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Category: GlobeNewswire

  • MIL-OSI: Hut 8 Operations Update for February 2025

    Source: GlobeNewswire (MIL-OSI)

    592-acre site secured for newest River Bend campus in Louisiana

    ASIC fleet upgrade underway with deployment of new miners 

    Vega development progressing on schedule for Q2 energization

    MIAMI, March 06, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today released its operations update for February 2025.

    “We made significant progress in February across every layer of our platform, from expanding our footprint to developing digital infrastructure and upgrading our ASIC fleet,” said Asher Genoot, CEO of Hut 8. “In our Power layer, we secured 592 acres in Louisiana for our newest River Bend campus, one of three sites comprising 430 MW of previously disclosed AI data center development opportunities. The site is expected to support a 300-megawatt utility-scale power asset with 200 megawatts of dedicated IT load.”

    “In our Digital Infrastructure layer, our Vega development remains on schedule for Q2 energization. Miner deliveries for our ~15 EH/s ASIC Colocation agreement with BITMAIN are underway, and as we prepare for energization, we have begun building out the site’s operational infrastructure, including the onboarding of site management and the development of operating processes.”

    “In our Compute layer, new miners began arriving at Salt Creek and Medicine Hat, and we are actively deploying them for our fleet upgrade. In parallel, we began the process of relocating the most efficient of our existing ASICs from Salt Creek to Alpha to improve overall fleet performance. While these initiatives resulted in some downtime during the month, it moves us closer to our post-upgrade hashrate target of ~10.3 EH/s and fleet efficiency target of ~20.5 J/TH.”

    Highlights

    • Secured 592 acres in Louisiana for River Bend campus
    • Vega development progressing on schedule for Q2 energization (image below)
    • ASIC fleet upgrade underway, with new miners arriving in tranches and being deployed

    Operating Metrics

    Average during the period unless otherwise noted February 2025 January 2025
         
    Total energy capacity under management (mining)1,2,3 665 MW 665 MW
    Total deployed miners under management4 109.2K 115.3K
    Total hashrate under management5 12.3 EH/s 12.7 EH/s
         
    Bitcoin Mining6    
    Deployed miners7,8 41.5K 47.1K
    Deployed hashrate9 4.6 EH/s 5.0 EH/s
    Bitcoin produced2,10 46 BTC 65 BTC
    Bitcoin held in reserve2,11 10,237 BTC 10,208 BTC
         
    Managed Services12    
    Energy capacity under management2 280 MW 280 MW
    Deployed miners under management8 84.4K 85.7K
    Hashrate under management 9.4 EH/s 9.4 EH/s
         
    ASIC Colocation    
    Deployed miners under management8,13 67.7K 68.1K
    Hashrate under management14 7.7 EH/s 7.7 EH/s
         

    Energy Infrastructure Platform2

            Current/Contracted Revenue Stream(s)15
    Site Location Owner16 Power
    Capacity    		 Bitcoin
    Mining    		 Managed
    Services    		 ASIC
    Colocation    		 CPU
    Colocation
    / Data
    Center
    Cloud    		 Power
    Generation
    Vega17 Texas Panhandle Hut 8 205 MW     Yes18    
    Medicine Hat Medicine Hat, AB Hut 8 67 MW Yes        
    Salt Creek Orla, TX Hut 8 63 MW Yes        
    Alpha Niagara Falls, NY Hut 8 50 MW Yes        
    Drumheller18 Drumheller, AB Hut 8 42 MW          
    Kelowna Kelowna, BC Hut 8 1.1 MW       Yes  
    Mississauga Mississauga, ON Hut 8 0.9 MW       Yes  
    Vaughan Vaughan, ON Hut 8 0.6 MW       Yes  
    Vancouver II Vancouver, BC Hut 8 0.5 MW       Yes  
    Vancouver I Vancouver, BC Hut 8 0.3 MW       Yes  
    King Mountain19 McCamey, TX Hut 8 (JV) 280 MW Yes Yes Yes    
    Iroquois Falls20 Iroquois Falls, ON Hut 8 (JV) 120 MW         Yes
    Kingston20 Kingston, ON Hut 8 (JV) 110 MW         Yes
    North Bay20 North Bay, ON Hut 8 (JV) 40 MW         Yes
    Kapuskasing20 Kapuskasing, ON Hut 8 (JV) 40 MW         Yes
    Total     1,020 MW          
                     

    Upcoming Events

    Dates Event Location
    March 11–12, 2025 Cantor Crypto, Digital Assets & AI Infrastructure Conference Miami, FL
    March 16–18, 2025 37th Annual ROTH Conference Dana Point, CA
    March 24–25, 2025 Data Center Dynamics DCD>Connect New York City, NY
    March 25–27, 2025 Mining Disrupt Fort Lauderdale, FL
    April 7–8, 2025 Jones Healthcare and Technology Innovation Conference Las Vegas, NV
    May 13–15, 2025 J.P. Morgan Global Technology, Media and Communications Conference Boston, MA
    May 19–20, 2025 Barclays 15th Annual Emerging Payments and FinTech Forum New York City, NY
         

    Notes:

    (1) Energy capacity under management (mining) includes (i) 180 MW of Bitcoin Mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of ASIC Colocation capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
    (2) As of the end of the period.
    (3) Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
    (4) Includes all miners that are racked with power and networking, rounded to the nearest 100, in Bitcoin Mining, Managed Services, and ASIC Colocation infrastructure with power and networking, including all miners at the King Mountain site.
    (5) Includes all Bitcoin Mining, Managed Services, and ASIC Colocation hashrate, including 100% of the hashrate at the King Mountain site.
    (6) Bitcoin Mining operations for Hut 8 include 100% of operations at the King Mountain site.
    (7) Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed Bitcoin Mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 33.1K during February and 38.4K during January.
    (8) Miners are rounded to the nearest 100.
    (9) Indicates the target hashrate of all deployed miners; deployed Bitcoin Mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 3.8 EH/s during February and 4.7 EH/s during January.
    (10) Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38 BTC during February and 51 BTC during January.
    (11) Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
    (12) Managed Services includes 280 MW of capacity under management at King Mountain.
    (13) 33.8K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during February compared to 34.1K during January.
    (14) 3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both February and January.
    (15) Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
    (16) Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
    (17) Site is currently under development.
    (18) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
    (19) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
    (20) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.
       

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the expected River Bend site capabilities, the timing for the buildout and energization of the Vega site as well as the expected Vega site capabilities, and the timing of the delivery and deployment of the Company’s initial fleet upgrade and its fleet relocation, including the expected resulting improvements to hashrate and average fleet efficiency.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/491f8f14-dfa3-4756-b936-beb3e627bede

    The MIL Network –

  • MIL-OSI: ArtGee Finance Fund: A Technological Revolution Redefining Crypto Asset Management—— A Financial Paradigm Shift Inspired by Artistic Genes

    Source: GlobeNewswire (MIL-OSI)

    Singapore, March 06, 2025 (GLOBE NEWSWIRE) — In 2017, when CryptoKitties first introduced the concept of NFTs to the mainstream, few realized how this digital art revolution would reshape financial infrastructure. Three years later, ArtGee Network broke down the barriers of the traditional art market with the first on-chain art asset protocol, while its twin, AGFF (ArtGee Finance Fund), was quietly taking shape.

    Initially launched as a community fund with just $4.7 million under management, AGFF uncovered a fundamental question during the value discovery process in the crypto art market: How can crypto-native technology reconstruct the underlying logic of asset management?

    By 2023, AGFF had delivered its answer—with $15 billion in assets under management and an annualized return exceeding industry benchmarks by 45%. Today, AGFF has built a three-pronged capability matrix encompassing technical architecture, ecosystem network, and risk management, setting a new standard for the crypto asset management industry through its innovative practices.

    1. Technological Revolution: From Data-Driven to Cognitive Leap

    While traditional asset management institutions still rely on historical data backtesting, AGFF’s Athena 2.0 system has achieved three major cognitive breakthroughs:

    ● Intent Inference Engine
    By utilizing machine learning to analyze on-chain address interaction fingerprints (such as gas fee payment patterns and DEX routing preferences), the system can predict the intent of whale accounts. For example, if a particular address conducts small test transactions in a Curve pool, the engine flags it as a potential arbitrage plan and adjusts asset weightings accordingly. In 2023, this system successfully intercepted 11 instances of market manipulation, preventing $89 million in losses.

    ● Multi-Modal Strategy Generation
    Investment managers can input market hypotheses using natural language (e.g., “ZK technology adoption will accelerate in Q3”), and within 5 seconds, the system generates a hedging portfolio incorporating LSD protocol tokens and volatility futures. The historical backtest yields a Sharpe ratio of 4.1. This “human-machine conversational strategy development” has improved investment decision-making efficiency by 300%.

    ● MEV-Resistant Architecture
    The system breaks down large orders into hundreds of cross-chain micro-transactions, using zero-knowledge proofs to verify execution integrity. This technology has reduced arbitrage strategy slippage losses by 83%, resulting in a 41% annualized return for high-frequency strategies in 2023, fundamentally rewriting the rules of the MEV game.

    2. Ecosystem Reconstruction: A Value Network Driven by Art Data

    AGFF’s artistic DNA extends beyond its origin story—it pioneers alternative data applications that redefine asset valuation and liquidity dynamics.

    ● Tokenization of NFT Creation Metadata
    By analyzing brushstroke frequency, color distribution, and other metadata from 420,000 on-chain artworks, AGFF built the world’s first art liquidity decay model. In a music copyright tokenization project, this model was used to set dynamic revenue-sharing parameters, increasing secondary market premiums by 89%.

    ● Cross-Chain Liquidity Federation
    AGFF co-founded the Art Liquidity Alliance (ALA) with Sui, Aptos, and eight other blockchains, enabling instant cross-chain settlement of fractionalized NFT tokens via a shared liquidity oracle. Users can stake a Bored Ape on BNB Chain and borrow USDT on TON Chain within 1.2 seconds, at just 1/5th the cost of traditional cross-chain bridges.

    ● Developer Revenue-Sharing Revolution
    By adopting the Revenue Sharing Token (RST) model, incubated projects convert 3-5% of their future income into on-chain tradable certificates. AGFF holders earn staking rewards from these revenue streams, generating $43 million in ecosystem-driven income in 2023, creating a self-sustaining value loop.

    3. Risk Immunity: A Native On-Chain Defense System

    AGFF’s risk management goes beyond traditional stop-loss mechanisms—it establishes an on-chain immunity system designed for proactive defense.

    ● Black Swan Oracle Network
    The system monitors 48 leading indicators in real-time, including stablecoin on-chain transfer velocity, CEX perpetual funding rate dispersion, and BTC holdings of U.S. government wallets. When three or more indicators breach preset thresholds, the system automatically rebalances portfolios. During the 2023 banking crisis, it issued a 9-hour early warning, limiting portfolio drawdowns to just 2.1% (compared to the industry average of 15.7%).

    ● RegTech Modular Architecture
    Each investment strategy is encapsulated into a compliance unit, automatically adjusting based on the user’s jurisdiction—such as disabling privacy coin trading or setting a 35% daily withdrawal limit. This design has reduced AGFF’s compliance costs by 67% while supporting operations across 134 countries and regions.

    ● DeFi Liquidation Alliance
    In collaboration with MakerDAO and Aave, AGFF co-founded an on-chain auction liquidation network, prioritizing on-chain market settlements when collateral values decline. In 2023 alone, it processed $1.1 billion in liquidations, achieving a 92% recovery rate (compared to 64% on CEXs), redefining risk management in the trillion-dollar DeFi market.

    4. Future Vision: The Next Decade of Crypto Asset Management

    With Hong Kong SFC Type 4/9 licenses and Cayman private fund qualifications, AGFF is rapidly expanding into EU’s MiCA framework with a dedicated art investment fund. Its quantum-resistant custody solution, developed in collaboration with Goldman Sachs, has already entered the mainnet testing phase.

    Even more exciting is the evolution of Liquidity DAO—where 120,000 community members participate in governance decisions through AI Bonds, redistributing asset management profits from institutions to creators.

    Through this wave of crypto financialization, AGFF has proven one fundamental truth: true innovation is not about predicting markets but about using technology to redefine the foundational rules of market operation. When art meets algorithms, and community will merges with machine intelligence, the future of asset management is being rewritten.

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

    The MIL Network –

  • MIL-OSI: Sprott Announces Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 06, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) announced today that the Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to make a normal course issuer bid (“NCIB”). Pursuant to the terms of the NCIB, Sprott may purchase its own common shares for cancellation through the facilities of the TSX, alternative Canadian trading systems and/or the New York Stock Exchange, in each case in accordance with the applicable requirements, through open market purchases at market price and as otherwise permitted under applicable securities laws. The maximum number of common shares which may be purchased by Sprott during the NCIB will not exceed 645,333 common shares being approximately 2.5% of 25,813,335 (representing the number of issued and outstanding common shares as of February 28, 2025). The average daily trading volume (the “ADTV”) of the common shares on the TSX for the six-month period ended February 28, 2025 was 26,765. Under the rules of the TSX, Sprott is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of the common shares, being 6,691 common shares, except where such purchases are made in accordance with the “block purchase” exemption under applicable TSX policy. Sprott will effect purchases at varying times commencing on March 11, 2025 and ending on March 10, 2026.

    In addition to providing shareholders liquidity, Sprott believes that the common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to Sprott’s business and its future prospects.

    Under its prior NCIB that commenced on March 4, 2024 and ended on March 3, 2025, Sprott sought and received approval from the TSX to repurchase up to 646,576 common shares. Pursuant to its prior NCIB, Sprott purchased an aggregate of 49,706 common shares through the facilities of the TSX, alternative Canadian trading systems and the NYSE. 34,048 common shares were purchased on the TSX or alternative Canadian trading systems at a weighted-average price of C$59.08 per common share, for total cash consideration of C$2,011,575.97, and 15,658 common shares were purchased on the NYSE at a weighted-average price of US$41.43 per common share, for total cash consideration of US$648,672.10. Sprott did not repurchase the maximum allowance under the current NCIB due to a combination of factors.

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Forward Looking Statements

    Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to methods and quantity of any purchases by the Company of its common shares under the NCIB.

    Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading “Critical Accounting Estimates, Judgments and Changes in Accounting Policies” in the Company’s MD&A for the period ended December 31, 2024. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s private strategies business; (xxvii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings “Managing Financial Risks” and “Managing Non-Financial Risks” in the Company’s MD&A for the period ended December 31, 2024. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

    Investor contact information:

    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    (416) 943-4394
    gwilliams@sprott.com

    The MIL Network –

  • MIL-OSI: The Hottest Investment Trend of 2025! How Cloud Mining Can Turn Ordinary People into Millionaires?

    Source: GlobeNewswire (MIL-OSI)

    Warwick, England, March 06, 2025 (GLOBE NEWSWIRE) — JA Mining With the maturity of blockchain technology, cloud mining has become a new option for many investors to achieve wealth growth. JAmining platform has become a leader in the field of cloud mining with its advanced technology and stable returns. You can easily start cryptocurrency mining without buying expensive mining machines or deeply understanding complex technologies, and enjoy a steady stream of passive income. Through JAmining, you have the opportunity to earn up to $100,000 a day, which has attracted the participation of a large number of investors around the world.

    How to easily start your mining journey with JAmining？

    JAmining provides you with a very easy way to get started, allowing you to get started quickly without any upfront investment：

    1：Register and receive free startup funds.
    Click to register a JAmining account, you can get $100 free start-up funds, and start your mining journey with zero threshold.

    2：Choose a suitable contract plan
    JAmining offers a variety of contract plans, whether you are new to cloud mining or an experienced investor, you can find a suitable option. The contract amount ranges from $100 to $100,000, with different benefits and contract terms, to flexibly meet your needs

    For example:

    • 1. Starter Plan：Invest $200, 2-day contract, earn $14
    • 2. Classic Plan：Invest $600, 3-day contract, earn $32.4
    • 3. Premium Plan：Invest $1,800, 5-day contract, earn $171
    • 4. Super Plan：Invest $5,200, 14-day contract, earn $1,656

    Start the contract and easily mine
    Once you choose a plan and purchase a contract, the system will automatically start mining and settle your earnings every 24 hours, allowing you to keep track of your investment returns at any time.

    JAmining’s advantages: safe, flexible, worry-free

    Security
    Security is JAmining’s top priority. The platform uses advanced security technology to ensure that users’ assets and data are protected with the strongest protection. McAfee® SECURE and Cloudflare® SECURE protection are also used to provide industry-leading security measures to ensure that your investment is worry-free.

    Flexibility and passive income
    JAmining offers flexible mining solutions without the need to own any hardware or worry about equipment setup. The platform provides the hashing power and handles the entire mining process, from equipment setup to performance optimization. All you need to do is choose a mining package and then sit back and enjoy your passive income. JAmining allows you to easily earn profits without investing time and energy in managing hardware equipment.

    Cutting-edge mining technology
    JAmining uses the latest ASIC miners and GPU devices, which are the most advanced hardware in the industry, to ensure that users get the best mining efficiency. The platform has rich experience in cloud mining operations and technology, which enables it to always stay at the forefront of the industry, providing higher hash power, faster mining speed and higher profit returns.

    First-class security
    JAmining strengthens the security of user funds, and most of the funds are stored in offline cold wallets to prevent online threats. In addition, the platform protects your data and assets through multiple security measures to ensure that while you enjoy the profits of mining, the security of your funds and data is effectively guaranteed.

    Summarize

    JAmining platform provides a simple and safe cloud mining experience for every investor. Whether you are a beginner or an experienced investor, you can easily start and realize asset appreciation. Through JAmining, you can enjoy the automatic growth of encrypted assets and easily earn passive income without investing too much time or money.

    Official Website： https://jamining.com/
    Contact Email: info(at)jamining.com

    The MIL Network –

  • MIL-OSI: Ambia Energy Wins Gold Stevie® Award in 2025 Stevie Awards for Sales & Customer Service

    Source: GlobeNewswire (MIL-OSI)

    PROVO, Utah, March 06, 2025 (GLOBE NEWSWIRE) — Ambia Energy’s Mason Boddy has won a Gold Stevie Award in the National Sales Executive of the Year category in the 19th annual Stevie Awards for Sales & Customer Service.

    The Stevie Awards for Sales & Customer Service are the world’s top honors for customer service, contact center, business development and sales professionals. The Stevie Awards organizes nine of the world’s leading business awards programs, also including the prestigious American Business Awards® and International Business Awards®.

    Winners will be celebrated during a gala event attended by more than 400 professionals from around the world at the Marriott Marquis Hotel in New York City on April 10.

    More than 2,100 nominations from organizations of all sizes and in virtually every industry, in 45 nations and territories, were considered in this year’s competition. Winners were determined by the average scores of 176 professionals worldwide on seven specialized judging committees.

    Mason Boddy’s recognition as Sales Executive of the Year reflects his outstanding leadership in building one of the most respected sales programs in the solar industry. Since joining Ambia as Chief Sales Officer, Mason has doubled the company’s revenue year-over-year despite industry-wide challenges in 2023. He has also cultivated a top-tier sales force with the highest Per Rep Average (PRA) selling program in the country. By reimagining pay structures and prioritizing team development, Mason has empowered his teams and fostered a high-performing culture built on collaboration and excellence. Judges commended him, stating, “Year-over-year sales growth of 147% despite the testing hardships experienced in the solar industry is extraordinary.”

    Stevie Awards president Maggie Miller stated, “The outstanding scores awarded to this year’s Stevie winners reflect the exceptional levels of achievement they demonstrate. We proudly join the judges and the entire Stevie Awards community in congratulating and celebrating the winners on their accomplishments.”

    The list of winners in all categories for The Stevie Awards for Sales & Customer Service are available at www.stevieawards.com/sales/2025-stevie-award-winners.

    About Ambia Energy
    Ambia Energy is a leading solar and home improvement company with a mission to help homeowners transform their properties into energy-efficient, sustainable spaces. With a focus on innovation, integrity, Ambia’s success is rooted in its dedication to improving the customer experience, ensuring high-quality installations, and fostering a culture of continuous growth and education among its employees.

    Contact
    Anne Heath
    anne.heath@ambiasolar.com

    The MIL Network –

  • MIL-OSI: Bimini Capital Management Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., March 06, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net loss of $1.5 million, or $0.15 per common share
    • Book value per share of $0.68
    • Company to discuss results on Friday, March 7, 2025, at 10:00 AM ET

    Management Commentary

    Commenting on the fourth quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The outlook for the fixed income market pivoted early in the fourth quarter of 2024. As the third quarter came to an end, inflation was falling towards the Fed’s 2% target, the labor market was cooling as hiring levels moderated and the unemployment rate was slowly creeping higher, and the Fed had finally lowered the Fed Funds rate by 50 basis points. At the time, the market expected the Fed to lower the rate by over 200 basis points over the next 18 months. As we know, beginning early in the fourth quarter, the incoming data turned. Even as the economic outlook shifted, the Fed did lower the Fed Funds rate two more times during 2024 – by 25 basis points in each case. With the Fed Funds rate lowered by 100 basis points over the course of the quarter, the persistently strong economic outlook led to a dis-inversion of the yield curve. However, the market expectation for additional reductions in the Fed Funds rate continued to decline over the course of the fourth quarter and into 2025.

    “Orchid Island Capital (“Orchid”) reported fourth quarter 2024 net income of $5.6 million, and its shareholders equity increased slightly, from $656.0 million to $668.5 million. As a result, Bimini’s advisory service revenues also increased slightly, to $3.4 million compared to $3.3 million for the third quarter of 2024. Further, in late February, Orchid reported yet another increase in its shareholder base, which should lead to another increase in advisory service revenue for the first quarter of 2025.

