. “Our platform has brought down the cost of running climate models for predictive utility planning, making it easier for smaller utilities such as VEC to prepare ahead of growing extreme weather events. All power providers across the utility landscape deserve tools crafted for their existing resources and expertise to meet and overcome their unique, climate-related challenges.”

    The partnership and gridCAVA announcement unveiled today marks the latest advancement in Rhizome’s expanding portfolio of climate risk solutions. This development builds upon the successful July 2024 launch of gridFIRM, the company’s comprehensive wildfire risk planning system that provides critical tracking of asset failures, fire ignition events, and detailed spread and damage assessments.

    These sophisticated, data-driven modeling tools empower utilities and stakeholders to gain deeper insights into their risk exposure and strategically prioritize resilience investments and infrastructure upgrades. Both gridCAVA and gridFIRM were built upon Rhizome’s foundational technology platform, Aspen—a scalable, cloud-based platform that delivers systems-level modeling of current and future climate risks.

    About Rhizome
    Rhizome is an AI-powered software platform that helps utilities identify vulnerabilities from climate threats, quantify risk at high resolutions, and measure the economic and social benefits of grid-enhancing investments. Rhizome provides the highest standard of equitable climate risk mitigation to ensure that communities and businesses are protected against intensifying extreme weather events. Rhizome supports numerous utilities across North America and Europe in their mission to build a more resilient grid. For more information, please visit rhizomedata.com.

    About Vermont Electric Co-Op
    Vermont Electric Cooperative (VEC) is a member-owned electric utility distribution system that provides safe, affordable, and reliable energy services to its members. VEC serves over 33,000 members in 75 communities across eight counties in Vermont.

    Media Contact:
    FischTank PR
    rhizome@fischtankpr.com

    The MIL Network –

  • MIL-OSI: Apollo Funds to Acquire OEG, a Leading Provider of Core Services to the Offshore Energy Industry

    Source: GlobeNewswire (MIL-OSI)

    LONDON and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo funds”) have agreed to acquire a majority stake in OEG Energy Group (“OEG” or the “Company”), a leading offshore energy solutions business, from funds managed by the Power Opportunities strategy of Oaktree Capital Management, LP (“Oaktree”) and other investors. The transaction implies a headline valuation of more than $1 billion for OEG, and Oaktree and others will retain a minority equity interest in the Company.

    OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil & gas (O&G) and wind end markets for more than 50 years. The Company owns and operates one of the world’s largest fleets of cargo carrying units (CCUs), with 75,000+ units, enabling the safe transportation of essential cargo to and from offshore energy installations. OEG’s Renewables segment is a global, integrated provider of key technical solutions and services to the offshore wind sector.

    John Heiton, CEO of OEG, said: “Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain. As energy producers across Europe and around the globe continue to invest in energy transition, we are committed to expanding and enhancing our capabilities as a key partner. We look forward to working with Apollo as we enter this new and exciting chapter for our business and remain focused on supporting our customers with the same quality service they have come to expect.”

    Wilson Handler, Partner at Apollo, said: “John and team have built OEG into a global leader and trusted provider of offshore equipment and services, with an integrated business model that has scaled across cycles. We see a tremendous opportunity to invest in the Company’s future growth as secular tailwinds drive demand for services enabling efficient energy production and renewable power. Bringing to bear the scale of Apollo’s integrated platform and deep expertise in energy services, we look forward to working with the talented team at OEG to unlock value for its various stakeholders and loyal customer base via organic and inorganic channels.”

    Francesco Giuliani, Managing Director and Assistant Portfolio Manager in Oaktree’s Power Opportunities strategy, said: “We are proud of our partnership with the management team at OEG and the success achieved during Oaktree’s period of ownership. During that time, increased focus on the energy transition and global supply dynamics has made investment for core energy infrastructure even more important. We continue to have strong conviction in OEG’s growth trajectory and are thrilled to maintain a minority interest alongside Apollo funds.”

    Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

    The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in Q2 2025.

    Banco Santander SA acted as financial advisor and Vinson & Elkins LLP served as legal counsel to the Apollo funds on the transaction.

