GlobeNewswire – Page 596

MIL-OSI: Nasdaq CEO Adena Friedman to Present at the 2025 UBS Financial Services Conference

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.


Who:	Adena Friedman, Chair & CEO, Nasdaq

What:	2025 UBS Financial Services Conference

When:	Monday, February 10, 2025 1:00 PM ET

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Media Relations Contact:

Nick Eghtessad
+1.929.996.8894
Nick.Eghtessad@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

The MIL Network –

February 5, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ^® Batteries.

Financial highlights for the fourth quarter of 2024 are listed below:

Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
Quarterly revenue of $382.7 million
GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion

Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q4 2024			Q3 2024			Q4 2023			Q4 2024			Q3 2024			Q4 2023
Revenue	$	382,713		$	380,873		$	302,570		$	382,713		$	380,873		$	302,570
Gross margin		51.8	%		46.8	%		48.5	%		53.2	%		48.1	%		50.3	%
Operating expenses	$	143,489		$	128,383		$	156,893		$	83,322		$	81,612		$	86,551
Operating income (loss)	$	54,804		$	49,788		$	(10,231	)	$	120,434		$	101,411		$	65,587
Net income	$	62,160		$	45,762		$	20,919		$	125,862		$	88,402		$	73,474
Basic EPS	$	0.46		$	0.34		$	0.15		$	0.94		$	0.65		$	0.54
Diluted EPS	$	0.45		$	0.33		$	0.15		$	0.94		$	0.65		$	0.54

Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:

(In thousands, except per share and percentage data)

	GAAP						Non-GAAP
	FY 2024			FY 2023			FY 2024			FY 2023
Revenue	$	1,330,383		$	2,290,786		$	1,330,383		$	2,290,786
Gross margin		47.3	%		46.2	%		48.9	%		47.1	%
Operating expenses	$	551,846		$	612,647		$	329,227		$	382,115
Operating income	$	77,292		$	445,741		$	321,919		$	697,210
Net income	$	102,658		$	438,936		$	321,044		$	613,241
Basic EPS	$	0.76		$	3.22		$	2.37		$	4.50
Diluted EPS	$	0.75		$	3.08		$	2.37		$	4.41

Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.

Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.

Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.

We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.

In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.

We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.

During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.

During the fourth quarter of 2024, we made great strides with the IQ^® Meter Collar, fourth-generation IQ Battery, and new IQ^® Combiner products. We launched the IQ^® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ^® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ^® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.

BUSINESS HIGHLIGHTS

On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.

On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.

On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.

On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.

On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use.

On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium.

On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India.

On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.

On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.

On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf^®, to automate the complex solar permitting process for installers in the USA.

On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.

FIRST QUARTER 2025 FINANCIAL OUTLOOK

For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
GAAP operating expenses to be within a range of $143.0 million to $147.0 million
Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges

For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.

Follow Enphase Online

Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2024 results and first quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 3831590, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:

Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net revenues	$	382,713		$	380,873		$	302,570		$	1,330,383		$	2,290,786
Cost of revenues		184,420			202,702			155,908			701,245			1,232,398
Gross profit		198,293			178,171			146,662			629,138			1,058,388
Operating expenses:
Research and development		50,390			47,843			55,291			201,315			227,336
Sales and marketing		51,799			49,671			53,409			206,552			231,792
General and administrative		31,901			30,192			33,379			130,825			137,835
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,684
Total operating expenses		143,489			128,383			156,893			551,846			612,647
Income (loss) from operations		54,804			49,788			(10,231	)		77,292			445,741
Other income, net
Interest income		18,417			19,977			20,493			77,306			69,728
Interest expense		(2,252	)		(2,237	)		(2,268	)		(8,905	)		(8,839	)
Other income (expense), net		(1,270	)		(16,785	)		4,233			(25,534	)		6,509
Total other income, net		14,895			955			22,458			42,867			67,398
Income before income taxes		69,699			50,743			12,227			120,159			513,139
Income tax (provision) benefit		(7,539	)		(4,981	)		8,692			(17,501	)		(74,203	)
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Net income per share:
Basic	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Diluted	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Shares used in per share calculation:
Basic		133,815			135,329			136,092			135,167			136,376
Diluted		138,128			139,914			139,205			140,004			143,290

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	369,110	$	288,748
Restricted cash		95,006		—
Marketable securities		1,253,480		1,406,286
Accounts receivable, net		223,749		445,959
Inventory		165,004		213,595
Prepaid expenses and other assets		220,735		88,930
Total current assets		2,327,084		2,443,518
Property and equipment, net		147,514		168,244
Operating lease, right of use asset, net		24,617		19,887
Intangible assets, net		42,398		68,536
Goodwill		211,571		214,562
Other assets		180,925		215,895
Deferred tax assets, net		315,567		252,370
Total assets	$	3,249,676	$	3,383,012
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	90,032	$	116,164
Accrued liabilities		196,887		261,919
Deferred revenues, current		237,225		118,300
Warranty obligations, current		34,656		36,066
Debt, current		101,291		—
Total current liabilities		660,091		532,449
Long-term liabilities:
Deferred revenues, non-current		341,982		369,172
Warranty obligations, non-current		158,233		153,021
Other liabilities		55,265		51,008
Debt, non-current		1,201,089		1,293,738
Total liabilities		2,416,660		2,399,388
Total stockholders’ equity		833,016		983,624
Total liabilities and stockholders’ equity	$	3,249,676	$	3,383,012

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Cash flows from operating activities:
Net income	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,665			20,103			20,841			81,389			74,708
Net accretion of discount on marketable securities		(7,490	)		(2,904	)		(2,950	)		(8,599	)		(15,561	)
Provision for doubtful accounts		2,206			2,704			(129	)		6,677			1,153
Asset impairment		4,702			17,568			9,700			28,843			10,603
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Net loss (gain) from change in fair value of debt securities		(3,697	)		741			(2,670	)		(1,967	)		(8,078	)
Stock-based compensation		51,830			45,940			55,222			211,360			212,857
Deferred income taxes		(30,675	)		(5,276	)		(5,053	)		(58,319	)		(43,348	)
Changes in operating assets and liabilities:
Accounts receivable		2,684			49,414			105,771			211,640			(12,478	)
Inventory		(6,167	)		17,231			(39,481	)		48,591			(63,887	)
Prepaid expenses and other assets		(16,487	)		(64,149	)		(2,401	)		(134,343	)		(59,777	)
Accounts payable, accrued and other liabilities		(27,396	)		32,088			(139,277	)		(85,536	)		(22,149	)
Warranty obligations		8,657			7,053			221			3,802			57,641
Deferred revenues		104,112			1,690			12,611			98,847			117,780
Net cash provided by operating activities		167,292			170,138			35,450			513,693			696,780
Cash flows from investing activities:
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Purchases of marketable securities		(93,138	)		(319,190	)		(337,757	)		(1,184,649	)		(2,081,431	)
Maturities and sale of marketable securities		351,843			215,241			433,869			1,346,520			1,840,477
Investments in private companies		—			—			—			—			(15,000	)
Net cash provided by (used in) investing activities		250,641			(112,482	)		76,037			128,267			(366,355	)
Cash flows from financing activities:
Partial settlement of convertible notes		—			(5	)		—			(7	)		—
Repurchase of common stock		(199,666	)		(49,794	)		(99,998	)		(391,364	)		(409,998	)
Payment of excise tax on net stock repurchases		(2,773	)		—			—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		4,719			14			12,555			12,688			13,870
Payment of withholding taxes related to net share settlement of equity awards		(5,012	)		(6,286	)		(27,546	)		(78,813	)		(120,646	)
Net cash used in financing activities		(202,732	)		(56,071	)		(114,989	)		(460,269	)		(516,774	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7,410	)		2,638			2,175			(6,323	)		1,853
Net increase (decrease) in cash and cash equivalents and restricted cash		207,791			4,223			(1,327	)		175,368			(184,496	)
Cash and cash equivalents—Beginning of period		256,325			252,102			290,075			288,748			473,244
Cash, cash equivalents and restricted cash—End of period	$	464,116		$	256,325		$	288,748		$	464,116		$	288,748

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Gross profit (GAAP)	$	198,293		$	178,171		$	146,662		$	629,138		$	1,058,388
Stock-based compensation		3,678			2,948			3,582			14,538			13,357
Acquisition related amortization		1,784			1,904			1,894			7,469			7,580
Gross profit (Non-GAAP)	$	203,755		$	183,023		$	152,138		$	651,145		$	1,079,325

Gross margin (GAAP)		51.8	%		46.8	%		48.5	%		47.3	%		46.2	%
Stock-based compensation		0.9			0.8			1.2			1.0			0.6
Acquisition related amortization		0.5			0.5			0.6			0.6			0.3
Gross margin (Non-GAAP)		53.2	%		48.1	%		50.3	%		48.9	%		47.1	%

Operating expenses (GAAP)	$	143,489		$	128,383		$	156,893		$	551,846		$	612,647
Stock-based compensation ⁽¹⁾		(47,884	)		(42,992	)		(51,640	)		(196,554	)		(199,500	)
Acquisition related expenses and amortization		(2,884	)		(3,102	)		(3,888	)		(12,911	)		(15,317	)
Restructuring and asset impairment charges ⁽¹⁾		(9,399	)		(677	)		(14,814	)		(13,154	)		(15,715	)
Operating expenses (Non-GAAP)	$	83,322		$	81,612		$	86,551		$	329,227		$	382,115

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	20,951		$	19,790		$	23,839		$	85,501		$	88,367
Sales and marketing		15,893			14,237			16,472			65,092			65,703
General and administrative		11,041			8,965			11,329			45,962			45,430
Restructuring and asset impairment charges		267			—			—			267			—
Total	$	48,152		$	42,992		$	51,640		$	196,822		$	199,500

Income (loss) from operations (GAAP)	$	54,804		$	49,788		$	(10,231	)	$	77,292		$	445,741
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Income from operations (Non-GAAP)	$	120,434		$	101,411		$	65,587		$	321,919		$	697,210

Net income (GAAP)	$	62,160		$	45,762		$	20,919		$	102,658		$	438,936
Stock-based compensation		51,563			45,940			55,222			211,093			212,857
Acquisition related expenses and amortization		4,668			5,006			5,782			20,380			22,897
Restructuring and asset impairment charges		9,399			677			14,814			13,154			15,715
Non-cash interest expense		2,188			2,173			2,126			8,650			8,380
Non-GAAP income tax adjustment		(4,116	)		(11,156	)		(25,389	)		(34,891	)		(85,544	)
Net income (Non-GAAP)	$	125,862		$	88,402		$	73,474		$	321,044		$	613,241

Net income per share, basic (GAAP)	$	0.46		$	0.34		$	0.15		$	0.76		$	3.22
Stock-based compensation		0.39			0.34			0.40			1.56			1.56
Acquisition related expenses and amortization		0.03			0.04			0.08			0.15			0.17
Restructuring and asset impairment charges		0.07			0.01			0.11			0.10			0.12
Non-cash interest expense		0.02			0.02			0.02			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.10	)		(0.22	)		(0.26	)		(0.63	)
Net income per share, basic (Non-GAAP)	$	0.94		$	0.65		$	0.54		$	2.37		$	4.50

Shares used in basic per share calculation GAAP and Non-GAAP		133,815			135,329			136,092			135,167			136,376

Net income per share, diluted (GAAP)	$	0.45		$	0.33		$	0.15		$	0.75		$	3.08
Stock-based compensation		0.39			0.33			0.39			1.56			1.57
Acquisition related expenses and amortization		0.04			0.04			0.08			0.15			0.16
Restructuring and asset impairment charges		0.07			0.01			0.10			0.10			0.11
Non-cash interest expense		0.02			0.02			0.01			0.06			0.06
Non-GAAP income tax adjustment		(0.03	)		(0.08	)		(0.19	)		(0.26	)		(0.57	)
Net income per share, diluted (Non-GAAP) ⁽²⁾	$	0.94		$	0.65		$	0.54		$	2.37		$	4.41

Shares used in diluted per share calculation GAAP		138,128			139,914			139,205			140,004			143,290
Shares used in diluted per share calculation Non-GAAP		134,053			135,839			137,187			135,641			139,214

Income-based government grants (GAAP)	$	68,040		$	46,552		$	32,887		$	157,538		$	53,470
Incremental cost for manufacturing in U.S.		(16,123	)		(11,396	)		(7,112	)		(38,351	)		(11,603	)
Net IRA benefit (Non-GAAP)	$	51,917		$	35,156		$	25,775		$	119,187		$	41,867

Net cash provided by operating activities (GAAP)	$	167,292		$	170,138		$	35,450		$	513,693		$	696,780
Purchases of property and equipment		(8,064	)		(8,533	)		(20,075	)		(33,604	)		(110,401	)
Free cash flow (Non-GAAP)	$	159,228		$	161,605		$	15,375		$	480,089		$	586,379

(2) Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.

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

The MIL Network –

February 5, 2025

MIL-OSI: Nasdaq Reports January 2025 Volumes

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for January 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics .

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contacts:

Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi@Nasdaq.com

Nick Eghtessad
+1.929.996.8894
Nick.Eghtessad@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

The MIL Network –

February 5, 2025

MIL-OSI: Intapp Announces Second Quarter Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second quarter SaaS revenue of $80.0 million, up 27% year-over-year
Cloud annual recurring revenue (ARR) of $331.1 million, up 29% year-over-year
Trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%

PALO ALTO, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal second quarter ended December 31, 2024. Intapp also provided its outlook for the third quarter and the full fiscal year 2025.

“I’m pleased to share that once again we’ve achieved strong quarterly results which are supported by the addition of new clients and expanded client relationships,” said John Hall, CEO of Intapp. “Our second quarter results are indicative of our ability to continually drive AI, cloud adoption, and modernization across the industries we serve.”