    “The investment portfolio generated net interest income of $0.3 million. Dividends on Orchid stock were $0.2 million. Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to income of $0.1 million. The MBS portfolio increased by $4.0 million during the fourth quarter of 2024 and increased by $29.5 million for the year. The Company had positive cash flows from operations for the fourth quarter and full year, which has allowed the Company to grow the MBS portfolio throughout the year.

    “The Company – inclusive of both the advisory services segment and the investment portfolio segment, recorded net income before taxes for the quarter of $0.6 million versus a net loss before taxes of $0.8 million for the third quarter of 2024. We updated our projected utilization of our deferred tax assets and increased the valuation allowance, resulting in a tax provision of $2.1 million and a net loss for the 2024 fourth quarter of $1.5 million.

    “Looking forward, while economic activity has remained resilient if not strong, the labor market is quite healthy, and inflation remains above the Fed’s 2% target, uncertainty in the economic outlook has crept into the market as the first quarter of 2025 progresses. What this means for interest rate levels, Federal Reserve monetary policy or the MBS market remains to be seen. However, quarter to date market conditions have been favorable for both Orchid Island and Royal Palm’s investment portfolios.”

    Details of Fourth Quarter 2024 Results of Operations

    The Company reported a net loss of $1.5 million for the three-month period ended December 31, 2024. Advisory service revenue for the quarter was $3.4 million, consisting of management fees of $2.5 million, overhead reimbursements of $0.7 million, and $0.2 million repurchase agreement and clearing services revenue. We recorded interest and dividend income of $1.9 million, and interest expense on repurchase agreements of $1.4 million and long-term debt of $0.6 million. Other income of $0.1 million consisted of a $0.3 million mark to market loss on our shares of Orchid common stock, unrealized losses of $2.7 million on our MBS portfolio, and $3.0 million of unrealized gains on our derivatives used for hedging purposes. The results for the quarter also included operating expenses of $2.8 million and an income tax provision of $2.1 million.

    For the twelve-month period ended December 31, 2024, the Company reported a net loss of $1.3 million net of an income tax provision of $3.1 million. Advisory service revenue for the year was $12.8 million, comprised of $9.5 million of management fees, $2.6 million of overhead reimbursements and $0.7 million of repurchase agreement and clearing service revenue. The investment portfolio segment generated $5.8 million of interest income and $0.8 million of dividends from our investment in shares of Orchid. The $6.6 million of investment portfolio income was offset by $5.1 million of repurchase agreement interest expense, and $14.3 million of net revenues from advisory services and the investment portfolio were offset by $2.4 million of interest on long-term debt. The Company reported $1.2 million of other income, comprised of $0.3 million of unrealized losses on MBS assets, $0.6 million of realized losses on sales of MBS, $0.4 million of unrealized losses on our shares of Orchid, and $2.4 million of unrealized gains on our derivative positions used for hedging purposes. Operating expenses were $11.3 million for the year, resulting in net income before taxes of $1.8 million.

    Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini’s subsidiary, Bimini Advisors, LLC (“Bimini Advisors”). As manager, Bimini Advisors is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement with Orchid, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel.

    Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended December 31, 2024, Bimini’s statement of operations included a $0.3 million mark to market loss and dividends of $0.2 million from its investment in Orchid’s common stock. Also during the three months ended December 31, 2024, Bimini recorded $3.4 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.5 million of management fees, $0.7 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s Book Value Per Share at December 31, 2024 was $0.68. The Company computes Book Value Per Share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At December 31, 2024, the Company’s stockholders’ equity was $6.8 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

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

    Portfolio Activity for the Quarter  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    Market Value – September 30, 2024   $ 116,049,271     $ 2,370,934     $ 8,445     $ 2,379,379     $ 118,428,650  
    Securities purchased     9,899,285       –       –       –       9,899,285  
    Return of investment     n/a       (84,596 )     (618 )     (85,214 )     (85,214 )
    Pay-downs     (3,229,672 )     n/a       n/a       n/a       (3,229,672 )
    Premium amortized due to pay-downs     (66,766 )     n/a       n/a       n/a       (66,766 )
    Mark to market losses     (2,596,402 )     (733 )     (978 )     (1,711 )     (2,598,113 )
    Market Value – December 31, 2024   $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  

    The tables below present the allocation of capital between the respective portfolios at December 31, 2024 and September 30, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended December 31, 2024. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 6.7% and 1.4%, respectively, for the fourth quarter of 2024. The combined portfolio generated a return on invested capital of approximately 5.6%.

    Capital Allocation  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    December 31, 2024                                        
    Market value   $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Cash equivalents and restricted cash     7,422,746       –       –       –       7,422,746  
    Repurchase agreement obligations     (117,180,999 )     –       –       –       (117,180,999 )
    Total(1)   $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    % of Total     81.8 %     18.1 %     0.1 %     18.2 %     100.0 %
    September 30, 2024                                        
    Market value   $ 116,049,271     $ 2,370,934     $ 8,445     $ 2,379,379     $ 118,428,650  
    Cash equivalents and restricted cash     5,706,502       –       –       –       5,706,502  
    Repurchase agreement obligations     (113,022,999 )     –       –       –       (113,022,999 )
    Total(1)   $ 8,732,774     $ 2,370,934     $ 8,445     $ 2,379,379     $ 11,112,153  
    % of Total     78.6 %     21.3 %     0.1 %     21.4 %     100.0 %
    (1 ) Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement borrowings.
    Returns for the Quarter Ended December 31, 2024  
                Structured Security Portfolio          
        Pass-Through     Interest-Only     Inverse Interest                  
        Portfolio     Securities     Only Securities     Sub-total     Total  
    Interest income (expense) (net of repo cost)   $ 234,448     $ 36,465     $ (361 )   $ 36,104     $ 270,552  
    Realized and unrealized losses     (2,663,167 )     (733 )     (978 )     (1,711 )     (2,664,878 )
    Hedge gains     3,014,874       n/a       n/a       n/a       3,014,874  
    Total Return   $ 586,155     $ 35,732     $ (1,339 )   $ 34,393     $ 620,548  
    Beginning capital allocation   $ 8,732,774     $ 2,370,934     $ 8,445     $ 2,379,379     $ 11,112,153  
    Return on invested capital for the quarter(1)     6.7 %     1.5 %     (15.9 )%     1.4 %     5.6 %
    (1 ) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the fourth quarter of 2024, the Company received approximately $3.3 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 11.1% for the fourth quarter of 2024. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

        PT     Structured          
        MBS Sub-     MBS Sub-     Total  
    Three Months Ended   Portfolio     Portfolio     Portfolio  
    December 31, 2024     10.9       12.5       11.1  
    September 30, 2024     6.3       6.7       6.3  
    June 30, 2024     10.9       5.5       10.0  
    March 31, 2024     18.0       9.2       16.5  
    December 31, 2023     8.9       4.6       8.0  
    September 30, 2023     4.3       6.6       4.8  
    June 30, 2023     8.0       13.0       9.6  
    March 31, 2023     2.4       10.3       5.0  


    Portfolio

    The following tables summarize the MBS portfolio as of December 31, 2024 and 2023:

    ($ in thousands)                            
                            Weighted    
                Percentage           Average    
                of     Weighted     Maturity    
        Fair     Entire     Average     in   Longest
    Asset Category   Value     Portfolio     Coupon     Months   Maturity
    December 31, 2024                            
    Fixed Rate MBS   $ 120,056     98.1 %   5.60 %   341   1-Jan-55
    Structured MBS     2,292     1.9 %   2.85 %   281   15-May-51
    Total MBS Portfolio   $ 122,348     100.0 %   5.26 %   340   1-Jan-55
    December 31, 2023                            
    Fixed Rate MBS   $ 90,181     97.3 %   6.00 %   343   1-Nov-53
    Structured MBS     2,550     2.7 %   2.84 %   290   15-May-51
    Total MBS Portfolio   $ 92,731     100.0 %   5.44 %   341   1-Nov-53
    ($ in thousands)                            
        December 31, 2024     December 31, 2023  
                Percentage of             Percentage of  
    Agency   Fair Value     Entire Portfolio     Fair Value     Entire Portfolio  
    Fannie Mae   $ 32,692     26.7 %   $ 38,204     41.2 %
    Freddie Mac     89,656     73.3 %     54,527     58.8 %
    Total Portfolio   $ 122,348     100.0 %   $ 92,731     100.0 %
        December 31, 2024     December 31, 2023  
    Weighted Average Pass Through Purchase Price   $ 102.72     $ 104.43  
    Weighted Average Structured Purchase Price   $ 4.48     $ 4.48  
    Weighted Average Pass Through Current Price   $ 99.63     $ 101.55  
    Weighted Average Structured Current Price   $ 13.71     $ 13.46  
    Effective Duration (1)     3.622       2.508  
    (1 ) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. An effective duration of 2.508 indicates that an interest rate increase of 1.0% would be expected to cause a 2.508% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2023. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of December 31, 2024, the Company had outstanding repurchase obligations of approximately $117.2 million, with a net weighted average borrowing rate of 4.68%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $122.7 million. At December 31, 2024, the Company’s liquidity was approximately $5.9 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding, but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at December 31, 2024.

    ($ in thousands)                                  
    Repurchase Agreement Obligations  
                      Weighted             Weighted  
        Total           Average             Average  
        Outstanding     % of     Borrowing     Amount     Maturity  
    Counterparty   Balances     Total     Rate     at Risk(1)     (in Days)  
    South Street Securities, LLC   $ 26,234     22.4 %   4.79 %     1,226     23  
    Marex Capital Markets Inc.     24,368     20.8 %   4.66 %     1,205     18  
    DV Securities, LLC.     19,254     16.4 %   4.63 %     834     28  
    Mirae Asset Securities (USA) Inc.     19,111     16.3 %   4.76 %     842     139  
    Clear Street LLC     16,855     14.4 %   4.54 %     794     79  
    Mitsubishi UFJ Securities, Inc.     11,359     9.7 %   4.68 %     858     14  
        $ 117,181     100.0 %   4.68 %   $ 5,759     49  
    (1 ) Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of December 31, 2024 and 2023, and the unaudited consolidated statements of operations for the calendar quarters and years ended December 31, 2024 and 2023. Amounts presented are subject to change.

    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
        December 31, 2024     December 31, 2023  
    ASSETS                
    Mortgage-backed securities, at fair value   $ 122,348,170     $ 92,730,852  
    Cash equivalents and restricted cash     7,422,746       4,470,286  
    Orchid Island Capital, Inc. common stock, at fair value     4,427,372       4,797,269  
    Accrued interest receivable     601,640       488,660  
    Deferred tax assets, net     15,930,953       19,047,680  
    Other assets     4,122,776       4,063,267  
    Total Assets   $ 154,853,657     $ 125,598,014  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Repurchase agreements   $ 117,180,999     $ 86,906,999  
    Long-term debt     27,368,158       27,394,417  
    Other liabilities     3,483,093       3,168,857  
    Total Liabilities     148,032,250       117,470,273  
    Stockholders’ equity     6,821,407       8,127,741  
    Total Liabilities and Stockholders’ Equity   $ 154,853,657     $ 125,598,014  
    Class A Common Shares outstanding     10,005,457       10,005,457  
    Book value per share   $ 0.68     $ 0.81  
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
        Years Ended December 31,     Three Months Ended December 31,  
        2024     2023     2024     2023  
    Advisory services   $ 12,784,468     $ 13,594,907     $ 3,387,640     $ 3,076,045  
    Interest and dividend income     6,658,226       4,335,843       1,876,818       1,554,080  
    Interest expense     (7,541,267 )     (5,418,955 )     (1,982,610 )     (1,794,094 )
    Net revenues     11,901,427       12,511,795       3,281,848       2,836,031  
    Other income (expense)     1,167,019       (1,866,834 )     99,565       599,961  
    Expenses     11,258,053       10,497,603       2,818,739       3,840,310  
    Net income (loss) before income tax provision     1,810,393       147,358       562,674       (404,318 )
    Income tax provision     3,116,727       4,130,563       2,064,496       4,451,159  
    Net loss   $ (1,306,334 )   $ (3,983,205 )   $ (1,501,822 )   $ (4,855,477 )
                                     
    Basic and Diluted Net Loss Per Share of:                                
    CLASS A COMMON STOCK   $ (0.13 )   $ (0.40 )   $ (0.15 )   $ (0.48 )
    CLASS B COMMON STOCK   $ (0.13 )   $ (0.40 )   $ (0.15 )   $ (0.48 )
        Three Months Ended December 31,  
    Key Balance Sheet Metrics   2024     2023  
    Average MBS(1)   $ 120,388,407     $ 88,796,005  
    Average repurchase agreements(1)     115,101,999       84,161,999  
    Average stockholders’ equity(1)     7,572,318       10,555,480  
                     
    Key Performance Metrics                
    Average yield on MBS(2)     5.56 %     6.08 %
    Average cost of funds(2)     4.87 %     5.60 %
    Average economic cost of funds(3)     4.87 %     5.70 %
    Average interest rate spread(4)     0.69 %     0.48 %
    Average economic interest rate spread(5)     0.69 %     0.38 %
    (1 ) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2 ) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3 ) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4 ) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5 ) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

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

    Forward Looking Statements

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

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, March 7, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register.vevent.com/register/BI5a76ee1f6a7e42b0a82786c7f6e48550. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/98jgiw2o or via the investor relations section of the Company’s website at https://ir.biminicapital.com.

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

    The MIL Network –

  • MIL-OSI: IDT Corporation Reports Record Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Record levels of gross profit +16%; income from operations +77%; Adjusted EBITDA*+56%

    GAAP EPS increased to $0.80 from $0.57; Non-GAAP EPS*increased to $0.84 from $0.67

    IDT raised its quarterly dividend 20% to 6 cents

    NEWARK, NJ, March 06, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its second quarter fiscal year 2025, the three months ended January 31, 2025.

    SECOND QUARTER HIGHLIGHTS

    (Throughout this release, unless otherwise noted, results for the second quarter of fiscal year 2025 (2Q25) are compared to the second quarter of fiscal year 2024 (2Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.

    • Key Businesses / Segments
      • NRS
        • Recurring revenue**: +32% to $31.6 million;
        • Income from operations: +71% to $9.1 million;
        • Adjusted EBITDA: +65% to $10.1 million;
        • ‘Rule of 40’ score**: 55
      • BOSS Money / Fintech segment
        • BOSS Money transactions: +36% to 5.7 million;
        • BOSS Money revenue: +34% to $33.5 million;
        • Fintech segment gross profit: +35% to $21.7 million;
        • Fintech segment income from operations: increased to $3.1 million from a loss of $(0.7) million;
        • Fintech segment Adjusted EBITDA: increased to $3.9 million from a loss of $(12) thousand;
      • net2phone
        • Subscription revenue**: +9% to $21.0 million (+14% on a constant currency basis);
        • Income from operations: increased to $1.1 million from $0.4 million;
        • Adjusted EBITDA: +55% to $2.9 million;
      • Traditional Communications
        • Gross profit: +2% to $43.1 million;
        • Income from operations: +24% to $18.1 million;
        • Adjusted EBITDA: +19% to $20.2 million;
    • IDT Consolidated
      • Revenue: +2% to $303.3 million;
      • Gross profit (GP) / margin: GP +16% to $112 million; GP margin +420 bps to 37.0%;
      • Income from operations: +77% to $28.3 million;
      • Net income attributable to IDT: +41% to $20.3 million;
      • GAAP EPS: Increased to $0.80 from $0.57;
      • Non-GAAP net income: +26% to $21.3 million;
      • Non-GAAP EPS: Increased to $0.84 from $0.67;
      • Adjusted EBITDA: +56% to $34.0 million;
      • CapEx: +6% to $4.8 million;
      • Stock buyback: Repurchased 179,338 shares of IDT Class B common stock in market transactions during 2Q25 for $8.5 million at an average share price of $47.59;
      • Common stock dividend: IDT increased its quarterly dividend from $0.05 to $0.06.

    REMARKS BY SHMUEL JONAS, CEO

    “IDT had a strong second quarter led by NRS and BOSS Money, and supported by robust results from our Traditional Communications segment, which increased its cash generation for the third consecutive quarter. On a consolidated basis, we again generated record levels of gross profit, income from operations, and Adjusted EBITDA.

    “NRS continued to deepen its penetration of the independent retailer market. We are now launching new features and functionalities that increase the value of our solution for retailers and will help us to drive additional growth.

    “BOSS Money delivered another quarter of strong year-over-year transaction and revenue growth. In the second quarter, we continued to focus on improving the margin contribution, particularly in our retail channel, and that effort helped to boost our Fintech segment’s gross profit and Adjusted EBITDA less CapEx to record levels.

    “net2phone continued its expansion led by further growth in the U.S. market. We are especially excited about last week’s launch of net2phone’s virtual AI agent. It has been very well received by our internal BOSS and NRS teams that are using it with great success to enhance the quality and consistency of customer interactions while reducing costs. We are confident that net2phone clients will find that it provides them with great value right out of the gate. Moreover, as they build with our AI agent, it will provide clients with increasingly sophisticated, tailored solutions that add value across disparate functions within their organizations.

    “Our Traditional Communications segment increased Adjusted EBITDA for the third sequential quarter and surpassed $20 million for the first time since fiscal 2022.

    “In light of our solid financial position and positive outlook, and mindful of the feedback we’ve received from our investors, we stepped up our repurchases of stock during the second quarter and have increased our regular quarterly dividend by 20%.”

    2Q25 RESULTS BY SEGMENT

    (For all periods presented, capital expenditures (CapEx), previously provided on a consolidated basis, is now also provided for each business segment.)

    National Retail Solutions (NRS)

    National Retail Solutions (NRS)
    (Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Terminals and payment processing accounts                                
    Active POS terminals     34,800       33,100       28,700       +21 %
    Payment processing accounts     23,900       22,700       18,200       +32 %
                                     
    Recurring revenue                                
     Merchant Services & Other   $ 18.1     $ 17.2     $ 12.5       +45 %
     Advertising & Data   $ 10.0     $ 8.5     $ 8.7       +15 %
     SaaS Fees   $ 3.5     $ 3.3     $ 2.7       +30 %
    Total recurring revenue   $ 31.6     $ 28.9     $ 23.9       +32 %
     POS terminal sales   $ 1.3     $ 1.4     $ 1.3       +2 %
    Total revenue   $ 33.0     $ 30.4     $ 25.2       +31 %
                                     
    Monthly average recurring revenue per terminal**   $ 310     $ 295     $ 285       +9 %
                                     
    Gross profit   $ 30.3     $ 27.6     $ 22.5       +35 %
    Gross profit margin     91.8 %     91.0 %     89.1 %     +270 bps
    Technology & development   $ 2.2     $ 2.0     $ 1.9       +14 %
    SG&A   $ 19.0     $ 19.0     $ 15.2       +25 %
    Income from operations   $ 9.1     $ 6.6     $ 5.3       +71 %
    Adjusted EBITDA   $ 10.1     $ 7.6     $ 6.1       +65 %
    CapEx   $ 0.9     $ 1.2     $ 1.0       (4 )%
                                     

    NRS Take-Aways / Updates:

    • NRS added approximately 1,700 net active terminals and approximately 1,200 net payment processing accounts during 2Q25. Net active terminal additions included the impact of approximately 300 terminals operating in seasonal stores that suspended operations following the quarter close.
    • The 45% year-over-year increase in Merchant Services & Other revenue was driven by the growth in payment processing accounts, and higher merchant services revenue per account, driven in part by the increased percentage of retail transactions paid with a credit or debit card.
    • The 30% year-over-year increase in SaaS Fees revenue reflects the growth of net active terminals and migration of retailers to premium SaaS plans.

    Fintech

    Fintech
    (Transactions in millions. $ in millions, except for average revenue per transaction)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    BOSS Money transactions     5.7       5.6       4.2       +36 %
                                     
    Fintech Revenue                                
    BOSS Money   $ 33.5     $ 33.7     $ 25.0       +34 %
    Other   $ 3.3     $ 3.4     $ 2.9       +13 %
    Total Revenue   $ 36.8     $ 37.1     $ 28.0       +32 %
                                     
    Average revenue per BOSS Money transaction**   $ 5.87     $ 6.01     $ 5.98     $ (0.11 )
                                     
    Gross profit   $ 21.7     $ 21.6     $ 16.1       +35 %
    Gross profit margin     58.9 %     58.2 %     57.5 %     140 bps
    Technology & development   $ 2.3     $ 2.3     $ 2.5       (8 )%
    SG&A   $ 16.3     $ 16.1     $ 14.3       +14 %
    Income (loss) from operations   $ 3.1     $ 3.2     $ (0.7 )     +$3.8  
    Adjusted EBITDA   $ 3.9     $ 4.0     $ 0       +$3.9  
    CapEx   $ 0.8     $ 1.1     $ 0.8       +1 %
                                     

    Fintech Take-Aways:

    • The 36% increase in BOSS Money transactions reflected a 40% year-over-year increase in digital transactions and a 22% increase in retail transactions.
    • BOSS Money revenue increased 34% year-over-year driven by a 38% year-over-year increase in digital channel revenue. The 1% sequential decrease in revenue reflected BOSS Money’s continued focus on expanding per-transaction margins, particularly at retail, which boosted gross profit while dampening transaction volume growth and revenue.
    • The strong increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven by BOSS Money revenue growth, higher margins on BOSS Money transactions and improved operating leverage as the business continues to scale.
    • BOSS Money continued to expand to new destinations during 2Q25 (Venezuela and Eritrea) with Brazil expected to come online in 3Q25. BOSS Money also launched debit card payment capabilities at BOSS Money retailers across the U.S. and continued to build out its already extensive payout network in key destination markets.

    net2phone

    net2phone
    (Seats in thousands at end of period. $ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    Seats**     410       406       375       +9 %
                                     
    Revenue                                
    Subscription revenue   $ 21.0     $ 21.0     $ 19.3       +9 %
    Other revenue   $ 0.5     $ 0.6     $ 1.0       (54 )%
    Total Revenue   $ 21.5     $ 21.6     $ 20.4       +6 %
                                     
    Gross profit   $ 17.0     $ 17.1     $ 16.1       +6 %
    Gross profit margin     79.2 %     79.0 %     78.9 %     20 bps
    Technology & development   $ 2.8     $ 3.0     $ 2.6       +5 %
    SG&A   $ 13.0     $ 13.1     $ 13.1       (1 )%
    Income from operations   $ 1.1     $ 1.0     $ 0.4       +201 %
    Adjusted EBITDA   $ 2.9     $ 2.5     $ 1.8       +55 %
    CapEx   $ 1.8     $ 1.6     $ 1.4       +28 %
     

    net2phone Take-Aways:

    • The 9% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served increased by 10% year-over year.
    • Subscription revenue increased by 9% year-over-year. The increase reflected net seat growth and increased subscription revenue per seat** in the U.S., offset by the negative FX impact of a strengthened U.S. dollar versus local currencies in net2phone’s key Latin American markets. On a constant currency basis, subscription revenue increased by 14% year over year.
    • Operating margin** increased to 5% from 2% in 2Q24, and Adjusted EBITDA margin** increased to 13% from 9% in 2Q24. Additional steady margin improvement remains a key strategic focus.
    • Following the quarter close, net2phone launched its AI agent, a scalable virtual assistant providing exceptional customer experiences across sales, support, and administrative tasks.