    Goldman Sachs International acted as financial adviser to Oaktree, while Gibson, Dunn & Crutcher LLP (corporate) and Latham & Watkins (financing & antitrust) served as legal advisers.

    White & Case LLP served as legal counsel to OEG management.

    ___________________

    i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    About OEG Energy Group

    OEG is a leading offshore energy solutions business providing infrastructure assets, technologies and services to the global energy industry. From the company’s beginning in 1973, OEG has evolved significantly, growing both organically and through strategic acquisitions, to become a pivotal link in the global energy supply chain.

    OEG delivers specialized and complementary solutions for above-water, on-water and below-water applications across the full energy lifecycle. From the provision of offshore logistics equipment and bespoke solutions, through to the delivery of integrated services for larger project work scopes, OEG plays an important role in supporting the production of the world’s energy needs whether that be electricity, gas or oil.

    Headquartered in Aberdeen, UK, OEG has over 1,300 employees and operates in more than 65 countries.

    About Oaktree

    Oaktree is a leader among global investment managers specializing in alternative investments, with $202 billion in assets under management as of December 31, 2024. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

    Apollo Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com

    Oaktree Press Contacts

    FGS Global
    Rory King / Hannah Ratcliff
    Rory.King@fgsglobal.com / Hannah.Ratcliff@fgsglobal.com

    The MIL Network –

  • MIL-OSI: Tenable Research Reveals Popular AI Tools Used in Cloud Environments are Highly Vulnerable

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md. , March 19, 2025 (GLOBE NEWSWIRE) — Tenable®, the exposure management company, today announced the release of its Cloud AI Risk Report 2025, which found that cloud-based AI is prone to avoidable toxic combinations that leave sensitive AI data and models vulnerable to manipulation, data tampering and data leakage.

    Cloud and AI are undeniable game changers for businesses. However, both introduce complex cyber risks when combined. The Tenable Cloud AI Risk Report 2025 highlights the current state of security risks in cloud AI development tools and frameworks, and in AI services offered by the three major cloud providers—Amazon Web Services (AWS), Google Cloud Platform (GCP) and Microsoft Azure. The key findings from the report include:

    • Cloud AI workloads aren’t immune to vulnerabilities: Approximately 70% of cloud AI workloads contain at least one unremediated vulnerability. In particular, Tenable Research found CVE-2023-38545—a critical curl vulnerability—in 30% of cloud AI workloads.
    • Jenga®-style1cloud misconfigurations exist in managed AI services: 77% of organizations have the overprivileged default Compute Engine service account configured in Google Vertex AI Notebooks. This means all services built on this default Compute Engine are at risk.
    • AI training data is susceptible to data poisoning, threatening to skew model results: 14% of organizations using Amazon Bedrock do not explicitly block public access to at least one AI training bucket and 5% have at least one overly permissive bucket.
    • Amazon SageMaker notebook instances grant root access by default: As a result, 91% of Amazon SageMaker users have at least one notebook that, if compromised, could grant unauthorized access, which could result in the potential modification of all files on it.

    “When we talk about AI usage in the cloud, more than sensitive data is on the line. If a threat actor manipulates the data or AI model, there can be catastrophic long-term consequences, such as compromised data integrity, compromised security of critical systems and degradation of customer trust,” said Liat Hayun, VP of Research and Product Management, Cloud Security, Tenable. “Cloud security measures must evolve to meet the new challenges of AI and find the delicate balance between protecting against complex attacks on AI data and enabling organizations to achieve responsible AI innovation.”

    1 The Jenga®-style concept, coined by Tenable, identifies the tendency of cloud providers to build one service on top of the other, with “behind the scenes” building blocks inheriting risky defaults from one layer to the next. Such cloud misconfigurations, especially in AI environments, can have severe risk implications if exploited.

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Media Contact:
    Tenable
    tenablepr@tenable.com

    The MIL Network –

  • MIL-OSI: Tastytrade Expands Crypto Trading with New Digital Assets, Powered by Zero Hash

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 19, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure provider, today announced that tastytrade, a leading brokerage with an award winning platform for traders, has expanded their relationship with Zero Hash, enabling trading of five additional digital assets. Having launched crypto trading capability in 2020, through Zero Hash, this expansion meets increased customer demand for more crypto trading options.