Second Quarter of Fiscal Year 2025 Financial Highlights

SaaS revenue was $80.0 million, a 27% year-over-year increase compared to the second quarter of fiscal year 2024.
Total revenue was $121.2 million, a 17% year-over-year increase compared to the second quarter of fiscal year 2024.
Cloud ARR was $331.1 million as of December 31, 2024, a 29% year-over-year increase compared to Cloud ARR as of December 31, 2023. Cloud ARR represented 76% of total ARR as of December 31, 2024, compared to 70% as of December 31, 2023.
Total ARR was $437.1 million as of December 31, 2024, a 20% year-over-year increase compared to total ARR as of December 31, 2023.
GAAP operating loss was $(10.2) million, compared to a GAAP operating loss of $(11.1) million in the second quarter of fiscal year 2024.
Non-GAAP operating income was $18.9 million, compared to a non-GAAP operating income of $7.6 million in the second quarter of fiscal year 2024.
GAAP net loss was $(10.2) million, compared to a GAAP net loss of $(9.2) million in the second quarter of fiscal year 2024.
Non-GAAP net income was $17.4 million, compared to a non-GAAP net income of $8.8 million in the second quarter of fiscal year 2024.
GAAP net loss per share was $(0.13), compared to a GAAP net loss per share of $(0.13) in the second quarter of fiscal year 2024.
Non-GAAP diluted net income per share was $0.21, compared to a non-GAAP diluted net income per share of $0.11 in the second quarter of fiscal year 2024.
Cash and cash equivalents were $285.6 million as of December 31, 2024, compared to $208.4 million as of June 30, 2024.
For the six months ended December 31, 2024, net cash provided by operating activities was $49.7 million, compared to net cash provided by operating activities of $23.6 million for the six months ended December 31, 2023.

Business Highlights

As of December 31, 2024, we served more than 2,650 clients, 728 of which each had contracts greater than $100,000 of ARR.
We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%.
We continued to add new clients and expand existing accounts including accounting firm Milsted Langdon and consulting firm Alvarez & Marsal.
We were named to Forbes’ America’s Most Successful Mid-Cap Companies listing for 2024.
Intapp DealCloud won bronze in the Enterprise Product of the Year – Software category at the 2024 Best in Biz Awards.

Third Quarter and Full Fiscal Year 2025 Outlook

	Fiscal 2025 Outlook
	Third Quarter	Fiscal Year
	(in millions, except per share data)
SaaS revenue	$84.0 – $85.0	$328.8 – $332.8
Total revenue	$128.3 – $129.3	$498.5 – $502.5
Non-GAAP operating income	$18.5 – $19.5	$70.2 – $74.2
Non-GAAP diluted net income per share	$0.21 – $0.23	$0.83 – $0.87

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

The guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of $23.4 million for the third quarter of fiscal year 2025 and $90.6 million for fiscal year 2025 and amortization of intangible assets of $2.7 million for the third quarter of fiscal year 2025 and $11.2 million for fiscal year 2025. The guidance regarding non-GAAP diluted net income per share excludes known pre-tax charges related to estimated stock-based compensation of $0.28 per share for the third quarter of fiscal year 2025 and $1.08 per share for fiscal year 2025 and amortization of intangible assets of $0.03 per share for the third quarter of fiscal year 2025 and $0.13 per share for fiscal year 2025. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures, other than stock-based compensation and amortization of intangible assets, because certain of these reconciling items, including change in fair value of contingent consideration, transaction costs, restructuring and other costs and income tax effect of non-GAAP adjustments, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.

Corporate Presentation

A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.

Webcast
Intapp will host a conference call for analysts and investors on Tuesday, February 4, 2025, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

About Intapp

Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full fiscal year 2025, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Presentation Changes Related to SaaS and License Revenue

Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license were included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. There was no change to the Company’s revenue recognition policy, except for the change in classification noted herein.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.

Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include total ARR, Cloud ARR and Cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.

We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.

Investor Contact
David Trone
Senior Vice President, Investor Relations
Intapp, Inc.
ir@intapp.com

Media Contact
Ali Robinson
Global Media Relations Director
Intapp, Inc.
press@intapp.com


INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data and percentages)

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Revenues
SaaS	$	79,976		$	63,117		$	156,852		$	122,030
License		28,017			28,135			56,509			56,186
Professional services		13,216			12,681			26,653			27,292
Total revenues		121,209			103,933			240,014			205,508
Cost of revenues
SaaS		16,292			12,810			31,610			25,521
License		1,630			1,606			3,382			3,308
Professional services		14,549			16,353			29,413			33,513
Total cost of revenues		32,471			30,769			64,405			62,342
Gross profit		88,738			73,164			175,609			143,166
Gross margin		73.2	%		70.4	%		73.2	%		69.7	%
Operating expenses:
Research and development		33,325			27,981			65,752			56,477
Sales and marketing		40,791			35,269			78,551			69,688
General and administrative		24,808			20,996			48,746			42,048
Total operating expenses		98,924			84,246			193,049			168,213
Operating loss		(10,186	)		(11,082	)		(17,440	)		(25,047	)
Interest and other income (expense), net		(202	)		2,057			3,220			1,114
Net loss before income taxes		(10,388	)		(9,025	)		(14,220	)		(23,933	)
Income tax benefit (expense)		171			(188	)		(517	)		(601	)
Net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Net loss per share, basic and diluted	$	(0.13	)	$	(0.13	)	$	(0.19	)	$	(0.35	)
Weighted-average shares used to compute net loss per share, basic and diluted		78,118			70,521			76,861			69,729


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

	December 31, 2024			June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	285,631		$	208,370
Restricted cash		200			200
Accounts receivable, net		87,596			95,103
Unbilled receivables, net		13,786			13,300
Other receivables, net		4,412			2,743
Prepaid expenses		11,284			9,031
Deferred commissions, current		14,232			13,907
Total current assets		417,141			342,654
Property and equipment, net		20,172			18,944
Operating lease right-of-use assets		18,426			21,382
Goodwill		285,907			285,969
Intangible assets, net		34,351			40,293
Deferred commissions, noncurrent		18,335			18,495
Other assets		6,255			5,262
Total assets	$	800,587		$	732,999
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	16,631		$	13,348
Accrued compensation		35,045			42,066
Accrued expenses		7,266			12,040
Deferred revenue, net		234,962			218,923
Other current liabilities		12,243			14,270
Total current liabilities		306,147			300,647
Deferred tax liabilities		1,255			1,336
Deferred revenue, noncurrent		3,033			3,563
Operating lease liabilities, noncurrent		17,409			19,605
Other liabilities		4,353			4,610
Total liabilities		332,197			329,761
Stockholders’ equity:
Common stock		79			75
Additional paid-in capital		971,631			891,681
Accumulated other comprehensive loss		(1,401	)		(1,336	)
Accumulated deficit		(501,919	)		(487,182	)
Total stockholders’ equity		468,390			403,238
Total liabilities and stockholders’ equity	$	800,587		$	732,999


INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Cash Flows from Operating Activities:
Net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		4,372			3,975			8,839			7,984
Amortization of operating lease right-of-use assets		1,278			1,152			2,558			2,282
Accounts receivable allowances		273			803			823			1,228
Stock-based compensation		25,411			16,508			45,400			35,265
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Deferred income taxes		(26	)		(104	)		(74	)		(217	)
Other		38			39			76			77
Changes in operating assets and liabilities:
Accounts receivable		(23,742	)		(10,902	)		6,465			12,570
Unbilled receivables, current		(1,009	)		(1,888	)		(486	)		(5,774	)
Prepaid expenses and other assets		(2,433	)		(446	)		(5,001	)		(1,788	)
Deferred commissions		(1,832	)		(1,189	)		(165	)		(1,068	)
Accounts payable and accrued liabilities		185			9,760			(7,875	)		(1,517	)
Deferred revenue, net		32,784			4,615			15,509			4,837
Operating lease liabilities		(1,344	)		(768	)		(2,675	)		(2,339	)
Other liabilities		1,501			477			2,032			(1,144	)
Net cash provided by operating activities		25,239			12,035			49,685			23,647
Cash Flows from Investing Activities:
Purchases of property and equipment		(62	)		(213	)		(416	)		(1,354	)
Capitalized internal-use software costs		(1,915	)		(1,592	)		(3,449	)		(3,453	)
Business combinations, net of cash acquired		—			—			(897	)		—
Net cash used in investing activities		(1,977	)		(1,805	)		(4,762	)		(4,807	)
Cash Flows from Financing Activities:
Payments for deferred offering costs		—			(148	)		—			(781	)
Proceeds from stock option exercises		9,666			15,612			32,584			17,936
Proceeds from employee stock purchase plan		1,970			1,725			1,970			1,725
Payments of deferred contingent consideration and holdback associated with acquisitions		(1,023	)		(2,551	)		(2,410	)		(2,551	)
Net cash provided by financing activities		10,613			14,638			32,144			16,329
Effect of foreign currency exchange rate changes on cash and cash equivalents		(2,091	)		(58	)		194			203
Net increase in cash, cash equivalents and restricted cash		31,784			24,810			77,261			35,372
Cash, cash equivalents and restricted cash – beginning of period		254,047			141,747			208,570			131,185
Cash, cash equivalents and restricted cash – end of period	$	285,831		$	166,557		$	285,831		$	166,557

INTAPP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data and percentages)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

Non-GAAP Gross Profit

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP gross profit	$	88,738		$	73,164		$	175,609		$	143,166
Adjusted to exclude the following:
Stock-based compensation		2,702			2,018			4,934			3,892
Amortization of intangible assets		1,509			1,055			3,080			2,110
Restructuring and other costs		53			—			62			—
Non-GAAP gross profit	$	93,002		$	76,237		$	183,685		$	149,168
Non-GAAP gross margin		76.7	%		73.4	%		76.5	%		72.6	%

Non-GAAP Operating Expenses

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP research and development	$	33,325		$	27,981		$	65,752		$	56,477
Stock-based compensation		(6,800	)		(4,468	)		(11,424	)		(9,114	)
Restructuring and other costs		(113	)		—			(162	)		—
Non-GAAP research and development	$	26,412		$	23,513		$	54,166		$	47,363


GAAP sales and marketing	$	40,791		$	35,269		$	78,551		$	69,688
Stock-based compensation		(7,232	)		(4,888	)		(12,970	)		(10,227	)
Amortization of intangible assets		(1,268	)		(1,396	)		(2,536	)		(2,883	)
Non-GAAP sales and marketing	$	32,291		$	28,985		$	63,045		$	56,578


GAAP general and administrative	$	24,808		$	20,996		$	48,746		$	42,048
Stock-based compensation		(8,677	)		(5,134	)		(16,072	)		(12,032	)
Amortization of intangible assets		(163	)		(163	)		(326	)		(326	)
Change in fair value of contingent consideration		—			784			1,004			2,215
Transaction costs ⁽¹⁾		(530	)		(350	)		(664	)		(678	)
Restructuring and other costs		(64	)		—			(236	)		—
Non-GAAP general and administrative	$	15,374		$	16,133		$	32,452		$	31,227

Non-GAAP Operating Income

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP operating loss	$	(10,186	)	$	(11,082	)	$	(17,440	)	$	(25,047	)
Adjusted to exclude the following:
Stock-based compensation		25,411			16,508			45,400			35,265
Amortization of intangible assets		2,940			2,614			5,942			5,319
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Transaction costs ⁽¹⁾		530			350			664			678
Restructuring and other costs		230			—			460			—
Non-GAAP operating income	$	18,925		$	7,606		$	34,022		$	14,000

Non-GAAP Net Income

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
GAAP net loss	$	(10,217	)	$	(9,213	)	$	(14,737	)	$	(24,534	)
Adjusted to exclude the following:
Stock-based compensation		25,411			16,508			45,400			35,265
Amortization of intangible assets		2,940			2,614			5,942			5,319
Change in fair value of contingent consideration		—			(784	)		(1,004	)		(2,215	)
Transaction costs ⁽¹⁾		530			350			664			678
Restructuring and other costs		230			—			460			—
Income tax effect of non-GAAP adjustments		(1,489	)		(710	)		(2,513	)		(1,125	)
Non-GAAP net income	$	17,405		$	8,765		$	34,212		$	13,388

GAAP net loss per share, basic and diluted	$	(0.13	)	$	(0.13	)	$	(0.19	)	$	(0.35	)
Non-GAAP net income per share, diluted	$	0.21		$	0.11		$	0.41		$	0.17

Weighted-average shares used to compute GAAP net loss per share, basic and diluted		78,118			70,521			76,861			69,729
Weighted-average shares used to compute non-GAAP net income per share, diluted		83,910			80,285			82,724			79,926

Free Cash Flow

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Net cash provided by operating activities	$	25,239		$	12,035		$	49,685		$	23,647
Adjusted for the following cash outlay:
Purchases of property and equipment		(62	)		(213	)		(416	)		(1,354	)
Free cash flow ⁽²⁾	$	25,177		$	11,822		$	49,269		$	22,293

(1) Consists of acquisition-related transaction costs, costs related to a legal settlement incurred in connection with an acquisition and costs related to certain non-capitalized offering-related expenses.

(2) Beginning with the second quarter ended December 31, 2023, we have excluded capitalized internal-use software costs and cash paid for interest from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior period presented were recast to conform to the updated methodology and are reflected herein for comparison purposes.

The MIL Network –

February 5, 2025

MIL-OSI: Runway Growth Finance Corp. Announces Date for Fourth Quarter and Full Year 2024 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

MENLO PARK, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it will release its fourth quarter and full year 2024 financial results after market close on Thursday, March 20, 2025. Runway Growth will discuss its financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

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

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

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

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

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

The MIL Network –

February 5, 2025

MIL-OSI: Varonis Announces Fourth Quarter 2024 and Full-Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annual recurring revenues grew 18% year-over-year
SaaS ARR as a percentage of total ARR was approximately 53%
Year-to-date cash from operations generated $115.2 million vs. $59.4 million last year
Year-to-date free cash flow generated $108.5 million vs. $54.3 million last year

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the fourth quarter and full-year ended December 31, 2024.

Yaki Faitelson, Varonis CEO, said, “We are excited by the approximately 50% increase in ARR from new customers, which was driven by the simplicity of SaaS and MDDR as well as customer interest in utilizing Generative AI raising awareness for our solution. We look forward to continuing our momentum and completing our SaaS transition in 2025, which will unlock many more benefits as we capture our massive opportunity.”

Guy Melamed, Varonis CFO & COO, added, “For the first time in company history, SaaS represents a majority of ARR as we finished the fourth quarter with 53% of total company ARR coming from SaaS. This demand positions the company for another year of strong ARR growth and continued improvement in free cash flow generation, while we make strategic investments aimed at supporting our goal of returning to more than 20% ARR growth.”

Financial Summary for the Fourth Quarter Ended December 31, 2024

Total revenues were $158.5 million, compared with $154.1 million in the fourth quarter of 2023.
SaaS revenues were $72.2 million, compared with $23.0 million in the fourth quarter of 2023.
Term license subscription revenues were $66.8 million, compared with $106.2 million in the fourth quarter of 2023.
Maintenance and services revenues were $19.5 million, compared with $24.9 million in the fourth quarter of 2023.
GAAP operating loss was ($17.6) million, compared to GAAP operating loss of ($5.2) million in the fourth quarter of 2023.
Non-GAAP operating income was $15.3 million, compared to non-GAAP operating income of $27.2 million in the fourth quarter of 2023.