    Traditional Communications

    Traditional Communications
    ($ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Revenue                                
    IDT Digital Payments   $ 101.6     $ 105.1     $ 99.7       +2 %
    BOSS Revolution   $ 53.3     $ 56.8     $ 66.7       (20 )%
    IDT Global   $ 51.3     $ 52.4     $ 48.7       +5 %
    Other   $ 5.9     $ 6.2     $ 7.5       (22 )%
    Total Revenue   $ 212.0     $ 220.5     $ 222.5       (5 )%
                                     
    Gross profit   $ 43.1     $ 41.3     $ 42.3       +2 %
    Gross profit margin     20.3 %     18.8 %     19.0 %     +130 bps
    Technology & development   $ 5.4     $ 5.5     $ 5.9       (9 )%
    SG&A   $ 19.4     $ 20.0     $ 21.4       (9 )%
    Income from operations   $ 18.1     $ 15.7     $ 14.6       +24 %
    Adjusted EBITDA   $ 20.2     $ 17.8     $ 17.0       +19 %
    CapEx   $ 1.2     $ 1.4     $ 1.4       (8 )%
                                     

    Take-Aways: 

    • IDT Global continues to mitigate the impacts of the ongoing industry-wide declines in paid-minute voice through a traffic mix shift to higher margin routes, new service offerings, and operational efficiencies.
    • For the third consecutive quarter, Traditional Communications’ income from operations and Adjusted EBITDA both increased sequentially. In 2Q25, the increases were driven by increasing gross profit contributions from each of the three major lines of business, as well as by continued efforts to streamline operations and remove costs.

    OTHER FINANCIAL RESULTS

    Consolidated results for all periods presented include corporate overhead. In 2Q25, Corporate G&A expense decreased to $3.0 million from $3.2 million in 2Q24.

    As of January 31, 2025, IDT held $171.1 million in cash, cash equivalents, debt securities, and current equity investments. Also at January 31, 2025, current assets totaled $462.1 million and current liabilities totaled $278.2 million. The Company had no outstanding debt at the quarter end.

    Net cash provided by operating activities decreased to $20.2 million in 2Q25 from $28.4 million in 2Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities decreased to $7.3 million in 2Q25 from $25.4 million in 2Q24. This decrease predominantly reflects the timing of payments made by IDT to cover anticipated BOSS Money disbursement prefunding.

    Capital expenditures increased to $4.8 million in 2Q25 from $4.6 million in 2Q24.

    IDT EARNINGS ANNOUNCEMENT INFORMATION

    This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

    IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 145736.

    A replay of the conference call will be available approximately three hours after the call concludes through March 20, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51975. The replay will also be accessible via streaming audio at the IDT investor relations website.

    NOTES

    *Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.

    **See ‘Explanation of Key Performance Metrics’ at the end of this release.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

    CONTACT

    IDT Corporation Investor Relations
    Bill Ulrey
    william.ulrey@idt.net
    973-438-3838

    IDT CORPORATION
    CONSOLIDATED BALANCE SHEETS

        January 31,
    2025    		     July 31,
    2024    		  
        (Unaudited)        
        (in thousands, except per share data)  
    Assets            
    Current assets:                
    Cash and cash equivalents   $ 142,152     $ 164,557  
    Restricted cash and cash equivalents     105,554       90,899  
    Debt securities     23,852       23,438  
    Equity investments     5,091       5,009  
    Trade accounts receivable, net of allowance for credit losses of $7,295 at January 31, 2025 and $6,352 at July 31, 2024     45,127       42,215  
    Settlement assets, net of reserve of $1,804 at January 31, 2025 and $1,866 at July 31, 2024     41,779       22,186  
    Disbursement prefunding     57,676       30,736  
    Prepaid expenses     15,989       17,558  
    Other current assets     24,914       25,927  
    Total current assets     462,134       422,525  
    Property, plant, and equipment, net     38,380       38,652  
    Goodwill     26,149       26,288  
    Other intangibles, net     5,583       6,285  
    Equity investments     6,748       6,518  
    Operating lease right-of-use assets     2,498       3,273  
    Deferred income tax assets, net     22,333       35,008  
    Other assets     11,903       11,546  
    Total assets   $ 575,728     $ 550,095  
    Liabilities, redeemable noncontrolling interest, and equity                
    Current liabilities:                
    Trade accounts payable   $ 22,482     $ 24,773  
    Accrued expenses     89,472       103,176  
    Deferred revenue     28,384       30,364  
    Customer funds deposits     104,720       91,893  
    Settlement liabilities     16,975       12,764  
    Other current liabilities     16,157       16,374  
    Total current liabilities     278,190       279,344  
    Operating lease liabilities     1,349       1,533  
    Other liabilities     1,093       2,662  
                     
    Total liabilities     280,632       283,539  
    Commitments and contingencies                
    Redeemable noncontrolling interest     11,228       10,901  
    Equity:                
    IDT Corporation stockholders’ equity:                
    Preferred stock, $.01 par value; authorized shares—10,000; no shares issued     —       —  
    Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January 31, 2025 and July 31, 2024     33       33  
    Class B common stock, $.01 par value; authorized shares—200,000; 28,233 and 28,177 shares issued and 23,491 and 23,684 shares outstanding at January 31, 2025 and July 31, 2024, respectively     282       282  
    Additional paid-in capital     306,781       303,510  
    Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,742 and 4,493 shares of Class B common stock at January 31, 2025 and July 31, 2024, respectively     (137,475 )     (126,080 )
    Accumulated other comprehensive loss     (19,599 )     (18,142 )
    Retained earnings     121,573       86,580  
    Total IDT Corporation stockholders’ equity     271,595       246,183  
    Noncontrolling interests     12,273       9,472  
    Total equity     283,868       255,655  
    Total liabilities, redeemable noncontrolling interest, and equity   $ 575,728     $ 550,095  

    IDT CORPORATION
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)

        Three Months Ended
    January 31,    		     Six Months Ended
    January 31,    		  
        2025     2024     2025     2024  
        (in thousands, except per share data)  
           
    Revenues   $ 303,349     $ 296,098     $ 612,915     $ 597,302  
    Direct cost of revenues     191,239       199,171       393,178       406,382  
    Gross profit     112,110       96,927       219,737       190,920  
    Operating expenses (gain):                                
    Selling, general and administrative (i)     70,721       67,346       141,772       131,723  
    Technology and development (i)     12,612       12,925       25,372       25,335  
    Severance     233       345       410       869  
    Other operating expense (gain), net     227       294       227       (190 )
    Total operating expenses     83,793       80,910       167,781       157,737  
    Income from operations     28,317       16,017       51,956       33,183  
    Interest income, net     1,354       1,195       2,782       2,039  
    Other income (expense), net     207       2,534       (76 )     (3,053 )
    Income before income taxes     29,878       19,746       54,662       32,169  
    Provision for income taxes     (7,665 )     (3,992 )     (13,967 )     (7,939 )
    Net income     22,213       15,754       40,695       24,230  
    Net income attributable to noncontrolling interests     (1,944 )     (1,329 )     (3,178 )     (2,146 )
    Net income attributable to IDT Corporation   $ 20,269     $ 14,425     $ 37,517     $ 22,084  
    Earnings per share attributable to IDT Corporation common stockholders:                                
    Basic   $ 0.81     $ 0.57     $ 1.49     $ 0.88  
    Diluted   $ 0.80     $ 0.57     $ 1.48     $ 0.87  
    Weighted-average number of shares used in calculation of earnings per share:                                
    Basic     25,161       25,175       25,182       25,176  
    Diluted     25,324       25,317       25,343       25,297  
    (i) Stock-based compensation included in:                                
    Selling, general and administrative expense   $ 768     $ 2,357     $ 1,602     $ 2,998  
    Technology and development expense   $ 95     $ 130     $ 172     $ 260  


    IDT CORPORATION 
    CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

        Six Months Ended
    January 31,    		  
        2025     2024  
        (in thousands)  
    Operating activities                
    Net income   $ 40,695     $ 24,230  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     10,490       10,146  
    Deferred income taxes     12,674       5,787  
    Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets     2,472       1,696  
    Stock-based compensation     1,774       3,258  
    Other     1,077       2,829  
    Changes in assets and liabilities:                
    Trade accounts receivable     (4,978 )     (7,040 )
    Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets     (46,244 )     9,966  
    Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities     (11,844 )     (6,200 )
    Customer funds deposits     15,701       15  
    Deferred revenue     (1,500 )     (1,381 )
    Net cash provided by operating activities     20,317       43,306  
    Investing activities                
    Capital expenditures     (10,100 )     (8,885 )
    Purchase of convertible preferred stock in equity method investment     (673 )     (1,009 )
    Purchases of debt securities and equity investments     (15,997 )     (19,357 )
    Proceeds from maturities and sales of debt securities and redemption of equity investments     16,751       31,231  
    Net cash (used in) provided by investing activities     (10,019 )     1,980  
    Financing activities                
    Dividends paid     (2,524 )     —  
    Distributions to noncontrolling interests     (50 )     (59 )
    Proceeds from borrowings under revolving credit facility     24,534       30,588  
    Repayment of borrowings under revolving credit facility     (24,534 )     (30,588 )
    Purchase of restricted shares of net2phone common stock     —       (3,558 )
    Proceeds from exercise of stock options     —       172  
    Repurchases of Class B common stock     (11,395 )     (3,170 )
    Net cash used in financing activities     (13,969 )     (6,615 )
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents     (4,079 )     (3,182 )
    Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents     (7,750 )     35,489  
    Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period     255,456       198,823  
    Cash, cash equivalents, and restricted cash and cash equivalents at end of period   $ 247,706     $ 234,312  
    Supplemental Schedule of Non-Cash Financing Activities                
    Shares of the Company’s Class B common stock issued to an executive officer for bonus payment   $ 1,824     $ —  
    Value of the Company’s Class B common stock exchanged for National Retail Solutions shares   $ —     $ 6,254  


    *    Reconciliation of Non-GAAP Financial Measures for the Second Quarter Fiscal 2025 and 2024

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 2Q25, 1Q25, and 2Q24, Adjusted EBITDA, and for 2Q25 and 2Q24, non-GAAP earnings per diluted share (Non-GAAP EPS). Adjusted EBITDA and Non-GAAP EPS are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures

    Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

    Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

    Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

    Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

    Other operating (expense) gain, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating (expense) gain, net includes, among other items, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action and gain from the write-off of a contingent consideration liability. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

    Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

    Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share.

    IDT Corporation
    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2025
    (2Q25)    		                                                
    Net income attributable to IDT Corporation   $ 20.3                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.9                                          
    Net income     22.2                                          
    Provision for income taxes     7.7                                          
    Income before income taxes     29.9                                          
     Interest income, net     (1.4 )                                        
     Other income, net     (0.2 )                                        
    Income (loss) from operations     28.3     $ 18.1     $ 1.1     $ 9.1     $ 3.1     $ (3.1 )
    Depreciation and amortization     5.2       1.9       1.6       1.0       0.8       –  
    Other operating expense, net     0.2       –       0.2       –       –       –  
    Severance     0.2       0.2       –       –       –       –  
    Adjusted EBITDA   $ 34.0     $ 20.2     $ 2.9     $ 10.1     $ 3.9     $ (3.1 )


    IDT Corporation
    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended October 31, 2024
    (1Q25)    		                                                
    Net income attributable to IDT Corporation   $ 17.2                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.2                                          
    Net income     18.5                                          
    Provision for income taxes     6.3                                          
    Income before income taxes     24.8                                          
     Interest income, net     (1.4 )                                        
     Other expense, net     0.3                                          
    Income (loss) from operations     23.6     $ 15.7     $ 1.0     $ 6.6     $ 3.2     $ (2.9 )
    Depreciation and amortization     5.2       2.0       1.6       1.0       0.7       –  
    Severance     0.2       0.2       –       –       –       –  
    Adjusted EBITDA   $ 29.1     $ 17.8     $ 2.5     $ 7.6     $ 4.0     $ (2.9 )
        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2024
    (2Q24)    		                                                
    Net income attributable to IDT Corporation   $ 14.4                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.3                                          
    Net income     15.8                                          
    Provision for income taxes     4.0                                          
    Income before income taxes     19.7                                          
     Interest income, net     (1.2 )                                        
     Other income, net     (2.5 )                                        
    Income (loss) from operations     16.0     $ 14.6     $ 0.4     $ 5.3     $ (0.7 )   $ (3.6 )
    Depreciation and amortization     5.1       2.0       1.6       0.8       0.7       –  
    Severance     0.3       0.3       –       –       –       –  
    Other operating expense (gain), net     0.3       –       (0.1 )     –       –       0.4  
    Adjusted EBITDA   $ 21.8     $ 17.0     $ 1.8     $ 6.1     $ –     $ (3.2 )

    IDT Corporation
    Reconciliation of Earnings per share to Non-GAAP EPS
    (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

          2Q25       2Q24  
                     
    Net income attributable to IDT Corporation   $ 20.3     $ 14.4  
    Adjustments (add) subtract:                
    Stock-based compensation     (0.9 )     (2.5 )
    Severance expense     (0.2 )     (0.3 )
    Other operating expense, net     (0.2 )     (0.3 )
    Total adjustments     (1.3 )     (3.1 )
    Income tax effect of total adjustments     (0.3 )     (0.6 )
          1.0       2.5  
    Non-GAAP net income   $ 21.3     $ 16.9  
                     
    Earnings per share:                
    Basic   $ 0.81     $ 0.57  
    Total adjustments     0.03       0.10  
    Non-GAAP – basic   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of basic earnings per share     25.2       25.2  
                     
    Diluted   $ 0.80     $ 0.57  
    Total adjustments     0.04       0.10  
    Non-GAAP – diluted   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of diluted earnings per share     25.3       25.3  


    *    *Explanation of Key Performance Metrics

    NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its revenue in accordance with GAAP. NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

    The NRS ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS company’s growth rate when added to its free cash flow rate should equal or exceed 40 percent. For NRS, the ‘Rule of 40’ result for 2Q25 is computed by adding the growth rate of NRS’ recurring revenue for 2Q25 compared to 2Q24 to NRS’ Adjusted EBITDA less CapEx as a percentage of total NRS revenue for the twelve months ended January 31, 2025. The ‘Rule of 40’ is a common SaaS industry metric to assess a company’s balance between growth and profitability. A total above 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for investors and management to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

    net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

    net2phone’s subscription revenue per seat is calculated by dividing net2phone’s subscription revenue, as defined in the preceding paragraph, by the average number of seats served during the period. The average number of seats served is calculated by adding the beginning and ending number of seats served and dividing by two. Subscription revenue per seat is the amount of revenue generated by each seat sold during the period. It provides a basis for pricing seat-based services, as well as for comparing performance in past periods and projecting future revenue, and for comparing the value of each seat served to competitors.

    net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    BOSS Money’s Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends.

    # # #

    The MIL Network –

  • MIL-OSI: Graphjet Technology Discloses Notice from Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    Innovative technological leader to oversee all technical, operational, customer support and business development initiatives

    KUALA LUMPUR, Malaysia, March 06, 2025 (GLOBE NEWSWIRE) — Graphjet Technology (“Graphjet” or “the Company”) (Nasdaq:GTI), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, today announced that it received a notice (“Notice”) on February 28, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of (i) the Company’s delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024  (the “Initial Delinquent Filing”) with the Securities and Exchange Commission (the “SEC”), and (ii) the Company’s delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the “Second Delinquent Filing”), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”).

    The Notice has no immediate effect on the listing or trading of the Company’s ordinary shares on the Nasdaq Global Market. The Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with the Listing Rule with respect to the delinquent reports. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Initial Delinquent Filing, or until July 14, 2025, to regain compliance.

    The Company continues to work diligently to complete the Form 10-K and the Form 10-Q.

    This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. 

    About Graphjet Technology Sdn. Bhd.

    Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

    Cautionary Statement Regarding Forward-Looking Statements

    The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

    Graphjet Technology Contacts

    Investors
    GraphjetIR@icrinc.com

    Media
    GraphjetPR@icrinc.com

    The MIL Network –

  • MIL-OSI: Diamondback Energy Prices Offering of Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, March 06, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) announced today that it has priced an offering (the “Notes Offering”) of $1,200,000,000 in aggregate principal amount of 5.550% senior notes that will mature on April 1, 2035 (the “Notes”). The price to the public is 99.937% of the principal amount of the Notes.

    Diamondback intends to use the net proceeds from the Notes Offering for general corporate purposes, including, without limitation, paying a portion of the cash consideration for the pending acquisition of certain subsidiaries of Double Eagle IV Midco, LLC and paying fees, costs and expenses related thereto.   The Notes Offering is expected to close on March 20, 2025, subject to customary closing conditions.

    The Notes will be sold in a registered offering pursuant to an effective shelf registration statement on Form S-3ASR that was previously filed with the Securities and Exchange Commission, a prospectus supplement and related base prospectus for the Notes Offering.

    BofA Securities, Inc., Barclays Capital Inc., PNC Capital Markets LLC and TD Securities (USA) LLC have served as joint book-running managers for the Notes Offering. When available, copies of the prospectus supplement and related base prospectus for the Notes Offering may be obtained from BofA Securities, Inc. at NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, by email to dg.prospectus_requests@bofa.com and toll free at 1-800-294-1322; Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email to barclaysprospectus@broadridge.com and toll free at 1-888-603-5847; PNC Capital Markets LLC at 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, by email to pnccmprospectus@pnc.com and toll free at 1-855-881-0697 and TD Securities (USA) LLC at 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017 and toll free at 1-855-495-9846. Electronic copies of the prospectus supplement and related base prospectus for the Notes Offering will also be available on the website of the Securities and Exchange Commission at www.sec.gov.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes Offering may only be made by means of a prospectus supplement and related base prospectus.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, including those relating to the expected timing of the closing of the Notes Offering. All statements, other than historical facts, that address activities that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Diamondback. Information concerning these risks and other factors can be found in Diamondback’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q, 8-K, the preliminary prospectus supplement filed by Diamondback for the Notes Offering and any amendments or supplements thereto, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement.

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    Source: Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. to Host Investor Day

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., March 06, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) today announced that it will host an Investor Day at The Pierre in New York City on Thursday, March 20, 2025. The presentation will begin at 8:30 a.m. ET and conclude at approximately 12:45 p.m. ET.

    The event will feature Palomar’s Chairman and CEO, Mac Armstrong, alongside members of its senior leadership team. The Company will provide a comprehensive overview of the business, focusing on Palomar’s specialty products, operations, and the Palomar 2X philosophy.

    The presentation portion of the event will be available via webcast on the Events and Presentations section of the Company’s Investor Relations website at ir.palomarspecialty.com. A webcast replay will be available following the event at approximately 6pm ET at the same website.

    If you plan to attend in-person or have any questions regarding logistics for the in-person event, please e-mail Jamie Lillis at jlillis@soleburystrat.com.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forwardlooking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    To learn more, visit PLMR.com

    Follow Palomar on LinkedIn: @PLMRInsurance

    Contact
    Media Inquiries
    Lindsay Conner
    1-551-206-6217
    lconner@plmr.com

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com

    Source: Palomar Holdings, Inc.

    The MIL Network –

  • MIL-OSI: EV Realty Acquires EV Charging Platform Gage Zero’s Assets to Scale Truck Fleet Charging and Meet Long-Term Market Demand

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 06, 2025 (GLOBE NEWSWIRE) — EV Realty, Inc. (“EV Realty”), an EV infrastructure development platform powering commercial fleets, today announced that it has acquired a strategic portfolio of assets from Gage Zero, an Austin-based company focused on fleet electrification and infrastructure development for local, regional, and drayage trucking fleets.