    Tastytrade clients can now trade Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), AAVE (AAVE), and Avalanche (AVAX) through Zero Hash. This week, tastytrade will also add support for Pepe (PEPE), Stellar (XLM), Tezos (XTZ), Sui (SUI), and Aptos (APT).

    “We were early crypto supporters, launching this set up with Zero Hash in 2020, furthering our mission of integrated access to all asset classes – including a growing number of digital assets,” said Ryan Grace, Head of Digital Assets at IG North America. “We will continue giving customers more choices in the fast-moving crypto space while maintaining the powerful, intuitive, and trusted experience they expect from tastytrade.”

    The expansion follows record crypto trading volume in Q4 2024 on the tastytrade platform. By leveraging Zero Hash’s full-stack API, tastytrade can quickly integrate the most popular digital assets without added complexity.

    “Zero Hash continues to power the infrastructure behind the biggest players in traditional brokerage, including tastytrade,” said Edward Woodford, Founder and CEO of Zero Hash. “Our ever-scaling partnership with tastytrade is another example of how we enable trading platforms to seamlessly integrate digital assets, and grow their offering to provide traders unparalleled, simplified access to crypto markets.”

    Zero Hash’s crypto brokerage infrastructure powers access to crypto for leading traditional brokers, including tastytrade and Interactive Brokers. The Zero Hash APIs enable:

    • Liquidity provision and seamless trade execution
    • Ensure regulatory compliance and secure custody solutions

    Disclosures

    Cryptocurrency trading at tastytrade is provided by Zero Hash Liquidity Services LLC, MSB # 31000181510564, and cryptocurrency custody provided by Zero Hash LLC NMLS # 169937. Zero Hash is a licensed virtual currency business by the NYDFS. Cryptocurrency accounts are not protected by SIPC coverage. Cryptocurrencies are not covered by the FDIC, which covers fiat currency. Cryptocurrency trading is not suitable for all investors due to the number of risks involved, including volatile market prices, illiquid market conditions, lack of regulatory oversight, market manipulation, and other risks. You are solely responsible for evaluating your financial circumstances and determining whether or not trading cryptocurrencies is appropriate for you. Please read the General Risks of Digital Assets risk disclosure. tastytrade, Inc. is a separate company and is not an affiliate company of Zero Hash Liquidity Services LLC or Zero Hash LLC.

    About tastytrade
    Tastytrade is an award-winning brokerage firm established in 2017 to change the way people invest. tastytrade, named Best Broker for Options in 2024 by Investopedia and Best Broker in North America by TradingView, empowers investors seeking to actively manage their own money with a powerful platform and access to educational content for options, futures, crypto and equities trading. tastytrade is an indirect subsidiary of IG US Holdings, Inc., parent to tastylive, the financial content and education platform, tasty Software Solutions, LLC, and a subsidiary of IG Group Holdings plc (LON:IGG), a global fintech company that provides award-winning products, platforms and access to ~19,000 financial markets to investors around the world. Learn more at www.tastytrade.com.   

    About Zero Hash
    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto, and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises, and Fortune 500 companies build a diverse range of use cases, including cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, and on/off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Media Contacts

    Zero Hash
    Shaun O’Keeffe
    (855) 744-7333
    media@zerohash.com

    Tastytrade
    Laura Hayes
    laura.hayes@ig.com

    The MIL Network –

  • MIL-OSI: AFWERX and SpaceWERX Select Rise8 for Program Year 2025 STRATFI under U.S. Air Force SBIR to Enable Rapid, Continuous Delivery of Mission-Critical Applications

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., March 19, 2025 (GLOBE NEWSWIRE) — Rise8 announces its selection for the SpaceWERX Strategic Funding Increase (STRATFI) under the U.S. Air Force’s Small Business Innovation Research (SBIR) program. Rise8 will support the U.S. Space Force, Space Systems Command to enable rapid, continuous delivery of its mission-critical applications by establishing a continuous Authorization to Operate (cATO) pipeline for third-party applications on Warp Core. Warp Core is the USSF Data as a Service (DaaS) platform for data ingestion, processing, normalization, analysis, and visualization across the global space enterprise.

