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  • MIL-OSI USA: Rep. Weber Announces KEY Funding for Sabine Neches Navigation District

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Washington, D.C. – Today, U.S. Rep. Randy Weber (TX-14) announced that he secured $172.711,000 through the U.S. Army Corps of Engineers’ Fiscal Year 2025 Work Plan for the Sabine-Neches Navigation District. These funds will be used to deepen the Sabine-Neches Waterway from its current 40-foot depth to its congressionally authorized depth of 48 feet, as authorized by the Water Resources Development Act (WRDA) of 2014. The Sabine-Neches Navigation District is authorized to execute the federal share of the project funding, allowing faster, more efficient progress on this critical infrastructure.

    “This is a great day for Southeast Texas, and we are glad President Trump is back in office to prioritize critical projects like the Sabine-Neches Waterway, one of the most vital waterway systems in the country,” said Rep. Weber. “This funding will strengthen America’s energy and national security, continue to grow our economy, and support jobs right here at home. I am proud to fight for the funding our region needs to remain the commerce and energy leader for decades. Again, thank you, President Trump.”

    “I want to express our deepest gratitude to President Trump, OMB Director Vought and Congressman Weber for their confidence in The Sabine-Neches Navigation District,” said Randy Reese, CEO of Sabine-Neches Navigation District. “Our entire team, and my COO Matthew Kaufman have worked diligently for decades to prepare us to answer this call.  Southeast Texas’ strength is its people, its industry and its ports. The recognition and responsibility The White House has put on our shoulders is humbling, and we will not let the nation down.”

    “This $172,711,000 in federal funding and its pivotal language authorizing the Sabine-Neches Navigation District to execute continued construction, directly utilizing federal funds, is effective and efficient, said Matthew Kaufman, Chief Operating Officer of Sabine-Neches Navigation District. “It will expedite the deepening of America’s most vital energy and military ship channel – all the way to 48 feet.  We will ensure these hard earned tax dollars strengthen our nation for all Americans and answer President Trump’s call to Unleash American Energy Dominance.”

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Castor, Soto Urge Federal Investigation into Unlawful Diversion of Medicaid Funds to Hope Florida

    Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

    WASHINGTON, D.C. – U.S. Reps. Kathy Castor (FL-14) and Darren Soto (FL-09) are urging the U.S. Department of Health and Human Services Inspector General and the Centers for Medicare & Medicaid Services to investigate the potentially unlawful diversion of $10 million in Medicaid funds by the Florida Agency for Health Care Administration, the Hope Florida Foundation and Centene in a letter released today.

    Reps. Castor and Soto’s call for a Medicaid fraud investigation comes on the heels of the debate in the U.S. House Energy and Commerce Committee over the future of Medicaid and House Republicans’ cruel proposal to kick millions of Americans off Medicaid to pay for tax breaks for the wealthiest Americans. Republicans repeatedly claimed during the marathon Energy and Commerce debate that they were concerned about waste, fraud and abuse in Medicaid. Castor and Soto now point to a concrete example of potential fraud and abuse, while urging an immediate investigation into this inappropriate diversion of taxpayer funds to an unrelated political action committee. 

    “As members of the U.S. House Committee that provides oversight of Medicaid, I can assure you that Congress is very focused on waste, fraud and abuse of Medicaid dollars. Any unlawful diversion of Medicaid dollars in Florida means that the state is less able to provide services to our neighbors who rely on Medicaid and the providers who serve them,” the lawmakers wrote.

    The lawmakers continued, “The diversion of Medicaid dollars requires immediate investigation. These are proceeds that rightfully belong to state taxpayers to serve the citizens who rely on Medicaid, including children, pregnant women, neighbors with disabilities and those served by long-term care.”

    Castor and Soto serve on the House Energy and Commerce Committee, which has jurisdiction over Medicaid, and advocated for families and providers during the 26-hour Energy and Commerce Committee markup of the House Republicans’ cruel proposal to slash Medicaid to pay for tax breaks for the wealthiest Americans, which concluded yesterday.

    Read the full letter here and below:

    RE: Urge Investigation into Unlawful Diversion of Medicaid Funds in Florida 

    Dear Acting Inspector General Hodgkins and Administrator Oz:

    A recent bipartisan investigation by the Florida Legislature and press reports have uncovered that proceeds from a legal settlement between the State of Florida and Florida’s largest Medicaid managed care operator, Centene, were inappropriately diverted to unrelated political committees. Federal law requires that Medicaid proceeds be used solely for health services authorized by law and for the benefit of those served by Medicaid. Therefore, we respectfully request that you investigate the potential unlawful diversion of Medicaid funds by the Florida Agency for Health Care Administration (AHCA), Hope Florida Foundation and Centene. Medicaid is a federal/state partnership, and the federal government may be entitled to recoup funds from the legal settlement and improperly diverted funds as well.

    Hope Florida was established in 2021 as a referral program, operated by state employees, to direct Floridians to businesses, faith-based organizations and nonprofits for housing and social services instead of to government agencies. The Hope Florida Foundation is Hope Florida’s nonprofit arm and is subject to spending limits on lobbying and campaigns. According to its website, Hope Florida “firmly believe(s) that more government is not always the best solution to the problem. Instead, government is utilized as a meaningful connection point and then gets out of the way.” Many Florida state agencies prominently display links on their homepage to Hope Florida, directing individuals to a Hope Navigator instead of contacting a state agency, including the websites of Florida Department of Children and Families, Florida Department of Juvenile Justice, Florida Department of Veterans Affairs and Florida Department of Elder Affairs. AHCA administers Florida’s Medicaid program.

    On September 27, 2024, the State of Florida reached a settlement agreement with Centene relating to the overbilling of taxpayers by over $67 million. The agreement directed Centene to pay $10 million to the Hope Florida Foundation through a wire transfer and pay the remaining $57 million to AHCA. The settlement also stated that “AHCA desires an expanded role for Hope Florida in the Florida Medicaid program.”  

    On October 16, two days after receiving the $10 million wire transfer, the Hope Florida Foundation wired $5 million to Secure Florida’s Future, a 501(c)4 nonprofit that proposed spending the ‘grant’ on a “long-term, targeted business partner recruitment strategy and public awareness campaign.” 

    On October 17, Secure Florida’s Future donated $2 million to Keep Florida Clean Inc., a Political Action Committee (PAC) controlled by Governor DeSantis’s then-chief of staff James Uthmeier that was created to campaign against Amendment 3, a ballot initiative to legalize recreational marijuana in Florida. Governor DeSantis strongly opposed Amendment 3. Days later, Secure Florida’s Future sent Keep Florida Clean Inc. an additional $1.75 million. 

    On October 22, the Hope Florida Foundation wired $5 million to the 501(c)4 nonprofit Save Our Society from Drugs that proposed spending the ‘grant’ on “developing and implementing strategies that directly address the substance use crisis facing our communities.” 

    On October 23, the next day, Save Our Society from Drugs donated $1.6 million to Keep Florida Clean Inc. Over the coming days, Save Our Society from Drugs donated an additional $3.15 million to Keep Florida Clean Inc. 

    While there are limited financial disclosure requirements associated with 501(c)4 organizations, records appear to show that a total of $8.5 million from the Centene settlement with AHCA went from the Hope Florida Foundation to the Amendment 3-focused Keep Florida Clean, Inc. PAC, the same PAC that also donated funding to the Republican Party of Florida and the Florida Freedom Fund. 

    The transfer of Medicaid dollars to a charitable committee and then political committees appears to run afoul of federal law, including 18 U.S.C. 1347 (to knowingly execute or attempt a scheme to defraud a health care benefit program or obtain money from it) and 18 U.S.C. 371 (for two or more people to agree to defraud the United States.), and may implicate other relevant statutes and regulations. As members of the U.S. House Energy and Commerce Committee that provides oversight of Medicaid, we can assure you that Congress is very focused on waste, fraud and abuse of Medicaid dollars. Any unlawful diversion of Medicaid dollars in Florida means that the state is less able to provide services to our neighbors who rely on Medicaid and support the providers who serve them.

    Hope Florida had raised only about $2 million during its three years of existence, but in one fell swoop, received $10 million from a Medicaid settlement, which was immediately funneled through other nonprofits to a PAC directed by the Governor’s Chief of Staff. The Florida House of Representatives initiated an investigation into what State Representative Alex Andrade called a potential “conspiracy to commit money laundering and wire fraud,” but ultimately determined that “the best avenue is probably a federal investigation because…these were Medicaid dollars.”  The diversion of Medicaid dollars requires immediate investigation. These are proceeds that rightfully belong to serve the citizens who rely on Medicaid, including children, pregnant women, neighbors with disabilities and those served by long-term care.

    Therefore, we respectfully urge you to investigate whether or not the $10 million settlement scheme violates federal law and complies with Centers for Medicare and Medicaid Services (CMS) legal and regulatory framework and any other applicable federal laws and regulations.  

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Security: Six Illegal Aliens Charged For Brutal Murder Of South Carolina Mother in Random Attempted Robbery

    Source: US Department of Homeland Security

    LANCASTER, SC – Local authorities have charged six illegal aliens, between the ages of 13 and 21, with the random murder of a South Carolina mother of two, Larisha Sharell Thompson. They have also been charged with burglary and attempted armed robbery.

    The six illegal aliens allegedly pulled up alongside Thompson, fatally shot her and attempted to enter her vehicle. Not only did these individuals allegedly murder this innocent mother, but they are also accused of attempting to rob a convenience store. 

    Photo: Lancaster Sherriff’s Office

    On May 12, local authorities announced the arrests of six illegal aliens from Honduras including Asael Torres-Chirinos, Jarby Ramos-Ardon, Jeyson Salgado-Pineda, and three juveniles, ages 13, 14 and 15, for the murder of Thompson and the convenience store burglary.

    Torres-Chino was previously arrested in 2023 for domestic violence.  

    U.S. Immigration and Customs Enforcement (ICE) has placed detainers on all six criminal illegal aliens as they await criminal prosecution in South Carolina. 

    Statement Attributable to Assistant Secretary Tricia McLaughlin: 

    “Larisha Sharell Thompson’s life was tragically taken by criminal illegal aliens. She was a mother who was driving to a friend’s house when her life was brutally taken by these criminal aliens who should have never been in our country. President Trump and Secretary Noem will always fight for the victims of illegal alien crime and their families. The safety of American citizens comes first.” 

    Secretary Noem relaunched the Victims of Immigration Crime Engagement (VOICE) office. The VOICE office was shuttered by the previous administration, which left victims of alien crime without access to many key support services and resources. The office was first launched in 2017 by the Trump administration as a dedicated resource for those who have been victimized by crime that has a nexus to immigration. 

    If you or a loved one has been impacted by a crime committed by an illegal alien, you are not alone. Call 1-855-48-VOICE (1-855-488-6423). 

    ###

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced for Real Estate and Tax Fraud

    Source: United States Attorneys General 1

    Two men were sentenced to prison today for a wire and tax fraud scheme to obtain title to a $1.3 million home in Roanoke County, Virginia. Herman Estes Jr. of Fieldale Virginia was sentenced to 84 months in prison; his co-conspirator Daniel Heggins of Charlotte, North Carolina was sentenced to 24 months in prison.

    The following is according to court documents and statements made in court: Herman Estes filed a false amended income tax return for 2021 claiming he was entitled to a refund of $18.3 million. In March 2023, Estes made a $1.3 million cash offer for a property on Old Mill Plantation Road in Roanoke County. To legitimize this offer, Estes provided the parties to the transaction with a proof of funds letter that Estes created using an online form. Estes also provided the real estate agent with Heggins’ contact information and claimed Heggins was his trust manager with authority to approve the cash offer. When the real estate agent contacted Heggins, Heggins purported to approve Estes’s use of his trust funds to purchase the house.