Financial Summary for the Year Ended December 31, 2024

Total revenues were $551.0 million, compared with $499.2 million in 2023.
SaaS revenues were $208.8 million, compared with $44.4 million in 2023.
Term license subscription revenues were $254.2 million, compared with $356.5 million in 2023.
Maintenance and services revenues were $87.9 million, compared with $98.3 million in 2023.
GAAP operating loss was ($117.7) million, compared to GAAP operating loss of ($117.2) million in 2023.
Non-GAAP operating income was $15.9 million, compared to non-GAAP operating income of $28.7 million in 2023.

The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and twelve months ended December 31, 2024 and 2023. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

Key Performance Indicators and Recent Business Highlights

Annual recurring revenues, or ARR, was $641.9 million as of the end of the fourth quarter, up 18% year-over-year.
As of December 31, 2024, the Company had $1.2 billion in cash and cash equivalents, short-term deposits and short-term and long-term marketable securities.
During the twelve months ended December 31, 2024, the Company generated $115.2 million of cash from operations, compared to $59.4 million generated in the prior year period.
During the twelve months ended December 31, 2024, the Company generated $108.5 million of free cash flow, compared to $54.3 million generated in the prior year period.
Announced expansion of IaaS security coverage to Google Cloud, bringing the company’s proven data-centric approach to Google Cloud storage and data warehouses.
Expanded coverage to discover and classify critical data, remove exposures, and detect threats on the Databricks Data Intelligence Platform.
Broadened coverage to continuously discover and classify data and resolve issues related to data risk and overexposure within ServiceNow.

An explanation of ARR is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.” In addition, the tables at the end of this press release include a reconciliation of net cash provided by operating activities to non-GAAP free cash flow. An explanation of this measure is also included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

Financial Outlook

For the first quarter of 2025, the Company expects:

Revenues of $130.0 million to $135.0 million, or year-over-year growth of 14% to 18%.
Non-GAAP operating loss of ($14.0) million to ($11.0) million.
Non-GAAP net loss per diluted share in the range of ($0.06) to ($0.04), based on 113.6 million diluted shares outstanding.

For full year 2025, the Company expects:

ARR of $737.0 million to $745.0 million, or year-over-year growth of 15% to 16%.
Net cash provided by operating activities of $132.0 million to $139.0 million.
Free cash flow of $120.0 million to $125.0 million.
Revenues of $610.0 million to $625.0 million, or year-over-year growth of 11% to 13%.
Non-GAAP operating income of $0.5 million to $10.5 million.
Non-GAAP net income per diluted share in the range of $0.13 to $0.17, based on 137.5 million diluted shares outstanding.

Actual results may differ materially from the Company’s Financial Outlook as a result of, among other things, the factors described below under “Forward-Looking Statements”.

Conference Call and Webcast
Varonis will host a conference call today, Tuesday, February 4, 2025, at 4:30 p.m. Eastern Time, to discuss the Company’s fourth quarter 2024 and full-year 2024 financial results. To access this call, dial 877-425-9470 (domestic) or 201-389-0878 (international). The passcode is 13750890. A replay of this conference call will be available through February 11, 2025 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay passcode is 13750890. A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.varonis.com), and a replay will be archived on the website as well.

Non-GAAP Financial Measures and Key Performance Indicators
Varonis believes that the use of non-GAAP operating income (loss) and non-GAAP net income (loss) is helpful to our investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

Non-GAAP operating income (loss) is calculated as operating income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, and (iii) amortization of acquired intangible assets and acquisition-related expenses.

Non-GAAP net income (loss) is calculated as net income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, (iii) amortization of acquired intangible assets and acquisition-related expenses, (iv) foreign exchange gains (losses) which include exchange rate differences on lease contracts as a result of the implementation of ASC 842 and (v) amortization of debt issuance costs.

The Company believes that the exclusion of these expenses provides a more meaningful comparison of our operational performance from period to period and offers investors and management greater visibility to the underlying performance of our business. Specifically:

Stock-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
Payroll taxes are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, factors which may vary from period to period;
Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
The Company incurs foreign exchange gains or losses from the revaluation of its significant operating lease liabilities in foreign currencies as well as other assets and liabilities denominated in non-U.S. dollars, which may vary from period to period; and
Amortization of debt issuance costs, which relate to the Company’s convertible senior notes issued in 2020 and 2024, are a non-cash item.

Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income (loss) or net income (loss) or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense and payroll tax expense related to stock-based compensation have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. Also, the amortization of intangible assets are expected recurring expenses over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Additionally, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies. Finally, the amortization of debt issuance costs are expected recurring expenses until the maturity of the senior notes in 2029.

The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Varonis urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measures to evaluate our business.

A reconciliation for non-GAAP operating income (loss) and non-GAAP net income (loss) referred to in our “Financial Outlook” is not provided because, as forward-looking statements, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.

ARR is a key performance indicator defined as the annualized value of active SaaS contracts, term-based subscription license contracts, and maintenance contracts in effect at the end of that period. SaaS contracts, term-based subscription license contracts, and maintenance contracts are annualized by dividing the total contract value by the number of days in the term and multiplying the result by 365. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenues, deferred revenues or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenues, operating income or loss or earnings or loss per share. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

About Varonis

Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

Varonis protects data first, not last. Learn more at www.varonis.com.

Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com

News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com

Varonis Systems, Inc.
Consolidated Statements of Operations
(in thousands, except for share and per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
	Unaudited						Unaudited
Revenues:
Term license subscriptions	$	66,781		$	106,184		$	254,241		$	356,490
SaaS		72,206			22,980			208,781			44,417
Maintenance and services		19,527			24,935			87,928			98,253
Total revenues		158,514			154,099			550,950			499,160

Cost of revenues		26,055			19,347			93,847			71,751

Gross profit		132,459			134,752			457,103			427,409

Operating expenses:
Research and development		50,546			48,144			196,765			183,838
Sales and marketing		76,123			70,569			288,769			277,893
General and administrative		23,342			21,283			89,220			82,901
Total operating expenses		150,011			139,996			574,754			544,632

Operating loss		(17,552	)		(5,244	)		(117,651	)		(117,223	)
Financial income, net		7,605			5,433			34,644			30,305

Income (loss) before income taxes		(9,947	)		189			(83,007	)		(86,918	)
Income taxes		(3,047	)		(1,087	)		(12,758	)		(13,998	)

Net loss	$	(12,994	)	$	(898	)	$	(95,765	)	$	(100,916	)

Net loss per share of common stock, basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.86	)	$	(0.92	)

Weighted average number of shares used in computing net loss per share of common stock, basic and diluted		112,488,376			109,007,859			111,660,541			109,141,894

*Stock-based compensation expense for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	1,175	$	1,275	$	5,192	$	7,221
Research and development		10,709		11,199		41,766		48,679
Sales and marketing		10,509		10,186		41,494		48,047
General and administrative		10,176		8,983		38,230		35,872
	$	32,569	$	31,643	$	126,682	$	139,819

*Payroll tax expense related to stock-based compensation for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	6	$	20	$	637	$	405
Research and development		38		133		604		365
Sales and marketing		146		152		3,196		1,972
General and administrative		16		32		1,181		518
	$	206	$	337	$	5,618	$	3,260

*Amortization of acquired intangibles and acquisition-related expenses for the* *three* *and* *twelve months ended* *December 31, 2024* *and* *2023* *is included in the Consolidated Statements of Operations as follows (in thousands):*

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	Unaudited				Unaudited
Cost of revenues	$	119	$	381	$	1,263	$	1,525
Research and development		—		128		—		1,363
Sales and marketing		—		—		—		—
General and administrative		—		—		—		—
	$	119	$	509	$	1,263	$	2,888

Varonis Systems, Inc.
Consolidated Balance Sheets
(in thousands)

	December 31, 2024			December 31, 2023
	Unaudited
Assets
Current assets:
Cash and cash equivalents	$	185,585		$	230,740
Marketable securities		343,383			253,175
Short-term deposits		39,450			49,800
Trade receivables, net		192,832			169,116
Prepaid expenses and other short-term assets		116,824			64,326
Total current assets		878,074			767,157
Long-term assets:
Long-term marketable securities		658,896			211,063
Operating lease right-of-use assets		45,593			51,838
Property and equipment, net		30,795			33,964
Intangible assets, net		—			1,263
Goodwill		23,135			23,135
Other assets		27,782			15,490
Total long-term assets		786,201			336,753
Total assets	$	1,664,275		$	1,103,910

Liabilities and stockholders’ equity
Current liabilities:
Trade payables	$	4,313		$	672
Accrued expenses and other short-term liabilities		164,930			125,057
Convertible senior notes, net		250,529			—
Deferred revenues		290,113			181,049
Total current liabilities		709,885			306,778
Long-term liabilities:
Convertible senior notes, net		450,243			250,477
Operating lease liabilities		42,789			51,313
Deferred revenues		2,211			886
Other liabilities		3,491			4,808
Total long-term liabilities		498,734			307,484

Stockholders’ equity:
Share capital
Common stock		113			109
Accumulated other comprehensive income (loss)		2,676			(8,649	)
Additional paid-in capital		1,193,022			1,142,578
Accumulated deficit		(740,155	)		(644,390	)
Total stockholders’ equity		455,656			489,648
Total liabilities and stockholders’ equity	$	1,664,275		$	1,103,910

Varonis Systems, Inc.
Consolidated Statements of Cash Flows
(in thousands)

	Twelve Months Ended December 31,
	2024			2023
	Unaudited
Cash flows from operating activities:
Net loss	$	(95,765	)	$	(100,916	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		11,126			11,703
Stock-based compensation		126,682			139,819
Amortization of deferred commissions		54,392			53,072
Non-cash operating lease costs		9,526			9,468
Amortization of debt issuance costs		2,144			1,514
Amortization of premium and accretion of discount on marketable securities, net		(12,690	)		(9,354	)
Acquired in-process research and development		6,653			—

Changes in assets and liabilities:
Trade receivables		(23,716	)		(33,137	)
Prepaid expenses and other short-term assets		(35,332	)		(21,459	)
Deferred commissions		(59,820	)		(53,505	)
Other long-term assets		347			(577	)
Trade payables		3,641			(2,290	)
Accrued expenses and other short-term liabilities		17,317			(5,278	)
Deferred revenues		110,389			69,882
Other long-term liabilities		306			474
Net cash provided by operating activities		115,200			59,416

Cash flows from investing activities:
Proceeds from maturities of marketable securities		308,840			301,350
Proceeds from sales of marketable securities		111,552			—
Investment in marketable securities		(949,841	)		(517,948	)
Proceeds from short-term and long-term deposits		34,795			214,444
Investment in short-term and long-term deposits		(24,254	)		(135,823	)
Purchase of in-process research and development		(6,653	)		—
Purchases of property and equipment		(6,694	)		(5,099	)
Net cash used in investing activities		(532,255	)		(143,076	)

Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs		449,635			—
Purchases of capped calls		(55,522	)		—
Proceeds from employee stock plans		16,082			11,537
Taxes paid related to net share settlement of equity awards		(38,295	)		(21,415	)
Repurchase of common stock		—			(43,522	)
Net cash provided by (used in) financing activities		371,900			(53,400	)
Decrease in cash and cash equivalents		(45,155	)		(137,060	)
Cash and cash equivalents at beginning of period		230,740			367,800
Cash and cash equivalents at end of period	$	185,585		$	230,740

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in thousands, except share and per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
	Unaudited						Unaudited
Reconciliation to non-GAAP operating income:

GAAP operating loss	$	(17,552	)	$	(5,244	)	$	(117,651	)	$	(117,223	)

Add back:
Stock-based compensation expense		32,569			31,643			126,682			139,819
Payroll tax expenses related to stock-based compensation		206			337			5,618			3,260
Amortization of acquired intangible assets and acquisition-related expenses		119			509			1,263			2,888
Non-GAAP operating income	$	15,342		$	27,245		$	15,912		$	28,744

Reconciliation to non-GAAP net income:

GAAP net loss	$	(12,994	)	$	(898	)	$	(95,765	)	$	(100,916	)

Add back:
Stock-based compensation expense		32,569			31,643			126,682			139,819
Payroll tax expenses related to stock-based compensation		206			337			5,618			3,260
Amortization of acquired intangible assets and acquisition-related expenses		119			509			1,263			2,888
Foreign exchange rate differences, net		3,129			2,290			827			(916	)
Amortization of debt issuance costs		880			381			2,144			1,514
Non-GAAP net income	$	23,909		$	34,262		$	40,769		$	45,649

GAAP weighted average number of shares used in computing net loss per share of common stock – basic and diluted		112,488,376			109,007,859			111,660,541			109,141,894
Non-GAAP weighted average number of shares used in computing net income per share of common stock – basic		112,488,376			109,007,859			111,660,541			109,141,894
Non-GAAP weighted average number of shares used in computing net income per share of common stock – diluted		135,097,388			126,061,869			130,278,825			126,585,777

GAAP net loss per share of common stock – basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.86	)	$	(0.92	)
Non-GAAP net income per share of common stock – basic	$	0.21		$	0.31		$	0.37		$	0.42
Non-GAAP net income per share of common stock – diluted	$	0.18		$	0.27		$	0.31		$	0.36

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in millions)

	Twelve Months Ended December 31,
	2024			2023
	Unaudited
Reconciliation to non-GAAP free cash flow:
Net cash provided by operating activities	$	115.2		$	59.4
Purchases of property and equipment		(6.7	)		(5.1	)
Free cash flow	$	108.5		$	54.3

Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP
(in millions)

	Twelve Months Ended December 31, 2025
	Low			High
Reconciliation to non-GAAP free cash flow:
Net cash provided by operating activities	$	132.0		$	139.0
Purchases of property and equipment		(12.0	)		(14.0	)
Free cash flow	$	120.0		$	125.0

The MIL Network –

February 5, 2025

MIL-OSI: Key Tronic Corporation Announces Results For the Second Quarter of Fiscal Year 2025

Source: GlobeNewswire (MIL-OSI)

SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December 28, 2024. These results are in line with the updated guidance provided on January 24, 2025.

For the second quarter of fiscal year 2025, Key Tronic reported total revenue of $113.9 million, compared to $147.8 million in the same period of fiscal year 2024. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to unexpected shortages for specific components managed by a large customer, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million from initial guidance for the quarter. For the first six months of fiscal year 2025, total revenue was $245.4 million, compared to $298.0 million in the same period of fiscal year 2024.