    “Deploying a cATO pipeline on the Warp Core platform will unlock the full potential of development opportunities with significant mission impact, increased deployment frequency, and reduced lead time,” said Bryon Kroger, CEO and founder of Rise8. “We’re honored by our selection as a STRATFI awardee and look forward to helping the U.S. Space Force maximize current technology investments while increasing flexibility, speed, and reliability for continuous delivery of valuable software users love.”

    The STRATFI program is designed to help advance successful solutions from Phase II SBIR projects to Phase III, full-scale deployment. Previously, Rise8 was awarded a Phase II SBIR focused on developing pathways to production and a Phase I contract with SpaceWERX. The full list of STRATFI awardees can be found here.

    To learn more about how Rise8 delivers elite software development for government customers, visit https://www.rise8.us/.

    About Rise8
    Rise8 provides elite software development for critical missions, revolutionizing the way government agencies and companies build, deploy, and utilize critical software. Rise8 is a Service-Disabled Veteran-Owned Small Business (SDVOSB) with headquarters in Tampa, FL, and a fully remote workforce. Learn more at https://www.rise8.us/ and on LinkedIn, and X.

    About AFRL
    The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.

    About AFWERX
    As the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at four hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,200 new contracts worth more than $4.7 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: afwerx.com.

    About SpaceWERX
    As the innovation arm of the U.S. Space Force and a unique division within AFWERX, SpaceWERX inspires and empowers collaboration with innovators to accelerate capabilities and shape our future in space. Headquartered in Los Angeles, SpaceWERX employs 40 military, civilian and contractor personnel executing an annual $457 million budget. Additionally, SpaceWERX partners with Space Systems Command’s Commercial Space Office (COMSO) as a collaborative program. Since it was aligned under AFRL in Aug. 2021, SpaceWERX has executed 1,106 contracts worth more than $897 million to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: spacewerx.us.

    The views expressed are those of Rise8 and do not necessarily reflect the official policy or position of the U.S. Space Force, the Department of the Air Force, the Department of Defense, or the U.S. government.

    Media Contact:
    Casey Dell’Isola
    REQ for Rise8
    rise8@req.co

    The MIL Network –

  • MIL-OSI: CodeMonkey Honored with Triple Awards in Q1 2025: A Testament to Excellence in Educational Technology

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 19, 2025 (GLOBE NEWSWIRE) — CodeMonkey, a leading platform in Computer Science education for children, is proud to announce that it has been honored with three prestigious awards in 2025: the Education Technology Insights Award, the Modular Learning Award, and the EdTech Impact Award. These accolades underscore CodeMonkey’s unwavering commitment to transforming coding education into an engaging, accessible, and effective experience for learners worldwide.

    Education Technology Insights Award: Game-Based Learning Platform of the Year

    CodeMonkey has been recognized as the “Game-Based Learning Platform of the Year” by Education Technology Insights. This award celebrates CodeMonkey’s innovative approach to making coding education a fun-filled adventure. By transforming complex coding concepts into interactive challenges and character-based journeys, CodeMonkey enables students to master problem-solving skills while unleashing their creativity. Boaz Zaionce, COO and VP of Marketing at CodeMonkey, emphasizes, “We are transforming coding into an engaging, hands-on experience where kids master problem-solving and unleash their creativity—all while having fun.”

    Modular Learning Award: Empowering Educators and Students

    The Modular Learning Award recognizes CodeMonkey’s dedication to providing a flexible and comprehensive curriculum that caters to various learning needs. Designed for children aged 6-12, with content extending up to 18 years, CodeMonkey offers courses in real coding languages like CoffeeScript, Python, JavaScript, HTML, and CSS. The platform’s game-like environment engages learners through block-based and text-based coding, making complex topics approachable and entertaining. Educators benefit from structured lesson plans, offline activities, and a teacher dashboard that provides real-time student progress, enabling personalized instruction and ensuring no learner is left behind.