    As payment for the property, Estes tendered a fraudulent cashier’s check in the amount of $1,307,199.43 signed by him and purportedly drawn off a Federal Reserve Bank. Funds in that amount were debited to the settlement company’s trust account before the check was flagged as fraudulent.

    In March 2023, Estes filed another false tax return claiming he was entitled to a $2.9 million refund.

    In addition to the terms of imprisonment, Chief U.S. District Judge Elizabeth K. Dillon for the Western District of Virginia ordered Estes to serve three years of supervised release and Heggins to serve three years of supervised release.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Zachary T. Lee for the Western District of Virginia made the announcement.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and IRS Criminal Investigation investigated the case.

    Trial Attorney Andrew Ascencio of the Tax Division and Assistant U.S. Attorney Lee Brett for the Western District of Virginia prosecuted the case. Former Assistant U.S. Attorney Kristin Johnson for the Western District of Virginia assisted in the investigation and prosecution.

    MIL Security OSI –

  • MIL-OSI USA: Durbin Calls On Trump White House To Honor Blue Slip Rule For U.S. Attorneys During Senate Judiciary Committee Executive Business Meeting

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    May 15, 2025

    During his remarks, Durbin also questioned the legal status of Ms. Pirro’s appointment to be Interim U.S. Attorney for the District of Columbia

    WASHINGTON – During today’s Senate Judiciary Committee executive business meeting,

    U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, called on the White House to work in good faith with Senators from both sides of the aisle to find U.S. Attorney candidates who will have home state support. Durbin cautioned that while this has been the case for filling some vacancies, not all Democratic Senators have been afforded the same opportunity to consult with the Trump White House.

    Durbin also noted that because of then-Senator J.D. Vance holding U.S. Attorney nominations during the Biden Administration, there is now a new precedent for roll call votes on the Floor for confirming U.S. Attorney nominees. For decades, the Senate confirmed U.S. Attorneys by voice vote or unanimous consent after they had been considered in the Judiciary Committee. That precedent changed during the Biden Administration when a Senate Republican refused to allow the Senate to confirm nearly a dozen Justice Department nominees by voice vote—the typical practice. During the first Trump Administration, all 85 of President Trump’s U.S. Attorney nominees moved through the Judiciary Committee and were confirmed by the Senate by unanimous consent.

    Finally, Durbin called out President Trump’s appointment of yet another Interim U.S. Attorney for the District of Columbia, Jeanine Pirro. In 2007, on a bipartisan basis, Congress passed legislation requiring that after an Interim U.S. Attorney had served for 120 days, the district court would fill the position until a permanent U.S. Attorney could be confirmed by the Senate. Durbin argued that President Trump’s appointment of Ms. Pirro is contrary to Congressional intent and undermines the Senate’s constitutional advice and consent role.

    Key Quotes:

    “A blue slip gives the Senators from the state where the appointment is being made the option of approving or disapproving. We are an integral part of that decision process. I think that is important, and we have to work hard to make sure it continues.”

    “I’m sorry to say that the White House is reaching out to individual Senators in a capacity that is not consistent with the blue slip. But if we are going to hold fast to that as a principle, I urge the White House to work on a bipartisan basis to help.”

    “I also want to say that I understand that Jeanine Pirro was sworn in yesterday to serve as Interim U.S. Attorney for the District of Columbia.”

    “For the record, [during] President Trump’s first term, over 80 U.S. Attorneys were appointed. No roll call votes in this Committee. No roll call votes on the Floor. They all went by voice vote.”

    “That world has changed because of the insistence of one Republican Senator…We are now required to take roll calls on each U.S. Attorney… because of former Senator and now Vice President Vance, [there is] a requirement [that] they also get a roll call vote on the floor.”

    “Now with this particular one, Jeanine Pirro, I’m concerned that this [her appointment] is not consistent with what we are trying to do. We wanted to give a President an option of an Interim U.S. Attorney while we, at the Senate level, deliberate, advise, and consent on a permanent appointment. That has been changed dramatically.”

    “Instead of 120 days, we now have a daisy chain situation where Ed Martin was [in office for] almost 120 days. He stepped aside. Jeanine Pirro comes in for her 120 days. I think that is a violation of what we were trying to achieve to give interim authority. Instead, what we have now is the possibility of repeated appointments over and over again for these interim positions.”

    “It means we, in the Senate, are giving up our constitutional authority and responsibility. That is a mistake.”

    Video of Durbin’s opening statement is available here.

    Audio of Durbin’s opening statement is available here.

    Footage of Durbin’s opening statement is available here for TV Stations.

    -30-

    MIL OSI USA News –

  • MIL-OSI: Beam Global Announces First Quarter 2025 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 15, 2025 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), (the “Company”), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2025.

    Q1 2025 Financial Highlights

    • Revenue CAGR 60% for trailing 60 months
    • Commercial Revenues increased 41% over Q1 2024
    • Positive GAAP Gross Margin 8%
    • Adjusted non-GAAP Gross Margin, net of non-cash costs 21%
    • Net cash used in Operations for Q1 2025 $1.8 million vs. Q1 2024 $3.0 million
    • Backlog of $6.3 million
    • Debt free and $100 million line of credit available and unused

    Q1 2025 and Recent Operational Highlights

    • In Q1 2025 we shipped EV ARC™ units, ARC Mobility™ trailers, energy storage systems (ESS), lighting poles and smart city infrastructure solutions to locations across California, Arizona, Colorado, Florida, Michigan, Oregon, and internationally to Croatia, Serbia, Spain and Romania
    • Achieved CE (Conformité Européenne) certification on EV ARC™
    • Granted U.S. Patent for High-Volume Battery Assembly and Safety Technology
    • Expanded our European sales network with three new distribution partners
      • Seltis Glass Design S.R.L. for the Romanian market
      • Evrosimovski Consulting Ltd. for the North Macedonian market
      • BBA International for the Albanian market
    • Entered Middle Eastern market through partnership with Solvana
    • Launched BeamPatrol™ partnership with Zero Motorcycles with two BeamPatrol™ units at MotoGP in Austin to charge electric motorcycle demonstrations
    • Expanded into Romania with First EV ARC™ Sales through our Romanian reselling agent, Seltis Glass Design SRL
    • Won the Award for Innovation in Sustainable Infrastructure at the 2025 Congress of Mayors and Local Administration of Romania
    • Won the 2024 Award for Business Success by Serbian Chamber of Commerce

    “Though we are navigating through a series of uncertainties in the U.S. market, our other expansion efforts lead us to believe that we have the pieces in place to return to growth in this and future quarters,” said Desmond Wheatley, CEO of Beam Global. “Sales of our flagship product EV ARC™ increased in the first quarter. Our battery business is doing some of the most interesting and promising work it has ever done. Our international expansion strategy is gaining momentum and bearing fruit. We have sufficient cash and working capital to continue to operate the business into the future. We have no debt and no going concern. We’re generating gross profits which, net of non-cash items, are still north of 20%. We have proposals out and items in our pipeline, which would simply not have been possible this time last year before we introduced our fantastic new product lineup and expanded beyond the US market. Losing the immediate benefits of U.S. federal government sales has been tough on us, but we are managing through that and have created a foundation for growth which is resistant to those sorts of upheavals, and which I believe, will create opportunities for growth which far out strip anything that we’ve ever done before.”

    Revenues
    For the first quarter of 2025, Beam Global’s revenues were $6.3 million. The Company has a Revenue CAGR of 60% for the trailing 60 months, as of the three months ending March 31, 2025. Revenues were diverse across commercial entities and state and local governments with a significant rebalancing towards enterprise customers. For the first quarter of 2025, 53% of revenues were derived from commercial customers compared to 16% in the same period in 2024. International customers comprised 25% of all revenue as of March 31, 2025 compared to 11% for the three months ended March 31, 2024. We believe that the decrease in revenue is mainly a result of uncertainty in the U.S. government’s zero emission vehicle strategy related to the presidential election.

    Gross Profit

    Gross profit for the quarter ended March 31, 2025, was $0.5 million, or 8% gross margin, compared to gross profit of $1.5 million, or 10% gross margin in the first quarter of the prior year. The gross profit includes a non-cash negative impact of $1.0 million for depreciation and amortization of intangible assets resulting from the AllCell acquisition. Our gross margin, net of non-cash items, was 21% for the quarter ended March 31, 2025 compared to 12% for the quarter ended March 31, 2024. Our engineering team has continued to implement design changes which have reduced the bill of materials for the EV ARCTM, improving the product margins throughout 2024 and leading into 2025. Additionally, we have continued to recognize synergies and positive gross margin contributions from our acquisitions. We expect the Company’s revenue to grow in the future and our fixed overhead absorption to continue to improve resulting in improved gross margins.

    Operating Expenses and Impairment of Goodwill

    The first quarter 2025 total operating expenses of $16.0 million included $10.8 million of goodwill impairment, for the single reporting unit, because our market capitalization no longer exceeded our net assets at March 31, 2025 due to the decrease in our stock price since December 31, 2024. Our operating expenses, net of non-cash items for the three months ended March 31, 2025 are $4.1 million compared to 2024 of $3.8 million, a variance of $0.2 million or 6%. The Company believes the goodwill impairment reported during the three months ended March 31, 2025 is not a negative indicator of historic or current operating results and not a negative indicator of future performance as the Company has taken significant steps to diversify its geographical reach and product offerings while focusing on strategic growth. The Company believes that the resulting non-cash charge has no impact on the Company’s compliance with its cash flows or available liquidity and that its acquired entities are contributing positively to its operations and growth potential.

    Net Loss

    The first quarter net loss of $15.5 million included $12.5 million of non-cash expense items such as goodwill impairment, depreciation and amortization, stock-based compensation and provisions for credit losses in 2025, compared to a net loss of $3.0 million with non-cash expenses of $1.1 million in 2024. The first quarter 2025 net loss excluding non-cash items was $2.8 million compared to $2.1 million for the same period in 2024.

    Cash

    On March 31, 2025, we had cash of $2.5 million, compared to cash of $4.6 million at December 31, 2024.

    Net cash used for operating activities was $1.8 million for the three months ended March 31, 2025 compared to $3.0 million for the same period in 2024.

    We have historically met our cash needs through a combination of debt and equity financing and more recently through increasing gross profit contributions. Our cash requirements are generally for operating activities and acquisitions.

    Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Non-GAAP financial measures, in this press release. We use Non-GAAP in conjunction with GAAP measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Non-GAAP is also helpful to investors, analysts and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Non-GAAP has limitations as an analytical tool. Therefore, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Non-GAAP measurements alongside other financial performance measures, including attributable to other GAAP measures. In evaluating Non-GAAP measures you should be aware that in the future, we may incur expenses that are the same as, or similar to, some of the adjustments reflected in this press release. Our presentation of Non-GAAP should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculations of Non-GAAP measures. Non-GAAP is not presented in accordance with GAAP and the use of these terms vary from others in our industry.

    Conference Call May 15, 2025 at 4:30 p.m. ET 

    Management will host a conference call on Thursday May 15, 2025 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Participants can register for the conference through the following link: https://dpregister.com/sreg/10200046/ff2f9aecc8

    Please note that registered participants will receive their call-in number upon registration.

    Those without internet access or unable to pre-register may call in by calling:

    PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880

    PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716

    Please ask to join the Beam Global call.

    About Beam Global
    Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Broadview, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X (formerly Twitter).