    Gage Zero’s approach to the market, prioritizing partnerships, industry leadership, and an equitable energy transition, generated a strategic portfolio of assets and customer relationships that complements EV Realty’s development platform strengths and growing portfolio of grid-ready, shovel-ready sites throughout California. This transaction combines EV Realty’s proven expertise in infrastructure development and deployment and Gage Zero’s active development projects and deep customer relationships with established regional trucking and logistics companies.

    “Commercial fleet electrification continues to advance as vehicle manufacturers make production and supply chain investments, battery costs decline, and leading fleets—including many of Gage Zero’s partners—see the potential for greater efficiency and lower costs associated with EV trucking,” said Patrick Sullivan, EV Realty’s Co-Founder and Chief Executive Officer. “The combination of our two portfolios provides our shared customers more opportunity to plan around electrification within a broadly served regional network, which opens new freight lanes, allows trucks to be used more, and ultimately drives down costs for our customers, enabling a transition to EVs that makes dollars and sense.”     

    “We’re excited to partner with EV Realty through this acquisition. Gage Zero’s reputation in the space, prioritizing demand-led development, pairs well with EV Realty’s disciplined approach to development and its construction-ready grid-advantaged real estate portfolio. Together, we will leverage EV Realty’s substantial investment capital and proven expertise in constructing and operating EV charging infrastructure projects to deliver even greater value to our stakeholders,” said Zeina El-Azzi, Co-Founder and Chief Executive Officer of Gage Zero. “The DNA and approach of our two platforms are complementary and aligned, and this transaction makes the combined projects stronger and more equipped to deliver for our customers amidst a rapidly evolving market and regulatory environment.”

    Late last year, EV Realty announced a charging site acquisition in Torrance, CA, joining its growing portfolio of charging hubs currently under development in California. The company is also developing two hubs in San Bernardino and one in Livermore.

    Gage Zero’s development portfolio in California includes proposed charging hub projects which will expand EV Realty’s long-term network to serve its customers in locations including Long Beach, Ontario, Los Angeles, San Diego, Fresno, Oakland, and Sacramento. Other assets acquired are in Illinois and Texas, enabling medium-term expansion into additional key markets where zero-emission freight movement is gaining traction led by demand. As part of this transaction, key members of Gage Zero’s team will be joining EV Realty, ensuring continuity to deliver results for customers, partners, and key stakeholders.

    About EV Realty
    EV Realty develops, deploys, and owns charging infrastructure critical to electrifying commercial fleets in the U.S. at scale. The company accelerates the adoption of large EV fleets by focusing on the fundamental constraint all electric fleets face: low-cost, reliable, and expandable access to grid-scale power. EV Realty is developing a network of grid-optimized, large-scale EV charging hubs for delivery, logistics, and services fleet customers. Our Powered Properties™ serve multiple commercial fleets in secure, high-power locations with guaranteed charging access and availability, and are located proximate to major logistics corridors. By aggregating multiple fleets with shared private infrastructure in grid-ready locations, EV Realty charging hubs reduce upfront and recurring costs for fleets, optimize charging times and provide high utilization rates. Learn more about EV Realty and how it is transforming fleet charging at www.evrealtyus.com.

    About Gage Zero
    Gage Zero is a fleet electrification solutions company based in Austin, Texas building a zero emission future for people and the planet. Our women-led team of clean energy and transportation experts deploys capital, builds reliable infrastructure, and provides comprehensive, cost-effective electrification services that benefit commercial transportation operators, enrich communities, and support local economies. We believe industries working together can empower everyone to participate in a cleaner future.

    The MIL Network –

  • MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and year ended December 31, 2024.

    Business Update

    Silvercrest concluded 2024 with strong new client organic flows due to new strategic investments made over the past year that are already bearing fruit. The firm garnered $1.4 billion in Q4 and $1.5 billion during 2024 in new client assets under management (“AUM”) inflows, the best year for new organic client inflows since 2015. The fourth quarter was primarily bolstered by winning a successful seed investment in our new Global Value Equity strategy of $1.3 billion USD ($2.0 billion AUD) in partnership with CBUS, one of Australia’s largest superannuation funds. The increases during the quarter bode well for future revenue, and we remain highly optimistic about securing more significant organic net flows over the course of 2025 to increase our return on invested capital.

    Total AUM as of year-end 2024 reached $36.5 billion as of December 31, 2024, up 9.6% from $33.3 billion at year-end 2023. Discretionary AUM, which drives revenue, rose 6.4% to $23.3 billion from $21.9 billion. Overall, total asset flows and market increases were a net positive for the firm and will drive an increase in future revenue. Revenue for the year increased 5.3% to $123.7 million from $117.4 million, with Q4 revenue up 12.0% over Q4 2023, to $32.0 million from $28.5 million.

    Strategically, in addition to building the firm’s new Global Value Equity strategy, we have hired business development and market leads in Atlanta and Singapore. We have our full MAS license for doing business in Singapore. With significant European assets and growth opportunities, we will be pursuing more initiatives to better highlight Silvercrest in both the institutional and wealth markets. The firm also has invested in talent across the firm to drive new growth and successfully transition the business toward the next generation.

    Silvercrest developed new and stronger institutional consulting relationships during 2024, with new investment opportunities to develop our strategies. Our pipeline remains robust. As a result, we are optimistic about securing significant new organic flows. Importantly, the firm’s pipeline does not yet include mandates for our new Global Value Equity strategy which has a high capacity for significant new assets. We have worked hard over the past year to build the infrastructure, team, and strategy while undertaking business development. As with our third-quarter call, we envision more positive AUM flows and resulting revenue increases.

    As I have discussed throughout the past year, Silvercrest has never had more business opportunities. Those initiatives are beginning to bear results. We have made and will continue to make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team to drive that future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation for this purpose, and, as mentioned, we will continue to adjust compensation accruals to match these important investments in the business and will keep you informed of our plans and the progress of these investments.

    Fourth Quarter 2024 Highlights

    • Total AUM of $36.5 billion, inclusive of discretionary AUM of $23.3 billion and non-discretionary AUM of $13.2 billion at December 31, 2024.
    • Revenue of $32.0 million.
    • U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $2.7 million and $1.6 million, respectively.
    • Basic and diluted net income per share of $0.17.
    • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $5.1 million.
    • Adjusted net income1 of $2.9 million.
    • Adjusted basic and diluted earnings per share1,2 of $0.21 and $0.20, respectively.

    The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

       
    For the Three Months
    Ended December 31,    		     For the Twelve Months
    Ended December 31,    		  
    (in thousands except as indicated)   2024     2023     2024     2023  
    Revenue   $ 31,962     $ 28,542     $ 123,651     $ 117,410  
    Income (loss) before other income (expense), net   $ 1,957     $ (969 )   $ 17,627     $ 18,819  
    Net income (loss)   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Net income (loss) margin     8.4 %     (2.2 )%     12.7 %     12.9 %
    Net income (loss) attributable to Silvercrest   $ 1,618     $ (411 )   $ 9,535     $ 9,094  
    Net income (loss) per basic share   $ 0.17     $ (0.05 )   $ 1.00     $ 0.96  
    Net income (loss) per diluted share   $ 0.17     $ (0.04 )   $ 1.00     $ 0.96  
    Adjusted EBITDA1   $ 5,070     $ 2,581     $ 26,101     $ 26,878  
    Adjusted EBITDA Margin1     15.9 %     9.0 %     21.1 %     22.9 %
    Adjusted net income1   $ 2,861     $ 1,049     $ 15,782     $ 16,104  
    Adjusted basic earnings per share1, 2   $ 0.21     $ 0.08     $ 1.15     $ 1.16  
    Adjusted diluted earnings per share1, 2   $ 0.20     $ 0.07     $ 1.10     $ 1.12  
    Assets under management at period end (billions)   $ 36.5     $ 33.3     $ 36.5     $ 33.3  
    Average assets under management (billions)3   $ 35.0     $ 32.3     $ 34.9     $ 31.1  
    Discretionary assets under management (billions)   $ 23.3     $ 21.9     $ 23.3     $ 21.9  
    ___________________
    1 Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 3 and 4.
    2 Adjusted basic and diluted earnings per share measures for the three and twelve months ended December 31, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of December 31, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
    3 We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.


    AUM at $36.5 Billion

    Silvercrest’s discretionary assets under management increased by $1.4 billion, or 6.4%, to $23.3 billion at December 31, 2024, from $21.9 billion at December 31, 2023. The increase was attributable to market appreciation of $2.1 billion partially offset by net client outflows of $0.7 billion. Silvercrest’s total AUM increased by $3.2 billion, or 9.6%, to $36.5 billion at December 31, 2024, from $33.3 billion at December 31, 2023. The increase was attributable to market appreciation of $3.8 billion partially offset by net client outflows of $0.6 billion.

    Silvercrest’s discretionary assets under management increased by $0.7 billion, or 3.1%, to $23.3 billion at December 31, 2024, from $22.6 billion at September 30, 2024. The increase was attributable to net client inflows of $0.9 billion partially offset by market depreciation of $0.2 billion. Silvercrest’s total AUM increased by $1.4 billion, or 4.0%, to $36.5 billion at December 31, 2024, from $35.1 billion at September 30, 2024. The increase was attributable to market appreciation of $0.5 billion and net client inflows of $0.9 billion.

    Fourth Quarter 2024 vs. Fourth Quarter 2023

    Revenue increased by $3.4 million, or 12.0%, to $32.0 million for the three months ended December 31, 2024, from $28.5 million for the three months ended December 31, 2023. This increase was driven by net client inflows in discretionary assets under management partially offset by market depreciation.

    Total expenses increased by $0.5 million, or 1.7%, to $30.0 million for the three months ended December 31, 2024, from $29.5 million for the three months ended December 31, 2023. Compensation and benefits expense decreased by $0.8 million, or 3.4%, to $21.9 million for the three months ended December 31, 2024, from $22.7 million for the three months ended December 31, 2023. The decrease was primarily attributable to a decrease in bonuses of $1.7 million, partially offset by increases in salaries and benefits of $0.9 million primarily as a result of merit-based increases and newly hired staff. General and administrative expenses increased by $1.3 million, or 18.5%, to $8.1 million for the three months ended December 31, 2024, from $6.8 million for the three months ended December 31, 2023. This was primarily attributable to increases in portfolio and systems expense of $0.5 million, office expense of $0.2 million, recruiting costs of $0.1 million and professional fees of $0.5 million.

    Consolidated net income was $2.7 million for the three months ended December 31, 2024, as compared to consolidated net loss of $0.6 million for the same period in the prior year. Net income attributable to Silvercrest was $1.6 million, or $0.17 per basic and diluted share, for the three months ended December 31, 2024. Our Adjusted Net Income1 was $2.9 million, or $0.21 per adjusted basic share and $0.20 per adjusted diluted share,2 for the three months ended December 31, 2024.

    Adjusted EBITDA1 was $5.1 million, or 15.9% of revenue, for the three months ended December 31, 2024, as compared to $2.6 million or 9.0% of revenue for the same period in the prior year.

    Year Ended December 31, 2024 vs. Year Ended December 31, 2023

    Revenue increased by $6.2 million, or 5.3%, to $123.7 million for the year ended December 31, 2024, from $117.4 million for the year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.

    Total expenses increased by $7.4 million, or 7.5%, to $106.0 million for the year ended December 31, 2024, from $98.6 million for the year ended December 31, 2024. Compensation and benefits expense increased by $4.0 million, or 5.6%, to $76.7 million for the year ended December 31, 2024, from $72.6 million for the year ended December 31, 2023. The increase was primarily attributable to an increase in equity based compensation expense of $0.3 million due to an increase in the number of unvested restricted stock units and unvested non-qualified stock options outstanding, an increase in salaries and benefits expense of $2.5 million primarily as a result of merit-based increases and newly hired staff and an increase in the accrual for bonuses of $1.2 million. General and administrative expenses increased by $3.4 million, or 13.1%, to $29.4 million for the year ended December 31, 2024, from $26.0 million for the year ended December 31, 2023. The increase was primarily attributable to increases in professional fees of $1.1 million, portfolio and systems expenses of $0.8 million, occupancy and related costs of $0.3 million, trading errors of $0.3 million, recruiting expenses of $0.3 million, travel and entertainment expenses of $0.2 million, depreciation and amortization of $0.1 million, office expense of $0.1 million, publications and subscriptions costs of $0.1 million and sub-advisory and referral fees of $0.1 million. 

    Consolidated net income was $15.7 million, or 12.7% of revenue, for the year ended December 31, 2024, as compared to consolidated net income of $15.2 million, or 12.9% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $9.5 million, or $1.00 per basic and diluted share, for the year ended December 31, 2024. Our Adjusted Net Income1 was $15.8 million, or $1.15 per adjusted basic share and $1.10 per adjusted diluted share,2 for the year ended December 31, 2024.

    Adjusted EBITDA1 was $26.1 million, or 21.1% of revenue, for the year ended December 31, 2024, as compared to $26.9 million, or 22.9% of revenue, for the same period in the prior year.

    Liquidity and Capital Resources

    Cash and cash equivalents were $68.6 million at December 31, 2024, compared to $70.3 million at December 31, 2023. As of December 31, 2024, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

    Silvercrest Asset Management Group Inc.’s total equity was $80.7 million at December 31, 2024. We had 9,376,280 shares of Class A common stock outstanding and 4,373,315 shares of Class B common stock outstanding at December 31, 2024.

    Non-GAAP Financial Measures

    To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

    • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
    • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
    • Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
    • Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
    • Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

    Conference Call

    The Company will host a conference call on March 7, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

    Forward-Looking Statements

    This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    About Silvercrest

    Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

    Silvercrest Asset Management Group Inc.

    Contact: Richard Hough
    212-649-0601
    rhough@silvercrestgroup.com

     
    Exhibit 1
     
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
        Year Ended December 31,  
        2024     2023  
        (Unaudited)        
    Revenue            
    Management and advisory fees   $ 119,316     $ 112,794  
    Family office services     4,335       4,616  
    Total revenue     123,651       117,410  
    Expenses            
    Compensation and benefits     76,663       72,619  
    General and administrative     29,361       25,972  
    Total expenses     106,024       98,591  
    Income before other (expense) income, net     17,627       18,819  
    Other (expense) income, net            
    Other (expense) income, net     203       76  
    Interest income     1,432       946  
    Interest expense     (144 )     (421 )
    Equity income from investments     1,154       73  
    Total other (expense) income, net     2,645       674  
    Income before provision for income taxes     20,272       19,493  
    Provision for income taxes     (4,563 )     (4,310 )
    Net income     15,709       15,183  
    Less: net income attributable to non-controlling interests     (6,174 )     (6,089 )
    Net income attributable to Silvercrest   $ 9,535     $ 9,094  
    Net income per share:            
    Basic   $ 1.00     $ 0.96  
    Diluted   $ 1.00     $ 0.96  
    Weighted average shares outstanding:            
    Basic     9,495,375       9,431,404  
    Diluted     9,532,525       9,464,339  
     
    Exhibit 2
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
        For the Three Months Ended December 31,  
        2024     2023  
        (Unaudited)        
    Revenue            
    Management and advisory fees   $ 30,871     $ 27,349  
    Family office services     1,091       1,193  
    Total revenue     31,962       28,542  
    Expenses            
    Compensation and benefits     21,903       22,674  
    General and administrative     8,102       6,837  
    Total expenses     30,005       29,511  
    Income (loss) income before other income (expense), net     1,957       (969 )
    Other income (expense), net            
    Other income (expense), net     178       45  
    Interest income     422       525  
    Interest expense     (49 )     (107 )
    Equity income from investments     1,154       73  
    Total other income (expense), net     1,705       536  
    Income (loss) before provision for income taxes     3,662       (433 )
    Provision for income taxes     (978 )     (209 )
    Net income (loss)     2,684       (642 )
    Less: net (income) loss attributable to non-controlling interests     (1,066 )     231  
    Net income (loss) attributable to Silvercrest   $ 1,618     $ (411 )
    Net income (loss) per share:            
    Basic   $ 0.17     $ (0.05 )
    Diluted   $ 0.17     $ (0.04 )
    Weighted average shares outstanding:            
    Basic     9,450,344       9,368,579  
    Diluted     9,487,453       9,368,579  
     
    Exhibit 3
    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
    Adjusted EBITDA   For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
        2024     2023     2024     2023  
    Reconciliation of non-GAAP financial measure:                        
    Net (loss) income   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Provision for income taxes     978       209       4,563       4,310  
    Delaware Franchise Tax     50       50       200       200  
    Interest expense     49       107       144       421  
    Interest income     (422 )     (525 )     (1,432 )     (946 )
    Depreciation and amortization     1,035       1,002       4,146       4,014  
    Equity-based compensation     542       580       1,916       1,627  
    Other adjustments (A)     154       1,800       855       2,069  
    Adjusted EBITDA   $ 5,070     $ 2,581     $ 26,101     $ 26,878  
    Adjusted EBITDA Margin     15.9 %     9.0 %     21.1 %     22.9 %

    (A) Other adjustments consist of the following:

        Three Months Ended
    December 31,    		     Twelve Months Ended
    December 31,
        2024     2023     2024     2023
    Acquisition costs (a)   $ —       $ —       $ —       $ 5  
    Severance     140         52         393         71  
    Other (b)     14         1,748         462         1,993  
    Total other adjustments   $ 154       $ 1,800       $ 855       $ 2,069  
    (a) For the twelve months ended December 31, 2023, represents professional fees of $5 related to the acquisition of Cortina.
    (b) For the three months ended December 31, 2024, represents a Tax Receivable Agreement adjustment of ($78), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $4, professional fees related to a transfer pricing project of $27 and data conversion costs of $13. For the twelve months ended December 31, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, a Tax Receivable Agreement adjustment of ($78), sign on bonuses paid to certain employees of $188, professional fees of $53 related to a transfer pricing project, legal fees of $46, data conversion costs of $27 and software implementation costs of $22. For the three months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input, a Tax Receivable Agreement adjustment of ($38), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $7, a fair value adjustment to the Neosho contingent purchase price consideration of $24, professional fees related to a transfer pricing project of $37 and legal fees related to the startup of a fund of $2. For the twelve months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input,  a Tax Receivable Agreement adjustment of $2, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, moving costs of $35, software implementation costs of $35, professional fees related to a transfer pricing project of $37, legal fees related to the startup of a fund of $2, a fair value adjustment to the Neosho contingent purchase price consideration of $24 and a fair value adjustment to the Cortina contingent purchase price consideration of ($2).
     
    Exhibit 4
    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”)
    Adjusted Net Income and Adjusted Earnings Per Share Measures
    (Unaudited and in thousands, except per share amounts or as noted)
     
    Adjusted Net Income and Adjusted Earnings Per Share   Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Reconciliation of non-GAAP financial measure:                        
    Net income (loss)   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Consolidated GAAP Provision for income taxes     978       209       4,563       4,310  
    Delaware Franchise Tax     50       50       200       200  
    Other adjustments (A)     154       1,800       855       2,069  
    Adjusted earnings before provision for income taxes     3,866       1,417       21,327       21,762  
    Adjusted provision for income taxes:                        
    Adjusted provision for income taxes (26% assumed tax rate)     (1,005 )     (368 )     (5,545 )     (5,658 )
                             
    Adjusted net income   $ 2,861     $ 1,049     $ 15,782     $ 16,104  
                             
    GAAP net income (loss) per share (B):                        
    Basic   $ 0.17     $ (0.05 )   $ 1.00     $ 0.96  
    Diluted   $ 0.17     $ (0.04 )   $ 1.00     $ 0.96  
                             
    Adjusted earnings per share/unit (B):                        
    Basic   $ 0.21     $ 0.08     $ 1.15     $ 1.16  
    Diluted   $ 0.20     $ 0.07     $ 1.10     $ 1.12  
                             
    Shares/units outstanding:                        
    Basic Class A shares outstanding     9,376       9,479       9,376       9,479  
    Basic Class B shares/units outstanding     4,373       4,431       4,373       4,431  
    Total basic shares/units outstanding     13,750       13,910       13,750       13,910  
                             
    Diluted Class A shares outstanding (C)     9,413       9,515       9,413       9,515  
    Diluted Class B shares/units outstanding (D)     4,945       4,820       4,945       4,820  
    Total diluted shares/units outstanding     14,358       14,335       14,358       14,335  
    (A) See A in Exhibit 3.
    (B) GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
    (C) Includes 37,109 and 35,554 unvested restricted stock units at December 31, 2024 and 2023, respectively.
    (D) Includes 205,079 and 240,998 unvested restricted stock units at December 31, 2024 and 2023, respectively, and 366,293 and 147,506 unvested non-qualified options at December 31, 2024 and 2023, respectively.
     