    EdTech Impact Award: Reducing Teacher Workload

    CodeMonkey’s efforts to streamline educational processes have been acknowledged with the EdTech Impact Award for “Reducing Teacher Workload.” The platform offers pre-built coding challenges and games that engage students effectively, thereby reducing preparation time for educators. With a 93.75% approval rating from educators, CodeMonkey has proven to be a valuable tool in minimizing administrative and teaching workload, allowing teachers to focus more on meaningful classroom engagement.

    Innovations and Future Developments

    CodeMonkey continues to innovate and expand its offerings to meet the evolving needs of digital education. In February 2025, the company launched a comprehensive Digital Literacy Curriculum for K-8 students, featuring over 130 engaging lessons on digital literacy, online safety, and responsible internet usage. Additionally, the curriculum includes more than 100 interactive typing lessons, ensuring that young learners develop essential keyboarding skills alongside their digital knowledge. These initiatives reflect CodeMonkey’s commitment to providing future-ready learning experiences that empower students to thrive in a tech-driven world.

    CodeMonkey’s recent accolades highlight its pivotal role in reshaping coding education. By combining innovative teaching methods with comprehensive support for educators, CodeMonkey ensures that students worldwide are equipped with the skills necessary to navigate and succeed in the digital age.

    The MIL Network –

  • MIL-OSI: Canadian Net REIT Announces the Issuance of Units for Services Rendered and Grant of Performance Units in Relation With Its Unit Compensation Plan

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, March 19, 2025 (GLOBE NEWSWIRE) — (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) announces the issuance of 36,577 units of the Trust at a price of $5.68 per unit, which equates to $207,757, and 106,710 deferred trust units as partial compensation for the services rendered by certain employees, members of management and the board of trustees during the fiscal year ended on December 31st, 2024.

    The issuance of the units and deferred trust units of Canadian Net constitutes a portion of salaries as per the Equity Incentive Plan approved by unitholders on May 25, 2022 (the “Equity Incentive Plan”).

    Canadian Net also announces the grant of 154,048 performance units (“Performance Units”) to certain members of management under the Equity Incentive Plan. These units will vest in accordance with the criteria set forth in the Equity Incentive Plan and the achievement of performance targets, set by the board of trustees.

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

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

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

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

    The MIL Network –

  • MIL-OSI: Proscia Raises $50M To Advance AI-Driven Pathology And Deliver The Future Of Precision Medicine

    Source: GlobeNewswire (MIL-OSI)

    • Proscia is rewiring pathology to speed up the development of targeted therapies, accelerate diagnosis, and match more patients with the best course of treatment
    • Funding led by global software investor Insight Partners comes as the surge in cancer cases compounds the impact of the shrinking pathologist workforce
    • The company will use the funds to grow its customer footprint and advance Concentriq, with focus on extending the platform’s core AI capabilities

    PHILADELPHIA, March 19, 2025 (GLOBE NEWSWIRE) — Proscia®, a software company leading pathology’s transition to digital and AI, has secured $50M in funding, bringing its total raised to $130M. This investment follows Proscia’s record-breaking growth in 2024. Proscia now counts 16 of the top 20 pharmaceutical companies among its users and is on track for 22,000+ patients to be diagnosed on its Concentriq® software platform each day.

    Cancer patients often wait more than two months to receive a diagnosis and start treatment1 as the rest of medicine races ahead. Pathology—the bedrock of up to 70% of clinical decisions2 and a critical driver of every drug brought to market—is among the last fields of healthcare to modernize, despite mounting pressures from a workforce shortage and rising case volume. Proscia is rewiring pathology, shifting it from microscope to data-rich images, to overcome these challenges, unlock new insights, and shape the future of care.

    At the center of this transformation is Proscia’s Concentriq, the only AI-driven pathology platform underpinning the precision medicine value chain. In powering drug discovery to diagnostics, Concentriq is a foundation for fueling the next novel therapies, accelerating diagnosis, and connecting a network of life sciences organizations and laboratories to match more patients with targeted treatments.

    “We are living through an extraordinary moment in medicine,” said David West, Proscia’s CEO. “Demand for advanced diagnostics is surging, digital pathology is gaining global traction, and AI is moving faster than the boldest predictions made just a few years ago. Patients are waiting to realize the future of precision medicine. With this investment, we will ensure that more pathologists and scientists can deliver it.”