    Forward-Looking Statements
    This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

    Investor Relations
    Luke Higgins
    +1-858-799-4583
    IR@BeamForAll.com

    Media Contact
    Andy Lovsted
    +1-858-335-8465
    Press@BeamForAll.com

     
    Beam Global
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share data)
           
      Three Months Ended
      March 31,   December 31,
      2025   2024
      (Unaudited)    
    Assets      
    Current assets      
    Cash $ 2,504   $ 4,572
    Accounts receivable, net of allowance for credit losses of $498 and $259 7,145   8,027
    Prepaid expenses and other current assets 2,150   2,243
    Inventory, net 11,845   12,284
    Total current assets 23,644   27,126
           
    Property and equipment, net 13,531   13,704
    Operating lease right of use assets 1,650   1,893
    Goodwill –   10,580
    Intangible assets, net 7,810   8,037
    Deposits 120   119
    Total assets $ 46,755   $ 61,459
           
    Liabilities and Stockholders’ Equity      
    Current liabilities      
    Accounts payable $ 8,316   $ 8,959
    Accrued expenses 2,393   2,462
    Sales tax payable 435   195
    Deferred revenue, current 1,042   847
    Note payable, current 64   63
    Contingent consideration, current 93   93
    Operating lease liabilities, current 539   696
    Total current liabilities 12,882   13,315
           
    Deferred revenue, noncurrent 857   800
    Note payable, noncurrent 182   199
    Contingent consideration, noncurrent 216   216
    Other liabilities, noncurrent 3,432   3,380
    Deferred tax liabilities, noncurrent 1,609   1,290
    Operating lease liabilities, noncurrent 905   971
    Total liabilities 20,083   20,171
           
    Commitments and contingencies (Note 10)      
           
    Stockholders’ equity      
    Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of March 31, 2025 and December 31, 2024. –   –
    Common stock, $0.001 par value, 350,000,000 shares authorized, 15,043,045 and 14,835,630 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. 15   15
    Additional paid-in-capital 147,518   147,072
    Accumulated deficit (120,166)   (104,643)
    Accumulated Other Comprehensive Income (AOCI) (695)   (1,156)
           
    Total stockholders’ equity 26,672   41,288
           
    Total liabilities and stockholders’ equity $ 46,755   $ 61,459
           
    Beam Global
    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited, In thousands except per share data)
           
      Three Months Ended
      March 31,
      2025   2024
           
    Revenues $ 6,324   $ 14,561
           
    Cost of revenues 5,823   13,082
           
    Gross profit 501   1,479
           
           
    Operating expenses 5,265   4,527
           
    Impairment of goodwill 10,780   –
           
    Loss from operations (15,544)   (3,048)
           
    Other income (expense)      
    Interest income 23   71
    Other income (expense) 4   (56)
    Interest expense (6)   (4)
    Other income 21   11
           
    Loss before income tax expense (15,523)   (3,037)
           
    Net Loss $ (15,523)   $ (3,037)
           
    Net foreign currency translation benefit (expense) 461   (329)
    Total Comprehensive Loss $ (15,062)   $ (3,366)
           
    Net Loss per share – basic/diluted $ (1.04)   $ (0.21)
           
    Weighted average shares outstanding – basic/diluted 14,990   14,422
           

    The MIL Network –

  • MIL-OSI: Decentralized Search Engine Presearch Rolls Out New Dashboard for Highly Targeted Search Ad Campaigns

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, CANADA, May 15, 2025 (GLOBE NEWSWIRE) — Presearch (https://presearch.com/), the ethical, non-profiling meta-search engine that prioritizes user privacy and does not track users or sell data to advertisers, today announced the launch of its Presearch Advertiser Dashboard, a new way for advertisers to acquire metrics and insights for user search behavior through Presearch Takeover Advertising (PTA) without compromising that user’s privacy.

    “This is a major step in our ongoing mission to create the most advertiser-friendly and user-centric privacy-focused search platform available,” said Presearch.com CEO Tim Enneking. “It enhances transparency, simplifies campaign management, and delivers precise insights, all within a secure, privacy-preserving environment. This commitment to privacy makes providing detailed advertiser insights uniquely challenging, but advertisers will still be able to benefit from a powerful, positive brand association by supporting a genuinely privacy-focused platform.

    Through the Presearch Advertiser Dashboard, advertisers can gain secure individualized dashboards tailored specifically to their PTA campaigns, displaying only relevant metrics to streamline management and oversight, with staked keyword analytics also coming soon. In addition, advertisers can gain deep insights into campaign performance with detailed PTA campaign-specific metrics, including impressions, clicks, and CTRs, across individual PTAs or aggregated across all campaigns. The Presearch Advertiser Dashboard can also easily export detailed reports, empowering deeper analysis and strategic decision-making.

    As part of its reporting, the Presearch Advertiser Dashboard also has advanced capabilities that allow advertisers to effortlessly isolate and analyze PTA data by dates, durations, Share of Voice (SOV), PTA Mode (standard or NSFW advertising), user type (registered or non-registered), placement (homepage or search results), device (desktop or mobile) and geography.

    The launch of the Presearch Advertiser Dashboard comes as Presearch continues to expand its operations, including a new self-serve advertiser portal that is currently in use with select clients. Presearch has also brought in a number of executives focused on user and advertiser needs, including a dedicated Vice President of User Acquisition and two Vice Presidents of Global Sales. 

    Presearch.com offers a privacy-focused search experience that delivers search results better to those of prominent search engines. Unlike traditional platforms that profit from user data, Presearch never associates users with their search queries or geolocations. Searches belong to the users alone and all activity remains anonymous. Presearch processes and serves its search engine results via a decentralized node network, distributing operations across a global community. Boasting a strong community with over 150,000 active monthly users, 13 million monthly impressions, and over 400,000 searches per day, Presearch is bridging the gap between everyday internet users and the emerging crypto realm.  

    To access Presearch on the web, please visit www.presearch.com. 

    ABOUT PRESEARCH
    Presearch.com, established in 2017, is the world’s most widely used meta-search engine. Unlike conventional search engines, Presearch does not track users’ online activity or sell their personal data to advertisers, so users can search in peace. Presearch’s robust ecosystem, powered in part by the community, includes its search API, AI search results, keyword staking, node running, search staking and an affordable advertising product listing.

    MEDIA CONTACT: 
    presearch@transformgroup.com

    The MIL Network –

  • MIL-Evening Report: This election, young people held the most political power. Here’s how they voted

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    This election, a lot of focus was directed at young voters. With Millennials and Gen Z now making up a larger share of the electorate than Baby Boomers, this was deserved.

    But for all the attempts to reach these cohorts, whether through TikTok, influencers or podcasts, how did they actually vote?

    Preliminary analysis of electorates with high shares of young people suggests the youth vote was complex and nuanced. The voting bloc continued its unpredictability, with support fragmented across parties, candidates and age groups.

    Analysing voting patterns

    On May 9, I analysed the Australian Electoral Commission’s (AEC) electoral division results alongside youth enrolment statistics, to explore how the youngest electorates voted.

    Rather than treating voters aged 18–44 as a single, homogeneous bloc, I separated them into Gen Z (aged 18–29) and Millennial (aged 30–44) categories. Evidence suggests that generation is more useful for analysis than age alone.

    Electorates with higher shares of young people tended to favour the left, particularly Labor. Even in Liberal-held seats that didn’t change hands, there were clear swings against the Coalition.

    Of course, electoral outcomes are shaped by more than age or generational factors. Seat-level voting reflects a complex mix of influences.

    But while we await individual-level public opinion data, the best available insights come from examining electoral division characteristics using Australian Bureau of Statistics 2021 Census data.

    What happened?

    Surprisingly, the Greens lost three of the country’s most youth-concentrated electorates: Melbourne, Brisbane and Griffith.

    In Melbourne – still the electorate with the highest share of Gen Z voters – the Greens retained the largest primary vote, but lost the seat on preferences.

    However, in Griffith, Labor had a higher primary vote, while in Brisbane, both major parties outpolled the Greens.

    These electorates also have high percentages of renters, public servants, and residents earning above $90,000 a year – demographics that did not necessarily advantage the Greens. In fact, higher-income areas showed a slight lean towards the Liberals.

    Other electorates with large youth shares also showed interesting dynamics. In La Trobe and Lindsay, both held by the Liberals but with growing shares of Millennials and renters, there were swings against the party.

    Labor experienced swings against them in seats such as Solomon, Wills and Pearce.

    Wills maintained a strong Greens primary vote, while Solomon recorded a significant independent vote. This is consistent with high shares of renters, public servants against the Coalition and tertiary-educated women, who are more likely to support minor parties and independents.

    These patterns suggest a quiet divergence between Millennial and Gen Z voters. Millennials, while more likely than older generations to support progressive parties like Labor and, to a lesser extent, the Greens, do not show the same enthusiasm for independents. This indicates Millennials remain more aligned with traditional party politics.

    In contrast, Gen Z voters appear more willing to abandon major parties altogether. This is a generational difference in values and political socialisation, but also a broader shift toward issue-based, campaign-sensitive, less predictable polling.

    A fragmented young electorate

    Even when we take into account the demographic makeup of seats, for a deeper analysis, disentangling the effects of overlapping factors is important. For example, as researcher Nicholas Biddle points out, age and renting are often correlated, so which variable is doing the explanatory work? Is it youth itself, housing tenure, or something else entirely? I dug deeper.

    This further exploration revealed housing and employment factors played a role, even when we account for generational differences.

    Electorates with high shares of renters were significantly more likely to support Labor and less likely to vote Liberal. Public-sector workers leaned clearly towards Labor and away from the Coalition.

    Meanwhile, higher-income electorates (earning more than $90,000 a year) showed a slight, but not statistically significant, movement toward the Liberals and independents, and away from Labor and the Greens.

    Electorates with a larger share of overseas-born residents also leaned modestly toward Labor, likely reflecting swings in areas with significant Chinese populations.

    It’s difficult to know much about gender yet as we don’t have access to the right data. But we can find the intersecting effect of gender with other variables, such as higher education.

    This revealed one of the most striking findings: the strongest positive predictor of a Greens or independent vote, removing all other variables, was the share of university-educated women. These voters consistently turned away from both major parties.

    By contrast, electorates with more tertiary-educated people overall, but not specifically women, were more likely to stick with the major parties.

    With younger generations containing more university-educated women than ever before, this is sobering news for both Labor and the Liberals.

    Big takeaways

    One mistake we keep making is treating the youth vote as a single bloc. This election reminds us there are two generations within the youth base.

    Gen Z are still in their political formative years and they’re showing signs of drifting further from the major parties.

    But Millennials, while still firmly left-leaning, seem to remain anchored to the two-party system.

    Perhaps it’s a sign of political “adulting” – a recognition that minor parties and independents can struggle to wield power in the lower house.

    Labor can still bank on Millennials, for now. But Gen Z, especially those who are highly educated, are the cohort to watch. They’re less loyal, and far less convinced that the traditional party structure speaks to them.

    There’s no way to sugarcoat it for the Liberals: there’s no good news here in their current form.

    But no party can get complacent.

    The modern Australian electorate may lean left overall, but it’s also increasingly disillusioned with the majors. Preferential voting may mask this shift, but it doesn’t halt it.

    The Greens, meanwhile, also have some soul-searching to do. Their campaign didn’t collapse, but their primary vote stalled.

    To become a serious third party in the House of Representatives, the Greens must grow their primary vote and find a way to hold onto their volatile, youthful base as it ages.