    Exhibit 5
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Financial Condition
    (Unaudited and in thousands)
     
        December 31,
    2024    		     December 31,
    2023    		  
    Assets            
    Cash and cash equivalents   $ 68,611     $ 70,301  
    Investments     1,354       219  
    Receivables, net     12,225       9,526  
    Due from Silvercrest Funds     945       558  
    Furniture, equipment and leasehold improvements, net     7,387       7,422  
    Goodwill     63,675       63,675  
    Operating lease assets     16,032       19,612  
    Finance lease assets     254       330  
    Intangible assets, net     16,644       18,933  
    Deferred tax asset     4,220       5,034  
    Prepaid expenses and other assets     3,085       3,964  
    Total assets   $ 194,432     $ 199,574  
    Liabilities and Equity            
    Accounts payable and accrued expenses   $ 1,953     $ 1,990  
    Accrued compensation     39,865       37,371  
    Borrowings under credit facility     —       2,719  
    Operating lease liabilities     22,270       26,277  
    Finance lease liabilities     262       336  
    Deferred tax and other liabilities     10,389       9,071  
    Total liabilities     74,739       77,764  
    Commitments and Contingencies (Note 10)            
    Equity            
    Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding     —       —  
    Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,450,559
    and 9,376,280 issued and outstanding, respectively, as of December 31, 2024;
    10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023    		     104       103  
    Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,373,315
    and 4,431,105 issued and outstanding as of December 31, 2024 and 2023, respectively    		     42       43  
    Additional Paid-In Capital     56,369       55,809  
    Treasury stock, at cost, 1,074,279 and 808,455 shares as of December 31, 2024 and 2023, respectively     (19,728 )     (15,057 )
    Accumulated other comprehensive income (loss)     (43 )     (12 )
    Retained earnings     43,953       41,851  
    Total Silvercrest Asset Management Group Inc.’s equity     80,697       82,737  
    Non-controlling interests     38,996       39,073  
    Total equity     119,693       121,810  
    Total liabilities and equity   $ 194,432     $ 199,574  
     
    Exhibit 6
    Silvercrest Asset Management Group Inc.
    Total Assets Under Management
    (Unaudited and in billions)
     
    Total Assets Under Management:
     
        Three Months Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 35.1     $ 31.2       12.5 %
                       
    Gross client inflows     2.2       0.9       144.4 %
    Gross client outflows     (1.3 )     (1.3 )     0.0 %
    Net client flows     0.9       (0.4 )     325.0 %
                       
    Market appreciation     0.5       2.5       -80.0 %
    Ending assets under management   $ 36.5     $ 33.3       9.6 %
        Year Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 33.3     $ 28.9       15.2 %
                       
    Gross client inflows     5.1       5.4       -5.6 %
    Gross client outflows     (5.7 )     (4.8 )     18.8 %
    Net client flows     (0.6 )     0.6       -200.0 %
                       
    Market appreciation     3.8       3.8       0.0 %
    Ending assets under management   $ 36.5     $ 33.3       9.6 %
     
    Exhibit 7
    Silvercrest Asset Management Group Inc.
    Discretionary Assets Under Management
    (Unaudited and in billions)
     
    Discretionary Assets Under Management:
     
        Three Months Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 22.6     $ 20.5       10.2 %
                       
    Gross client inflows     1.8       0.7       157.1 %
    Gross client outflows     (0.9 )     (1.1 )     -18.2 %
    Net client flows     0.9       (0.4 )     325.0 %
                       
    Market (depreciation) appreciation     (0.2 )     1.8       -111.1 %
    Ending assets under management   $ 23.3     $ 21.9       6.4 %
        Twelve Months Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 21.9     $ 20.9       4.8 %
                       
    Gross client inflows     3.9       3.0       30.0 %
    Gross client outflows     (4.6 )     (4.1 )     12.2 %
    Net client flows     (0.7 )     (1.1 )     36.4 %
                       
    Market appreciation     2.1       2.1       0.0 %
    Ending assets under management   $ 23.3     $ 21.9       6.4 %
    Exhibit 8
    Silvercrest Asset Management Group Inc.
    Non-Discretionary Assets Under Management
    (Unaudited and in billions)
     
    Non-Discretionary Assets Under Management:
     
        Three Months Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 12.5     $ 10.7       16.8 %
                       
    Gross client inflows     0.4       0.2       100.0 %
    Gross client outflows     (0.4 )     (0.2 )     100.0 %
    Net client flows     —       —       0.0 %
                       
    Market appreciation     0.7       0.7       0.0 %
    Ending assets under management   $ 13.2     $ 11.4       15.8 %
        Twelve Months Ended
    December 31,    		     % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 11.4     $ 8.0       42.5 %
                       
    Gross client inflows     1.2       2.4       -50.0 %
    Gross client outflows     (1.1 )     (0.7 )     57.1 %
    Net client flows     0.1       1.7       -94.1 %
                       
    Market appreciation     1.7       1.7       0.0 %
    Ending assets under management   $ 13.2     $ 11.4       15.8 %
     
    Exhibit 9
    Silvercrest Asset Management Group Inc.
    Assets Under Management
    (Unaudited and in billions)
     
        Three Months Ended
    December 31,    		  
        2024     2023  
    Total AUM as of September 30,   $ 35.088     $ 31.187  
    Discretionary AUM:            
    Total Discretionary AUM as of September 30,   $ 22.639     $ 20.462  
    New client accounts/assets (1)     1.370       0.188  
    Closed accounts (2)     (0.011 )     (0.103 )
    Net cash inflow/(outflow) (3)     (0.458 )     (0.479 )
    Non-discretionary to Discretionary AUM (4)     (0.012 )     (0.002 )
    Market appreciation     (0.209 )     1.819  
    Change to Discretionary AUM     0.680       1.423  
    Total Discretionary AUM at December 31,     23.319       21.885  
    Change to Non-Discretionary AUM (5)     0.687       0.671  
    Total AUM as of December 31,   $ 36.455     $ 33.281  
       
    Twelve Months Ended
    December 31,    		  
        2024     2023  
    Total AUM as of January 1,   $ 33.281     $ 28.905  
    Discretionary AUM:            
    Total Discretionary AUM as of January 1,   $ 21.885     $ 20.851  
    New client accounts/assets (1)     1.549       0.339  
    Closed accounts (2)     (0.527 )     (0.202 )
    Net cash inflow/(outflow) (3)     (1.714 )     (1.272 )
    Non-discretionary to Discretionary AUM (4)     (0.018 )     (0.032 )
    Market (depreciation)/appreciation     2.144       2.201  
    Change to Discretionary AUM     1.434       1.034  
    Total Discretionary AUM at December 31,     23.319       21.885  
    Change to Non-Discretionary AUM (5)     1.740       3.342  
    Total AUM as of December 31,   $ 36.455     $ 33.281  
    (1) Represents new account flows from both new and existing client relationships.
    (2) Represents closed accounts of existing client relationships and those that terminated.
    (3) Represents periodic cash flows related to existing accounts.
    (4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
    (5) Represents the net change to Non-Discretionary AUM.
     
    Exhibit 10
    Silvercrest Asset Management Group Inc.
    Equity Investment Strategy Composite Performance1, 2
    As of December 31, 2024
    (Unaudited)
     
    PROPRIETARY EQUITY PERFORMANCE 1, 2   ANNUALIZED PERFORMANCE  
        INCEPTION   1-YEAR     3-YEAR     5-YEAR     7-YEAR     INCEPTION  
    Large Cap Value Composite   4/1/02     16.3       5.1       10.8       10.6       9.7  
    Russell 1000 Value Index         14.4       5.6       8.7       8.4       7.9  
                                       
    Small Cap Value Composite   4/1/02     10.1       4.3       8.8       7.1       10.3  
    Russell 2000 Value Index         8.1       1.9       7.3       6.1       7.9  
                                       
    Smid Cap Value Composite   10/1/05     15.7       2.6       7.6       7.0       9.5  
    Russell 2500 Value Index         11.0       3.8       8.4       7.2       7.8  
                                       
    Multi Cap Value Composite   7/1/02     16.1       2.6       9.2       8.5       9.7  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.4  
                                       
    Equity Income Composite   12/1/03     10.4       3.1       6.7       7.4       10.8  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.5  
                                       
    Focused Value Composite   9/1/04     16.7       (0.2 )     5.6       5.4       9.4  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.3  
                                       
    Small Cap Opportunity Composite   7/1/04     14.9       4.5       10.3       10.1       11.0  
    Russell 2000 Index         11.5       1.2       7.4       6.9       8.1  
                                       
    Small Cap Growth Composite   7/1/04     13.6       (2.9 )     11.1       11.8       10.6  
    Russell 2000 Growth Index         15.2       0.2       6.9       7.2       8.5  
                                       
    Smid Cap Growth Composite   1/1/06     20.9       (3.2 )     12.6       14.2       11.1  
    Russell 2500 Growth Index         13.9       0.0       8.1       8.8       9.5  
    1 Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
    2 The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
      The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

    The MIL Network –

  • MIL-OSI: Asure Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Reports Full Year 2024 Revenues of $119.8 million

    Full Year 2024 Recurring Revenues Grew 15% from Prior Year

    Recurring Revenues Grew to 96% of Total Revenues from 84% in the Prior Year

    AUSTIN, Texas, March 06, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $30.8 million, up 17% year over year, excluding ERTC revenue up 22% from prior year fourth quarter
    • Recurring revenue of $28.5 million, up 14% from prior year fourth quarter
    • Net loss of $3.2 million versus a net loss of $3.6 million during prior year fourth quarter
    • EBITDA (1) of $3.4 million versus $1.1 million from prior-year fourth quarter
    • Adjusted EBITDA (1) of $6.2 million, versus $2.8 million from prior-year fourth quarter
    • Gross profit of $20.9 million versus $17.8 million from prior-year fourth quarter
    • Non-GAAP gross profit (1) of $22.5 million (Non-GAAP gross margin (1) of 73%) versus $18.8 million (and 72% in prior-year fourth quarter)

    Full Year 2024 Financial Highlights

    • Revenue of $119.8 million increased slightly year over year, excluding ERTC revenue up 17% from prior year
    • Recurring revenue of $114.5 million up 15% from prior year
    • Net loss of $11.8 million versus prior year net loss of $9.2 million
    • EBITDA (1) of $11.4 million versus $14.3 million in the prior year
    • Adjusted EBITDA (1) of $22.5 million versus $23.3 million in the prior year
    • Gross profit of $82.1 million versus $85.5 million in the prior year
    • Non-GAAP gross profit (1) of $88.2 million versus $90.3 million in the prior year

    Recent Business Highlights

    • In January 2025 we signed a major multi-year agreement with an industry leader in audit, consulting, tax and advisory  services to resell our Payroll and Payroll Tax Management solutions. The multi-year agreement will deliver comprehensive payroll and payroll tax management services for the firm’s clients enabling them to offer these services for the first time. 
    • We announced the introduction of Luna, a groundbreaking AI agent designed to enhance payroll and HR management. Unlike traditional generative AI chatbots, Luna is an advanced AI agent that understands Asure’s suite of products, serves as an industry expert, and most importantly, can act on behalf of both employees through self-service and business owners and administrators.
    • Jay Whitehead joined Asure in January 2025 as Senior Vice President to lead our AsurePay™ Platinum VIP Banking card and Marketplace businesses. He is a seasoned entrepreneur, and HCM thought leader who we expect to drive innovation and foster strategic partnerships at Asure.

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

    Management Commentary

    “We are pleased to report strong results for 2024, demonstrating the continued momentum of our business. Excluding the one-time impact of ERTC revenue, our fourth-quarter revenue grew 22% year-over-year, reaching $30.8 million—an impressive finish to the year. For the full year, total revenue increased modestly to $119.8 million, but when adjusted to exclude ERTC, our revenue growth was 17% year-over-year, underscoring the strength of our core business. Recurring revenue, the backbone of our model, grew 15% year-over-year and now represents 96% of total revenue, up from 84% in 2023. Additionally, our contracted revenue backlog continued to expand, providing further visibility into future growth,” said Asure Chairman and CEO Pat Goepel. 

    “Our performance in 2024 was particularly strong in key areas, including our Payroll Tax Management product, which drove several major multi-year agreements with enterprise clients. The success of this product, along with our growing backlog, reinforces the durability of our revenue streams and positions us well for the future.” 

    “We executed our strategy despite the anticipated headwind of replacing one-time ERTC revenue, and we are entering 2025 with a solid foundation for continued growth. Our plan for 2025 includes both organic and inorganic expansion, supported by the significant investments we’ve made in technology, operations, and new product development. With these improvements, we are confident in our ability to drive sustained, long-term growth.” 

    First Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

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

    Guidance for 2025

    Guidance Range   Q1-2025   FY-2025
    Revenue $ 33.0 M – 35.0 M $ 134.0 M -138.0 M
    Adjusted EBITDA(1) $ 6.0 M -7.0 M   23% -24%
             

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

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

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

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

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

    Conference Call Details

    Asure management will host a conference call on Thursday, March 6, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

    About Asure Software, Inc.

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

    Non-GAAP and Adjusted Financial Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Use of Forward-Looking Statements

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

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

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

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

     
    ASURE SOFTWARE, INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)
           
      December 31, 2024   December 31, 2023
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 21,425     $ 30,317  
    Accounts receivable, net of allowance for credit losses of $6,328 and $4,787 at December 31, 2024 and December 31, 2023, respectively   18,154       14,202  
    Inventory   195       155  
    Prepaid expenses and other current assets   4,888       3,471  
    Total current assets before funds held for clients   44,662       48,145  
    Funds held for clients   192,615       219,075  
    Total current assets   237,277       267,220  
    Property and equipment, net   19,669       14,517  
    Goodwill   94,724       86,011  
    Intangible assets, net   69,114       62,082  
    Operating lease assets, net   4,041       4,991  
    Other assets, net   11,813       9,047  
    Total assets $ 436,638     $ 443,868  
    LIABILITIES AND STOCKHOLDERS’EQUITY      
    Current liabilities:      
    Current portion of notes payable $ 7,008     $ 27  
    Accounts payable   1,364       2,570  
    Accrued compensation and benefits   4,485       6,519  
    Operating lease liabilities, current   1,438       1,490  
    Other accrued liabilities   6,600       3,862  
    Deferred revenue   8,363       6,853  
    Total current liabilities before client fund obligations   29,258       21,321  
    Client fund obligations   194,378       220,019  
    Total current liabilities   223,636       241,340  
    Long-term liabilities:      
    Deferred revenue   3,430       16  
    Deferred tax liability   2,612       1,728  
    Notes payable, net of current portion   5,709       4,282  
    Operating lease liabilities, noncurrent   3,578       4,638  
    Other liabilities   358       209  
    Total long-term liabilities   15,687       10,873  
    Total liabilities   239,323       252,213  
    Stockholders’ equity:      
    Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding   —       —  
    Common stock, $0.01 par value; 44,000 shares authorized; 26,671 and 25,382 shares issued, 26,671 and 24,998 shares outstanding at December 31, 2024 and December 31, 2023, respectively   267       254  
    Treasury stock at cost, zero(1)and 384 shares at December 31, 2024 and December 31, 2023, respectively   —       (5,017 )
    Additional paid-in capital   504,849       487,973  
    Accumulated deficit   (307,226 )     (290,440 )
    Accumulated other comprehensive loss   (575 )     (1,115 )
    Total stockholders’ equity   197,315       191,655  
    Total liabilities and stockholders’ equity $ 436,638     $ 443,868  
    (1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.
     
     
    ASURE SOFTWARE, INC.
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (in thousands, except per share amounts)
           
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
      2024   2023   2024   2023
                   
    Revenue:              
    Recurring $ 28,521     $ 24,985     $ 114,471     $ 99,734  
    Professional services, hardware and other   2,271       1,279       5,321       19,348  
    Total revenue   30,792       26,264       119,792       119,082  
    Cost of sales   9,864       8,425       37,685       33,545  
    Gross profit   20,928       17,839       82,107       85,537  
    Operating expenses:              
    Sales and marketing   6,945       6,422       28,316       28,734  
    General and administrative   9,940       9,747       40,499       39,333  
    Research and development   2,103       1,739       7,807       6,846  
    Amortization of intangible assets   4,432       3,694       16,222       13,623  
    Total operating expenses   23,420       21,602       92,844       88,536  
    Loss from operations   (2,492 )     (3,763 )     (10,737 )     (2,999 )
    Interest income   151       326       913       1,342  
    Interest expense   (362 )     (302 )     (1,024 )     (5,639 )
    Loss on extinguishment of debt   —       —       —       (1,517 )
    Other income (expense), net   (2 )     (1 )     8       (292 )
    Loss from operations before income taxes   (2,705 )     (3,740 )     (10,840 )     (9,105 )
    Income tax expense (benefit)   499       (158 )     933       109  
    Net loss   (3,204 )     (3,582 )     (11,773 )     (9,214 )
    Other comprehensive income (loss):              
    Unrealized gain (loss) on marketable securities   (565 )     1,581       540       1,368  
    Comprehensive loss $ (3,769 )   $ (2,001 )   $ (11,233 )   $ (7,846 )
                   
    Basic and diluted loss per share              
    Basic $ (0.12 )   $ (0.14 )   $ (0.45 )   $ (0.42 )
    Diluted $ (0.12 )   $ (0.14 )   $ (0.45 )   $ (0.42 )
                   
    Weighted average basic and diluted shares              
    Basic   26,602       24,907       26,054       22,138  
    Diluted   26,602       24,907       26,054       22,138  
                                   
     
    ASURE SOFTWARE, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
       
      Year Ended December 31,
      2024   2023
           
    Cash flows from operating activities:      
    Net loss $ (11,773 )   $ (9,214 )
    Adjustments to reconcile loss to net cash provided by operations:      
    Depreciation and amortization   22,142       19,135  
    Amortization of operating lease assets   1,386       1,481  
    Amortization of debt financing costs and discount   726       820  
    Non-cash interest expense   298       1,471  
    Net accretion of discounts and amortization of premiums on available-for-sale securities   (377 )     (119 )
    Provision for expected losses   46       2,047  
    Provision for deferred income taxes   884       225  
    Loss on extinguishment of debt   —       990  
    Net realized gains on sales of available-for-sale securities   (2,609 )     (2,257 )
    Share-based compensation   6,444       5,430  
    Loss on disposals of long-term assets   —       132  
    Change in fair value of contingent purchase consideration   —       175  
    Changes in operating assets and liabilities:      
    Accounts receivable   (3,998 )     (4,126 )
    Inventory   (41 )     97  
    Prepaid expenses and other assets   (1,886 )     5,101  
    Operating lease right-of-use assets   —       546  
    Accounts payable   (1,206 )     376  
    Accrued expenses and other long-term obligations   (1,103 )     87  
    Operating lease liabilities   (1,555 )     (1,118 )
    Deferred revenue   2,010       (2,379 )
    Net cash provided by operating activities   9,388       18,900  
    Cash flows from investing activities:      
    Acquisition of intangible assets   (13,256 )     (7,651 )
    Purchases of property and equipment   (692 )     (1,585 )
    Software capitalization costs   (10,187 )     (7,027 )
    Purchases of available-for-sale securities   (15,643 )     (27,647 )
    Proceeds from sales and maturities of available-for-sale securities   20,522       14,385  
    Net cash used in investing activities   (19,256 )     (29,525 )
    Cash flows from financing activities:      
    Proceeds from notes payable, net of issuance costs   4,995       —  
    Payments of notes payable   (420 )     (35,627 )
    Debt extinguishment costs   —       (250 )
    Net proceeds from issuance of common stock   1,370       46,800  
    Capital raise fees   (132 )     (338 )
    Payments made on amounts due for the acquisition of intangibles   (1,513 )     (311 )
    Net change in client fund obligations   (26,342 )     13,931  
    Net cash provided by (used in) financing activities   (22,042 )     24,205  
    Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents   (31,910 )     13,580  
    Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period   177,622       164,042  
    Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 145,712     $ 177,622  
                   
     
    ASURE SOFTWARE, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
    (in thousands)
       
      Year Ended December 31,
      2024
    		   2023
           
    Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
    Cash and cash equivalents $ 21,425     $ 30,317  
    Restricted cash and restricted cash equivalents included in funds held for clients   124,287       147,305  
    Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 145,712     $ 177,622  
           
    Supplemental information:      
    Cash paid for interest $ —     $ 3,140  
    Cash paid for income taxes $ 18     $ 432  
           
    Non-cash investing and financing activities:      
    Acquisition of intangible assets $ 5,338     $ 357  
    Notes payable issued for acquisitions $ 3,107     $ 1,209  
    Shares issued for acquisitions $ 9,125     $ 2,543  
                   
     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES
    (unaudited)
                     
    (in thousands) Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23
    Revenue(1) $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 29,334   $ 30,420   $ 33,064  
                     
    Gross Profit to non-GAAP Gross Profit                
    Gross Profit $ 20,928   $ 19,704   $ 18,868   $ 22,607   $ 17,839   $ 21,280   $ 22,018   $ 24,400  
    Gross Margin   68.0 %   67.2 %   67.3 %   71.4 %   67.9 %   72.5 %   72.4 %   73.8 %
                     
    Share-based Compensation   44     44     43     40     32     28     46     31  
    Depreciation   1,190     1,232     1,145     1,110     921     984     1,309     1,009  
    Amortization – intangibles   50     50     50     50     50     50     50     268  
    One-time expenses                
    Settlements, penalties & interest   25     2     3     —     (6 )   8     —     4  
    Acquisition and transaction costs   221     367     264     39     —     —     —     —  
    Other non-recurring expenses   84     —     —     —     —     —     —     —  
    Non-GAAP Gross Profit $ 22,542   $ 21,399   $ 20,373   $ 23,846   $ 18,836   $ 22,350   $ 23,423   $ 25,712  
    Non-GAAP Gross Margin   73.2 %   73.0 %   72.6 %   75.3 %   71.7 %   76.2 %   77.0 %   77.8 %
                     
    Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
    Sales and Marketing Expense $ 6,945   $ 6,680   $ 6,924   $ 7,767   $ 6,422   $ 6,597   $ 8,515   $ 7,200  
                     
    Share-based Compensation   251     269     237     243     180     210     149     124  
    Depreciation   —     1     —     1     1     —     —     —  
    One-time expenses                
    Settlements, penalties & interest   78     (5 )   5     18     6     30     4     11  
    Acquisition and transaction costs   9     68     37     11     —     —     —     —  
    Other non-recurring expenses   52     —     —     —     —     —     180     —  
    Non-GAAP Sales and Marketing Expense $ 6,555   $ 6,347   $ 6,645   $ 7,494   $ 6,235   $ 6,357   $ 8,182   $ 7,065  
                     