    The funding was led by global software investor Insight Partners along with AI Capital Partners (Alpha Intelligence Capital’s US fund) and Triangle Peak Partners. Other investors included Avenue Venture Opportunities Fund, Emerald Development Managers, GPG Healthcare, Fusion Fund, Interwoven Ventures, and Razor’s Edge.

    “Insight has had a long-standing thesis on digitization and AI in pathology, and we’ve been waiting for a winner to emerge,” said Scott Barclay, Managing Director at Insight Partners. “Proscia is poised to be that leader. With its fast-growing customer base and strong champions of its product, it will continue to solidify its position as digital pathology moves into the mainstream.”

    Proscia will use the capital to propel its commercial momentum, growing adoption of its platform. This includes leveraging its OEM partnerships with Agilent Technologies and Siemens Healthineers. The company will also continue to weave AI into the core of Concentriq and expand its lead in offering the industry’s most extensive collection of applications through its precision medicine AI portfolio. Building on the impact of Concentriq Embeddings, which brings foundation models to the platform and has been demonstrated to accelerate AI development by 13x, Proscia will further enable researchers and data scientists to develop and deploy algorithms for biomarker discovery, clinical trials, and companion diagnostics on its platform.

    “Adoption of digital pathology and AI is creating an opportunity for a more connected and data-driven healthcare ecosystem,” said Katie Maloney, Partner at industry-leading strategy consulting and market intelligence firm DeciBio. “This shift is enabling precision medicine by making breakthroughs more technologically achievable, commercially viable, and clinically impactful for patients.”

    Learn more:

    About Proscia
    Proscia is a software company accelerating pathology’s transition to a digital, data-driven discipline and enabling AI to advance precision medicine. Its Concentriq enterprise pathology platform, precision medicine AI portfolio, and real-world data fuel the development and use of novel therapies and diagnostics to drive the fight against humanity’s most challenging diseases, like cancer. 16 of the top 20 pharmaceutical companies and a global network of diagnostic laboratories rely on Proscia’s solutions each day. The company has FDA 510(k) clearance and CE-IVDR certification for its diagnostic software. For more information, visit proscia.com, and follow Proscia on LinkedIn and X.

    ________________________________

    1 Lowes, S., & Cropper De Andres, I. (2025, February 13). Cancer waiting times: Latest updates and analysis. Cancer Research UK. ​news.cancerresearchuk.org
    2 NHS England (2017). Digital First: Clinical Transformation Through Pathology Innovation. National Pathology Programme; doi: https://www.england.nhs.uk/wp-content/uploads/2014/02/pathol-dig-first.pdf

    For Proscia
    Sydney Fenkell
    VP, Marketing Communications
    sydney@proscia.com
    215.816.3436

    The MIL Network –

  • MIL-OSI: Trisura to Speak at National Bank Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 19, 2025 (GLOBE NEWSWIRE) — David Clare, President and Chief Executive Officer of Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), will participate in a fireside chat as a part of the National Bank Financial Services Conference on Wednesday, March 26, 2025.

    A link to access a replay of the webcast will be available in the ‘Events’ section of Trisura’s website.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI: How Artificial Intelligence (AI) is Undeniably Reshaping The Landscape of The Mortgage Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Industry insiders are saying that the mortgage industry is undergoing a transformative shift with the integration of Artificial Intelligence (AI). This cutting-edge technology is revolutionizing various aspects of the mortgage process, from application to regulatory compliance. A recent article by one such insider focused on AI in the Mortgage Industry said: “In the contemporary landscape of the mortgage industry, the infusion of Artificial Intelligence (AI) has ushered in a paradigm shift, influencing various facets of the lending process. Embracing AI in mortgage services has become synonymous with innovation, offering a spectrum of benefits to both lenders and borrowers. AI in mortgage industry manifests through sophisticated algorithms and machine learning models that power automated decision-making processes, commonly known as AI mortgage services. These services streamline and optimize tasks such as underwriting and risk assessment, ensuring faster and more accurate lending decisions. The integration of AI in mortgage lending not only expedites processes but also enhances the overall efficiency of loan origination.” Active Companies in the markets today include: Beeline Holdings, Inc. (NASDAQ: BLNE), Rocket Companies (NYSE: RKT), Redfin Corporation (NASDAQ: RDFN), loanDepot, Inc. (NYSE: LDI), Better Home & Finance Holding Company (NASDAQ: BETR).