    Intifar Chowdhury does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. This election, young people held the most political power. Here’s how they voted – https://theconversation.com/this-election-young-people-held-the-most-political-power-heres-how-they-voted-255769

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Viral ‘Hongdae boy’ videos expose the fringe group of South Korean men trying to sleep with foreign women

    Source: The Conversation (Au and NZ) – By Joanna Elfving-Hwang, Associate Professor (Korean Society and Culture), Dean International (Korea), Curtin University

    Shutterstock

    If you’re on TikTok, you may have come across “Hongdae boys” or “Hongdae guys” recently. In a social media context, the term refers to a group of young South Korean men who prey on foreign women (particularly white women) visiting the Hongdae area in Seoul’s Mapo district.

    Largely made viral by popular South Korean TikToker Sean Solo (@itsseansolo) creating parodies of these men, Hongdae boys are depicted as men who make brazen (and slightly awkward) attempts at picking up unsuspecting tourists or foreign students.

    Some of these women, who are often viewed as sexually “available”, have sometimes been inspired by K-dramas or K-pop idols to visit Korea in search of the perfect South Korean boyfriend.

    So what’s behind the rise of Hongdae boy videos? And is Seoul turning into a place to avoid if you’re a young female traveller? Well, no. But Sean Solo’s parodies of this recognisable type of South Korean man shouldn’t be dismissed as purely comedy.

    A trend warranting further attention

    Much of the funny viral Hongdae boy content is aimed squarely at foreign audiences. In fact, your average South Korean is more likely to associate the phrase “Hongdae man” (Hongdae namja) with the “Hongdae look” that showcases carefully curated streetwear inspired by hip-hop, rap and vintage elements.

    Hongdae, a famous nightlife spot, is very popular with foreign visitors and South Korean students. In the 1990s it became the cradle of the underground and indie music scene, and remains a buzzing centre for arts and culture.

    Come nighttime, however, it has a reputation for becoming hookup central. There are even “hunting bars” (hunting pocha) where single men and women can go to try and find a match.

    While Hongdae guys are by no means representative of all Korean men (a point Sean Solo emphasises) the fact these men exist, and have become a recognisable part of Hongdae’s nightlife, speaks to serious broader issues of misogyny and gendered thinking.

    Ongoing issues for South Korean women

    South Korea has a reputation for being socially conservative, and K-dramas have emphasised this squeaky clean image. But in recent years, a growing number of South Korean women have spoken out about issues of sexual harassment and violence, including a crisis of digital sex crimes.



    Read more:
    AI is fuelling a deepfake porn crisis in South Korea. What’s behind it – and how can it be fixed?

    This has led to public demonstrations expanding on the global #MeToo movement.

    We’ve also seen the rise of the so-called 4B movement (also called the “Four Nos”). Described as more of an individual lifestyle choice rather than an organised movement, the aim of 4B is to push back against societal standards imposed on South Korean women regarding marriage, childbirth and relationships.

    As Asian studies expert Min Joo Lee notes, foreign women who are married to Korean men and living in Korea are often exoticised as dutiful housewives aspiring for “tradition”, while South Korean women are seen as troublesome and demanding.

    Gender equality issues have also been used as a political football by some politicians. For instance, recently impeached President Suk Yeol Yoon’s 2022 presidential campaign relied on a narrative of male disempowerment to mobilise the vote of young, disaffected men.

    Another setback came in late 2023, when the Supreme Court delivered a final verdict in a case deemed significant for the country’s #MeToo movement. It involved Seo Ji-hyun, a former prosecutor who, in 2018, filed a lawsuit seeking damages against a former male senior prosecutor who she accused of sexual harassment and abuse of power. The court dismissed her claims.

    Foreign fantasies and reality

    For foreign women unaware of South Korea’s gender inequality issues, and who expect the sugar-coated image of Korean men they’ve seen in K-pop or K-dramas, the reality of the hookup culture may come as a shock.

    The disjuncture between reality and the foreign fantasy of South Korea has increasingly been of interest to social commentators and researchers like myself. My own research on the topic has identified a kind of “global Koreanness” that has taken on a life of its own in the imaginations of non-Korean fans overseas.

    The Hongdae boy narrative is similar to the 4B movement in that it is fuelled by attention from outside South Korea. While the 4B movement was widely reported in Western media, it was driven by a relatively small group of courageous women who didn’t actually get mainstream attention in South Korea.

    Nonetheless, having a spotlight on these women still amplified their struggle to fight back against gendered ideas of what’s expected of them. These are ideologies that might treat them as objects to be looked at and “consumed” (such as with K-pop idols), or expect them to prioritise marriage and childbearing, over their own careers, to address a declining population.

    Hongdae boy videos, both comedic and otherwise, may have a similar effect. They’re drawing attention to the gendered expectations many South Korean women face, and the ways in which they are dismissed in their pursuit for equality.

    Joanna Elfving-Hwang receives funding from the Core University Program for Korean Studies through the Ministry of Education of the Republic of Korea and Korean Studies Promotion Service of the Academy of Korean Studies (AKS-2022-OLU-2250005).

    – ref. Viral ‘Hongdae boy’ videos expose the fringe group of South Korean men trying to sleep with foreign women – https://theconversation.com/viral-hongdae-boy-videos-expose-the-fringe-group-of-south-korean-men-trying-to-sleep-with-foreign-women-256475

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Meet the Space Ops Team: Christine Braden

    Source: NASA

    Christine Braden values new experiences that broaden her perspective; a mindset that has guided her 26-year career at NASA’s Johnson Space Center in Houston, where she currently serves as a senior systems engineer in the Commercial Low Earth Orbit Development Program. In her role, Braden works with engineering teams to develop commercial space stations that will prioritize the safety of astronauts while maximizing cost-effectiveness and the scientific research capabilities onboard. 
    Managed by NASA’s Space Operations Mission Directorate, the program supports the development of commercially owned and operated space stations in low Earth orbit from which the agency, along with other customers, can purchase services and stimulate the growth of commercial activities in space. Designing and developing these space stations is the first step of NASA’s two-phase approach, enabling the agency to certify stations and procure services as one of many customers.
    With a bachelor’s degree in Technical Management from Embry-Riddle Aeronautical University, Braden brings a strong engineering foundation to her work. However, her role unique because it allows her to merge technical expertise with her creative instincts. 
    “My team must think outside the box to define new ways that ensure that the commercial providers’ technical integrations, requirements, development, and operations are designed to the highest degree possible,” said Braden.
    Recently, she proposed a certification and systems engineering architecture that redefines how companies will interface with NASA and each other in an evolving landscape. Braden’s hybrid approach strikes a balance, allowing companies to innovate while favoring shared assurance and accountability. It also gives NASA situational awareness of the companies’ design, tests, mission, and operational approaches. As a result of her efforts, Braden was recognized with an “On the Spot” award.

    Looking ahead, Braden envisions a world where commercial space stations are a hub for science and technology, spacecraft are more efficient, spaceflight is more accessible, humans are back on the Moon, and Mars is the next frontier. In reflecting on these agency-wide goals, Braden finds that working with passionate team members makes her day-to-day work truly special and enjoyable.
    “I am a part of a small, close-knit team that works together to make these advancements in space exploration happen for the world,” said Braden. “Working at NASA is a once-in-a-lifetime opportunity that not only defines my working life going forward but also provides me with an experience I can share with some truly amazing people.” 

    Christine Braden
    Senior Systems Engineer, Commercial Low Earth Orbit Development Program

    Outside of work, Braden is inspired by her faith, which encourages her to see things from new perspectives and try to understand people from all walks of life. Additionally, Braden is a lifelong learner who loves listening to podcasts, watching documentaries, and reading web articles. She is eager to learn everything from music and dance to plants and animals. 
    “When I look through scientific websites where new planets and galaxies are discovered, it makes me think of ways humanity may expand itself to the stars, and ways that we can preserve the life we have here on Earth,” said Braden.
    On the topic of preservation, one of Braden’s many hobbies is antique restoration. “It reminds me of my dad and grandfather restoring homes together during my childhood and gives me hope that I can inspire my children as they watch me follow in our family’s footsteps,” said Braden. Her other hobbies include gardening and family activities such as puzzles, board games, watching television, playing video games, hunting, and traveling.
    As a driven individual known for her creativity and curiosity, Braden’s fresh ideas and spirit are key in guiding the agency’s progress into new frontiers. 
    NASA’s Space Operations Mission Directorate maintains a continuous human presence in space for the benefit of people on Earth. The programs within the directorate are the hub of NASA’s space exploration efforts, enabling Artemis, commercial space, science, and other agency missions through communication, launch services, research capabilities, and crew support.
    To learn more about NASA’s Space Operation Mission Directorate, visit: 
    https://www.nasa.gov/directorates/space-operations

    MIL OSI USA News –

  • MIL-OSI USA: Cass County Residents Invited to Review Flood Maps

    Source: US Federal Emergency Management Agency

    Headline: Cass County Residents Invited to Review Flood Maps

    Cass County Residents Invited to Review Flood Maps

    CHICAGO — Preliminary flood risk information and updated Flood Insurance Rate Maps (FIRMs) are available for review by residents and business owners in Cass County

    Property owners are encouraged to review the latest information to learn about local flood risks and potential future flood insurance requirements

    Community stakeholders can identify any concerns or questions about the information provided and participate in the 90-day appeal and comment period

    The 90-day appeal period will begin on or around May 17, 2025

    The preliminary maps and changes from current maps may be viewed online at the FEMA Flood Map Changes Viewer: msc

    fema

    gov/fmcv

    The updated maps were produced in coordination with local, state, and FEMA officials

    Significant community review of the maps has already taken place, but before the maps become final, community stakeholders can identify any concerns or questions about the information provided and submit appeals or comments

    Contact your local floodplain administrator to do so

    Appeals must include technical information, such as hydraulic or hydrologic data, to support the claim

    Appeals cannot be based on the effects of proposed projects or projects started after the study is in progress

    If property owners see incorrect information that does not change the flood hazard information, such as a missing or misspelled road name in the Special Flood Hazard Area or an incorrect corporate boundary, they can submit a written comment

    The next step in the mapping process is the resolution of all comments and appeals

    Once they are resolved, FEMA will notify communities of the effective date of the final maps

     For more information about the flood maps: Use a live chat service about flood maps at go

    usa

    gov/r6C (just click on the “Live Chat” icon during operating hours)

    Contact a FEMA Map Specialist by telephone toll-free at 1-877-FEMA-MAP (1-877-336-2627) or by email at FEMA-FMIX@fema

    dhs

    gov

     Most homeowner’s insurance policies do not cover flooding

    Learn more about your flood insurance options by talking with your insurance agent and visiting www

    FloodSmart

    gov

    For more information, contact the FEMA Mapping Team at FEMA-R5-MAP@fema

    dhs

    gov

     
    kimberly

    keblish
    Thu, 05/15/2025 – 12:44

    MIL OSI USA News –

  • MIL-OSI USA: Statement from Governor Josh Stein on Proposed Cuts to SNAP

    Source: US State of North Carolina

    Headline: Statement from Governor Josh Stein on Proposed Cuts to SNAP

    Statement from Governor Josh Stein on Proposed Cuts to SNAP
    lsaito

    Raleigh, NC

    Today Governor Josh Stein released the following statement on proposed federal cuts to the Supplemental Nutrition Assistance Program (SNAP): 

    “SNAP helps 1.4 million North Carolinians put food on the table. Congress’s proposed cuts are unprecedented and would make North Carolina pay up to $700 million to continue current benefits, all so that the wealthiest Americans can receive even bigger tax cuts. If Congress goes forward with these plans, our state will be forced into perilous budget decisions – should North Carolinians lose access to food, or should we get rid of other essential services? I urge our members of Congress to reject this budget proposal so that North Carolina families don’t go hungry.” 