Gross margins were 6.8% and operating margins were (1.0)% in the second quarter of fiscal year 2025, compared to 8.0% and 2.7%, respectively, in the same period of fiscal year 2024. The decline in margins for the second quarter of fiscal year 2025 primarily reflects the reduction of revenue. As previously announced, interest expense also included approximately $1.0 million in write-offs of unamortized loan fees related to refinancing the Company’s debt with a new lender.

The net loss was $(4.9) million or $(0.46) per share for the second quarter of fiscal year 2025, compared to net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. For the first six months of fiscal year 2025, the net loss was $(3.8) million or $(0.35) per share, compared to net income of $1.4 million or $0.13 per share for the same period of fiscal year 2024.

The adjusted net loss was $(4.1) million or $(0.38) per share for the second quarter of fiscal year 2025, compared to adjusted net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. The adjusted net loss was $(2.9) million or $(0.27) per share for first six months of fiscal year 2025, compared to adjusted net income of $1.2 million or $0.11 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

“As we announced today, we’re planning to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. We believe these initiatives should help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico,” said Brett Larsen, President and CEO.

“We are disappointed with the unexpected decline in revenue in the second quarter of fiscal 2025, however, we expect our revenue and earnings to improve in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. We’re actively streamlining our international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions a year ago. We’re also pleased to see our inventory levels being more in line with current revenue levels and expect that these strategic changes will improve our overall profitability in the longer term.”

“At the same time, we continued to win new programs, such as aerospace systems and an energy resiliency technology program, which was recently announced. Once fully ramped, the latter program could generate annual revenue for us in excess of $60 million. We also closed on a long-term debt refinancing agreement during the quarter that expands available capital for growth. We believe Key Tronic remains well positioned for increased growth and profitability in coming periods.”

The financial data presented for the second quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

Business Outlook

Due to uncertainty in the economic and political environments related to the impact of recently announced potential tariffs, Key Tronic will not be issuing revenue or earnings guidance for the third quarter of fiscal year 2025.

Conference Call

Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the success and timing of our expansion plans; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.


CONTACTS:	Tony Voorhees	Michael Newman
	Chief Financial Officer	Investor Relations
	Key Tronic Corporation	StreetConnect
	(509)-927-5345	(206) 729-3625

KEY TRONIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Net sales	$	113,853		$	147,847		$	245,411		$	297,959
Cost of sales		106,147			136,084			224,402			275,334
Gross profit		7,706			11,763			21,009			22,625
Research, development and engineering expenses		2,320			1,758			4,609			3,999
Selling, general and administrative expenses		6,507			6,057			13,077			11,841
Gain on insurance proceeds, net of losses		—			—			—			(431	)
Total operating expenses		8,827			7,815			17,686			15,409
Operating income (loss)		(1,121	)		3,948			3,323			7,216
Interest expense, net		3,904			2,961			7,167			5,972
Income (loss) before income taxes		(5,025	)		987			(3,844	)		1,244
Income tax benefit		(111	)		(97	)		(54	)		(175	)
Net income (loss)	$	(4,914	)	$	1,084		$	(3,790	)	$	1,419
Net income (loss) per share — Basic	$	(0.46	)	$	0.10		$	(0.35	)	$	0.13
Weighted average shares outstanding — Basic		10,762			10,762			10,762			10,762
Net income (loss) per share — Diluted	$	(0.46	)	$	0.10		$	(0.35	)	$	0.13
Weighted average shares outstanding — Diluted		10,762			10,889			10,762			10,889

KEY TRONIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	December 28, 2024			June 29, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	4,244		$	4,752
Trade receivables, net of credit losses of $2,931 and $2,918		113,132			132,559
Contract assets		18,892			21,250
Inventories, net		100,709			105,099
Other, net of credit losses of $1,496 and $1,679		24,159			24,739
Total current assets		261,136			288,399
Property, plant and equipment, net		27,123			28,806
Operating lease right-of-use assets, net		13,829			15,416
Other assets:
Deferred income tax asset		19,287			17,376
Other		6,454			5,346
Total other assets		25,741			22,722
Total assets	$	327,829		$	355,343
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	63,585		$	79,394
Accrued compensation and vacation		6,218			6,510
Current portion of long-term debt		5,063			3,123
Other		18,904			15,149
Total current liabilities		93,770			104,176
Long-term liabilities:
Long-term debt, net		106,020			116,383
Operating lease liabilities		8,429			10,312
Deferred income tax liability		9			263
Other long-term obligations		114			219
Total long-term liabilities		114,572			127,177
Total liabilities		208,342			231,353
Shareholders’ equity:
Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively		47,367			47,284
Retained earnings		73,131			76,921
Accumulated other comprehensive loss		(1,011	)		(215	)
Total shareholders’ equity		119,487			123,990
Total liabilities and shareholders’ equity	$	327,829		$	355,343

KEY TRONIC CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP to non-GAAP measures
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
GAAP net income (loss)	$	(4,914	)	$	1,084		$	(3,790	)	$	1,419
Gain on insurance proceeds (net of losses)		—			—			—			(431	)
Stock-based compensation expense		16			53			83			112
Write-off of unamortized loan fees		1,012			—			1,012			—
Income tax effect of non-GAAP adjustments (1)		(206	)		(11	)		(219	)		64
Adjusted net income (loss):	$	(4,092	)	$	1,126		$	(2,914	)	$	1,164

Adjusted net income (loss) per share — non-GAAP Diluted	$	(0.38	)	$	0.10		$	(0.27	)	$	0.11
Weighted average shares outstanding — Diluted		10,762			10,889			10,762			10,889

(1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.

The MIL Network –

February 5, 2025

MIL-OSI: Uni-Fuels Holdings Limited Announces Underwriters’ Full Exercise of Over-allotment Option

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG) (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions for shipping companies headquartered in Singapore, announced today that on February 4, 2025, the underwriter of its previously announced initial public offering (the “Offering”) has exercised its over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 315,000 Class A Ordinary Shares of the Company at the public offering price of $4.00 per share, resulting in additional gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025 under the ticker symbol “UFG.”

Uni-Fuels intends to use the proceeds from the Offering for scaling up its reselling activities to gain market share from existing and new markets; for strengthening its workforce and expanding its market presence in new geographical locations; and as cash reserve and general corporate purposes.

The Offering was conducted on a firm commitment basis. R. F. Lafferty & Co., Inc. acted as the sole book-running manager for the Offering.

A registration statement on Form F-1 relating to the shares being sold in the Offering was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 28, 2024; and was declared effective by the SEC on January 10, 2025. This Offering was made only by means of a prospectus. A copy of the final prospectus relating to the Offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov, or alternatively, from: R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005; (212) 293-9090.

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

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.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, including statements regarding the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com

Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com

The MIL Network –

February 5, 2025

MIL-OSI: Key Tronic Corporation Plans to Expand Operations in Arkansas and Vietnam

Source: GlobeNewswire (MIL-OSI)

SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it plans to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. This expansion is also expected to help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico.

In Arkansas, the Company has signed a new lease to significantly increase the size of its current manufacturing footprint by June 2025. In Vietnam, Key Tronic has ample space in its current facility and plans to double its manufacturing capacity by September 2025 with a significant investment in capital equipment.

“Our customers are very excited about our plans to increase our production capacity capabilities in the US and in Vietnam,” said Brett Larsen, President and CEO of Key Tronic Corporation. “These initiatives reflect the longstanding trend to nearshore production away from China, and may also help address the potential adverse impact of tariff increases. Our US-based production provides customers with outstanding flexibility, engineering support, and ease of communications, and our Vietnam-based production offers the high-quality, low-cost choice that was associated with China in the past. In the coming months, we’ll have more to say about these expansions.”

About Key Tronic

Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs. Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of our expansion plans; the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.


CONTACTS:	Anthony G. Voorhees	Michael Newman
	Chief Financial Officer	Investor Relations
	Key Tronic Corporation	StreetConnect
	(509) 927-5345	(206) 729-3625

The MIL Network –

February 5, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 04.02.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
4 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 04.02.2025

Espoo, Finland – On 4 February 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	1,221,522	4.52
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,221,522	4.52

* 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 4 February 2025 was EUR 5,526,288. After the disclosed transactions, Nokia Corporation holds 238,124,606 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.

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

Inquiries:

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

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

Attachment

Daily Report 2025-02-04

The MIL Network –

February 5, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.7 billion
Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
$182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
Board Authorizes 100% Increase of the Regular Quarterly Dividend
Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	December 31, 2024			December 31, 2023
U.S. GAAP
Revenue	$	59,262		$	57,313
Expenses		40,109			41,517
Operating income		19,153			15,796
Non-operating income		3,452			6,199
Net income		16,797			16,560
Diluted earnings per share	$	0.70		$	0.66
Operating margin		32.3	%		27.6	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Investment advisory and incentive fees
Funds	$	40,441		$	37,748
Institutional and Private Wealth Management		15,057			13,712
SICAV		4	(a)		1,541	(a)
Total	$	55,502		$	53,001
Distribution fees and other income		3,760			4,312
Total revenue	$	59,262		$	57,313

(a) Reflects change in reporting methodology. See AUM table.

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	December 31, 2024		December 31, 2023
Compensation	$	26,593	$	27,316
Management fee		2,512		2,444
Distribution costs		5,634		5,848
Other operating expenses		5,370		5,909
Total expenses	$	40,109	$	41,517

The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.

Non-Operating Income

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Gain from investments, net	$	644		$	3,529
Interest and dividend income		3,090			2,951
Interest expense (a)		(282	)		(281	)
Total non-operating income	$	3,452		$	6,199

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

Assets Under Management

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Mutual Funds	$	8,078	$	8,440	$	7,973
Closed-end Funds		7,344		7,459		7,097
Institutional & PWM (a) (b)		10,700		10,984		10,738
SICAV (c)		9		9		631
Total Equities		26,131		26,892		26,439

100% U.S. Treasury Money Market Fund		5,552		5,268		4,615
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,584		5,300		4,647
Total Assets Under Management	$	31,715	$	32,192	$	31,086

(a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,
2024, and December 31, 2023, respectively.
(b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.
(c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.

Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

Mutual Funds

Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $27 million;
Net outflows of $209 million; and
Net market depreciation of $126 million.

Closed-end Funds

Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $129 million;
Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
Net market depreciation of $155 million.

Institutional & PWM

Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

Net outflows of $345 million; and
Net market appreciation of $61 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

The Gabelli Growth Fund – Up 35.8% For 2024

The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

“The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

The Gabelli Gold Fund – Up 15.2% For 2024

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

“Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

The Gabelli Small Cap Growth Fund

We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

ETFs

In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

Assets Under Administration

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Teton-Keeley Funds (a)	$	809	$	883	$	964
SICAV		408		431		–
Total Assets Under Administration	$	1,217	$	1,314	$	964

(a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at
December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

Return to Shareholders

During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

Balance Sheet Information

As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

Symposiums/Conferences

On November 4^th and 5^th, we hosted the 48^th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
On November 15^th, we hosted the 6^th Annual Healthcare Symposium in connection with Columbia Business School.
On December 5^th, we hosted the 2^nd Section 852(b)(6) Conference.
In addition to the above, we hosted the following during 2024:
- 34^th Pump, Valve & Water Systems Symposium
- 30^th Aerospace & Defense Symposium
- 18^th Omaha Research Trip
- 16^th Media & Entertainment Symposium
- 15^th Specialty Chemicals Symposium
- 10^th Waste & Environmental Services Conference
- 2^nd PFAS Symposium

We are hosting the following symposiums and conferences in 2025:

About Gabelli

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

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Active Transparent Exchange-Traded Funds
GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

IMPORTANT DISCLOSURES

Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
These traditional risks may be even greater in challenging or uncertain market conditions.
Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

Active Exchange-Traded Funds
GABELI LOVE OUR PLANET & PEOPLE: LOPP
GABELLI GROWTH INNOVATORS: GGRW
GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

IMPORTANT DISCLOSURES
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
• You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
• These additional risks may be even greater in challenging or uncertain market conditions.
• The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

GCAD
Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

LOPP
The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

Money Market Fund
Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Growth
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

Gold
Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023
Revenue:
Investment advisory and incentive fees	$	55,502		$	53,829		$	53,001
Distribution fees and other income		3,760			3,717			4,312
Total revenue		59,262			57,546			57,313
Expenses:
Compensation		26,593			22,566			27,316
Management fee		2,512			2,517			2,444
Distribution costs		5,634			6,033			5,848
Other operating expenses		5,370			4,801			5,909
Total expenses		40,109			35,917			41,517
Operating income		19,153			21,629			15,796
Non-operating income:
Gain from investments, net		644			3,370			3,529
Interest and dividend income		3,090			2,947			2,951
Interest expense		(282	)		(290	)		(281	)
Charitable giving contribution		–			(5,000	)		–
Total non-operating income		3,452			1,027			6,199
Income before provision for income taxes		22,605			22,656			21,995
Provision for income taxes		5,808			5,822			5,435
Net income	$	16,797		$	16,834		$	16,560

Earnings per share attributable to common
stockholders:
Basic	$	0.70		$	0.69		$	0.66
Diluted	$	0.70		$	0.69		$	0.66

Weighted average shares outstanding:
Basic		23,971			24,263			25,038
Diluted		23,971			24,263			25,038

Shares outstanding		22,930			24,235			24,906

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and cash equivalents	$	17,254	$	61,801
Short-term investments in U.S. Treasury Bills		99,216		99,025
Investments in securities		36,855		19,998
Seed capital investments		29,452		24,044
Receivable from brokers		3,103		4,562
Other receivables		21,246		21,178
Deferred tax asset and income tax receivable		7,553		8,927
Other assets		9,509		9,896
Total assets	$	224,188	$	249,431

Liabilities and stockholders’ equity
Income taxes payable	$	196	$	17
Compensation payable		38,489		23,399
Accrued expenses and other liabilities		48,929		45,036
Total liabilities		87,614		68,452

Stockholders’ equity		136,574		180,979
Total liabilities and stockholders’ equity	$	224,188	$	249,431

Shares outstanding		22,930		24,906

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Equities:
Mutual Funds
Beginning of period assets		$	8,440		$	8,035		$	7,546
	Inflows		211			175			153
	Outflows		(420	)		(415	)		(451	)
	Net inflows (outflows)		(209	)		(240	)		(298	)
	Market appreciation (depreciation)		(126	)		652			744
	Fund distributions, net of reinvestment		(27	)		(7	)		(19	)
	Total increase (decrease)		(362	)		405			427
Assets under management, end of period		$	8,078		$	8,440		$	7,973		-4.3	%	1.3	%
Percentage of total assets under management			25.5	%		26.2	%		25.6	%
Average assets under management		$	8,447		$	8,177		$	7,593		3.3	%	11.2	%