    The article continued: “One of the key advantages of AI in the mortgage industry lies in its ability to provide personalized experiences for borrowers. AI-driven virtual assistants navigate complex mortgage terms, address borrower queries, and facilitate smoother communication channels. This not only fosters customer satisfaction but also contributes to a more transparent and engaging lending experience. The role of AI in the mortgage industry goes beyond individual transactions; it extends to the broader scope of the industry itself. Artificial intelligence in mortgage lending is a proactive force in fraud detection and prevention. Through the analysis of intricate patterns in financial data, AI can identify anomalies and potential fraudulent activities, bolstering the security of mortgage transactions and safeguarding the interests of both lenders and borrowers.”

    Beeline Holdings, Inc. (NASDAQ: BLNE) AI Sales Agent ‘Bob 2.0’ Delivers 6X More Leads than Human Chat – Revolutionizing Mortgage Sales at Near Zero Cost – Beeline Holdings, Inc. (#BLNE), a leader in AI-driven mortgage technology, has launched Bob 2.0, the next evolution of its AI-powered sales agent, driving a 6X increase in qualified leads over human agents while running 24/7 at minimal cost.

    “Bob changes the game for scaling front-end mortgage operations,” said Nick Liuzza, CEO of Beeline. “With Bob we’re able to engage more prospects, generate more leads, and streamline sales, all while keeping our Loan Guides focused on closing deals.” Bob is among the 1st ever AI Mortgage sales bots and was released by Beeline in June 2023.

    AI That Delivers Real Results:

    Bob 2.0 doesn’t just respond to inquiries—it actively drives conversations toward a sales outcome:

    • Engages 3X more website visitors than standard chat solutions
    • Delivers 6X more leads from conversations—double the industry standard
    • Generates 8X more mortgage applications
    • Operates 24/7, handling lead generation tasks at a scale no human team could match

    Bob’s Adaptive AI—A Smarter Sales Agent

    What sets Bob apart is its ability to respond, adapt, and sell like a human—but without fatigue, missed opportunities, or salary and other overhead. Bob can:

    • Guide users through personalized sales journeys based on proven strategies
    • Maintain focus in conversations, handling interruptions with precision
    • Retain and apply user-provided details, ensuring seamless interactions
    • Recognize buyer motivations, responding in a way that builds trust and engagement
    • Support Spanish-language interactions, automatically adapting based on user preferences

    Beyond Chat: Bob Is Expanding Into SMS, Voice & Live Appointments

    Bob’s evolution is far from over. Over the next 90 days, Beeline will integrate Bob with:

    • Calendly-powered appointment booking and live handovers to Loan Guides
    • AI-driven SMS and voice channels to qualify leads and assist customers throughout the loan application process
    • Real-time loan approvals—turning mortgage origination into a 24/7 operation

    Future Expansion: AI-Powered Underwriting & Market Growth

    Bob’s success has spurred the launch of MagicBlocks, an AI startup seed-funded by Beeline, to bring its AI-powered sales technology to a broader market. Looking ahead, Bob is expected to begin underwriting by Q3 2025, adding a new level of efficiency and further streamlining Beeline’s mortgage process. “As the mortgage market normalizes, AI gives us the ability to scale operations dynamically without added costs,” said Liuzza. “Bob is just the beginning of how AI will redefine mortgage lending.” Continued… Read more about BLNE by going to: https://makeabeeline.com/investor-relations/

    Other recent developments in the markets include:

    Rocket Companies (NYSE: RKT), the Detroit-based fintech platform consisting of mortgage, real estate and personal finance businesses, recently announced it has entered into an agreement to purchase Redfin Corporation (NASDAQ: RDFN), a leading digital real estate brokerage, in an all-stock transaction for a value of $12.50 per Redfin share, or $1.75 billion of equity value.

    “Rocket and Redfin have a unified vision of a better way to buy and sell homes,” said Varun Krishna, CEO of Rocket Companies. “Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers.”