    Currently, the federal government covers 100% of food benefits for SNAP participants. Now, Congress has proposed shifting food benefit costs to states for the first time in the program’s history. North Carolina footing $700 million in SNAP benefits for the first time would be the equivalent of 8,900 K-12 public school teacher positions.

    Four in five families participating in SNAP in NC have either a child, a senior, or an adult with a disability in the household. Each dollar in support for paying for groceries through SNAP frees up household resources for other essential needs like rent, utilities, or child care.

    SNAP contributes nearly $2.8 billion to North Carolina’s economy, and has a multiplier effect, with every $1 invested in SNAP benefits generating between $1.50 and $1.80 for local economies. SNAP cuts would mean people have less to spend at NC’s more than 9,200 SNAP retailers, which would hurt farmers, the larger food distribution pipeline, and local economies overall, especially in rural areas and small towns.    

    SNAP is playing a vital role in supporting western North Carolinians impacted by Hurricane Helene. The 25 western NC counties most impacted by Helene still have higher enrollment in SNAP in April 2025 than they did in September 2024 before the storm hit. Notably, immediately after the storm, SNAP received169,000 applications – the highest number of applications since Hurricane Florence in 2018.

    Last week, Governor Stein sent a letter to Congress laying out the implications for North Carolina if SNAP cuts move forward. Click here to read his letter. 

    Click here to learn more about the impact of proposed SNAP cuts on North Carolina.

    Click here to view county enrollment data for the SNAP program. 

    May 15, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Kentuckians in 24 More Counties Now Eligible To Apply for FEMA Assistance Following April Severe Storms

    Source: US Federal Emergency Management Agency

    Headline: Kentuckians in 24 More Counties Now Eligible To Apply for FEMA Assistance Following April Severe Storms

    Kentuckians in 24 More Counties Now Eligible To Apply for FEMA Assistance Following April Severe Storms

    FRANKFORT, Ky

    –Twenty-four additional counties in the Commonwealth of Kentucky have been added to the major disaster declaration for Kentucky’s severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides and flooding that began April 2 and continuing

    Homeowners and renters with disaster damage in Breckinridge, Bullitt, Calloway, Daviess, Garrard, Grayson, Hancock, Hart, Henderson, Henry, Jefferson, LaRue, Lincoln, McLean, Meade, Muhlenberg, Nelson, Ohio, Oldham, Pendleton, Powell, Trimble, Warren, and Webster counties are eligible to apply for FEMA’s Individual Assistance program

    These counties are added to Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford which were designated eligible April 24

    The first step to receive FEMA assistance is to apply

    The deadline to apply for FEMA assistance is June 25

     How To Apply for FEMA AssistanceSurvivors in the designated counties who have disaster-caused damage or loss from the April 2 storm can apply for federal disaster assistance under the major disaster declaration DR-4864-KY in several ways:Online at DisasterAssistance

    gov

    Visit any Disaster Recovery Center

    To find a center close to you, visit fema

    gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”)

    Use the FEMA mobile app

    Call the FEMA Helpline at 800-621-3362

    It is open 7 a

    m

    to 10 p

    m

    Eastern Time

    Help is available in many languages

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service

     Assistance from FEMA may include grants for temporary housing while you are unable to live in your home, such as temporary housing assistance or reimbursement for hotel costs for both owners and renters, and grants for disaster-caused expenses and serious needs, such as repair or replacement of personal property and vehicles, funds for moving and storage, medical, dental, childcare and other miscellaneous items

    FEMA assistance may also be provided for repair or replacement of owner-occupied homes that serve as the household’s primary residence, including privately owned access routes, such as driveways, roads or bridges

     Applicants should keep their current contact information on file with FEMA as the agency may need to schedule a home inspection or get additional information

    Disaster assistance is not a substitute for insurance and cannot compensate for all losses caused by a disaster

    The assistance is intended to meet basic needs and supplement disaster recovery efforts

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Thu, 05/15/2025 – 12:21

    MIL OSI USA News –

  • MIL-OSI Global: The rebrand that went full circle: HBO Max to New HBO Max

    Source: The Conversation – Canada – By Omar H. Fares, Lecturer of Marketing in the Lazaridis School of Business and Economics, Wilfrid Laurier University

    The HBO Max rebrand saga highlights how quickly brand equity can be undermined when recognition cues are disrupted. (Shutterstock)

    Warner Bros. Discovery (WBD) recently announced the streaming app Max will revert to the name HBO Max this summer. The move comes only two years after HBO was dropped from the brand name.

    The announcement has sparked a wave of commentary of social media, including self-aware humour. HBO’s social media team posted memes from shows like Friends and Euphoria, joking that the company had finally “come home.”

    HBO Max launched in 2020, promising big-budget series alongside the Warner film catalogue. In May 2023, the service’s name was shortened to “Max” after the US$43 billion merger that created Warner Bros. Discovery.

    Many viewers and analysts questioned the loss of a label long associated with award-winning television. When WBD CEO David Zaslav announced the return to HBO Max on May 14, he argued the original three letters still carry unique weight with audiences worldwide.

    The major U-turn offers a clear lesson for marketers: when a rename threatens familiarity, consistency and clear messaging, customers will push back.

    Brand familiarity: A memory shortcut

    The HBO Max rebrand saga highlights how quickly brand equity can be undermined when recognition cues are disrupted. Although the 2023 name change aimed to reflect a broader content mix, it unintentionally distanced the platform from its most recognizable asset.

    HBO, as both a name and a legacy, had become shorthand for a specific kind of quality — one that audiences weren’t ready to see stripped away.

    Brand familiarity may be described as the ease with which consumers recognize, recall and understand a name based on prior experience. In marketing, brand familiarity is a key factor in driving consumer confidence and supporting stronger emotional ties.

    In other words, when the existing memory structures are already in place, it reduces the cognitive effort that typically results in a more favourable action. Dropping “HBO,” a label linked to award-winning dramas for decades, removed a trusted shortcut and left viewers asking whether the service had changed its focus.

    Consistency as a pillar of trust

    One of the key drivers of brand engagement is brand consistency, which is the uniform application of brand elements such as colours, logo and tone. This consistency is typically associated with trust and loyalty.

    The shift from HBO Max to Max disrupted this consistency, leading to confusion about the platform’s identity and offerings. Consumers who associated HBO with certain types of content were unsure what to expect from Max.

    To make matters even more challenging, Max not only changed its name but shifted from the purple-and-black palette of HBO Max to blue, then to silver-on-black before finally circling back. Each redesign forced viewers to get used to a new look and tone, eroding the sense of continuity that subscription services rely on.

    Keeping the audience informed

    Missteps in messaging can sink even well-researched rebrands. Communications firm Edelman’s 2023 Trust Barometer points out that silence during change amplifies speculation and negative assumptions.

    The quick collapse of Gap’s 2010 logo makeover offers a classic example. The retailer unveiled a new mark without preparation, then reverted within a week after a backlash.

    A direct parallel can be drawn between that episode and the confusion that followed the Max launch, where any reasoned arguments for the shorter name never reached much of the audience.

    By contrast, the 2025 reversal was accompanied by plain statements from Warner Bros. Discovery, intensive press outreach and humour that admitted the misstep which is a communication style more likely to rebuild trust.

    Lessons for marketers

    Customer research should always precede radical changes to familiar signals, because the goodwill embedded in a long-running name is not easily replicated.

    Any shift in title or visual identity must be matched by consistent deployment across every touch point, from app icons to ad copy, otherwise confusion undercuts the strategy.

    Finally, customer perceptions cannot be an afterthought. Clear, timely messages that are supported by a tone that suits the brand’s personality will help audiences understand what is changing and why it benefits them, turning potential backlash into renewed engagement.

    Omar H. Fares does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The rebrand that went full circle: HBO Max to New HBO Max – https://theconversation.com/the-rebrand-that-went-full-circle-hbo-max-to-new-hbo-max-256777

    MIL OSI – Global Reports –

  • MIL-OSI: Eric Branderiz Joins Symbotic’s Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., May 15, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced the election of Eric Branderiz to its Board of Directors, effective May 14, 2025.

    Mr. Branderiz joins Symbotic’s Board following a nearly 30-year career in public and private company finance and accounting, including in high-growth environments in industrial technology. Most recently, he served as Executive Vice President and Chief Financial Officer at Enphase Energy. Prior to Enphase Energy, Mr. Branderiz was Vice President, Corporate Controller and Chief Accounting Officer at Tesla. He has held senior finance and accounting roles at SunPower Corporation, Knowledge Universe Corporation, Spansion and Advanced Micro Devices, after beginning his career at Ernst & Young.

    “On behalf of the Board, I am thrilled to welcome Eric to Symbotic,” said Rick Cohen, Chairman and CEO of Symbotic. “Eric brings deep financial expertise and a track record of success, guiding companies through critical stages of growth and playing a pivotal role in helping newly public organizations to achieve significantly greater scale. I look forward to working with him as we continue bringing our cutting-edge robotics and A.I.-powered automation technology to diverse customers and settings globally.”

    “I’m honored to join Symbotic’s Board at such an exciting point in the company’s trajectory,” said Mr. Branderiz. “Symbotic is a leader in its field with one-of-a-kind automation technology, and I look forward to leveraging my experience at growth-oriented technology companies to support Symbotic’s continued innovation and its rapid momentum.”

    Mr. Branderiz currently serves on the Board of Directors of Cognizant Technology Solutions Corporation and Fortive Corporation. He is a Certified Public Accountant in California, and received his bachelor’s degree in Business Commerce with an emphasis on Accounting from The University of Alberta.

    About Symbotic

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

    Media Contact
    mediainquiry@symbotic.com

    Investor Contact
    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    The MIL Network –

  • MIL-OSI: Intermap Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Company reports first quarter 2025 revenue growth of 153% with 28% pro-forma adjusted EBITDA margin

    Confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin

    Conference call today at 5:00 pm ET to discuss results

    DENVER, May 15, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial services and intelligence solutions, today announced first quarter 2025 results and affirmed 2025 guidance.

    For the first quarter ending March 31, 2025

    • Total revenue of $4.3 million, compared with $1.7 million in the first quarter of 2024
    • Acquisition Services revenue of $2.4 million versus $478 thousand in the year-ago quarter
    • Value-added Data revenue of $514 thousand versus $266 thousand in the year-ago quarter
    • Software and Solutions revenue of $1.3 million, compared with $942 thousand in the first quarter of 2024
    • 28% pro-forma adjusted EBITDA margin versus 25% in the first quarter of 2024
      • Intermap invested to support permitting and pursuit costs on behalf of its partners for follow-on awards
    • Pro-forma net income of $833 thousand, compared with a net loss of $839 thousand in the first quarter of 2024
    • Total assets of $19.2 million versus $11.9 million on December 31, 2024
    • Cash, unbilled and A/R totaled $13.9 million versus $6.5 million on December 31, 2024

    “We’re seeing strong momentum across our government and commercial segments,” said Patrick A. Blott, Intermap Chairman and CEO. “With multiyear partnerships, federal contracts and a strengthened balance sheet, we’re benefiting from growing customer confidence and positioning the Company for recurring revenue with long-term growth. We are pleased to affirm our 2025 guidance.”