    General and Administrative Expense to non-GAAP General and Administrative Expense
    General and Administrative Expense $ 9,940   $ 10,378   $ 10,118   $ 10,063   $ 9,747   $ 9,294   $ 10,336   $ 9,956  
                     
    Share-based Compensation   1,081     1,187     1,122     1,535     980     936     1,298     1,142  
    Depreciation   269     264     256     251     225     200     234     210  
    One-time expenses                
    Settlements, penalties & interest   142     377     304     98     284     101     432     102  
    Acquisition and transaction costs   282     371     245     57     51     —     —     —  
    Other non-recurring expenses   220     253     —     86     53     —     453     —  
    Non-GAAP General and Administrative Expense $ 7,946   $ 7,926   $ 8,191   $ 8,036   $ 8,154   $ 8,057   $ 7,919   $ 8,502  
                     
    Research and Development Expense to non-GAAP Research and Development Expense
    Research and Development Expense $ 2,103   $ 1,973   $ 1,962   $ 1,769   $ 1,739   $ 1,803   $ 1,325   $ 1,979  
                     
    Share-based Compensation   87     90     86     85     69     76     89     40  
    One-time expenses                
    Settlements, penalties & interest   21     —     27     31     —     —     —     —  
    Acquisition and transaction costs   153     195     369     147     —     —     —     —  
    Other non-recurring expenses   29     —     —     —     —     —     —     —  
    Non-GAAP Research and Development Expense $ 1,813   $ 1,688   $ 1,480   $ 1,506   $ 1,670   $ 1,727   $ 1,236   $ 1,939  
                                                     

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

     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.)
    (unaudited)
                     
    (in thousands) Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23
    Revenue(1) $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 29,334   $ 30,420   $ 33,064  
                     
    GAAP Net (Loss) Income to Adjusted EBITDA
    GAAP Net (Loss) Income $ (3,204 ) $ (3,901 ) $ (4,360 ) $ (308 ) $ (3,582 ) $ (2,206 ) $ (3,765 ) $ 339  
                     
    Interest expense, net   211     109     (53 )   (156 )   (24 )   782     1,593     1,944  
    Income taxes   499     170     231     33     (158 )   (123 )   627     (237 )
    Depreciation   1,460     1,497     1,402     1,361     1,148     1,185     1,542     1,219  
    Amortization – intangibles   4,482     4,345     4,096     3,499     3,743     3,384     3,343     3,570  
    EBITDA $ 3,448   $ 2,220   $ 1,316   $ 4,429   $ 1,127   $ 3,022   $ 3,340   $ 6,835  
    EBITDA Margin   11.2 %   7.6 %   4.7 %   14.0 %   4.3 %   10.3 %   11.0 %   20.7 %
                     
    Share-based Compensation   1,463     1,591     1,488     1,902     1,260     1,251     1,582     1,337  
    One Time Expenses                
    Settlements, penalties & interest   266     375     339     147     283     140     436     117  
    Acquisition and transaction costs   665     1,001     914     254     51     —     —     —  
    Other non-recurring expenses   385     253     —     86     53     —     633     —  
    Other expense (income), net   2     —     —     (10 )   1     1,800     93     (83 )
    Adjusted EBITDA $ 6,229   $ 5,440   $ 4,057   $ 6,808   $ 2,775   $ 6,213   $ 6,084   $ 8,206  
    Adjusted EBITDA Margin   20.2 %   18.6 %   14.5 %   21.5 %   10.6 %   21.2 %   20.0 %   24.8 %
                                                     

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

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

    The MIL Network –

  • MIL-OSI: Calian Announces Upcoming Participation at Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, March 06, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, announced today that the Company will be participating at the following investor conference:

    37thAnnual ROTH Conference
    Date: March 17, 2025
    Location: Dana Point, CA

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners.

    Investor Relations inquiries:

    ir@calian.com

    DISCLAIMER
    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    The MIL Network –

  • MIL-OSI: Jayud Global Logistics Appoints Hu Mengmeng as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, March 06, 2025 (GLOBE NEWSWIRE) — Jayud Global Logistics Limited (NASDAQ: JYD) (“Jayud” or the “Company”), a leading end-to-end supply chain solution provider based in Shenzhen specializing in cross-border logistics, today announced the appointment of Ms. HU Mengmeng as Chief Financial Officer, effective March 1, 2025. She succeeds Ms. Lin Bao, who is stepping down from her position as CFO for personal reasons.

    Ms. Hu (46) brings over 20 years of extensive experience in the shipping and logistics sector, having held senior financial positions at several renowned multinational companies, including Maersk, CSAV Shipping Co, Ltd, and CMA CGM. Her expertise spans comprehensive financial management, strategic cost control, cash flow optimization, and cross-border operations.

    “On behalf of the Board and the entire Jayud team, I would like to express our sincere gratitude to Ms. Lin Bao for her dedicated service and significant contributions as CFO,” said Xiaogang Geng, Chairman of the Board and CEO of Jayud Global Logistics. “We respect her decision to step down and wish her all the best in her future endeavors.”

    “We are delighted to welcome Ms. Hu to our executive leadership team. Her wealth of experience in financial management within the logistics industry, coupled with her strategic vision and proven track record of optimizing financial operations, will be instrumental as we expand our global footprint and enhance shareholder value.”

    “I am honored to join Jayud Global Logistics at such an exciting time in the Company’s development,” said Ms. Hu. “I see tremendous opportunity to drive sustainable growth, leveraging my experience in the logistics sector to optimize financial strategies, enhance operational efficiency, and create additional value for our shareholders and customers.”

    Ms. Lin Bao will remain with the Company for a period to ensure a smooth transition of responsibilities to Ms. Hu. This transition period will facilitate knowledge transfer and maintain operational continuity in the Company’s financial management.

    Before joining Jayud, Ms. Hu served as Financial Director at Shihua Youshi Education Technology (Shenzhen) Co., Ltd. from 2017 to 2024, where she developed and implemented medium to long-term financial strategies and led comprehensive financial management initiatives. Previously, she held positions as Audit Manager at CMA CGM (China) Co., Ltd. Shenzhen Branch, Finance Manager at CSAV Shipping Co., Ltd., and Cost Manager at Maersk (China) Shipping Co., Ltd.

    Ms. Hu holds a Bachelor’s degree in Economics with a specialization in International Finance from Shenyang University of Technology. She is fluent in Chinese, Cantonese, and English.

    About Jayud Global Logistics Limited
    Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, focusing on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company’s website: https://ir.jayud.com.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For more information, please contact:

    Jayud Global Logistics Limited
    Investor Relations Department
    Email: ir@jayud.com  

    Investor Relations Contact:
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI: FormFactor Partners with Delft Circuits to Revolutionize Quantum Computing Interfacing

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., March 06, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (NASDAQ: FORM), a leader in precision test and measurement solutions, and Delft Circuits, an innovator in high-density cryogenic cabling solutions, have teamed up to integrate Delft Circuits’ Cri/oFlex® product portfolio into FormFactor’s cryogenic test systems. This partnership addresses the growing demand for scalable, high-density interconnect solutions in quantum computing, enabling the industry to meet growing demands for computation power and efficient system interfacing.

    As quantum technology continues to evolve, systems must support higher channel densities to meet increasing computational requirements. FormFactor’s systems, currently equipped with 12 ISO-100 ports supporting up to 300 channels, will now integrate Delft Circuits’ high-density Cri/oFlex® cabling. This partnership enables up to 160 channels per port, with a total of 1920 channels, improving the overall performance and scalability of quantum systems, especially in environments where space and efficiency are critical.

    “Delft Circuits’ technology perfectly complements our systems, allowing us to offer our customers some of the highest channel densities in the industry while maintaining the precision and reliability FormFactor is known for,” said Thomas Fries, VP and GM, Emerging Growth Business Unit, FormFactor.

    Key Benefits of the Partnership:

    • Increased Channel Density: Delft Circuit’s Cri/oFlex® cabling provides up to 160 channels per port, enabling 1920 channels in total—driving the scalability needed for next-generation quantum computers.
    • Tailored for Space-Constrained Environments: Designed specifically for high-density interfacing in compact quantum computing fridges, facilitating seamless integration in limited spaces.
    • Scalable Pathway for Growth: Initial support for 80-160 channels with mK node and SMP-SMP jumpers, with future scalability to meet accelerating roadmaps.

    “Our partnership with FormFactor underscores the value of Cri/oFlex® technology in addressing the critical needs of quantum computing infrastructures. We are excited to bring our expertise to their robust portfolio and help advance the industry’s progress,” said Daan Kuitenbrouwer, Chief Commercial Officer and Founder at Delft Circuits.

    The collaboration is ideally positioned to transform quantum computing interfacing by offering a comprehensive solution that combines precision measurement with cutting-edge cabling technology—accelerating the scalability and reliability of next-generation quantum systems for researchers, developers, manufacturers, and infrastructure providers alike.

    About FormFactor
    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design debug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    About Delft Circuits
    Delft Circuits is a leading provider of dedicated quantum hardware, dedicated to supplying the best hardware for the quantum engineer and industry. With a focus on designing and developing i/o cabling solutions, the company has established itself as a trusted partner for leading national laboratories, blue-chip corporations, and ambitious professors. With a beachhead market in the quantum industry, Delft Circuits has already realized hundreds of i/o modules for almost a hundred customers. As an independent, dedicated quantum hardware supplier, the company is committed to pioneering i/o for advanced technologies. Delft Circuits proprietary cabling solutions were referenced by DARPA as the world’s state of the art. Investors in Delft Circuits include QuVest Capital, Scholt Group and High Tech Gründerfonds (HTGF). For more information, please visit: https://www.delft-circuits.com. 

    Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the impact of this new partnership. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FormFactor Investor Contact
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    The MIL Network –

  • MIL-OSI: Reliance Global Group Reports 2024 Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., March 06, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the year ended December 31, 2024.

    “We are pleased to report continued revenue growth and strong operational execution in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance. “This year has been truly transformative for Reliance, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions. Our OneFirm strategy has successfully integrated our agency operations into a unified, technology-driven platform, enhancing efficiency, reducing costs, and strengthening net operating results. These initiatives have significantly improved profitability and, we believe, positioned the Company for long-term, scalable growth in the evolving InsurTech landscape.”

    “Additionally, we believe the planned Spetner acquisition and the continued expansion of RELI Exchange’s AI-powered Quote & Bind platform are poised to drive significant value for the Company and its shareholders. Our Quote & Bind platform has revolutionized the insurance purchasing process, allowing agents to quickly generate competitive quotes and seamlessly bind policies in real time. By leveraging AI, automation, and advanced data analytics, we are enhancing efficiency, improving underwriting precision, and delivering superior service to our agents and their clients.”

    2024 Financial Highlights

    • Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023, attributed to sustained organic growth of our current in-place operations.
    • Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, compared to $3,732,939 in 2023, driven primarily by the Company’s commission income revenue mix.
    • Salaries and wages decreased by 4%, or $276,242, from $7,226,810 in 2024, versus $7,503,052 in 2023, demonstrating the Company’s ability to effectively leverage its talent (human capital) and continue to organically grow revenues.
    • General and administrative expenses increased nominally by $129,646, or 3%, to $4,219,635 in 2024, versus $4,089,989 in 2023, driven in part by acquisition related costs and general inflation, but offset by OneFirm efficiency enhancements.
    • Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, versus $12,009,982 in 2023. This positive swing is a result of less intangible impairment charges in the current year and the Company’s focus on streamlining its balance sheet which has previously been encumbered by certain fair value contingent and warrant liabilities that were liquidated or substantially reduced as of and for the year ended December 31, 2024, thus minimizing the impact of fair value swings affecting the Company’s profitability.
    • Adjusted EBITDA loss (“AEBITDA”), a non-GAAP financial measure, improved significantly during 2024, decreasing 39% or $205,573, from $(526,798) in 2023, to $(321,224) in 2024. This demonstrates the Company’s continued trend toward AEBITDA profitability, brought about through disciplined fiscal management and exciting organic operational growth.

    The Company also provided an update on its pending Spetner acquisition, which is in the final closing stages. Once closed, the acquisition is expected to expand Reliance’s insurance offerings, further strengthening its competitive position and enhancing its ability to serve a broader market with a more comprehensive suite of insurance solutions.

    Reliance has also expanded its RELI Exchange Quote & Bind platform, reinforcing its leadership in the InsurTech space. Initially launched in beta, the platform now includes more carriers and a broader range of insurance products, with further enhancements underway. Designed to streamline agent workflows, it enables instant quoting and policy binding, improving efficiency and accelerating policy issuance. AI-driven automation enhances underwriting accuracy, while access to top-tier carriers ensures competitive pricing and diverse coverage options.

    Moshe Fishman, Reliance’s Director of InsurTech and Operations, added “At Reliance, we are revolutionizing the insurance industry through cutting-edge technology and automation. With the continued expansion of our Quote & Bind platform, we are empowering agents with advanced tools that enhance efficiency, speed up deal closures, and maximize profitability. This initiative is a cornerstone of our strategy to make RELI Exchange the most comprehensive and accessible InsurTech solution in the industry.”

    Mr. Beyman concluded, “As we look ahead, the future for Reliance has never been brighter. With our disciplined approach to expansion, cutting-edge technology, and strategic acquisitions, we are well-positioned to capitalize on emerging opportunities in the rapidly evolving InsurTech landscape. The completion of the Spetner acquisition and the ongoing enhancements to our Quote & Bind platform are just the beginning of what we believe will be a period of unprecedented growth. We remain focused on innovation, operational excellence, and delivering superior service to our agents and customers. By staying true to our vision, we are confident in our ability to build Reliance into a highly profitable enterprise that generates sustainable long-term value for our shareholders. The momentum we have built in 2024 is only the foundation—we are excited for what lies ahead in 2025 and beyond.”

    Conference Call

    Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024, as well as the Company’s corporate progress and other developments.

    The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 522829. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52132 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through March 6, 2026. A telephone replay of the call will be available approximately one hour following the call, through March 20, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52132.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risks as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s most recent Annual Report on Form 10-K, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

    The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

    We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

      ● Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
      ● Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it’s excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Other income (expense), net: Includes non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
      ● Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. Thes costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      ● Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
         

    The following table provides a reconciliation from net loss to AEBITDA for the periods ended December 31, 2024 and 2023, respectively:

        December 31,
    2024    		     December 31,
    2023    		  
    Net loss   $ (9,071,584 )   $ (12,009,982 )
    Adjustments:                
    Interest and related party interest expense     1,583,610       1,656,253  
    Depreciation and amortization     1,786,068       2,609,191  
    Asset impairment     3,922,110       –  
    Goodwill impairment     –       7,594,000  
    Equity-based compensation employees, directors, and service providers     858,108       1,272,155  
    Change in estimated acquisition earn-out payables     47,761       1,716,873  
    Other income, net     (51,345 )     (6,530 )
    Transactional costs     636,494       101,500  
    Non-standard costs     123,554       58,675  
    Recognition and change in fair value of warrant liabilities     (156,000 )     (5,503,647 )
    Loss from discontinued operations before tax     –       1,984,714  
    Total adjustments     8,750,360       11,483,185  
                     
    AEBITDA   $ (321,224 )   $ (526,798 )

    The MIL Network –

  • MIL-OSI: Fidus Investment Corporation Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Board of Directors Declared Total Dividends of $0.54 per Share for First Quarter 2025

    Base Dividend of $0.43 and Supplemental Dividend of $0.11 Per Share

    EVANSTON, Ill, March 06, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Total investment income of $37.5 million
    • Net investment income of $18.6 million, or $0.55 per share
    • Adjusted net investment income of $18.4 million, or $0.54 per share(1)
    • Invested $120.3 million in debt and equity securities, including five new portfolio companies
    • Received proceeds from repayments and realizations of $122.8 million
    • Paid total dividends of $0.61 per share: regular quarterly dividend of $0.43 and supplemental dividend of $0.18 per share on December 27, 2024
    • Net asset value (“NAV”) of $655.7 million, or $19.33 per share, as of December 31, 2024

    Full Year 2024 Financial Highlights

    • Total investment income of $146.1 million
    • Net investment income of $74.6 million, or $2.29 per share
    • Adjusted net investment income of $75.4 million, or $2.31 per share(1)
    • Invested $394.5 million in debt and equity securities, including 16 new portfolio companies
    • Received proceeds from repayments and realizations of $276.9 million
    • Paid total dividends of $2.42 per share: regular quarterly dividends totaling $1.72 and supplemental dividends of $0.70 per share
    • Estimated spillover income (or taxable income in excess of distributions) as of December 31, 2024 of $45.6 million, or $1.34 per share

    Management Commentary

    “During the fourth quarter and fiscal year 2024, we extended our track record of growing our portfolio while maintaining sound credit quality overall by adhering to our proven strategy of investing in debt and equity investments,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation.  “Originations for the year exceeded repayments and realizations resulting in a 13.8% increase in assets under management on a fair value basis. Our portfolio generated 11.6% higher adjusted net investment income and produced $11.6 million of net realized gains. In 2024, we distributed a total of $2.42 per share to our shareholders.  For 2025, we remain committed to our strategy and our goals of growing net asset value over time, preserving capital and delivering attractive risk-adjusted returns to our shareholders.”

    (1) Supplemental information regarding adjusted net investment income:

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.

    Fourth Quarter 2024 Financial Results

    The following table provides a summary of our operating results for the three months ended December 31, 2024, as compared to the same period in 2023 (dollars in thousands, except per share data):

                           
      Three Months Ended December 31,              
      2024     2023     $ Change     % Change  
    Interest income $ 31,651     $ 29,511     $ 2,140       7.3 %
    Payment-in-kind interest income   2,095       1,973       122       6.2 %
    Dividend income   104       265       (161 )     (60.8 %)
    Fee income   2,998       3,522       (524 )     (14.9 %)
    Interest on idle funds   609       1,040       (431 )     (41.4 %)
    Total investment income $ 37,457     $ 36,311     $ 1,146       3.2 %
                           
    Net investment income $ 18,648     $ 16,939     $ 1,709       10.1 %
    Net investment income per share $ 0.55     $ 0.58     $ (0.03 )     (5.2 %)
                           
    Adjusted net investment income(1) $ 18,437     $ 18,837     $ (400 )     (2.1 %)
    Adjusted net investment income per share(1) $ 0.54     $ 0.65     $ (0.11 )     (16.9 %)
                           
    Net increase (decrease) in net assets resulting from operations $ 17,593     $ 26,430     $ (8,837 )     (33.4 %)
    Net increase (decrease) in net assets resulting from operations per share $ 0.52     $ 0.91     $ (0.39 )     (42.9 %)
                                   

    The $1.1 million increase in total investment income for the three months ended December 31, 2024, as compared to the same period in 2023 was primarily attributable to (i) a $2.3 million increase in total interest income (which includes payment-in-kind interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding, (ii) a $0.2 million decrease in dividend income due to decreased levels of distributions received from equity investments, (iii) a $0.5 million decrease in fee income resulting from a decrease in origination fees, partially offset by an increase in amendment and administrative fees, and (iv) a $0.4 million decrease in interest on idle funds due to a decrease in weighted average cash balances outstanding.

    For the three months ended December 31, 2024, total expenses, including the base management fee waiver and income tax provision, were $18.8 million, a decrease of $0.6 million, or (2.9%) from the $19.4 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended December 31, 2023. The decrease was primarily attributable to (i) a $0.3 million increase in interest and financing expenses, (ii) a $0.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $0.1 million decrease in the income incentive fee and a $2.1 million decrease in capital gains incentive fee accrued, (iv) a $0.1 million decrease in professional fees, and (v) a $0.8 million increase in income tax provision.

    Net investment income increased by $1.7 million, or 10.1%, to $18.6 million during the three months ended December 31, 2024 as compared to the same period in 2023, as a result of the $1.1 million increase in total investment income and the $0.6 million decrease in total expenses, including base management fee waiver and income tax provision. Adjusted net investment income,(1) which excludes the capital gains incentive fee accrual, was $0.54 per share compared to $0.65 per share in the prior year.

    For the three months ended December 31, 2024, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was $(0.5) million, as compared to total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, of $19.7 million for the same period in 2023.

    Full Year 2024 Financial Results
    The following table provides a summary of our operating results for the year ended December 31, 2024 as compared to the same period in 2023 (dollars in thousands, except per share data):

      Years Ended December 31,              
      2024     2023     $ Change     % Change  
    Interest income $ 123,153     $ 109,947     $ 13,206       12.0 %
    Payment-in-kind interest income   7,840       6,634       1,206       18.2 %
    Dividend income   2,242       1,215       1,027       84.5 %
    Fee income   9,572       9,450       122       1.3 %
    Interest on idle funds   3,347       2,864       483       17 %
    Total investment income $ 146,154     $ 130,110     $ 16,044       12.3 %
                           
    Net investment income $ 74,636     $ 65,106     $ 9,530       14.6 %
    Net investment income per share $ 2.29     $ 2.47     $ (0.18 )     (7.3 %)
                           
    Adjusted net investment income(1) $ 75,367     $ 67,511     $ 7,856       11.6 %
    Adjusted net investment income per share(1) $ 2.31     $ 2.56     $ (0.25 )     (9.8 %)
                           
    Net increase in net assets resulting from operations $ 78,292     $ 77,133     $ 1,159       1.5 %
    Net increase in net assets resulting from operations per share $ 2.40     $ 2.93     $ (0.53 )     (18.1 %)
                                   

    The $16.0 million increase in total investment income for the year ended December 31, 2024 as compared to the same period in 2023 was primarily attributable to (i) a $14.4 million increase in total interest income resulting from an increase in average debt investment balances outstanding, partially offset by lower weighted average yield on debt investment balances outstanding, (ii) a $1.0 million increase in dividend income due to increased levels of distributions received from equity investments, (iii) a $0.1 million increase in fee income resulting from an increase in amendment and administrative fees, partially offset by a decrease in origination, management, and prepayment fees, and (iv) a $0.5 million increase in interest on idle funds due to an increase in average cash balances outstanding.