Closed-end Funds
Beginning of period assets		$	7,459		$	7,052		$	6,727
	Inflows		212			25			16
	Outflows		(43	)		(32	)		(63	)
	Net inflows (outflows)		169			(7	)		(47	)
	Market appreciation (depreciation)		(155	)		540			544
	Fund distributions, net of reinvestment		(129	)		(126	)		(127	)
	Total increase (decrease)		(115	)		407			370
Assets under management, end of period			7,344		$	7,459		$	7,097		-1.5	%	3.5	%
Percentage of total assets under management			23.2	%		23.2	%		22.8	%
Average assets under management		$	7,610		$	7,260		$	6,785		4.8	%	12.2	%

Institutional & PWM
Beginning of period assets		$	10,984		$	10,436		$	10,034
	Inflows		62			87			63
	Outflows		(407	)		(373	)		(371	)
	Net inflows (outflows)		(345	)		(286	)		(308	)
	Market appreciation (depreciation)		61			834			1,012
	Total increase (decrease)		(284	)		548			704
Assets under management, end of period		$	10,700		$	10,984		$	10,738		-2.6	%	-0.4	%
Percentage of total assets under management			33.7	%		34.1	%		34.5	%
Average assets under management		$	11,085		$	10,905		$	10,005		1.7	%	10.8	%

SICAV
Beginning of period assets		$	9		$	9		$	622
	Inflows		–			–			82
	Outflows		–			–			(110	)
	Net inflows (outflows)		–			–			(28	)
	Market appreciation (depreciation)		–			–			37
	Total increase (decrease)		–			–			9
Assets under management, end of period		$	9		$	9		$	631		0.0	%	-98.6	%
Percentage of total assets under management			0.0	%		0.0	%		2.0	%
Average assets under management		$	9		$	9		$	628		0.0	%	-98.6	%

Total Equities
Beginning of period assets		$	26,892		$	25,532		$	24,929
	Inflows		485			287			314
	Outflows		(870	)		(820	)		(995	)
	Net inflows (outflows)		(385	)		(533	)		(681	)
	Market appreciation (depreciation)		(220	)		2,026			2,337
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(761	)		1,360			1,510
Assets under management, end of period		$	26,131		$	26,892		$	26,439		-2.8	%	-1.2	%
Percentage of total assets under management			82.4	%		83.5	%		85.1	%
Average assets under management		$	27,151		$	26,351		$	25,011		3.0	%	8.6	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	5,268		$	5,159		$	4,217
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,552		$	5,268		$	4,615		5.4	%	20.3	%
Percentage of total assets under management			17.5	%		16.4	%		14.8	%
Average assets under management		$	5,415		$	5,246		$	4,418		3.2	%	22.6	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32		$	32
	Inflows		–			–			–
	Outflows		–			–			–
	Net inflows (outflows)		–			–			–
	Market appreciation (depreciation)		–			–			–
	Total increase (decrease)		–			–			–
Assets under management, end of period		$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management			0.1	%		0.1	%		0.1	%
Average assets under management		$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	5,300		$	5,191		$	4,249
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,584		$	5,300		$	4,647		5.4	%	20.2	%
Percentage of total assets under management			17.6	%		16.5	%		14.9	%
Average assets under management		$	5,447		$	5,278		$	4,450		3.2	%	22.4	%

Total AUM
Beginning of period assets		$	32,192		$	30,723		$	29,178
	Inflows		2,141			1,532			1,738
	Outflows		(2,310	)		(2,025	)		(2,083	)
	Net inflows (outflows)		(169	)		(493	)		(345	)
	Market appreciation (depreciation)		(152	)		2,095			2,399
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(477	)		1,469			1,908
Assets under management, end of period		$	31,715		$	32,192		$	31,086		-1.5	%	2.0	%
Average assets under management		$	32,598		$	31,629		$	29,461		3.1	%	10.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Equities:
Mutual Funds
Beginning of period assets		$	7,973		$	8,140
	Inflows		751			711
	Outflows		(1,626	)		(1,616	)
	Net inflows (outflows)		(875	)		(905	)
	Market appreciation (depreciation)		1,023			772
	Fund distributions, net of reinvestment		(43	)		(34	)
	Total increase (decrease)		105			(167	)
Assets under management, end of period		$	8,078		$	7,973		1.3	%
Percentage of total assets under management			25.5	%		25.6	%
Average assets under management		$	8,173		$	8,035		1.7	%

Closed-end Funds
Beginning of period assets		$	7,097		$	7,046
	Inflows		281			41
	Outflows		(226	)		(130	)
	Net inflows (outflows)		55			(89	)
	Market appreciation (depreciation)		700			654
	Fund distributions, net of reinvestment		(508	)		(514	)
	Total increase (decrease)		247			51
Assets under management, end of period		$	7,344		$	7,097		3.5	%
Percentage of total assets under management			23.2	%		22.8	%
Average assets under management		$	7,274		$	7,058		3.1	%

Institutional & PWM
Beginning of period assets		$	10,738		$	10,714
	Inflows		340			241
	Outflows		(1,701	)		(1,739	)
	Net inflows (outflows)		(1,361	)		(1,498	)
	Market appreciation (depreciation)		1,323			1,522
	Total increase (decrease)		(38	)		24
Assets under management, end of period		$	10,700		$	10,738		-0.4	%
Percentage of total assets under management			33.7	%		34.5	%
Average assets under management		$	10,891		$	10,670		2.1	%

SICAV
Beginning of period assets		$	631		$	867
	Inflows		–			357
	Outflows		(2	)		(624	)
	Net inflows (outflows)		(2	)		(267	)
	Market appreciation (depreciation)		–			31
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(622	)		(236	)
Assets under management, end of period		$	9		$	631		-98.6	%
Percentage of total assets under management			0.0	%		2.0	%
Average assets under management		$	9		$	694		-98.7	%

Total Equities
Beginning of period assets		$	26,439		$	26,767
	Inflows		1,372			1,350
	Outflows		(3,555	)		(4,109	)
	Net inflows (outflows)		(2,183	)		(2,759	)
	Market appreciation (depreciation)		3,046			2,979
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(308	)		(328	)
Assets under management, end of period		$	26,131		$	26,439		-1.2	%
Percentage of total assets under management			82.4	%		85.1	%
Average assets under management		$	26,347		$	26,457		-0.4	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	4,615		$	2,462
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,552		$	4,615		20.3	%
Percentage of total assets under management			17.5	%		14.8	%
Average assets under management		$	5,140		$	3,823		34.4	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32
	Inflows		–			–
	Outflows		–			–
	Net inflows (outflows)		–			–
	Market appreciation (depreciation)		–			–
	Total increase (decrease)		–			–
Assets under management, end of period		$	32		$	32		0.0	%
Percentage of total assets under management			0.1	%		0.1	%
Average assets under management		$	32		$	32		0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	4,647		$	2,494
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,584		$	4,647		20.2	%
Percentage of total assets under management			17.6	%		14.9	%
Average assets under management		$	5,172		$	3,855		34.2	%

Total AUM
Beginning of period assets		$	31,086		$	29,261
	Inflows		7,168			6,848
	Outflows		(8,677	)		(7,645	)
	Net inflows (outflows)		(1,509	)		(797	)
	Market appreciation (depreciation)		3,309			3,170
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		629			1,825
Assets under management, end of period		$	31,715		$	31,086		2.0	%
Average assets under management		$	31,519		$	30,312		4.0	%

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

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

The MIL Network –

February 5, 2025

MIL-OSI: Red Cat CEO Jeff Thompson to Present at TD Cowen’s 46th Annual Aerospace & Defense Conference

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, Feb. 04, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced that its Chief Executive Officer, Jeff Thompson, will present at TD Cowen’s 46th Annual Aerospace & Defense Conference on Wednesday, February 12, 2025.

Thompson’s presentation is scheduled from 1:20 PM to 2:00 PM ET in Track 2 (Salon II, Conference Level) at The Ritz-Carlton, Pentagon City in Arlington, VA. He will discuss Red Cat’s latest advancements in drone technology and the company’s strategic initiatives within the aerospace and defense sectors.

TD Cowen’s 46th Annual Aerospace & Defense Conference, taking place February 11-13, 2025, brings together industry leaders for a series of presentations, fireside chats, and panel discussions. Moderated by members of the TD Cowen research team, the event will highlight key trends shaping the aerospace and defense industries.

Investors and attendees interested in scheduling a one-on-one meeting with Mr. Thompson are encouraged to contact the Company through the investor relations section of the Red Cat website.

About Red Cat Holdings, Inc.

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

About TD Securities

As a leading corporate and investment bank, TD Securities offers a wide range of integrated capital markets products and services. Our corporate, government, and institutional clients choose us for our innovation, execution, and experience.

With more than 7,100 professionals operating out of 34 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions.

TD Cowen is a division of TD Securities. As part of TD Securities’ broader suite of integrated capital markets products and services, our offering includes investment banking, research, sales and trading, prime brokerage, outsourced trading, and commission management services.

We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

Forward Looking Statements

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

Contact:

INVESTORS:
E-mail: Investors@redcat.red

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

The MIL Network –

February 5, 2025

MIL-OSI: Terren S. Peizer, through Humanitario Capital LLC, Acquires Proportionate Voting Shares and Proportionate Voting Share Warrants of Inspire Semiconductor Holdings Inc.

Source: GlobeNewswire (MIL-OSI)

DORADO, Puerto Rico and VANCOUVER, British Columbia , Feb. 04, 2025 (GLOBE NEWSWIRE) — This news release is issued by Terren Peizer (“Mr. Peizer”) pursuant to the early warning requirements of Canada’s National Instrument 62-104 and National Instrument 62-103 with respect to proportionate voting shares (“PVS”) and proportionate voting share warrants (“PVS Warrants”) of Inspire Semiconductor Holdings Inc. (the “Issuer”).

Mr. Peizer announces that, through his wholly owned corporation, Humanitario Capital LLC. (“Humanitario”), he has acquired PVS and PVS Warrants in connection with the conversion (the “Conversion”) of a C$10,000,000 loan made to the Issuer pursuant to a loan agreement dated September 23, 2024. The issuance of the securities described hereby was entirely contingent upon the delisting of the Issuer’s subordinate voting shares (“SVS”) from the TSX Venture Exchange which occurred on December 31, 2024.

Pursuant to the Conversion, Humantario was issued 740,740.74 PVS and 740,740 PVS Warrants representing approximately 26.78% of the issued and outstanding SVS on a basic basis and approximately 42.25% of the issued and outstanding SVS on a partially-diluted basis, after giving effect only to the exercise of the PVS Warrants held by Humanitario.

Each PVS is convertible at the option of the holder in 100 SVS pursuant to the Issuer’s articles. Each of the foregoing percentages assumes the conversion of all issued and outstanding PVS to SVS.

Mr. Peizer (through Humanitario) acquired the Shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control, or direction over securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise.

For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with the transactions described herein, please go to the Issuer’s profile on the SEDAR+ website (www.sedarplus.ca) or contact the Company at invest@inspiresemi.com

The MIL Network –

February 5, 2025

MIL-OSI: Innovate BC and NRC IRAP Invest $1.5M to Support 12 Cleantech Innovation Pilot Projects in British Columbia

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Through the BC Fast Pilot program, Innovate BC and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) are investing a combined total of $1.5M in funding across twelve B.C.-based companies to pilot innovation projects. Projects areas include wildfire management, critical minerals, water treatment, artificial intelligence and data analytics in applications to clean technology and agriculture, and more. The funding will support pilot testing for new technologies.

“Through BC Fast, local companies have the opportunity to show what they are capable of by creating new technology solutions to the challenges we’re facing in public health, resource management and so much more,” said Diana Gibson, Minister of Jobs, Economic Development and Innovation. “I look forward to watching these companies grow by selling to local and diversified international markets, and increase global awareness of the talent and business opportunities available in the B.C. tech ecosystem and our rapidly expanding knowledge economy.”

The BC Fast Pilot program helps regional small-medium sized enterprises design, build, and operate a pilot plant or small demonstration of their technology in real-world conditions. This allows B.C. technology companies to demonstrate the impact of their product, measure the value of their solution, and encourage customer adoption, with the goal of scaling their solutions while strengthening key industries, solving local and global challenges, and driving prosperity for British Columbians.

“Innovation transforms industries and helps them remain competitive in global markets, and through the BC Fast Pilot program, we’re supporting the growth of B.C. companies creating new solutions that aim to do just that,” said Peter Cowan, President + CEO of Innovate BC. “This year’s recipients, which are addressing critical areas such as emission reduction, wildfire management, and health sciences, emphasize the immense value in advancing entrepreneurship and the impact of innovation in creating a more prosperous, future-ready British Columbia. We’re proud to deliver this initiative in partnership with NRC IRAP, strengthening the region’s innovation economy and cementing B.C.’s reputation as a global leader in technology.”

Projects funded through this round of BC Fast Pilot are working to provide innovative solutions in support of high-impact sectors such as sustainability, resource management and public health, emphasizing pilot testing to validate effectiveness and scalability. One of this year’s recipients, FireSwarm Solutions, is working to enhance wildfire detection and management through advanced drone technology and is being piloted in Squamish. joni, piloting their project in both Victoria and Richmond, are addressing menstrual care accessibility in public spaces with an IOT-enabled technology.

This is the sixth round of funding through the BC Fast Pilot program, which was launched in 2019. Since the program’s inception, and including this year’s awardees, $11.4M has been invested into 87 B.C. pilot demonstrations.

“Through the BC Fast Pilot program and our partnership with Innovate BC, we are supporting Canadian innovators in bringing their ideas to life,” says Mitch Davies, President, National Research Council of Canada. “By enabling companies to demonstrate their technologies in practical applications, we are helping them gather valuable market insight. This in turn brings them closer to customer adoption, and to providing innovative cleantech solutions to address current challenges.”

Previous program participants include Open Ocean Robotics, which, since receiving funding in 2019/20, has partnered with the Royal Canadian Navy on marine innovation, expanded to Canada’s east coast, secured $800,000 from PacifiCan’s Business Scale-up and Productivity program, and landed major contracts with the National Oceanic and Atmospheric Administration (NOAA). Similarly, pH7 Technologies, a 2022/23 participant, secured $1.5M from PacifiCan, raised $16M USD in a Series A round, and was recognized as one of the Global Cleantech 100 companies in 2024 and 2025.

This funding prioritizes regional projects, with a focus on cleantech and projects that involve physical installations and are capital intensive in nature, and those that involve Indigenous communities or organizations.