    Q1 Government Milestones
    In the government sector, Intermap’s team, led by CACI, was selected as a vendor for the National Geospatial-Intelligence Agency’s $200 million Luno B IDIQ contract. When combined with the previously announced Luno A award, the addressable opportunity totals $500 million. The first task orders have begun to be issued and Intermap is well positioned with superior proprietary source data and analytics located over difficult areas of the world inaccessible by optical satellites. This positions Intermap to compete for federal work over the next five years and expand its role in delivering advanced geospatial intelligence to support national security.

    Intermap continued to execute Phase 1 of Indonesia’s national mapping initiative, delivering high-resolution 3D elevation and feature data exceeding specifications in a shorter timeframe than planned. The Company is pursuing follow-on awards under Phase 2 of the $653 million World Bank–funded ILASP project, which supports land administration and spatial planning. With the Indonesian government prioritizing large-scale base maps for national development, Intermap’s Phase 1 performance positions it strongly for continued participation. The Company’s advanced technology and proven execution align with the project’s goals, including expansion into Java, Kalimantan and other key regions.

    As part of the Indonesian mapping program during the quarter, Intermap incurred charges for permitting, currency adjustment and working capital investment to support large government milestone payments, which were subsequently collected in April 2025, after the quarter end. In addition, Intermap incurred pursuit costs related to upcoming contracts. When the partner-related charges and pursuit costs are added back, pro-forma Adjusted EBITDA and earnings for the first quarter were $1.2 million and $833 thousand, respectively. To further mitigate exchange risks, Intermap entered into foreign currency hedging and arrangements with its local prime partner to pay IDR subcontractors. Going forward, currency risk and hedging costs are mitigated by World Bank funding, which will be denominated and fixed in U.S. dollars.

    During the quarter, Intermap was down-selected after a competitive process for a new U.S. Defense Advanced Research Project (DARPA) program to support priority DARPA investments targeted to leverage Intermap’s unique commercial capabilities, commercialization expertise, proprietary internal research and development and growth capital support. This program extends Intermap’s own upgrade efforts and capital with sponsored access to additional government-funded, cutting-edge applied geospatial technologies, advanced research and development, next-generation geospatial products and emerging dual-use companies on contract with DARPA. The Company is currently working with multiple customers using Intermap data and technology for real-time terrain matching to power long-range autonomous systems. More information about this important award will follow as contracting is finalized.

    Q1 Commercial Achievements
    Intermap began 2025 with strong performance in its insurance business, securing over $1.1 million in new and renewed contracts. It signed two major multiyear partnerships with a leading European bank-insurance group and PREMIUM Insurance. Both adopted Intermap’s Aquarius RMA platform, reinforcing the Company’s position as a key provider of AI-driven geospatial solutions for multi-peril and flood risk assessment.

    During the first quarter, the Company significantly expanded its partnership with a major global space infrastructure operator, which has increased its investment in the Company’s high-precision 3D elevation data with Intermap’s NEXTMap® solution. This expansion supports the operator’s use of the data for radio frequency interference modeling and optimizing site selection across diverse geographies. In 2024, the operator acquired 10 times as many projects as the previous year, driving a 6.4x increase in revenue. Early 2025 projects are nearly three times larger than the average size in 2024, with points of presence growing rapidly, reflecting the growing scale of the initiative. This rapid expansion demonstrates the operator’s growing reliance on Intermap’s best-in-class data.

    The Company also renewed its subscription partnership with a leading provider of GPS-enabled golf technology. Now entering its fourth year, the collaboration utilizes Intermap’s high-resolution 3D elevation data to map more than 40,000 golf courses globally, delivering immersive, real-time virtual experiences for golfers. This data powers advanced features such as swing metrics, ball flight analytics and detailed course visualizations—accessible from homes, backyards and practice ranges. Driven by strong user growth, the partnership is expanding to include a new generation of golf products built on Intermap’s proprietary terrain models, where Intermap is compensated alongside the customer for growing user data consumption. With 78% of core golfers using at least one golf app, Intermap’s data remains a key enabler of the evolving digital golf experience.

    Q1 Financing
    To fund growth, Intermap raised C$12 million in February. The capital strengthens the Company’s ability to execute on its expanding pipeline and scale delivery of high-value contracts.

    Outlook
    Intermap confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin.

    Intermap does not provide quarterly guidance. The Company has tremendous installed capacity, providing a competitive advantage for speed of execution. Intermap’s customers are large global institutions and governments with long procurement and decision-making cycles. Intermap has the proven ability and track record to increase operational efficiency and tempo once under contract to meet aggressive timelines consistent with customer requirements.

    Intermap will continue building recurring revenue by enabling customers to consume the world’s most precise GEOINT terrain data products at global scale, as-a-service, provisioned within seconds, consuming only the points they need, when and where they need them. While penetrating deeper into its targeted markets, Intermap is also enabling new users and new use-cases, and its financial results highlight the persistent recurring revenue and high growth embedded in this attractive business model.

    Quarterly Filing
    The Company’s consolidated financial statements for the quarter ended March 31, 2025, along with management’s discussion and analysis for the corresponding period and related management certifications for the first quarter financial results, will be filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov on May 15, 2025.

    Adjusted EBITDA is a non-GAAP measure. The term earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov.

    Conference Call Details
    Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

    Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the first quarter of 2025 results.

    DATE Thursday, May 15, 2025
    TIME 5:00 pm ET
    WEBCAST Register

    Learn more about Intermap here.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, EBITDA margin, future contracting, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 

    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: CORRECTING AND REPLACING – Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — In the press release issued by Katapult Holdings, Inc. on May 15, 2025, in the gross originations by quarter table, Q4 in FY 2024 should be $75.2 million instead of $64.2 million.

    The updated release reads:

    Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 75.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: iPower Reports Fiscal Third Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CUCAMONGA, Calif., May 15, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal third quarter ended March 31, 2025.

    Fiscal Q3 2025 Results vs. Year-Ago Quarter

    • Total revenue was $16.6 million compared to $23.3 million.
    • Gross profit was $7.2 million compared to $10.4 million, with gross margin of 43.3% compared to 44.5%.
    • Net loss attributable to iPower was $0.3 million or $(0.01) per share, compared to net income attributable to iPower of $1.0 million or $0.03 per share.
    • As of March 31, 2025, total debt was reduced by 43% to $3.6 million as compared to $6.3 million as of June 30, 2024.

    Management Commentary

    “We made important strides in strengthening our operations during the quarter, even as we navigated a more cautious demand environment that impacted order volumes across key channels,” said Lawrence Tan, CEO of iPower. “In response, we’ve accelerated efforts to diversify our supply chain by expanding manufacturing into the U.S., as well as continuing to cultivate relationships with alternative suppliers in new geographies. These actions are central to our strategy to build a more agile and resilient supply chain capable of supporting long-term growth and reducing exposure to external volatility.”

    “In our SuperSuite business, we are continuing to gain traction and generating solid momentum, with our SuperSuite now representing approximately 20% of our total revenue mix, underscoring the robust demand for our end-to-end supply chain solutions. SuperSuite continues to evolve as a comprehensive, data-driven platform that equips our partners with the tools, insights and infrastructure they need to thrive in today’s competitive ecommerce landscape. We are working through a strong pipeline of prospective partners and look forward to capitalizing on the demand for SuperSuite as we continue to build out our partner ecosystem and deliver greater value to our current partners.”

    iPower CFO, Kevin Vassily, added, “We faced a challenging comp this quarter due to elevated purchasing volumes from our largest channel partner in the year-ago period. Nonetheless, we continued to benefit from the optimization initiatives we implemented in fiscal 2024, resulting in a 10% improvement in operating expenses for the quarter. Additionally, we reduced our total debt obligations by nearly 20% during the quarter, demonstrating our commitment to strengthening the balance sheet. With our ongoing efforts to diversify our supply chain, accelerating momentum in SuperSuite, and an optimized operating structure, we believe we are well positioned to navigate the current market environment and deliver long term value to our customers and shareholders alike.”

    Fiscal Third Quarter 2025 Financial Results 

    Total revenue in the fiscal third quarter of 2025 was $16.6 million compared to $23.3 million for the same period in fiscal 2024. The decrease was driven primarily by lower product sales to the Company’s largest channel partner, partially offset by growth in iPower’s SuperSuite supply chain offerings.

    Gross profit in the fiscal third quarter of 2025 was $7.2 million compared to $10.4 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin was 43.3% compared to 44.5% in the year-ago period. The decrease in gross margin was primarily driven by an increase in services income in the quarter.

    Total operating expenses in the fiscal third quarter of 2025 improved 15% to $7.4 million compared to $8.8 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower general and administrative costs from the Company’s optimization initiatives, as well as lower selling and fulfillment expenses related to the Company’s largest channel partner.

    Net loss attributable to iPower in the fiscal third quarter of 2025 was $0.3 million or $(0.01) per share, compared to net income attributable to iPower of $1.0 million or $0.03 per share for the same period in fiscal 2024.

    Cash and cash equivalents were $2.2 million at March 31, 2025, compared to $7.4 million at June 30, 2024. As a result of the Company’s consistent debt paydown, total debt was reduced by 43% to $3.6 million compared to $6.3 million as of June 30, 2024.

    Conference Call 

    The Company will hold a conference call today, May 15, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal third quarter ended March 31, 2025.

    iPower’s management will host the conference call, which will be followed by a question-and-answer session.

    The conference call details are as follows:

    Date: Thursday, May 15, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward-Looking Statements 

    All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower 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,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower 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 iPower 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 and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    IPW@elevate-ir.com

     
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Balance Sheets
    As of March 31, 2025 and June 30, 2024
     
      March 31,   June 30,
      2025   2024
      (Unaudited)      
    ASSETS          
    Current assets          
    Cash and cash equivalent $ 2,192,254     $ 7,377,837  
    Accounts receivable, net   10,179,237       14,740,093  
    Inventories, net   9,772,699       10,546,273  
    Prepayments and other current assets, net   2,660,968       2,346,534  
    Total current assets   24,805,158       35,010,737  
               
    Non-current assets          
    Right of use – non-current   4,281,622       6,124,163  
    Property and equipment, net   271,473       370,887  
    Deferred tax assets, net   2,961,886       2,445,605  
    Goodwill   3,034,110       3,034,110  
    Intangible assets, net   3,143,671       3,630,700  
    Other non-current assets   2,008,561       679,655  
    Total non-current assets   15,701,323       16,285,120  
               
    Total assets $ 40,506,481     $ 51,295,857  
               
    LIABILITIES AND EQUITY          
    Current liabilities          
    Accounts payable, net $ 8,034,949     $ 11,227,116  
    Other payables and accrued liabilities   3,241,283       3,885,487  
    Lease liability – current   1,392,146       2,039,301  
    Short-term loan payable   –       491,214  
    Short-term loan payable – related party   –       350,000  
    Revolving loan payable, net   –       5,500,739  
    Income taxes payable   278,769       276,158  
    Total current liabilities   12,947,147       23,770,015  
               
    Non-current liabilities          
    Long-term revolving loan payable, net   3,573,896       –  
    Lease liability – non-current   3,267,491       4,509,809  
    Total non-current liabilities   6,841,387       4,509,809  
               
    Total liabilities   19,788,534       28,279,824  
               
    Commitments and contingency   –       –  
               
    Stockholders’ Equity          
    Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and June 30, 2024   –       –  
    Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 shares issued and outstanding at March 31, 2025 and June 30, 2024   31,361       31,361  
    Additional paid in capital   33,321,103       33,463,883  
    Accumulated deficits   (12,380,662 )     (10,230,601 )
    Non-controlling interest   (46,969 )     (38,204 )
    Accumulated other comprehensive loss   (206,886 )     (210,406 )
    Total stockholders’ equity   20,717,947       23,016,033  
               