    For the year ended December 31, 2024, total expenses, including the base management waiver and income tax provision, were $71.5 million, an increase of $6.5 million or 10.0%, from the $65.0 million of total expenses, including income tax provision, for the year ended December 31, 2023. The increase was primarily attributable to (i) a $1.7 million increase in interest and financing expenses, (ii) a $2.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $2.0 million increase in income incentive fees, partially offset by a $1.7 million decrease in capital gains incentive fees, (iv) a $0.2 million increase in professional fees, and (v) a $1.4 million increase in income tax provision.

    Net investment income increased by $9.5 million, or 14.6%, to $74.6 million during the year ended December 31, 2024 as compared to the same period in 2023, as a result of the $16.0 million increase in total investment income, partially offset by the $6.5 million increase in total expenses, including the base management fee waiver and income tax provision. Adjusted net investment income,(1) which excludes the capital gains incentive fee accrual, increased by $7.9 million, or 11.6%, to $75.4 million.

    For the year ended December 31, 2024, the total net realized gain on investments, net of income tax provision on realized gains, was $10.1 million, as compared to total net realized gain on investments, net of income tax provision on realized gains, of $22.4 million for the same period in 2023.

    Portfolio and Investment Activities

    As of December 31, 2024, the fair value of our investment portfolio totaled $1.1 billion and consisted of 87 active portfolio companies and four portfolio companies that have sold their underlying operations. Our total portfolio investments at fair value were approximately 101.4% of the related cost basis as of December 31, 2024. As of December 31, 2024, the debt investments of 50 portfolio companies bore interest at a variable rate, which represented $704.0 million, or 74.5%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. As of December 31, 2024, our average active portfolio company investment at amortized cost was $12.4 million, which excludes investments in four portfolio companies that have sold their underlying operations. The weighted average yield on debt investments was 13.3% as of December 31, 2024. The weighted average yield was computed using the effective interest rates for debt investments at cost as of December 31, 2024, including the accretion of original issue discounts and loan origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any.

    Fourth quarter 2024 investment activity included the following new portfolio company investments:

    • Axis Medical Technologies LLC (dba MoveMedical), a leading provider of last-mile supply chain software solutions to medical device OEMs. Fidus invested $14.8 million in first lien debt and preferred equity and made additional commitments up to $0.8 million in first lien debt.
    • CP Communications, LLC, a provider of specialized technology solutions for live event broadcasters and premium video content producers. Fidus invested $8.4 million in first lien debt, subordinated debt and common equity.
    • Estex Manufacturing Company, LLC, a branded manufacturer of sewn products used in the utility, airline / aerospace, sports, and military end markets. Fidus invested $6.3 million in first lien debt and common equity.
    • Fumex, LLC, a leading provider of fume extraction and air filtration systems for industrial manufacturing applications. Fidus invested $7.4 million in first lien debt and common equity.
    • World Tours LLC, a travel tour operator focused on affinity groups in the United States. Fidus invested $7.0 million in first lien debt and preferred equity.

    Liquidity and Capital Resources

    As of December 31, 2024, we had $57.2 million in cash and cash equivalents and $95.0 million of unused capacity under our senior secured revolving credit facility (the “Credit Facility”). In 2024, we received net proceeds of $66.3 million from the equity at-the-market program (the “ATM Program”). As of December 31, 2024, we had SBA debentures outstanding of $175.0 million, $125.0 million outstanding of our 4.75% notes due January 2026 (the “January 2026 Notes”) and $125.0 million outstanding of our 3.50% notes due November 2026 (the “November 2026 Notes” and collectively with the January 2026 Notes the “Notes”). As of December 31, 2024, the weighted average interest rate on total debt outstanding was 4.6%.

    Subsequent Events

    On January 6, 2025, we invested $15.0 million in first lien debt and $0.8 million in common equity of Customer Expressions Corp. (dba Case IQ), a leading of SaaS-based Governance, Risk and Compliance (GRC) solutions to mid-size and large enterprises.

    On January 7, 2025, we invested $19.0 million in first lien debt, $0.4 million in common equity, and committed up to $2.3 million in a revolving loan to Onsight Industries, LLC, a leading provider of customized signs & displays, mailbox solutions, and site furnishings for the home builder and land developer industries.

    On January 14, 2025, we exited our preferred equity investment in Healthfuse, LLC. We received a distribution on our preferred equity investment for a realized gain of approximately $3.2 million.

    On January 24, 2025, we received a distribution on our equity investments in Medsurant Holdings, LLC, resulting in a net realized gain of approximately $8.2 million.

    On February 5, 2025, we invested $14.0 million in first lien debt, $0.5 million in common equity, $0.1 million in preferred equity, and committed up to $2.0 million in a revolving loan to Fraser Steel LLC, a designer and manufacturer of steel tubular parts and assemblies for OEM customers used in a wide range of applications.

    On February 6, 2025, we issued an additional $5.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.207% until the pooling date in March 2025.

    On February 13, 2025, we issued an additional $14.5 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.217% until the pooling date in March 2025.

    On February 27, 2025, we repaid $12.5 million of SBA debentures with a weighted average interest rate of 5.755% which would have matured on dates ranging from March 2032 to September 2033.

    First Quarter 2025 Dividends Totaling $0.54 Per Share Declared

    On February 18, 2025, our board of directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter. The dividends will be payable on March 27, 2025, to stockholders of record as of March 20, 2025.

    When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

    Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

    Fourth Quarter 2024 Financial Results Conference Call

    Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 7, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

    A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

    FORWARD-LOOKING STATEMENTS

    This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), and the impact of interest rate volatility and the impact of elevated levels of inflation on the Company’s business and its portfolio companies; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Assets and Liabilities
    (in thousands, except shares and per share data)
                   
      December 31,     December 31,  
      2024     2023  
    ASSETS              
    Investments, at fair value:              
    Control investments (cost: $6,832 and $6,832, respectively) $ —     $ —  
    Affiliate investments (cost: $56,679 and $46,485, respectively)   102,024       83,876  
    Non-control/non-affiliate investments (cost: $1,011,646 and $883,312, respectively)   988,482       874,030  
    Total investments, at fair value (cost: $1,075,157 and $936,629, respectively)   1,090,506       957,906  
    Cash and cash equivalents   57,159       119,131  
    Interest receivable   15,119       11,965  
    Prepaid expenses and other assets   1,328       1,896  
    Total assets $ 1,164,112     $ 1,090,898  
    LIABILITIES              
    SBA debentures, net of deferred financing costs $ 168,899     $ 204,472  
    Notes, net of deferred financing costs   248,362       247,243  
    Borrowings under Credit Facility, net of deferred financing costs   43,954       (1,082 )
    Secured borrowings   13,674       15,880  
    Accrued interest and fees payable   5,784       5,924  
    Base management fee payable, net of base management fee waiver – due to affiliate   4,805       4,151  
    Income incentive fee payable – due to affiliate   4,477       4,570  
    Capital gains incentive fee payable – due to affiliate   14,703       17,509  
    Administration fee payable and other, net – due to affiliate   919       789  
    Taxes payable   1,850       1,227  
    Accounts payable and other liabilities   1,019       741  
    Total liabilities $ 508,446     $ 501,424  
    Commitments and contingencies              
    NET ASSETS              
    Common stock, $0.001 par value (100,000,000 shares authorized, 33,914,652 and 30,438,979 shares              
    issued and outstanding at December 31, 2024 and December 31, 2023, respectively) $ 34     $ 31  
    Additional paid-in capital   567,159       504,087  
    Total distributable earnings   88,473       85,356  
    Total net assets   655,666       589,474  
    Total liabilities and net assets $ 1,164,112     $ 1,090,898  
    Net asset value per common share $ 19.33     $ 19.37  
    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Operations (unaudited)
    (in thousands, except shares and per share data)
     
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      2024     2023     2024     2023  
    Investment Income:                      
    Interest income                      
    Control investments $ —     $ —     $ —     $ —  
    Affiliate investments   930       858       3,533       4,026  
    Non-control/non-affiliate investments   30,721       28,653       119,620       105,921  
    Total interest income   31,651       29,511       123,153       109,947  
    Payment-in-kind interest income                      
    Control investments   —       —       —       —  
    Affiliate investments   9       —       9       —  
    Non-control/non-affiliate investments   2,086       1,973       7,831       6,634  
    Total payment-in-kind interest income   2,095       1,973       7,840       6,634  
    Dividend income                      
    Control investments   —       —       —       —  
    Affiliate investments   —       —       1,830       519  
    Non-control/non-affiliate investments   104       265       412       696  
    Total dividend income   104       265       2,242       1,215  
    Fee income                      
    Control investments   —       —       —       —  
    Affiliate investments   168       5       183       65  
    Non-control/non-affiliate investments   2,830       3,517       9,389       9,385  
    Total fee income   2,998       3,522       9,572       9,450  
    Interest on idle funds   609       1,040       3,347       2,864  
    Total investment income   37,457       36,311       146,154       130,110  
    Expenses:                      
    Interest and financing expenses   6,298       5,988       24,398       22,749  
    Base management fee   4,869       4,222       18,855       16,288  
    Incentive fee – income   4,477       4,570       18,549       16,529  
    Incentive fee (reversal) – capital gains   (211 )     1,898       731       2,405  
    Administrative service expenses   704       681       2,598       2,353  
    Professional fees   739       862       3,208       2,906  
    Other general and administrative expenses   239       258       1,003       1,031  
    Total expenses before base management fee waiver   17,115       18,479       69,342       64,261  
    Base management fee waiver   (64 )     (71 )     (264 )     (287 )
    Total expenses, net of base management fee waiver   17,051       18,408       69,078       63,974  
    Net investment income before income taxes   20,406       17,903       77,076       66,136  
    Income tax provision (benefit)   1,758       964       2,440       1,030  
    Net investment income   18,648       16,939       74,636       65,106  
    Net realized and unrealized gains (losses) on investments:                      
    Net realized gains (losses):                      
    Control investments   —       —       —       (11,458 )
    Affiliate investments   134       446       134       546  
    Non-control/non-affiliate investments   (710 )     19,358       11,451       34,983  
    Total net realized gain (loss) on investments   (576 )     19,804       11,585       24,071  
    Income tax (provision) benefit from realized gains on investments   43       (93 )     (1,480 )     (1,662 )
    Net change in unrealized appreciation (depreciation):                      
    Control investments   —       —       —       11,083  
    Affiliate investments   7,537       714       7,954       (8,395 )
    Non-control/non-affiliate investments   (8,059 )     (10,934 )     (13,882 )     (13,047 )
    Total net change in unrealized appreciation (depreciation) on investments   (522 )     (10,220 )     (5,928 )     (10,359 )
    Net gain (loss) on investments   (1,055 )     9,491       4,177       12,050  
    Realized losses on extinguishment of debt   —       —       (521 )     (23 )
    Net increase (decrease) in net assets resulting from operations $ 17,593     $ 26,430     $ 78,292     $ 77,133  
    Per common share data:                      
    Net investment income per share-basic and diluted $ 0.55     $ 0.58     $ 2.29     $ 2.47  
    Net increase in net assets resulting from operations per share — basic and diluted $ 0.52     $ 0.91     $ 2.40     $ 2.93  
    Dividends declared per share $ 0.61     $ 0.80     $ 2.42     $ 2.88  
    Weighted average number of shares outstanding — basic and diluted   33,914,652       28,961,411       32,585,238       26,365,269  

    Schedule 1

    Supplemental Information Regarding Adjusted Net Investment Income

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three and twelve months ended December 31, 2024 and 2023.

      ($ in thousands)     ($ in thousands)  
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      (unaudited)     (unaudited)  
      2024     2023     2024     2023  
    Net investment income $ 18,648     $ 16,939     $ 74,636     $ 65,106  
    Capital gains incentive fee expense (reversal)   (211 )     1,898       731       2,405  
    Adjusted net investment income(1) $ 18,437     $ 18,837     $ 75,367     $ 67,511  
      (Per share)     (Per share)  
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      (unaudited)     (unaudited)  
      2024     2023     2024     2023  
    Net investment income $ 0.55     $ 0.58     $ 2.29     $ 2.47  
    Capital gains incentive fee expense (reversal)   (0.01 )     0.07       0.02       0.09  
    Adjusted net investment income(1) $ 0.54     $ 0.65     $ 2.31     $ 2.56  
    (1)   Adjusted net investment income per share amounts are calculated as adjusted net investment income dividend by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here.
    Company Contact: Investor Relations Contact:
    Shelby E. Sherard Jody Burfening
    Chief Financial Officer Alliance Advisors IR
    (847) 859-3940 (212) 838-3777
    ssherard@fidusinv.com jburfening@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: Global-e to Host 2025 Investor Day

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, March 06, 2025 (GLOBE NEWSWIRE) — Global-e (Nasdaq: GLBE), the platform powering global direct-to-consumer e-commerce, today announced it will host its 2025 Investor Day on Tuesday, March 11, 2025, beginning at 9:30 a.m. ET.

    A live webcast of the event will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations. A replay of the webcast will also be available on the website after the event.

    About Global-e Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    sarah.schloss@headline.media
    +1 914-506-5104

    The MIL Network –

  • MIL-OSI: Five Star Bank Appoints Eric Marks Chief Consumer Banking Officer

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., March 06, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank (“Five Star” or the “Bank”) and Courier Capital, LLC, announced that Eric W. Marks has joined as Senior Vice President, Chief Consumer Banking Officer of the Bank.

    As Chief Consumer Banking Officer, Mr. Marks will have executive leadership and strategic oversight of the Bank’s consumer lines of business, including Retail Banking, Residential Mortgage, and Small Business Banking, as well as its Customer Contact Center and Collections departments. Mr. Marks’ deep banking experience, which includes many facets of consumer banking leadership, financial oversight and strategic planning, will serve him well as he looks to drive sustainable customer growth and customer-service excellence in Five Star’s retail network and its 49 banking locations across Western and Central New York. Mr. Marks will report to President and CEO Martin K. Birmingham and join the Company’s Executive Management Committee.

    “We are thrilled to welcome Eric Marks to Five Star Bank,” said Mr. Birmingham. “His deep understanding of all aspects of consumer banking, as well as his local roots and familiarity with our markets, will be very valuable as he supports the continued evolution, growth and, ultimately, the long-term success of our consumer banking offerings.”

    Mr. Marks commented, “I am excited to join a community bank like Five Star, which has a deep history here in Upstate New York. I look forward to being a part of its continued success as we focus on delivering a simple, connected and trusted banking experience in our markets, and helping our customers and communities thrive.”

    Mr. Marks joins Five Star from M&T Bank, where he had most recently served as its Retail Segment Chief Financial Officer. During his 19-year tenure at M&T, Mr. Marks held roles of increasing responsibility in several enterprise functions and lines of business, including corporate and consumer strategy, mortgage, branch distribution planning, consumer deposit pricing and portfolio management, as well as consumer indirect lending.

    Mr. Marks, who is based at Five Star Bank Centre in Amherst, N.Y., earned his bachelor’s degree from Mercyhurst University and his M.B.A. from the University at Buffalo. He has also completed an executive leadership course at the University of Michigan’s Ross School of Business. Mr. Marks has a long history of community volunteerism, previously serving on the boards of the Orchard Park Little League, the Orchard Park Boys and Girls Club, Western New York Heritage Press, and more.

    About Financial Institutions, Inc. and Five Star Bank
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Safe Harbor Statement
    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “anticipate,” “continue,” “estimate,” “expect,” “focus,” “”intend,” “may,” “plan,” “preliminary,” “should,” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to the impact of a pandemic or global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    For additional information contact:
    Kate Croft
    Director, Investor and External Relations
    716-817-5159
    klcroft@five-starbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45b81392-4098-491e-a8f4-0824ccb09934

    The MIL Network –

  • MIL-OSI: Avon River Ventures Clarifies Forward-Looking Valuation Basis of Edgewater Wireless System Inc’s IP Portfolio

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, March 06, 2025 (GLOBE NEWSWIRE) — Avon River Ventures LLC, a recognized leader in intellectual property (IP) valuation, structured finance, and asset-backed lending, today provides further clarity on its valuation of Edgewater Wireless Systems Inc. The firm underscores that the valuation was not an appraisal of Edgewater’s current financial standing but rather an assessment of its potential value contingent upon achieving key commercial and operational milestones.

    Valuing early-stage and technology-driven companies requires a forward-looking approach that accounts for commercialization potential, competitive positioning, and scalability. Unlike traditional financial assessments that rely on historical earnings, IP valuations must incorporate projections based on market adoption, monetization potential, and strategic execution.

    A Valuation Built on Market and Cost-Based Assumptions

    “Intellectual property valuation is as much about potential as it is about present-day financials. For early-stage companies with limited or no revenue, the intrinsic value of their IP can only be understood through a structured assessment of future market opportunities,” said Krutarth Shah, CEO of Avon River Ventures, speaking on behalf of the firm’s IP Monetization Division.

    “At Avon River Ventures, we evaluate IP assets through a structured, milestone-driven approach. This means our valuations incorporate assumptions around how the company will commercialize its technology, capture market share, and generate sustainable revenue.

    In the case of Edgewater Wireless, our valuation was not based on the company’s current financials but rather on a projection of its potential worth once key inflection points are met. These include achieving meaningful revenue traction, demonstrating sustained market demand, and successfully scaling operations. If these milestones are achieved, the valuation holds. If they are not, then naturally, the valuation must be reassessed in light of actual performance.”

    Avon River Ventures: A Market Leader in IP Valuation

    Avon River Ventures is widely regarded as a top-tier firm in the field of IP valuation and monetization. The firm’s valuation methodologies are built on rigorous financial modeling, market-based comparables, and proprietary frameworks that align with industry best practices.

    With years of experience and a track record of over $1 billion in IP valuation transactional value, Avon River Ventures has been a trusted partner to institutional investors, private equity firms, technology companies, and M&A professionals, offering investment-grade IP valuations that inform financing, acquisitions, and strategic decision-making. The firm’s expertise spans technology, software, semiconductors, biotech, and other IP-intensive industries, ensuring that clients receive valuation insights grounded in real-world commercialization pathways.

    Avon River Ventures remains committed to delivering independent, data-driven valuations that stand up to the highest levels of scrutiny. As Edgewater Wireless progresses in its commercialization efforts, Avon River Ventures will continue to monitor its trajectory against the milestones outlined in the valuation framework.

    About Avon River Ventures

    Avon River Ventures LLC is a premier corporate credit fund and IP valuation firm specializing in structured finance, asset-backed lending, and securities-based transactions. With a focus on IP monetization, venture financing, and capital markets, Avon River Ventures provides valuation and financial structuring expertise to a global client base, including institutional investors, private equity funds, and technology companies.

    The firm’s approach to IP valuation is recognized and relied upon by top-tier investors, lenders, and M&A professionals, offering a blend of technical rigor and real-world investment insights that help stakeholders make informed financial decisions.

    Learn More

    IP-Backed Financing: https://avonriverventures.com/ip-backed-financing/

    Sell Patents (IP Sale & Monetization): https://avonriverventures.com/sell-patents/

    IP Valuation: https://avonriverventures.com/intellectual-property-ip-valuation/

    Corporate Credit: https://avonriverventures.com/about-us/

    Specialty Lender Financing: https://avonriverventures.com/lender-finance/ 

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 06.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    6 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 06.03.2025

    Espoo, Finland – On 6 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,755,402 4.84
    CEUX 826,754 4.84
    BATE – –
    AQEU 142,080 4.84
    TQEX 129,929 4.83
    Total 3,854,165 4.84

    * Rounded to two decimals

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

    Total cost of transactions executed on 6 March 2025 was EUR 18,653,002. After the disclosed transactions, Nokia Corporation holds 149,315,265 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Viridien: Publication of the 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Publication of the 2024 Universal Registration Document

    Paris, France – March 6, 2025

    Viridien announces the publication of its 2024 Universal Registration Document, the original version of which was filed with the French Financial Markets Authority (Autorité des marchés financiers – AMF) on March 6, 2025.

    The Universal Registration Document was submitted in European Single Electronic Format (ESEF), as established by Delegated Regulation (EU) 2019/815. It includes in particular:

    •     the 2024 annual financial report;

    •     the Board of Directors’ report on corporate governance;

    •     the description of the share buyback program;

    •     the reports from the statutory auditors;

    •     the management report including the information related to Sustainability ; and

    •     the certification report on information related to Sustainability and Taxonomy.

    The 2024 Universal Registration Document is available to the public as per the applicable regulatory conditions. It is also available on Viridien’s website (www.viridiengroup.com/investors/regulated-information) and on the AMF’s website (amf-france.org).

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (FR001400PVN6).

    Contacts

    Attachment

    The MIL Network –

  • MIL-OSI: LECTRA: Monthly declaration of the total number of shares and voting rights composing the company’s capital (at February 28th, 2025)

    Source: GlobeNewswire (MIL-OSI)

    Monthly declaration of the total number of shares and voting rights composing the company’s capital (at February 28th, 2025)

    This declaration is established in accordance with Article L.233-8 II of the French Code de Commerce and of Article 223-11 of the Règlement Général of the Autorité des marchés financiers (AMF).