To view and download digital assets relating to this announcement, please click here.

Media Contact

Michael Gleboff
Communications + Community Manager
mgleboff@innovatebc.ca
604-602-5210

About Innovate BC

A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.

Learn More

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb5a1d30-493a-444a-aa44-ce1dd59987cf

The MIL Network –

February 5, 2025

MIL-OSI: USX Cyber to Showcase Cutting-Edge XDR Solutions for MSPs at the MSP Expo 2025, Part of the #TECHSUPERSHOW

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Feb. 04, 2025 (GLOBE NEWSWIRE) — USX Cyber, a leader in AI-driven cybersecurity solutions, today announced its participation as a Silver Sponsor for MSP Expo 2025, part of the #TECHSUPERSHOW, taking place February 11-13, 2025, at the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale, Florida.

MSP Expo is the premier conference and networking summit where Managed Service Providers (MSPs) come together to explore new technologies, strategies, and business opportunities that drive success in the managed services industry.

“We’re glad to welcome USX Cyber as a Silver sponsor of MSP Expo in 2025,” said Rich Tehrani, TMC’s CEO. “USX Cyber provides dynamic cybersecurity defense to businesses of all sizes, eliminating threats regardless of location. They are a must-see at MSP Expo.”

USX Cyber at MSP Expo 2025

At MSP Expo, USX Cyber will showcase GUARDIENT™, its advanced eXtended Detection and Response (XDR) platform, that integrates real-time threat detection, AI-driven analysis, and seamless compliance management.

USX Cyber is empowering MSPs to increase revenue, reduce costs, and elevate security operations—all from a single pane of glass.

“We’re thrilled to be part of MSP Expo 2025 and to connect with the MSP community. The cybersecurity landscape is evolving rapidly, and MSPs need solutions that are both powerful and easy to manage. With GUARDIENT™, we’re giving MSPs the ability to deliver enterprise-grade security without the complexity. We can’t wait to showcase how our technology is driving real business growth for MSPs,” said Rod Volz, Chief Growth Officer, USX Cyber.

About USX Cyber

USX Cyber is at the forefront of AI-powered cybersecurity innovation, delivering cutting-edge threat detection and response solutions tailored for Managed Service Providers.

For more information about USX Cyber and our solutions, visit www.usxcyber.com.

Join Us at MSP Expo 2025!

Meet the USX Cyber team at Booth #2469 and discover how GUARDIENT™ is transforming MSP cybersecurity.

Media Inquiries:

Rod Volz
Chief Growth Officer, USX Cyber
Email: rod@usxcyber.com
Phone: (703) 244-3892

For more information or to register for MSP Expo, contact events@tmcnet.com.

The MIL Network –

February 5, 2025

MIL-OSI: World’s First Holographic 3D Ad Network Launches at Simon Malls Nationwide

Source: GlobeNewswire (MIL-OSI)

New York, New York, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hologram Media Network (HMN) has launched the world’s first always-on holographic advertising network, built in collaboration with Proto Hologram. Featuring next-generation Proto Luma devices, the network spans Simon^® malls across the nation, offering a revolutionary platform that merges the digital and physical worlds in dynamic, interactive ways.

The network – which has already deployed across 30 premier Simon locations – including Los Angeles’ Del Amo Mall, New York’s Roosevelt Field Mall, Atlanta’s Lenox Square Mall, Nashville’s Opry Mills, and Chicago’s Woodfield Mall – offers limited advertising inventory, featuring 3D creative advertising programmed alongside exclusive IP content collaborations. Each month’s holographic show is curated with captivating storytelling from major studios, creators, artists, and influencers, as well as live interactive hologram events with celebrities. Initial content showcased experiences for Paramount Pictures‘ Sonic the Hedgehog 3 in December and Sony Pictures’ Paddington in Peru in February, immersing customers in lifelike 3D encounters with beloved characters and creating unforgettable and interactive moments.

A Proto Luma installed by Hologram Media Networks at Simon’s Del Amo Mall in Southern California. (Credit: Steven Hong).

Unprecedented Engagement Metrics and Cutting-Edge Experiences

Early data highlights the effectiveness of HMN’s installations, with viewers engaging with holograms for an average of 24 seconds— over 500% higher than video dwell times on leading social media platforms like TikTok. This extended watch time underscores the ability of HMN’s holograms to command attention in today’s crowded media landscape. Augmented Reality (AR) experiences integrated with holographic displays are driving impressive 35% click-through rates, with thousands of customers engaging in the first two weeks of campaigns.

“Today’s consumers live in a world where engaging with 3D experiences is becoming second nature,” said James Andrew Felts, CEO of HMN. “Platforms like Meta Quest, Fortnite, and Roblox have normalized interacting with immersive content. HMN elevates this trend by bringing experiential media to real world spaces at scale, bridging the digital and physical spaces in ways that match changing customer expectations.”

A Game-Changer for Advertising

HMN represents a leap forward in advertising optionality in the Out-Of-Home space. Unlike conventional 3D illusions or anamorphic screens, HMN offers holographic experiences that are three-dimensional and with no headsets or special equipment needed, creating captivating communal experiences. These displays bring content to life with a level of depth and realism that hasn’t been seen at scale in high traffic media locations like malls.

“I’ve witnessed the evolution of countless mediums, but nothing compares to this,” said Proto Founder David Nussbaum, who has spent over 25 years in marketing and entertainment. “Together with HMN, we’re not just delivering ads—we’re creating personal, unforgettable moments at scale. This is a new era for interactive media, where the lines between the digital and physical worlds disappear.”

Augmented Reality (AR) is core to HMN’s offering, seamlessly integrated into holographic promotions and content shows. Viewers can unlock exclusive AR experiences, save them to personalized accounts, and reengage with interactive features. For example, viewers of the Sonic The Hedgehog 3 showcase could scan a QR code to unlock an AR scene with characters for photos and further engagement.

Technology Tailored for Retail

The Proto Luma, Proto’s latest innovation, powers the HMN network. Designed for retail, the Luma is more compact and cost-effective than Proto’s flagship Epic, while still delivering vivid 3D holograms. Its integration with Proto’s proprietary AI Persona tools and RetailSage fleet management system ensures seamless operation at scale.

Proto is the original hologram device and spatial compute platform already in use by Fortune 500 companies worldwide across enterprise, healthcare, education, entertainment and more. In the retail space, Proto has previously partnered with companies including Amazon, Burberry, H&M, Walmart, Target and Verizon.

HMN and Proto will execute monthly live events featuring celebrities, influencers and brand ambassadors. In December, comedian Howie Mandel delighted shoppers by interacting with them in real-time via hologram, turning a routine outing into an extraordinary experience.

Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, has a longstanding reputation for innovation and enhancing the shopping experience. Known for blending retail with entertainment and lifestyle offerings, Simon has consistently redefined what modern malls can achieve. From advanced digital wayfinding systems to integrating omnichannel retail strategies, Simon continues to lead in creating immersive environments that draw and engage shoppers. Their embrace of cutting-edge technology underscores their commitment to staying ahead in an evolving retail landscape.

“Hologram Media Network (HMN) represents the next frontier of engagement for Simon,” said Dennis Tietjen, Senior Vice President of Business Development at Simon. “We’re excited to collaborate on bringing this revolutionary technology to our properties, transforming the way brands connect with shoppers and delivering an unparalleled experience for our guests.”

Proto Founder David Nussbaum (Left) and HMN CEO James Andrew Felts with the Sonic the Hedgehog 3 hologram. (Credit: Steven Hong)

Future Expansion

HMN will soon announce deployments with additional malls and plans to expand the network to 150 Proto units by the end of 2025.

“Our vision is not just to present holograms but to create a dynamic ecosystem where customers can interact with digital content in the real world,” Felts explained. “This is a glimpse into the future we envision, where consumers experience the blending of their online and physical worlds.”

For Hologram Media Network distribution and ad sales contact: andrew@hologrammedia.net
+1 818.385.5259

For photos, videos, demonstrations, interviews and other press info contact: owen@protohologram.com

Proto investor Paris Hilton in one of Hologram Media Network’s Proto Luma mall installations. (Credit: Steven Hong)

About Hologram Media Network:

Hologram Media Network is a pioneering digital out-of-home (DOOH) advertising platform specializing in immersive, 3D holographic experiences. With a mission to revolutionize consumer engagement in the real world, we deploy cutting-edge hologram units in high-traffic locations such as shopping malls and movie theaters. By combining innovative technology with strategic placement, we offer advertisers unparalleled opportunities to captivate audiences in dynamic, interactive ways. Our vision is to create a nationwide network of 200 premium hologram displays within two years, setting a new standard for DOOH advertising.

To learn more about Hologram Media Network, visit www.hologrammedia.net

About Proto Inc.:

Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

About Simon:

Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

The MIL Network –

February 5, 2025

MIL-OSI: QCI Heatmap: A Modern Evolution of Classic Data Visualization with Cutting-Edge Technology

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is revolutionizing data exploration and visualization with the launch of QCI Heatmap, an advanced contour heatmapping tool that transforms the way casinos interact with slot performance data. This release represents a unique modernization of classic data visualization techniques, reimagined using state-of-the-art graphics processing, machine learning, and QCI’s proprietary intellectual property.

A Modern Take on a Proven Approach

Heatmapping has long been a valuable tool for understanding gaming floor performance, but traditional implementations were often limited by static visualizations, sluggish responsiveness, and an inability to scale dynamically. With QCI Heatmap, we have re-engineered these foundational techniques using modern high-performance rendering technology, GPU acceleration, and AI-driven insights, enabling real-time, interactive exploration at a level never seen before.

According to Andrew Cardno, QCI’s CTO and a two-time Smithsonian Laureate for Heroism in Information Technology: “The fundamental principles of heatmapping have remained relevant for decades, but previous implementations lacked the speed, depth, and interactive flexibility needed for modern, data-driven decision-making. With today’s powerful graphics processing engines, we can now dynamically render images at over 60 frames per second, making QCI Heatmap the most responsive and flexible data exploration tool I’ve ever built. This new approach seamlessly integrates with the QCI Enterprise Platform, offering unparalleled real-time insights.”

Patented IP Meets High-Speed Data Exploration

QCI Heatmap is built on a unique combination of proprietary intellectual property (IP) and modern visualization technology, setting it apart from legacy heatmapping tools by:

Leveraging GPU Acceleration for real-time heatmap rendering, eliminating lag and increasing user engagement.
Integrating Machine Learning Algorithms to enhance pattern detection and predictive slot performance analysis.
Enhancing Customization & Flexibility, allowing casino operators to interactively explore multiple data layers and adjust visual perspectives instantly.

Replacing QCI Slots View & Expanding Capabilities

With the introduction of QCI Heatmap, QCI is retiring the legacy QCI Slots View module and elevating data visualization to the next level. This tool provides:

– Full Gaming Floor Visibility – Real-time interactive overlays of slot performance, customer behavior, and revenue patterns.
– Seamless Multi-Platform Use – Optimized for both desktop and iPad, ensuring a fluid experience across devices.
– Advanced Metric-Driven Exploration – Deep integration with the QCI Enterprise Platform, unlocking multi-dimensional analysis for decision-makers.

To ensure customers can fully leverage this next-generation tool, QCI College will offer specialized training courses on QCI Heatmaps, covering both desktop and iPad applications.

Industry Leaders Praise QCI Heatmap’s Unprecedented Performance

The impact of QCI Heatmap is already being felt across the industry. Tony Toohey, CEO of Gaming Dynamics, shared his experience: “The ability to see and interact with an entire gaming floor through a dynamic heatmapping tool is game-changing. Our Australian deployments have seen an overwhelmingly positive reception, and working alongside the QCI development team has ensured this tool delivers maximum impact upon release.”

Pioneering the Future of Casino Data Visualization

QCI Heatmap is more than just an update—it’s a paradigm shift in how casinos leverage visualization technology. By combining time-tested heatmapping concepts with modern rendering engines, AI, and proprietary QCI innovations, Quick Custom Intelligence has redefined what’s possible in gaming data exploration.

The future of casino intelligence is visual, interactive, and powered by QCI Heatmap.

ABOUT Gaming Dynamics
Gaming Dynamics is a premier Australian distributor of gaming technology, offering advanced gaming solutions to businesses across the country. Through strategic partnerships with global leaders in the gaming industry, Gaming Dynamics is committed to staying at the forefront of technology and ensuring their clients have access to the best tools and insights to drive growth and success.

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Denver. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –

February 5, 2025

MIL-OSI: Pieridae to Hold Conference Call and Webcast to Discuss Fourth Quarter and Year-End 2024 Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

CALGARY, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) will release its financial and operating results for the 2024 fourth quarter and year-end, on Wednesday, March 19, 2025, after markets close.

President & Chief Executive Officer Darcy Reding and Chief Financial Officer Adam Gray will discuss the financial results and company developments on an investor conference call and webcast on Thursday March 20, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT.

To register to participate via webcast please follow this link:

https://edge.media-server.com/mmc/p/4gnbdki4

Alternatively, to register to participate by telephone please follow this link:

https://register.vevent.com/register/BI2b233016526f4daea915722f8796db53

A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above.

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.

For further information, visit www.pieridaeenergy.com, or please contact:

Darcy Reding, President & Chief Executive Officer
Telephone: (403) 261-5900

Adam Gray, Chief Financial Officer
Telephone: (403) 261-5900

Investor Relations
investors@pieridaeenergy.com

The MIL Network –

February 5, 2025

MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its factsheet for the fourth quarter of 2024

Source: GlobeNewswire (MIL-OSI)

UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its factsheet, providing information about the Company’s investment portfolio, key events, business strategy, operating segments, and financial indicators as of 31 December 2024.

2024 Q4 KEY EVENTS

Total aggregated FY 2024 Revenue and YTD EBITDA amounted to 6,420 kEUR and 4,155 kEUR, respectively. Wind parks managed under UAB “Žaliosios investicijos” produced 14% less than envisioned with a captured price 32% less than projected. This is driven by low winds during 2024 and lower than estimated electricity prices.
In December 2024, Investment Company divested 65.5 MW operating Solar PV portfolio in Poland (Energy Solar Projekty sp.z o.o).
The decline in Fund’s NAV was driven by a drop in the valuation of two remaining solar PV portfolios in Poland. This reduction is attributed to a 30% decrease in electricity price forecasts and a higher WACC, driven by incomplete construction. Conversely, value gains were recorded from UAB “Žaliosios investicijos “ and Zala Elektriba SIA, due to secured construction permits. Remaining projects are valued using the asset method, with real value gains expected upon obtaining building permits.