    Total liabilities and stockholders’ equity $ 40,506,481     $ 51,295,857  
               
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    For the Three and Nine Months Ended March 31, 2025 and 2024
     
      For the Three Months Ended March 31,   For the Nine Months Ended March 31,
      2025   2024   2025   2024
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    REVENUES                  
    Product sales $ 15,546,233     $ 22,593,081     $ 51,428,534     $ 65,901,577  
    Service income   1,023,445       715,427       3,222,236       715,427  
    Total revenues   16,569,678       23,308,508       54,650,770       66,617,004  
                           
    COST OF REVENUES                      
    Product costs   8,512,709       12,360,170       27,891,276       36,591,581  
    Service costs   879,995       581,229       2,704,737       581,229  
    Total cost of revenues   9,392,704       12,941,399       30,596,013       37,172,810  
                           
    GROSS PROFIT   7,176,974       10,367,109       24,054,757       29,444,194  
                           
    OPERATING EXPENSES:                      
    Selling and fulfillment   5,531,751       5,444,649       16,075,473       22,445,100  
    General and administrative   1,914,226       3,321,184       10,311,114       9,218,842  
    Total operating expenses   7,445,977       8,765,833       26,386,587       31,663,942  
                           
    (LOSS) INCOME FROM OPERATIONS   (269,003 )     1,601,276       (2,331,830 )     (2,219,748 )
                           
    OTHER INCOME (EXPENSE)                      
    Interest expenses   (81,968 )     (181,199 )     (362,602 )     (592,176 )
    Loss on equity method investment   (986 )     (792 )     (2,707 )     (2,618 )
    Other non-operating income (expenses)   35,601       (29,669 )     48,329       32,003  
    Total other expenses, net   (47,353 )     (211,660 )     (316,980 )     (562,791 )
                           
    (LOSS) INCOME BEFORE INCOME TAXES   (316,356 )     1,389,616       (2,648,810 )     (2,782,539 )
                           
    PROVISION FOR INCOME TAX EXPENSE (BENEFIT)   26,017       377,147       (489,984 )     (587,674 )
    NET (LOSS) INCOME   (342,373 )     1,012,469       (2,158,826 )     (2,194,865 )
                           
    Non-controlling interest   (2,774 )     (3,613 )     (8,765 )     (9,604 )
                           
    NET (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. $ (339,599 )   $ 1,016,082     $ (2,150,061 )   $ (2,185,261 )
                           
    OTHER COMPREHENSIVE (LOSS) INCOME                      
    Foreign currency translation adjustments   (97,556 )     69,122       3,520       (91,840 )
                           
    COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. $ (437,155 )   $ 1,085,204     $ (2,146,541 )   $ (2,277,101 )
                           
    WEIGHTED AVERAGE NUMBER OF COMMON STOCK                      
    Basic   31,455,248       29,821,811       31,434,479       29,791,990  
                           
    Diluted   31,455,248       29,821,811       31,434,479       29,791,990  
                           
    (LOSSES) EARNINGS PER SHARE                      
    Basic $ (0.01 )   $ 0.03     $ (0.07 )   $ (0.07 )
                           
    Diluted $ (0.01 )   $ 0.03     $ (0.07 )   $ (0.07 )
                           

    The MIL Network –

  • MIL-OSI: Expion360 Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenue Growth of 111% Driven by New Products and Technologies

    5th Consecutive Quarter of Robust Revenue Growth

    Began Shipping e360 Home Energy Storage Solutions

    REDMOND, Ore., May 15, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage, today reported its financial and operational results for the first quarter ended March 31, 2025.

    First Quarter 2025 & Subsequent Financial & Operational Highlights

    • Q1 2025 revenue totaled $2.0 million, up 111% from Q1 2024, and 3% sequentially from Q4 2024.
    • 5th consecutive quarter of sequential revenue growth.
    • Began fulfilling purchase orders for our e360 Home Energy Storage Solutions (“HESS”).
    • Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Management Commentary

    “The first quarter of 2025 was underscored by continued strong revenue momentum, margin expansion and a strengthened balance sheet as we focus on entering into new OEM partnerships and distributor relationships and building our Home Energy Storage Solutions vertical,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew 111% year over year to $2.0 million, and sequentially for a fifth consecutive quarter from Q4 2024 on a rebounding RV market. Results for the RV Industry Association’s (RVIA) March 2025 survey of manufacturers found that total RV shipments increased 14% in the first quarter of 2025. We believe the RV market will continue to gain ground through 2025, with shipments increasing throughout the year.

    “In January, we began production shipments for our HESS products. The LiFePO4 battery HESS enables residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. HESS is designed with adaptability in mind, ready to evolve alongside changing energy requirements. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits, and we are working on additional orders in 2025.

    “Operationally during the quarter, we took the opportunity to prepare for continued growth and tariff mitigation by adding 6-12 months of inventory early in the quarter, before new tariffs were introduced. We are also working to diversify our supply chain with potential sourcing from additional countries and have undertaken several initiatives to increase margins and reduce costs within our current line of batteries. Our long-term goal is to onshore to the U.S. manufacturing of most of our components and assemblies, including cell manufacturing. To that end, we continue to work with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs.

    “Looking ahead, we are successfully executing on our efforts to expand sales across our product portfolio and new Home Energy Storage Solutions vertical. With a strengthened balance sheet from a recent $2.6 million registered direct offering and private placement, we believe we are well positioned to continue our growth initiatives to add OEM partnerships and distributors, further develop HESS, and introduce new technologies and batteries. With substantial purchase orders already in hand and additional new customers expressing interest across our product line, we look forward to announcements of additional milestones in the months ahead and expect our quarterly sequential growth to continue,” concluded Mr. Schaffner.

    First Quarter 2025 Financial Summary

    Revenue in the first quarter of 2025 totaled $2.0 million, an increase of 111% from $1.0 million in the prior year period. The increase in net sales was due, in part, to a rebound in the RV market overall, as well as completing our first sales in the home energy market.

    Gross profit in the first quarter of 2025 totaled $0.5 million, or 25% of revenue, as compared to $0.2 million or 23% of revenue in the prior year period and 21% of revenue for the full fiscal year ended December 31, 2024. The increase was primarily attributable to the increase in sales and lower cost of goods sold as a percentage of sales.

    Selling, general and administrative expenses in the first quarter of 2025 decreased 25% to $1.6 million compared to $2.2 million in the prior year period. The decrease was primarily due to decreases in salaries and benefits, including lower non-cash stock-based compensation, as well as reduction in headcount. Legal and professional fees also had a significant decrease, as did rent expense due to terminating the lease on our second warehouse.

    Net loss in the first quarter of 2025 totaled $1.2 million, a 48% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily the result of higher net sales for the period ended March 31, 2025 combined with a decrease in selling, general, and administrative expenses.

    Cash and cash equivalents totaled $1.1 million as of March 31, 2025, compared to $0.5 million as of December 31, 2024. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

    Net cash used in operating activities totaled $1.2 million for the three months ended March 31, 2025, compared to $1.7 million in the prior year period. Receiving inventory that was prepaid during the prior period accounted for a large portion of the change for the three months ending March 31, 2025, as well as making payments to decrease our suspended liability.

    First Quarter 2025 Results Conference Call

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

    To access the call, please use the following information:

    A telephone replay will be available approximately three hours after the call and will remain available through May 29, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10199138. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

    About Expion360

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

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

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

    Forward-Looking Statements

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

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

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

     
     EXPION360 INC.
    BALANCE SHEETS
     
        As of March
    31, 2025
    (Unaudited)    		   As of
    December 31,
    2024
    Assets                
    Current Assets                
    Cash and cash equivalents   $ 1,092,607     $ 547,565  
    Accounts receivable, net     592,625       613,022  
    Inventory     6,036,033       4,831,461  
    Prepaid/in-transit inventory     149,541       1,612,686  
    Prepaid expenses and other current assets     208,373       236,461  
    Total current assets     8,079,179       7,841,195  
                     
    Property and equipment     909,603       914,081  
    Accumulated depreciation     (460,866 )     (430,191 )
    Property and equipment, net     448,737       483,890  
                     
    Other Assets                
    Operating leases – right-of-use asset     689,046       754,832  
    Deposits     25,471       27,471  
    Total other assets     714,517       782,303  
    Total assets   $ 9,242,433     $ 9,107,388  
                     
    Liabilities and stockholders’ equity                
    Current liabilities                
    Accounts payable   $ 367,457     $ 338,091  
    Customer deposits     41,920       48,474  
    Accrued expenses and other current liabilities     196,874       187,464  
    Current portion of operating lease liability     255,676       256,153  
    Current portion of long-term debt     31,275       31,758  
    Suspended Liability     4,485,948       4,985,948  
    Total current liabilities     5,379,150       5,847,888  
                     
    Long-term debt, net of current portion and discount     190,564       198,412  
    Operating lease liability, net of current portion     476,115       542,764  
    Total liabilities   $ 6,045,829     $ 6,589,064  
                     
    Stockholders’ equity                
    Preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     —       —  
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 3,144,468 and 2,096,082 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3,144       2,096  
    Additional paid-in capital     38,920,698       37,091,468  
    Accumulated deficit     (35,727,238 )     (34,575,240 )
    Total stockholders’ equity     3,196,604       2,518,324  
    Total liabilities and stockholders’ equity   $ 9,242,433     $ 9,107,388  
     
    EXPION360 INC.
    STATEMENTS OF OPERATIONS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Net sales   $ 2,049,331     $ 971,859  
    Cost of sales     1,547,764       749,337  
    Gross profit     501,567       222,522  
    Selling, general and administrative     1,649,435       2,189,475  
    Loss from operations     (1,147,868 )     (1,966,953 )
                     
    Other (income) / expense:                
    Interest income     (1 )     (26,865 )
    Interest expense     5,668       253,286  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Other (income) / expense     50       (1,200 )
    Total other expense     4,092       225,527  
    Loss before taxes     (1,151,960 )     (2,192,480 )
                     
    Franchise taxes     38       460  
    Net loss   $ (1,151,998 )   $ (2,192,940 )
                     
    Net loss per share (basic and diluted)   $ (0.37 )   $ (31.30 )
    Weighted-average number of common shares outstanding     3,109,522       70,057  
     
    EXPION360 INC.
    STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        For the Three Months Ended March 31,
        2025   2024
    Cash flows from operating activities                
                     
    Net loss   $ (1,151,998 )   $ (2,192,940 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation     34,028       49,444  
    Amortization of convertible note costs     —       166,786  
    (Gain) / Loss on sale of property and equipment     (1,625 )     306  
    Stock-based compensation     50,721       315,853  
                     
    Changes in operating assets and liabilities:                
    (Increase) / Decrease in accounts receivable     20,397       (83,986 )
    (Increase) / Decrease in inventory     (1,204,572 )     44,773  
    Decrease in prepaid/in-transit inventory     1,463,145       45,137  
    (Increase) / Decrease in prepaid expenses and other current assets     28,088       (43,753 )
    Decrease in deposits     2,000       —  
    Increase / (Decrease) in accounts payable     29,366       (4,565 )
    Decrease in customer deposits     (6,554 )     (6,497 )
    Increase in accrued expenses and other current liabilities     9,410       33,669  
    Increase / (Decrease) in right-of-use assets and lease liabilities     (1,340 )     3,855  
    Decrease in suspended liability     (500,000 )     —  
    Net cash used in operating activities     (1,228,934 )     (1,671,918 )
                     
    Cash flows from investing activities                
    Purchases of property and equipment     —       (10,550 )
    Net proceeds from sale of property and equipment     2,750       87,684  
    Net cash provided by investing activities     2,750       77,134  
                     
    Cash flows from financing activities                
    Principal payments on convertible note     —       (43,575 )
    Principal payments on long-term debt     (8,331 )     (93,855 )
    Principal payments on stockholder promissory notes     —       (62,500 )
    Net proceeds from exercise of warrants     —       (4 )
    Net proceeds from issuance of common stock     1,779,557       125,153  
    Net cash provided by / (used in) financing activities     1,771,226       (74,781 )
                     
    Net change in cash and cash equivalents     545,042       (1,669,565 )
    Cash and cash equivalents, beginning     547,565       3,932,698  
    Cash and cash equivalents, ending     1,092,607       2,263,133  

    The MIL Network –

  • MIL-OSI: ARRAY Unveils Hail XP: An Industry-Leading Tracker for Extreme Weather Protection  

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., May 15, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, software and services, today unveiled DuraTrack Hail XP™, the Company’s most advanced tracker designed to withstand extreme hail and wind events. Hail XP builds on ARRAY’s proven DuraTrack® platform with a new level of reliability engineered specifically for hail-prone regions.