    Date:

    February 28th, 2025

    Total number of shares composing the capital:

    38,028,866

    Total number of voting rights, gross (1):

    38,221,016

    Total number of voting rights, net (2):

    38,188,374

    (1) In accordance with the second paragraph of article 223-11 of the Règlement Général of the AMF, the gross total of voting rights is based on the total number of shares composing the company’s capital which have voting rights, including shares deprived of their voting rights

    (2) The net total of voting rights is equal to the gross total, minus the number of shares deprived of their voting rights (treasury shares)

    Other than the legal notification requirements for crossing the thresholds established by French law, there is no special statutory obligation.

    Attachment

    The MIL Network –

  • MIL-OSI: KingsRock Advisors and BC Partners Credit Announce $500 million Co-Investment Strategic Alliance

    Source: GlobeNewswire (MIL-OSI)

    Strengthens KingsRock’s growing corporate finance advisory and capital raising business; Increases robust pipeline of investment opportunities for BC Partners Credit

    Collaboration aims to capitalize on the rapidly growing $2.0 trillion private credit industry

    NEW YORK and LONDON and STOCKHOLM and DUBAI, United Arab Emirates, March 06, 2025 (GLOBE NEWSWIRE) — KingsRock Advisors, LLC, the independent global advisory firm, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a non-exclusive strategic alliance, wherein BC Partners Credit will have the ability to co-invest up to $500 million in a robust pipeline of credit and special opportunity transactions originated and structured by KingsRock. Likewise, KingsRock will benefit from BC Partners’ deep expertise, resources and broad international network.

    This collaboration aims to leverage their combined expertise to originate, structure, execute and invest in credit and hybrid capital opportunities. BC Partners offers KingsRock greater ability to lead, underwrite and co-invest in mandated private capital markets transactions, thus providing issuer clients an enhanced level of financing certainty and its wide investor base with stronger alignment of interest by co-investments.

    “The private credit sector has seen tremendous growth and it will not slow down any time soon. By combining KingsRock’s global origination expertise and broad client mix with BC Partners’ strong capital base and extensive distribution networks, both firms are even better positioned to execute complex financing transactions with greater efficiency and volume. We look forward to partnering together on attractive credit and special situation opportunities” said Ted Goldthorpe, Head of BC Partners Credit.

    “We are thrilled to announce our strategic alliance with BC Partners Credit,” said Håkan Wohlin, Founder & Managing Partner, and Louis Jaffe, Co-Founder & Managing Partner of KingsRock Advisors. “Having successfully collaborated on multiple high-profile projects across industries, we are building on a strong foundation. This will allow us to support our clients’ capital raising efforts, and wherever applicable take a lead in transactions with other investor partners, by also utilizing access to BC Partners Credit’s significant capital base and distribution reach. We look forward to working together to capitalize on new transaction opportunities.”

    About BC Partners Credit

    BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

    About KingsRock:

    KingsRock Advisors LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

    Founded in 2020, KingsRock comprises a team of approximately 30 professionals who advise on a wide range of private capital markets transactions including debt, hybrid, equity and M&A covering structures from vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

    KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides objective strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock Advisors operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

    Disclaimer:

    Securities offered by KingsRock Securities LLC, a FINRA, member firm and a member of SIPC, a wholly owned subsidiary of KingsRock Advisors LLC , 900 Third Avenue, 10th Floor, New York, NY 10022.

    KingsRock Advisors UK Ltd is a private limited company registered in England and Wales with registration number 15240371. KingsRock Advisors UK Ltd (FRN 1006329) is an Appointed Representative under Bluegrove Capital Management Ltd (FRN: 960363), which is authorized and regulated by the Financial Conduct Authority.

    KingsRock Advisors Europe AB is incorporated in Sweden (EU), with registered office at Grev Turegatan 14, 114 46 Stockholm, Sweden, and is a tied agent of Svensk Värdepappersservice i Stockholm AB, a Swedish investment firm authorized and regulated by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) under the Swedish Securities Market Act (Sw. lag (2007:528) om värdepappersmarknaden).

    This message is provided for information purposes and does not constitute an invitation, solicitation or offer to buy or sell any securities or investment. Neither KingsRock Securities LLC nor its affiliates provide accounting, tax or legal advice; such matters should be discussed with your advisors and/or counsel.

    Press Inquiries

    For KingsRock
    Info@kingsrock.com

    For BC Partners
    Daniel Yunger / James Hartwell
    Kekst CNC
    bcpartnersus@kekstcnc.com

    The MIL Network –

  • MIL-OSI: LLumin Recognized by ARC Advisory Group for Cloud-Based CMMS+

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mass., March 06, 2025 (GLOBE NEWSWIRE) — LLumin, the leading CMMS (computerized maintenance management system) provider, announces it has been recognized in ARC Advisory Group’s insightful piece regarding the best way to handle assets and infrastructure. As asset performance management (APM) practices further advance, maintenance metrics such as Mean Time Between Failures (MTBF) and Mean Time to Repair (MTTR)are expected to take center stage in APM metrics improvements.

    “As a pioneer in cloud computerized maintenance management system (CMMS) provider, we are proud to have been able to brief ARC Advisory Group on our newest enterprise asset management and preventive maintenance as well as share how we’re using digital transformation technologies such as advanced cloud and mobile first solutions to help organizations improve key APM metrics and achieve better success with their APM initiatives,” said Ed Garibian, Software Entrepreneur and CEO of LLumin.

    LLumin’s Enterprise Asset Management (EAM) and preventative maintenance software consolidates maintenance activities and combines it with asset information to ensure asset management processes are straight forward, fully streamlined and optimized through the use of automation. CMMS+, for instance, extends beyond simple work orders and offers advanced functionality that allow engineers and plant managers to work more in harmony and be in sync with advancements that run in parallel with manufacturing and operational technologies.

    CMMS+ delivers optimization through proactive asset management and enables cross-functional business processes by seamlessly integrating with an organizations’ existing business systems and manufacturing applications. This next generation level of digital transformation with all its performance advantages is greatly motivating businesses today to more readily adopt or upgrade to CMMS+.

    SaaS delivery of CMMS+ offers lower upfront cost compared to on-premises solutions, meaning small and medium-sized companies can afford it and gain a rapid ROI – all while keeping their capital expenditures costs low. As SaaS is easy to expand and grow in application, CMMS+ is well equipped to provide greater scalability and flexibility—perfect for organizations with multiple sites or a greatly distributed workforce.

    Users are able to access from anywhere and at any time from a variety of devices. Criteria-based work management functionality including escalation and notification workflows combined with the software’s rules-based approach addresses the right resources at the right time whether based on an event or incident. The CMMS provides clear bi-directional communication and follow up.

    With new AI-powered functionality, CMMS+ can provide quick insights into root causes of delays, degradation, labor anomalies, forecasted asset failures, and so much more. The software’s superior collaboration and continuous improvement have proven instrumental for increasing productivity.

    By focusing on improving key maintenance KPIs and leveraging CMMS+, organizations are able to achieve operational efficiency, decrease downtime, and improve asset longevity. For a more detailed synopsis, check out ARC’s best practices piece.

    About LLumin

    The team at LLumin possesses decades of experience in the CMMS software industry, managing fleet, facilities, and industrial machinery for all industries. Having developed CMMS+ as a IOT and Industry 4.0 first Asset Performance and Maintenance Management solution suite, the software delivers ROI by improving Asset Uptime and OEE levels, lowering MTTR metrics, and extending the life of asset lifecycles. For more information, visit LLumin.com.

    Media Contact:

    Valerie Harding,
    Ripple Effect Communications
    Email: valerie@RippleEffectPR.com
    Tel: 617-536-8887

    The MIL Network –

  • MIL-OSI: Peer Global Inc. Raises $10.5M to Transform Gaming and Social Media with World’s First True Metaverse Game Engine and Launch of 3D Personal Planets

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., March 06, 2025 (GLOBE NEWSWIRE) — Peer Global Inc., redefining gaming and social media with the world’s first true metaverse game engine, announced today that it has raised a $10.5M round of funding, bringing its total funding to date to $65.5M – all from angel investors. The Family Office of Tommy Mai was the sole investor of this round. Previous investors include the LA area Family Offices of Dr. Hannah Vu, Dr. Paul Duong, Dr. Quan Nguyen, Dr. Trina Nguyen, Khanh Van Nguyen and Jan Nguyen.

    Peer will use the funds to fuel hiring and accelerate AI product development as it publicly launches personal planets today with a dynamic, AI-powered world where exploration, creativity, and social connection come together—all built on Peer’s platform, the first true metaverse game engine that enables developers to create multiple games that can be connected to one another.

    While legacy social media sites are built around linear timelines and feeds—designed to create FOMO and addiction—Peer is a persistent 3D world that combines the exploration of Pokémon GO with the creativity and user-generated experiences of Roblox. Tony Tran, founder of Peer, started the company after seeing firsthand how social media addiction was affecting kids, as they chased the next high from apps engineered to maximize engagement.

    In a traditional social media feed, content appears as a flat, linear stream of posts or updates. Users scroll through images, videos, and text organized chronologically or algorithmically, and interactions are mostly limited to likes, comments and shares with just a glimpse or keyhole peek at information. It’s a passive experience: content is presented to users, and they consume it one piece at a time. Peer offers a dynamic space where social interaction is immersive, not addictive, with the belief that social connection is moving beyond text, photos and videos.

    In Peer’s spatial social network, instead of scrolling through disconnected posts, users are greeted by a living, dynamic 3D simulation of the world, giving them the ability to post recent experiences and connections in its natural, relatable context. For example, a photo you took during a hike is displayed on a virtual trail in a mountain environment resembling the actual location. The trail isn’t static; Peer aims to use various AI models to apply layers of immersion, to recreate what was captured such as the sound of rustling leaves, expands on the beauty of the surroundings, and even highlights trivia or history about the area. No other social network can do this.

    Peer based its inspiration on 3D metaverse films like “Ready, Player, One” but users can now do all of this from their phones on the Peer app with AI driving the creation of content. According to Tran, “This is the holy grail of gaming – metaverse games that are connected and players can traverse games and bring other people, AIs and assets with them. This is the first step toward a gamified immersive internet that Ready, Player, One portrayed but we’re starting with phones so that everyone can be part of it.”

    “Websites, social networks, and digital brand experiences today are flat. People have short attention spans,” said Peer investor Tommy Mai. “AI will push everything into spatial experiences, and Peer is leading the way. We’re really excited about the potential for this technology and think Tony and team are the ones to get this right.”

    With today’s personal planet launch, Peer introduces the 3D version of a social home page, in the form of a 3D planet. If your friends are on your planet and moving about, you actually see them doing just that—just like you would in a video game. Your mini planet has longitude and latitude coordinates that mirror that of Earth. This means if you post a picture on your planet, it will be placed on your planet according to wherever it was taken geospatially. So if you posted an image taken at the North Pole, it will be placed at the corresponding position on your planet. Users are given a library to build out their own  planet—flora, fauna, rocks, houses etc.—just like how you used to build out your profile page.

    Influencers and brands can also create their own worlds with AI prompts. Brands can advertise directly on the world map – building games, sponsoring digital assets such as clothing for avatars – and in users’ experiences.

    “People are sick of scrolling endlessly. It’s time for a better way to get online and experience a unified digital and physical world,” said Tran. “Peer is pioneering a new kind of digital frontier where AI and 3D technology come together to deliver vast, immersive and interactive spaces. This isn’t just a platform—it’s a reinvention of how we connect, explore, and create, offering a transformative alternative to the status quo.”

    Download the Peer app today at the App Store, Google Play or peer.inc. Peer will launch its game developer tool later this year.

    About Peer
    Peer Global Inc. is redefining gaming and social media with the world’s first social game engine. Peer is a persistent 3D world that combines the exploration of Pokémon GO with the creativity and user-generated experiences of Roblox, where people can create their own personal online planets populated by the people, experiences, places and brands they love. With its proprietary online game engine and native 3D map, Peer replaces the addictive news feed with a real-time global environment where users explore instead of scroll, bringing AI and 3D together in an entirely new way for people to connect. More than 1M users are already building their new social network in 3D using Peer. Visit peer.inc.

    Media contact:
    Kerry Metzdorf
    Big Swing
    kerry@big-swing.com
    978-609-0766

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9aa8c838-6103-4cbf-8587-4a79d0636bf1

    The MIL Network –

  • MIL-OSI: Sheaff Brock Announces Return of Michelle Reddick as Portfolio Consultant

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, March 06, 2025 (GLOBE NEWSWIRE) — Michelle Reddick, a seasoned professional with 15-plus years of financial industry experience, has returned to Sheaff Brock as Vice President, Client Solutions and Portfolio Consultant.

    Sheaff Brock is a fee-only independent investment firm specializing in wealth management for high-net-worth individuals. Selected as the #7 Financial Advisor in the U.S. on CNBC’s 2024 Financial Advisor 100 List, the firm’s first priority is building and preserving clients’ wealth over time. In her Portfolio Consultant role, Michelle works closely with Sheaff Brock clients, helping with their investment needs as they strive to meet ongoing financial goals. Prior to Sheaff Brock, Michelle was a corporate trainer at Charles Schwab where she trained hundreds of stockbrokers and guided new employees through the intricacies of the financial world. She credits her ability to build connections and relate to clients to previous work experience as a public relations specialist.

    “I love talking with my clients and am passionate about helping them with their financial goals,” said Michelle of her return to Sheaff Brock. “I’m glad to reunite with Sheaff Brock and to once again partner with clients as we navigate their finances.”

    Ron Brock, Managing Partner of Sheaff Brock, said, “We’re excited to have Michelle working with her clients again. She is an exceptional part of our Sheaff Brock team.”

    Michelle Reddick—Vice President, Client Solutions and Portfolio Consultant, Sheaff Brock

    About Sheaff Brock:
    Sheaff Brock is an SEC-registered, fee-only independent investment firm striving to enhance portfolios of growth- and income-oriented investors, managing $1.4 billion in assets nationwide as of 12/31/2024. Managing Director David Gilreath contributes investment commentary to Investing.com, Think Advisor, Medical Economics, and Financial Advisor magazine.

    About CNBC Financial Advisor 100
    The 2024 CNBC Financial Advisor 100 (ranked 7th 10/2/24), 2023 CNBC Financial Advisor 100 (ranked 10th, 9/12/23), 2022 CNBC Financial Advisor 100 (ranked 68th, 10/4/22), 2021 CNBC Financial Advisor 100 (ranked 82nd, 10/6/21) & the 2020 CNBC Financial Advisor 100 (ranked 95th, 10/6/20) list is an independent ranking. CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the CNBC FA 100 list. The analysis started with 40,896 RIA firms for 2024, 40,646, RIA firms for 2023, 39,818 RIA firms for 2022, 38,302 for 2021 and 37,369 for 2020 from the Securities and Exchange Commission regulatory database. AccuPoint screened the list down to 903 RIAs for 2024, 812 RIAs for 2023, 904 RIAs for 2022, 749 for 2021, and 750 for 2020 who were required to complete a survey to be in consideration for the CNBC FA 100 list. Sheaff Brock does not pay for applying for the award; however, Sheaff Brock does pay for use of the CNBC Financial Advisor 100 logo.

    Data points used by AccuPoint for the ranking included regulatory/compliance record, number of years in the business, number of certified financial planners, number of employees, number of investment advisors registered with the firm, ratio of investment advisors to total number of employees, total assets under management, percentage of discretionary assets under management, total accounts under management, number of states where the RIA is registered and country of domicile.

    Third-party rankings and recognition from rating services or publications, such as the CNBC FA 100, is no guarantee of future investment success and working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. The ranking may not reflect a client or prospective client’s experience with the registered investment advisor. Past performance does not guarantee or indicate future results.

    CONTACT: Barb Smith 317-289-8699

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43ccc1be-c10d-40d4-ba8b-4df4dc1523a7

    The MIL Network –

  • MIL-OSI: Bectran Unveils a Faster Bank Verification Method with Built-in Risk Scoring

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 06, 2025 (GLOBE NEWSWIRE) — Bectran, Inc., the industry leader in credit, collections and accounts receivable management technology, has introduced a new integration with Plaid, a data network powering the digital financial ecosystem, to provide a powerful and secure way to expedite bank verifications.

    “We are excited to be working with Plaid in this capacity,” comments Louis Ifeguni, Bectran CEO. “This integration opens up a whole new avenue of efficiency in our credit applications, providing tangible value to our customers by easing a time-consuming process, and increasing confidence with a secure, real-time bank connection.”

    Advanced Risk Scoring, Analysis and Fraud Security

    Manual bank references are susceptible to input errors that may include inaccurate or dated information—information that, when passed unnoticed, can cause an array of operational issues stemming from simple human error. Moreover, the manual process is both time-consuming and costly, often dragging on for days or weeks with no guarantee of success in obtaining accurate information.

    With this latest integration, credit managers can eliminate lengthy reference wait times and the constant need to monitor for potential entry errors associated with traditional bank referencing. Through a simple customer sign-in, Plaid securely delivers verified financial data, which is then analyzed and scored by Bectran. This integration ensures a swift, accurate and secure process by leveraging Plaid’s network of over 12,000 financial institutions.

    Credit applicants simply sign into their bank accounts via Plaid’s secure APIs, authorizing the creation of a bank verification report. This report includes key insights such as account ownership information, transaction history and more, enabling credit managers to instantly evaluate the applicant’s identity, financial health and risk profile. Using advanced risk scoring algorithms, Bectran analyzes data points such as account balances, non-sufficient funds, notices, returns, and unusual activity to generate a comprehensive risk score. This eliminates manual input, minimizes errors, and empowers credit teams to make timely, data-driven decisions.

    Bectran’s partnership with Plaid brings further security into the bank verification process, securing clients against a wide range of identity and payment fraud schemes. Bank data provided in verification reports include account creation date and ownership information, which Bectran automatically compares to applicant information, rooting out fraud before it can gain a foothold. Credit managers will also receive fraud alerts when suspicious or abnormal account activity is detected.

    “Our Integration with Plaid is the latest addition to our comprehensive suite of risk scoring and analytics,” says Ali Kidwai, Director of Product & Implementation at Bectran. “At Bectran, we intend to be the one-stop shop in our client’s credit and AR journey, finding innovative ways to increase their operational efficiency and risk management capabilities.”

    About Bectran 

    Bectran is the premier SaaS platform for Finance Departments, akin to CRM for Sales. Trusted by diverse organizations, from SMEs to Fortune 500 companies, we streamline credit processing by over 98%, reducing credit defaults and collection costs. Many businesses rely on Bectran for efficient Accounts Receivable and Collections management, achieving up to 95% cost savings. With rapid onboarding in days, our platform is hailed by credit professionals as the future of credit management. Visit Bectran.com to learn more about financial solutions for your industry.

    Bectran Inc
    (888) 791-6620
    PR@Bectran.com  

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  • MIL-OSI: WISeKey Recruits Top Space Experts to Enhance WISeSat Collaboration with the Swiss Armed Forces

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Recruits Top Space Experts to Enhance WISeSat Collaboration with the Swiss Armed Forces

    Geneva, Switzerland – March 6, 2025 – WISeKey International Holding (“WISeKey” or the “Company”) (NASDAQ: WKEY; SIX: WIHN), a leading global cybersecurity, AI, and IoT company, alongside its subsidiaries WISeSat.Space (“WISeSat”) and SEALSQ Corp (NASDAQ: LAES) (“SEALSQ”), following the successful launch of the second-generation WISeSAT satellite in January, which aimed to advance real-time testing of strategic projects with the Swiss Armed Forces, today is announcing the addition of several key space experts to its team. This expansion will further strengthen the Company’s capabilities in space operations and regulatory compliance, and enhancing its collaboration with the Swiss Armed Forces.

    New team members are:

    • Edward Burger, Space Regulatory Operations Specialist. Mr. Burger brings extensive experience in navigating the complex landscape of telecommunications law and regulation for space operations, ensuring projects comply with national and international requirements.
    • Yiorgos Lemos, Space Operations Specialist. Mr. Lemos’ knowledge in operational processes and satellite technology will enhance WISeKey’s operational efficiency and effectiveness in mission execution.
    • Eric Bottlaender, Space Technology Monitoring Specialist. Mr. Bottlaender will focus on monitoring emerging technologies and trends in the space sector, enabling WISeKey to remain at the forefront of innovation.
    • Philip Haemelink, Space Project Manager & Software Engineer. Mr. Haemelink brings valuable experience from the space sector and will oversee project coordination between WiseSat and clients while leading software integration efforts.
    • Vlad Dancau, Space Software Engineer. Mr. Dancau brings deep expertise in applied cryptography, network security, and telecommunications, empowering WISeKey to advance secure satellite communications.

    “We are thrilled to have these talented professionals join our team,” said Carlos Moreira, CEO & Founder at WISeKey. “Their expertise will not only enhance our capabilities but also strengthen our partnership with the Swiss Armed Forces as we work towards innovative solutions in the space industry.”

    WISeKey continues to lead the way in secure, advanced satellite technology, and with the addition of this expert team, we are poised to take on new challenges and opportunities in collaboration with our esteemed partners.

    About WISeSat.Space
    WISeSat.Space AG is pioneering a transformative approach to IoT connectivity and climate change monitoring through its innovative satellite constellation. By providing cost-effective, secure, and global IoT connectivity, WISeSat is enabling a wide range of applications that support environmental monitoring, disaster management, and sustainable practices. The integration of satellite data with advanced climate models holds great promise for enhancing our understanding of climate change and developing effective strategies to combat its impacts. As the world continues to grapple with the challenges of climate change, initiatives like WISeSat’s IoT satellite constellation are essential for creating a more resilient and sustainable future.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com
    media@wisekey.com    		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

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