Solar development in Poland:

The construction of 67.8 MW total capacity PV Energy Projects sp.z o.o portfolio nears completion. As of reporting period, 44.8 MW are operational. 5 projects (1 MW each) are planned to be energized in Q1 2025. The anticipated COD for the entire park is set for September 2025.
The PL SUN sp.z o.o. portfolio, with a total capacity of 114.7 MW, is divided into two phases. The construction works of the first phase (66.6 MW) were largely finalized in 2024 Q2. 26.4 MW were energized in Q4. The remaining 40.2 MW are scheduled to be energized by 2025 Q2. The second phase (48.1 MW) commenced construction in October 2024. Module and inverter supply agreements as well as Balance of System and technical advisory contracts are signed. Modules were delivered to 5 sites (total capacity of 31 MW). Mounting structure construction and modules mounting works have been started in 4 sites (total capacity of 25.42 MW).

Wind Projects:

Energy Production license for the Anykščiai wind farm was obtained in August 2024, for Jonava and Rokiškis wind farms the license obtainal is schduled for Q2 2025.
The 112 MW wind farm developed under Zala Elektriba SIA is scheduled to reach RtB in Q1 2025.

Hybrid Projects:

Design works of a hybrid project managed by UAB “KNT Holding” and hybrid project managed by UAB “Ekoelektra” is underway to develop detailed equipment and technology specifications. Finalizing necessary agreements for project infrastructure.

Contact person for further information:

Grėtė Bukauskaitė

Manager of the Investment Company

grete.bukauskaite@lordslb.lt

www.lordslb.lt/AEI_green_bonds

Attachment

AEI Investor report 2024Q4 – EN

The MIL Network –

February 5, 2025

MIL-OSI: Sunlight Solutions Strengthens Offerings with New Property and Casualty Focused Division

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Sunlight Solutions, a cloud-native provider of core administration technology and innovative Insurtech services, announces Sunlight P&C, a Property and Casualty focused division – a move underscoring the company’s continued dedication to addressing the evolving needs of the insurance industry. This strategic realignment is aimed at delivering specialized solutions that cater to the unique challenges faced by P&C carriers, MGAs, and Brokers.

“The needs of P&C insurers are continually evolving. We’ve found that focusing on specific markets allows us to move fast and adapt to what our clients need,” said Didier Lamour, CEO. “The creation of a business unit to solely focus on P&C is the next step in our journey to build customer focus into Sunlight Solutions.”

Leading this new division is John Morey, who has over 15 years of experience in product development, marketing, and business development and has a proven track record of driving innovation and growth. John stated, “I am excited to lead the expanded P&C-focused effort at Sunlight. The P&C market has been a key area of success for Sunlight since its inception. This new structure will enable us to explore the market further and provide even more value to our clients.”

The establishment of Sunlight P&C represents a significant milestone in Sunlight Solutions’ growth trajectory. By concentrating resources on this specific segment, the company aims to leverage its expertise and innovative technology to offer tailored solutions that bolster the efficiency and effectiveness of P&C insurers.

For more information about Sunlight Solutions and its new Property and Casualty focused division, please visit www.sunlightsolutions.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f655ec7b-304a-4c27-8ca8-5f40549cb112

The MIL Network –

February 5, 2025

MIL-OSI: ITS Logistics Distribution + Fulfillment Q1 Index: US Warehouse Rent Hikes Signal Industry Response to Evolving Market Dynamics

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Feb. 04, 2025 (GLOBE NEWSWIRE) — ITS Logistics today released the Q1 ITS Logistics US Distribution and Fulfillment Index, Powered by Cresa. This quarter the index reveals that warehousing costs are estimated to account for 13% of the total supply chain expenses, while last-mile delivery holds the largest share at 41% of the total supply chain costs.

“The 1.03% increase in the Producer Price Index (PPI) for warehousing and storage services from August 2024 to December 2024 reflects a modest upward trend in the costs associated with these services,” said Ryan Martin, President of Distribution and Fulfillment for ITS Logistics. “This increase could be attributed to several factors, including seasonal demand fluctuations, inflationary pressures, or higher operating costs such as labor, energy, or real estate expenses.”

According to a recent Wall Street Journal article, developers have slowed down on the construction of new buildings, which has constrained the new space that’s available. In addition, an increase in pricing has occurred. Cushman & Wakefield also reported that about 426 million square feet of new warehouse space was established last year. That number was down 31% from a year earlier. Average asking rent across the U.S. also rose to $10.13 per square foot in the fourth quarter, which was a 4.5% increase from 2023 and a 61% increase from the fourth quarter in 2019.

“From a business perspective, this rise suggests that providers of warehousing and storage services are adjusting their prices in response to market conditions or cost structures,” continued Martin. “For customers, this highlights the importance of strategic planning and potential renegotiation of contracts to mitigate cost impacts. For service providers, the consistent increase reinforces the need to maintain competitive service quality while managing operational efficiency.”

This growth suggests a stabilization and slight rebound in warehousing costs after the earlier declines observed in Q3.

ITS Logistics offers a full suite of network transportation solutions across North America and omnichannel distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, and outbound small parcel.

The ITS Logistics US Distribution and Fulfillment Index tracks the Producer Price Index (PPI) for Warehousing and Storage and offers a regional markets overview to optimize warehousing and delivery costs. All major markets in the US are highlighted each quarter via the Index. Visit here for a full, comprehensive copy of the index with expected forecasts for the US distribution and fulfillment sector of the supply chain industry.

About ITS Logistics
ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

Media Contact
Amber Good
LeadCoverage
amber@leadcoverage.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd2ba35e-0a18-4ba8-afac-c64240e9f5a1

The MIL Network –

February 5, 2025

MIL-OSI: Willis appoints Mike Giacobbe as Client Strategy Leader, Corporate Risk & Broking, North America

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Willis, a WTW business, (NASDAQ: WTW), today announced the appointment of Mike Giacobbe as Client Strategy Leader for Corporate Risk & Broking, North America. Giacobbe will report to Adam Garrard, Chairman, Global Risk & Broking.

In this new role, Giacobbe will drive an integrated value proposition that brings consistent service across client segments, ensuring every client gets the right, relevant service and expertise for their specific needs. Giacobbe will also focus on maximizing the use of Willis consulting capabilities and analytics tools, working closely with the Risk and Analytics team, tailoring them for clients across North America, whatever their size, industry, location and purchasing patterns.

Giacobbe joins Willis from Marsh, where he was most recently U.S. and Canada Leader of Marsh Advisory, focused on the company’s consulting, analytics and claims advisory capabilities. He was previously Global Head of Data, Analytics & Consulting at JLT, before JLT’s acquisition by Marsh. Before that, Giacobbe was at Aon, where he was latterly Managing Director, Broking, at Aon Risk Solutions after holding leadership positions in Aon’s consulting group.

Located in Chicago, Giacobbe holds a doctorate in Nuclear Engineering from the University of Illinois. He will join Willis in Q2 2025.

Adam Garrard, Chairman, Global Risk & Broking, commented:

“We are delighted to have Mike join Willis in this important new role. Ensuring consistency of client service and tailoring our consulting capabilities and analytics tools to the needs of every client, regardless of size, industry, location or purchasing patterns, will distinguish Willis in the North America marketplace.”

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contacts
Douglas Menelly
Douglas.Menelly@wtwco.com +1 (516) 972 0380

The MIL Network –

February 5, 2025

MIL-OSI: Planisware – Monthly information relating to the total number of shares and voting rights making-up the share capital – January 2025

Source: GlobeNewswire (MIL-OSI)

Monthly information relating to the total number of shares and voting rights making-up the share capital

Information mensuelle relative au nombre total d’actions et de droits de vote composant le capital social

Article L. 233-8 II of the French Commercial code and article 223-16
of the AMF General Regulation

Article L. 233-8-II du Code de commerce et article 223-16 du Règlement général de l’AMF

Name and address of the Company: Planisware SA
Dénomination sociale de l’émetteur : 200 avenue de Paris
92320 Châtillon
France
(ISIN code : FR001400PFU4)

Date	Total number of shares Nombre total d’actions composant le capital	Number of theorical voting rights Nombre de droits de vote théoriques	Number of effective voting rights* Nombre de droits de vote effectifs*
31/01/2025	70,024,000	70,024,000	70,021,700

*Treasury shares excluded / Actions auto-détenues exclues

Attachment

20250131 – Planisware – total number of shares and voting rights

The MIL Network –

February 5, 2025

MIL-OSI: OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL, Feb. 04, 2025 (GLOBE NEWSWIRE) — Board member Martin Schmidt has informed the boards of OptimumBank (the “Bank”), and OptimumBank Holding, Inc. (the “Company”), that he will resign from both boards, effective January 28, 2025. Mr. Schmidt will remain fully supportive of the continued success of the Bank and Company.

Mr. Schmidt resides in South Florida and has served as a Director since August 2015. Mr. Schmidt’s significant experience in the financial services industry helped the board to recover through regulatory issues as quickly as possible leaving the Bank with a strong capital structure, explosive growth and a bright future. Chairman Moishe Gubin commented: “It was a pleasure having Martin Schmidt on the Boards for nearly a decade. His insight and wisdom assisted the Bank and Company in innumerable ways and on a more personal note, I looked forward to his cheerful disposition during our monthly meetings. On behalf of myself and the Board of Directors I would like to thank Martin for his loyalty and contributions and wish him well in his future endeavors.”

‍About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses.

The company accepts demand interest-bearing and noninterest-bearing savings, money market, NOW and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier’s checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposal of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

Safe Harbor Statement:

This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our limited operating history, managing our expected growth, risks associated with integration of acquired websites, possible inadvertent infringement of third-party intellectual property rights, our ability to effectively compete, our acquisition strategy, and a limited public market for our common stock, among other risks. OptimumBank Holdings, Inc.’s future results may also be impacted by other risk factors listed from time-to-time in its SEC filings. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Investor Relations & Corporate Relations

Contact: Seth Denison
Telephone: (305) 401-4140
Email: SDenison@OptimumBank.com

The MIL Network –

February 5, 2025

MIL-OSI: Canadian Large Cap Leaders Split Corp. Completes Preferred Share Private Placement

Source: GlobeNewswire (MIL-OSI)

[Not for distribution to U.S. newswire services or for dissemination in the United States.]

TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — (TSX: NPS, NPS.PR.A) – Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce that it has completed the previously announced private placement of its preferred shares for aggregate gross proceeds of approximately $2.5 million (the “Private Placement”). Pursuant to the Private Placement, 235,000 preferred shares were offered to investors at a price of $10.65 per preferred share.

The Company’s previously announced split of its Class A shares (the “Share Split”) will be effected at the close of business today. Following the Share Split, there will be approximately 1,795,547 Class A shares and 1,796,353 preferred shares outstanding. DBRS has confirmed that the rating of the preferred shares will continue to be Pfd-3 (high) following the completion of the Share Split.

The Company invests, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

About Ninepoint Partners LP

Ninepoint Partners LP is the Manager, Portfolio Manager and Promoter of the Company and provides all administrative services required by the Company. Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at 416.362.7172 or 1.888.362.7172 or invest@ninepoint.com.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of investment funds on the TSX or another alternative Canadian trading system (an “exchange”). If shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Company in the public filings available at www.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

The MIL Network –

February 5, 2025

MIL-OSI: Trading Meets Luxury: Bybit Kazakhstan Brings Unmatched Prizes to Local Crypto Traders

Source: GlobeNewswire (MIL-OSI)

ALMATY, Kazakhstan, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is redefining the way users join the crypto trading journey. In a new event from now until Feb. 28, 2025, Bybit.kz is offering Tesla Model 3, Rolex watches, popular cryptocurrencies, and Apple gadgets.

The two-part event allows traders to start small for a chance to win big:

New users may join the Sign Up, Deposit, and Win event with $100 or more in deposit. Successful participants who register on Bybit.kz, sign up for the event, and deposit at least $100, will automatically enter a Lucky Draw. Additionally, extra perks await for users who hit specific deposit milestones.
All eligible users may take part in the Trade Your Way to Grand Prizes event, vying for top-tier prizes by meeting trading goals during the event period. Those who achieve the required trading volumes will be eligible for rewards like the Tesla Model 3, Rolex watches, and trending cryptocurrencies. The higher the stake, the better their chances of winning.

“We’re excited to offer both the crypto community in Kazakhstan an opportunity to get onboard the Bybit trading journey,” said Joan Han, Sales and Marketing Director at Bybit. “This event is not only about rewards, but about bringing together a vibrant community of traders eager to make the most of their experience.”

Since obtaining the license to operate in Kazakhstan in Sep. 2024, Bybit Kazakhstan has been fully committed to supporting Kazakhstan’s growing crypto and blockchain ecosystem. Bybit Kazakhstan’s launch marks a major step in bringing cutting-edge crypto solutions to the region, with the goal of empowering local traders, entrepreneurs, and institutions. As a global leader in digital assets, Bybit aims to foster a secure, transparent, and user-friendly trading environment that aligns with the regulatory framework and the values of the Kazakh market.

Registration is required. For the full terms and conditions of the event, users may visit: Grand Start With Bybit Kazakhstan.

#Bybit / #TheCryptoArk

About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/368796c7-1da2-4f89-8beb-45a0e3edce7c

The MIL Network –

February 5, 2025

MIL-OSI: Click announced the CEO Statement

Source: GlobeNewswire (MIL-OSI)

Hong Kong, Feb. 04, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), a fast-growing human resources solutions provider based in Hong Kong, would like to share the joy and happiness of the Lunar Chinese New Year with all our shareholders, customers and business partners. As we drew a close to the Year of Dragon, our CEO, Mr. Chan Chun Sing, Jeffrey would like to report to you our numerous key achievements in 2024 and share his visions for the year ahead.

“2024 was a remarkable year for Click.” said Jeffrey, founder and CEO of Click. “Not only did we accomplish the historical public listing by raising US$5.6 million on Nasdaq, we also achieved countless breakthroughs in our business.”

“We experienced significant growth across all segments. As for the seniors nursing solution services, we achieved a record of over 170,000 service hours in calendar year 2024, expecting a growth of 60% as compared to that of 2023. In particular, we project our logistic solution services would record a spectacular growth of 90%. To further extend our coverage, in December 2024, we entered a cooperation agreement with Care U Professional Nursing Service Limited, one of the leading nursing service providers in Hong Kong, in order to tap into the prominent government-sponsored CCSV scheme aiming to provide community care services to senior citizens in Hong Kong.”