    For 40 years, Rocket’s digital platform has grown to provide home financing in all 50 states across 3,000+ counties and parishes. By combining Redfin’s home search and real estate agent network with Rocket’s mortgage origination and servicing capabilities, the company envisions a more seamless experience from search to close, to servicing and future transactions.

    “Rocket and Redfin’s approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical,” said Glenn Kelman, CEO of Redfin. “We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes. Varun and I see how much better real estate could be when AI guides customers not just through that first step in their search, but all the way home, through the sale, the loan and then a lifetime of accumulating equity and wealth.”

    loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), a leading provider of products and services that power the homeownership journey, recently announced results for the fourth quarter ended December 31, 2024.

    “2024 was a year of significant progress for loanDepot with the completion of our Vision 2025 strategic program,” said President and Chief Executive Officer Frank Martell. “The strategic imperatives of Vision 2025 served as our roadmap for successfully navigating the historical downturn in the housing and mortgage markets over the past three years. As the Company enters 2025, I believe team loanDepot is positioned to accelerate revenue growth and continue our progress towards sustainable profitability under the auspices of Project North Star that we announced in November 2024, and under Anthony Hsieh’s new leadership that was announced last week.

    Better Home & Finance Holding Company (NASDAQ: BETR), the leading digital homeownership company, recently announced record growth in its Home Equity Line of Credit (HELOC) and Home Equity Loan (HELOAN) business, scaling loan volume 400% from $15 million per month in January 2024 to $60 million per month by October 2024. This acceleration establishes Better as the fastest-growing digital home equity lender in the market.

    As traditional mortgage demand fluctuates, Better’s suite of home equity products helps strategically diversify its lending volume segments and helps homeowners access fast and flexible home equity lending solutions across market cycles. Better’s implementation of Betsy™ — the Company’s voice-based AI loan assistant — into its product funnel has since facilitated its home equity lending growth, cutting response times from hours to seconds while operating 24/7, 365 days a year with greater speed and cost efficiency than traditional lenders or mortgage call centers. The Company’s lending volume is also fueled by strategic partnerships with mortgage brokers and lenders who leverage Better’s technology and capital to offer HELOCs and HELOANs under correspondent and white-label arrangements.

    About FN Media Group:
    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia
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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Beeline Holdings, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Australian Oilseeds Sees Surging Demand for its Canola Oil from China

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, March 19, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) today announced that it is seeing surging demand for its canola oil products from China in response to the ongoing trade war between China and Canada.

    “Our high-quality oils are well positioned for growth in China and the partnership with Shanghai Maiwei Trading Co., which we announced in January 2025, provides a strong foundation to capitalize on the recent surge in demand for our canola oil,” said Gary Seaton, Chief Executive Officer. “We have received numerous inquiries from both private and state-owned enterprises and anticipate entering into several long-term supply agreements with Chinese companies over the next 12 months.”

    According to the United States Trade Representative (USTR), in 2024, the United States (US) goods trade with Australia totaled an estimated $51.3 billion, with US goods exports to Australia at $34.6 billion and imports from Australia at $16.7 billion, resulting in a trade surplus of $17.9 billion for the US.  Currently, a majority of sales are from the domestic market through major supermarkets and retailers, thus any current or future trade tariff’s implemented by US are expected to have no significant impact on sales or profitability of business.

    About Australian Oilseeds Investments Pty Ltd. Australian Oilseeds Investments Pty Ltd. is an Australian proprietary company that, directly and indirectly through its subsidiaries, is focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, global economic conditions could in the future reduce demand for our products; we could in the future experience cybersecurity incidents; we may be unable to manage or sustain the level of growth that our business has experienced in prior periods; our financial resources may not be sufficient to maintain or improve our competitive position; we may be unable to attract new customers, or retain or sell additional products to existing customers; we may experience challenges successfully expanding our marketing and sales capabilities, including further specializing our sales force; customer growth could decelerate in the future; we may not achieve expected synergies and efficiencies of operations from recent acquisitions or business combinations, and we may not be able to pay off our convertible notes when due. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Bob Wu, CFO
    Email: bob@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

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