Key 2024 Achievements

– Strong growth in revenue – projected 40% surge in overall revenue in calendar year 2024 compared to that of 2023. We project both our nursing and logistics solutions segment recorded strong growth of 30% and 90% respectively.

– Successfully raised US$5.6M of capital from listing

– Tapping into home seniors nursing service through government-sponsored CCSV scheme

Outlook for 2025 and Beyond

“While unemployment rate in Hong Kong stays low at around 3%, a change in working habit such as freelancers and slashers, is believed to be permanent. Therefore, we continue to expect high demand of human resources outsourcing services in the market. Meanwhile, as aging population becomes a global phenomenon, we will continue to invest big in the seniors nursing solution sector. We will expand our collaboration with business partners and may consider M&A options when opportunities arise.”

“Furthermore, embracing technology has always been a key to our success. Our CTO, Nixon Chau, former GM of SenseTime Group, a leading AI software company, will lead our team to expand into the smart home solutions market for seniors in Hong Kong. Needless to say, we will continue to invest in expanding our talent pool which has been the bedrock to our business, and will extend services to cover property management, food and beverages, and retailing, sectors all currently facing labour shortages in Hong Kong. We are currently the only Nasdaq-listed company focusing on seniors nursing HR solution in Hong Kong and will continue to sustain strong growth by providing a convenient platform to connect our talents with our clients’ HR shortfall.”

“Looking ahead, I remain fully confident in all our business developments and I hope you feel the same. Last but not least, on behalf of Click, I would like to extend our warmest greetings to all our shareholders, customers and business partners, Kung Hei Fat Choy, wish you Good Health and Good Fortune in the Year of Snake ahead.” said Jeffrey.

About Click Holdings Limited

We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

For more information, please visit https://clicksc.com.hk.

Safe Harbor Statement

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. 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, which are available for review at www.sec.gov.

For enquiry, please contact:

Click Holdings Limited
Unit 709, 7/F., Ocean Centre
5 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
Email: jack.wong@jfy.hk
Phone: +852 2691 8200

The MIL Network –

February 5, 2025

MIL-OSI: Intesa Sanpaolo reports record Net Income of €8.7 billion in 2024, raises 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

MILAN, Feb. 04, 2025 (GLOBE NEWSWIRE) — Intesa Sanpaolo has posted its best-ever financial results, closing 2024 with a net income of €8.7 billion, up 12% compared to 2023. This outstanding performance enables the bank to distribute €6.1 billion in cash dividends to shareholders for 2024. Additionally, subject to shareholder approval, a new €2 billion share buyback will be launched in June.

With strong profitability and a robust capital position, Intesa Sanpaolo has raised its net income guidance for 2025 to well above €9 billion.

Strong revenue growth and cost efficiency

Intesa Sanpaolo recorded significant growth in commissions, up 9% compared to 2023, with acceleration in Q4. Insurance income reached an all-time high, increasing by 4% year-over-year.

Customer financial assets expanded by €77 billion, reaching around €1.4 trillion, supported by €5.1 billion in net inflows into Assets under Management (AuM) in Q4.

Despite heavy investments in technology, cost discipline remains a priority. The bank achieved a record-low cost/income ratio of 42.7%, one of the best in Europe.

Technology investments and digital transformation

Technology remains at the core of Intesa Sanpaolo’s strategy. The bank has invested €4.2 billion in digital transformation, hiring over 2,300 IT specialists and migrating 62% of its applications to the cloud.

Isybank, the bank’s digital-only platform, saw a surge in new customers in Q4, surpassing a total of 500,000 new sign-ups. This brought the total isybank customer base close to 900,000, reinforcing its position as a key digital player.

Commitment to Social Impact

Intesa Sanpaolo continues to lead in social impact initiatives, having deployed around €340 million in 2024 alone to combat poverty and reduce inequalities, supported by a dedicated team of 1,000 professionals.

Outlook for 2025 and beyond

The bank expects net income to be well above €9 billion in 2025, maintaining strong and sustainable profitability. Plans include returning over €6 billion in cash dividends, with additional distributions to be determined at year-end.

CEO Carlo Messina’s remarks

Carlo Messina, CEO of Intesa Sanpaolo, remarked on the results:

“We are over-delivering on our commitments as we enter the final year of our Business Plan. We just delivered our best-ever net income, at €8.7 billion. This rises to €9 billion when excluding non-recurring items and the €900 million in gross income managerial actions taken to strengthen future profitability.”
“This excellent performance allows us to reward shareholders with €6.1 billion in cash dividends for 2024. Our strong profitability and rock-solid capital position also mean that – subject to shareholders’ approval – in June we will launch a new €2 billion share buyback.”
“Our 2024 results are marked by our best-ever Insurance income and strong growth in commissions. Costs remained stable, asset quality was top-tier, and customer financial assets increased by €77 billion. We leveraged Q4 profitability to reinforce our buffers and sustain future results, while increasing our net income guidance for 2025 to well above €9 billion.”
“We continue to invest in technology, with €4.2 billion already deployed, more than 2,300 IT specialists hired, and over 60% of applications already cloud-based. Isybank now has over 500,000 new clients, with a strong acceleration in Q4. This brings the total Isybank customer base to nearly 900,000, giving us significant scale.”
“Our tech investments are also enabling a generational shift in our workforce. In three years, we will see 9,000 exits, allowing us to attract new talent and enhance efficiency. We are generating significant synergies internally, with no need for acquisitions, and avoiding related execution risks.”
“Looking ahead, we expect net income in 2025 to be well above €9 billion—a level that is sustainable in the coming years. We will return more than €6 billion in cash dividends and evaluate additional distributions at year-end.”
“Our well-diversified business model, centered on Wealth Management and Protection, will perform under any interest rate scenario. Strong and sustainable performance allows us to reward shareholders while maintaining a rock-solid capital base and contributing to social impact initiatives.”

Click here for more information on Intesa Sanpaolo’s financial results and strategic outlook.

Contact: international.media@intesasanpaolo.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/771c288b-145b-446b-a4ac-87dafc1baee1

The MIL Network –

February 5, 2025

MIL-OSI: Digital Tails Group, LLC. Released New Type of AI Assistant.

Source: GlobeNewswire (MIL-OSI)

New York, NY, Feb. 04, 2025 (GLOBE NEWSWIRE) — bowmo™, Inc. (OTC: BOMO), a New York City–based company powered by AI and XR/VR technologies aiming to provide fully customizable SaaS Platforms to multiple industries (https://bowmo.com ) (“bowmo,” “the Company”) and its recent merger partner OWNverse/Digital Tails Group (“DTG”), are pleased to announce that Digital Tails Group has released a new AI Assistant. This new DTG AI Assistant is smarter and faster than competing AI assistants and will act as a person’s everyday ally.

In the modern technological landscape, there is hardly anyone who hasn’t encountered an AI assistant when reaching out to customer support; it’s becoming commonplace these days. But not all assistants are created equal – each model comes with unique capabilities and levels of sophistication.

In essence, all AI assistants have the same requirements. They should:

understand you – using Natural Language Processing (NLP), they get what you’re saying, even if it’s nuanced
learn with you – thanks to machine learning, they get smarter over time, and adapt to your preferences and patterns
know you – they use context like past interactions or location (if allowed) to create tailored responses

known AI assistants can be:

Voice-activated – Think Siri or Alexa, ready to respond when you speak
Task masters – Handling specific jobs, like organizing emails or setting up meetings
Predictive – Anticipating what you need before you even ask

The DTG AI assistant, named Aurora, can help with online shopping, customer support and personalized search, but her intelligence is wide and versatile. She can be trained to support any business, to help automate its operations.

Aleksey Shestakov, Chairman of the Board of OWNverse/Digital Tails and the Chief Technical Officer of bowmo, Inc. summarized, “Our company focuses on the point-to-point application of advanced technologies in the interests of real business, manufacturing, and electronic commerce. That is why we are developing solutions that increase the efficiency of business operations and create additional business value.”

Michael R. Neece, Chief Product Officer of bowmo, Inc. added, “Offering the Digital Tails Group’s AI assistant, which constantly learns each user’s preferences and supports any business process, is a significant value addition we can now deliver to customers.”

You can learn more about Aurora at: https://digital-tails.group/ai-assistant. Try it now at work or home to streamline your day-to-day operations and life.

About bowmo, Inc.
Bowmo Inc., (OTC: BOMO) is a New York City–based AI-powered software and services company that incorporates a novel set of technologies to build a platform that will deliver solutions for multiple industries. Bowmo’s flagship product seamlessly integrates AI and extended reality (XR) technologies to revolutionize recruitment and human resource (HR) processes.

Building upon our multi-vertical platform, bowmo is poised to introduce a suite of future products catering to the cybersecurity, retail, sports, media/entertainment, and real estate sectors. This expansion underscores bowmo’s commitment to diversifying revenue streams and addressing diverse industry needs through advanced technological solutions.

bowmo’s platform harnesses AI, machine learning (ML), deep learning (DL), blockchain, and process orchestration.

About OWNverse, LLC.
OWNverse is a virtual platform company that develops unique tools for creating targeted products and services for virtual spaces (“Metaverses”) by using the technology stack available through widely used Web2 platforms driven by AI.

OWNverse allows for the integration of such tools to elevate the dimensionality of products and services, while offering such products and services within the spatially immersive 3D Internet—Web3.

OWNverse aims to empower all users to become co-creators of the content. The main OWNverse ideology is to supply proven tools to users to provide real value for businesses and create virtual communities in numerous business sectors.

About Digital Tails Group, LLC.
Digital Tails Group (“DTG,” the “Company”) is an IT company specializing in software development using 3D technology, extended reality (XR) and artificial intelligence (AI).

The DTG expertise in advanced technologies ranges from virtual reality (VR) experiences to smart AI algorithms, enabling us to help our clients improve their competitive strength through the application of advanced UI and knowledge technologies.

Additional Information and Where to Find It
Additional information is available on the Company’s website: https://www.bowmo.com. In addition, other information related to the Company is available at the SEC’s website at www.sec.gov, or by directing a request to: bowmo, Inc., 99 Wall Street, Suite 891, New York, NY 10005; or by phone at 212-398-0002.

Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, BOMO’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various software programs, changes in future customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond BOMO’s control. Except as may be required by law, bowmo, Inc. undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

Contact:
Michael E. Lakshin
Chairman of the Board and President
Michael.Lakshin@bowmo.com

The MIL Network –

February 5, 2025

MIL-OSI: Canadian Nuclear Laboratories Expands Clean Energy Siting Invitation to Include Fusion, Hydrogen and Battery Storage

Source: GlobeNewswire (MIL-OSI)

CHALK RIVER, Ontario, Feb. 04, 2025 (GLOBE NEWSWIRE) — Canadian Nuclear Laboratories (CNL), Canada’s premier nuclear science and technology organization, is pleased to announce it has expanded the scope of its SMR siting invitation program to help organizations pursue commercial opportunities and seize a leadership position in the development and deployment of other new and innovative clean energy technologies.

Given the continued development of other novel technologies, and CNL’s growing capabilities and expertise across other clean energy categories, the program is being expanded beyond fission based SMRs and other advanced reactor designs. Now known as CNL’s Clean Energy Siting Program, the new program will also invite vendors and technology developers interested in building prototype solutions that include fusion-based technologies, hydrogen production, battery storage and clean fuel production facilities, among others. Overall, the intent is to support the Government of Canada achieve its net-zero objectives, help Canadians businesses develop new and innovative technologies, and make CNL’s resources available to the private sector.

“Through CNL’s ongoing engagements with clean energy leaders in Canada and around the world, it was clear there was an opportunity for us to expand and grow our SMR siting program, in order to support prototype construction and testing for other clean energy technologies,” commented Jack Craig, CNL’s President and CEO. “More importantly, Canada has set ambitious domestic targets in clean energy, and if we are to meet them, we must recognize that there is no one solution that will address a challenge of this scale and significance. To fight climate change and realize energy security, it will take all these promising technologies working in tandem with one another. That is at the heart of our renewed program, and it is our belief that we can help to accelerate the deployment of these promising technologies and maximize their full potential.”

As a federal Crown corporation, AECL owns and oversee the sites under management by CNL. “AECL is pleased to see the expansion of the siting program to include even more approaches to clean energy production, use, and storage,” said Fred Dermarkar, AECL’s President and CEO. “This is another example of the value of Canada’s investment in its national nuclear laboratories. Our model allows us to connect commercial and academic partners with Canada’s unique nuclear science assets. This new, expanded program could not be possible without the innovative collaboration between the federal government and the private sector. AECL is proud to facilitate this new invitation process,” added Dermarkar.

“CNL will continue to work closely with SMR vendors who are already navigating our siting program, and it is our hope that we will see an SMR sited at one of the sites we manage on behalf of AECL in the very near future,” added Dr. Stephen Bushby, CNL’s Vice-President of Science and Technology. “But given all the advances that have been realized in recent years across a number of different clean energy categories, it only makes sense that we expand our siting program to support the development of these technologies and do everything we can to bring them to the market.”

Under the renewed program, applicants pursuing a clean energy demonstration project must still proceed through four individual stages, though these phases have been updated to align with the more collaborative approach of the renewed program. Depending on the interest and suitability of the applications, these projects could be located at the Chalk River Laboratories or the Whiteshell Laboratories site. Both sites are located on the traditional lands, waterways and ceded and unceded territories of Indigenous peoples; meaningful engagement with Indigenous peoples will be a key component of any successful project.

While the invitation process does not include access to CNL’s research facilities or other ancillary programs, CNL is very much open to discussion with proponents regarding collaborative approaches to help advance their individual projects.

To learn more about CNL, including its new Clean Energy Siting Program please visit www.cnl.ca.

About CNL

As Canada’s premier nuclear science and technology laboratory and working under the direction of Atomic Energy of Canada Limited (AECL), CNL is a world leader in the development of innovative nuclear science and technology products and services. Guided by an ambitious corporate strategy known as Vision 2030, CNL fulfills three strategic priorities of national importance – restoring and protecting the environment, advancing clean energy technologies, and contributing to the health of Canadians.

By leveraging the assets owned by AECL, CNL also serves as the nexus between government, the nuclear industry, the broader private sector, and the academic community. CNL works in collaboration with these sectors to advance innovative Canadian products and services towards real-world use, including carbon-free energy, cancer treatments and other therapies, non-proliferation technologies and waste management solutions.

To learn more about CNL, please visit www.cnl.ca.

CNL Contact:
Philip Kompass
Director, Corporate Communications
1-866-886-2325
media@cnl.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb2b90fc-6df7-448e-af36-1cb5cfd85ce6

The MIL Network –

February 5, 2025

Category: GlobeNewswire