    Developed with direct input from customers, insurers, and industry partners, Hail XP is purpose-built to address one of the most pressing challenges facing solar projects today: severe weather risk. With industry-leading protective stow angles available and strong stow reliability, Hail XP isn’t just about being the steepest; it’s about being the most dependable.

    “Hail XP is a breakthrough in tracker resilience,” said Aaron Gabelnick, Chief Strategy and Technology officer at ARRAY Technologies. “It represents a significant leap forward in safeguarding solar assets by combining innovative engineering with the robust reliability our products are known for, and our customers expect from ARRAY.”

    As insurers increasingly require proactive weather mitigation strategies, Hail XP sets a new Company benchmark for tracker reliability. Its dependable stow performance helps reduce downtime and damage.

    Hail XP enhances ARRAY’s industry-leading DuraTrack® system with:

    • AC-Powered Stow-on-Demand: Hail XP does not rely on batteries, providing maximum readiness when hail approaches.
    • 77-Degree Stow Capability: Hail XP moves modules to a high-tilt position in either direction regardless of wind conditions to mitigate hail impact.
    • Integrated Protection: Seamlessly integrates with ARRAY’s SmarTrack® Hail Alert Response and patented Passive Wind Stow technologies.
    • Enhanced Durability: A reinforced bearing housing, larger gear rack, and upgraded damper deliver performance even in harsh conditions.
    • Availability: Expected to be available for first shipments in early 2026.

    About ARRAY
    ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Forward Looking Statement
    This press release contains forward-looking statements that are inherently speculative in nature and involve a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those anticipated or implied by such statements. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terms such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and similar expressions. These forward-looking statements are not historical facts but are based on the Company’s current expectations, projections, and assumptions about its business, operations, and other factors. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s expectations about the use of Hail XP, its potential to reduce downtime and damage for solar plants, the reliability and readiness of Hail XP to deploy when hail approaches, and the expected availability of Hail XP for shipments in early 2026. These statements are predictions based on current expectations and, therefore, are not guarantees of future performance. The Company’s forward-looking statements involve significant risks, uncertainties, and assumptions, including those related to changes in market demand, adverse regulatory changes, technology limitations or failures, supply chain disruptions, unforeseen costs, and competitive pressures. These factors may hinder the Company’s ability to meet its expectations and could lead to actual results materially differing from those stated. In addition, challenges in product development, scalability, and customer adoption may impact the anticipated benefits or outcomes of the product. Forward-looking statements should be evaluated together with the risks and uncertainties that affect the Company’s business, operations, and industry. A more detailed description of these factors can be found in the Company’s most recent Annual Report on Form 10-K, its most recent Quarterly Report on Form 10-Q, and its other filings with the SEC, which are available on the Company’s website at www.arraytechinc.com. The Company assumes no obligation to update or revise any forward-looking statements, except as required by law, even if new information becomes available or future events occur that may materially alter the anticipated outcomes.

    Media Contact
    Nicole Stewart
    505-589-8257
    nicole.stewart@arraytechinc.com

    Investor Relations
    ARRAY Technologies, Inc.
    Investor Relations
    investors@arraytechinc.com

    The MIL Network –

  • MIL-OSI: Caliber Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., May 15, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2025.

    First Quarter 2025 Platform Financial Highlights (compared to First Quarter 2024)

    • Platform revenue of $3.5 million, compared to $4.7 million
      • Asset management revenue of $3.5 million drove the stated results
      • No significant performance allocations were earned, compared to prior period
    • Platform net loss of $4.1 million, or $3.59 per diluted share, compared to Platform net loss of $3.6 million, or $3.30 per diluted share
    • Platform Adjusted EBITDA loss of $1.4 million, compared to Platform Adjusted EBITDA loss of $1.7 million

    Management Commentary

    “Building on the narrowed strategy we outlined earlier this year, Caliber is now actively executing with a focus in hospitality, multifamily, and multi-tenant industrial real estate,” said Chris Loeffler, CEO of Caliber. “While our Q1 results reflect some of the transitional costs associated with this shift, our recent business developments set the stage for success.

    “Our recently announced partnership with Hyatt is a tremendous win for Caliber. The announcement is also a vote of confidence from an industry leader that provides a strategic advantage in building our Caliber Hospitality portfolio.

    “Our strategy is to continue focusing on fee-generating, income-producing assets while reducing our exposure to long-duration development projects. We have also strengthened our liquidity through new equity offerings, strengthened our balance sheet through financing, and improved our operating efficiency.”

    Business Update

    The following are key milestones completed both during and subsequent to the first quarter ended March 31, 2025.

    • On March 17, 2025, Caliber announced an offering of Series AA Cumulative Redeemable Preferred Stock had been qualified by the U.S. Securities and Exchange Commission (“SEC”) and that the Company is seeking to raise up to $20 million through the offering.
    • On March 27, 2025, Caliber announced the launch of its 1031 Exchange Program, a tax-deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into a like-kind property while deferring capital gains taxes.
    • On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
    • On May 8, 2025, Caliber announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.
    • On May 9, 2025, Caliber announced it closed a $22.5 million refinance on the Doubletree by Hilton Hotel in Tuscon, AZ, which is a holding of a Caliber-managed opportunity zone fund. The new $22.5 million loan was refinanced with a unit of Citibank at a fixed rate of 7.43% maturing in June 2030. Proceeds will be utilized for reinvestment across the Fund’s portfolio.

    First Quarter 2025 Consolidated Financial Results (compared to First Quarter 2024)

    • Total consolidated revenue of $7.3 million, compared to $23.0 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024.
    • Consolidated net loss attributable to Caliber of $4.4 million, or $3.85 per diluted share, compared to net loss attributable to Caliber of $3.8 million or $3.53 per diluted share
    • Consolidated Adjusted EBITDA loss of $0.1 million, compared to Consolidated Adjusted EBITDA of $2.2 million

    Conference Call Information

    Caliber will host a conference call today, Thursday, May 15, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

    Platform Financial Highlights

    Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

    While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

    Consolidated Financial Results

    Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

    About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

    With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

    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 the Company’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 including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    CONTACTS:

    Caliber Investor Relations:
    Ilya Grozovsky
    +1 480-214-1915
    Ilya@caliberco.com

    NON-GAAP RECONCILIATIONS

    The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

    ASSET MANAGEMENT PLATFORM(1)
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
     
      Three Months Ended March 31, 2025
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 3,542     $ (346 )   $ 3,196  
    Performance allocations   7       (6 )     1  
    Consolidated funds – hospitality revenue   —       3,919       3,919  
    Consolidated funds – other revenue   —       145       145  
    Total revenues   3,549       3,712       7,261  
    Expenses          
    Operating costs   4,168       (124 )     4,044  
    General and administrative   1,592       (11 )     1,581  
    Marketing and advertising   165       —       165  
    Depreciation and amortization   162       (5 )     157  
    Consolidated funds – hospitality expenses   —       3,465       3,465  
    Consolidated funds – other expenses   —       458       458  
    Total expenses   6,087       3,783       9,870  
               
    Other income (loss), net   6       (372 )     (366 )
    Interest income   33       (1 )     32  
    Interest expense   (1,611 )     —       (1,611 )
    Net loss before income taxes $ (4,110 )   $ (444 )   $ (4,554 )
    Provision for income taxes   —       —       —  
    Net loss   (4,110 )     (444 )     (4,554 )
    Net loss attributable to noncontrolling interests   —       (147 )     (147 )
    Net (loss) income attributable to CaliberCos Inc. $ (4,110 )   $ (297 )   $ (4,407 )
    Basic and Diluted Platform loss per share $ (3.59 )       $ (3.85 )
    Weighted average common shares outstanding:          
    Basic and Diluted   1,146           1,146  
                       
      Three Months Ended March 31, 2024
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 4,555     $ (1,385 )   $ 3,170  
    Performance allocations   171       (5 )     166  
    Consolidated funds – hospitality revenue   —       18,145       18,145  
    Consolidated funds – other revenue   —       1,470       1,470  
    Total revenues   4,726       18,225       22,951  
    Expenses          
    Operating costs   5,484       (222 )     5,262  
    General and administrative   1,949       (9 )     1,940  
    Marketing and advertising   106       —       106  
    Depreciation and amortization   183       (37 )     146  
    Consolidated funds – hospitality expenses   —       16,782       16,782  
    Consolidated funds – other expenses   —       3,072       3,072  
    Total expenses   7,722       19,586       27,308  
               
    Other income (loss), net   452       (180 )     272  
    Interest income   285       (168 )     117  
    Interest expense   (1,295 )     1       (1,294 )
    Net loss before income taxes $ (3,554 )   $ (1,708 )   $ (5,262 )
    Provision for income taxes   —       —       —  
    Net loss   (3,554 )     (1,708 )     (5,262 )
    Net loss attributable to noncontrolling interests   —       (1,457 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (3,554 )   $ (251 )   $ (3,805 )
    Basic and Diluted Platform loss per share $ (3.30 )       $ (3.53 )
    Weighted average common shares outstanding:          
    Basic and diluted   1,077           1,077  

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
       
     
    PLATFORM REVENUE(1)
    (AMOUNTS IN THOUSANDS) (UNAUDITED)    		  
      Three Months Ended March 31,
        2025     2024
    Fund management fees   2,744     2,569
    Financing fees   74     73
    Development and construction fees   528     1,654
    Brokerage fees   196     259
    Total asset management   3,542     4,555
    Performance allocations   7     171
    Total revenue $ 3,549   $ 4,726

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.
       

    FV AUM and Managed Capital (UNAUDITED)

    The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

    FV AUM
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
    Balances as of December 31, 2024 $ 794,923  
    Assets acquired(1)   10,300  
    Construction and net market appreciation   25,800  
    Credit(2)   379  
    Other(3)   (644 )
    Balances as of March 31, 2025 $ 830,758  
           
    FV AUM, by asset class
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
      March 31,
    2025    		   December 31,
    2024
    Real Estate      
    Hospitality $ 68,400   $ 68,500
    Caliber Hospitality Trust   244,900     236,800
    Residential   173,100     161,700
    Commercial   266,300     249,600
    Total Real Estate   752,700     716,600
    Credit(1)   72,730     72,351
    Other(2)   5,328     5,972
    Total $ 830,758   $ 794,923

    ____________________

    (1) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
    (2) Other FV AUM represents undeployed capital held in our diversified funds.
       
    MANAGED CAPITAL
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
               
    Balance as of December 31, 2024     $ 492,542  
    Originations       2,990  
    Return of capital       (315 )
    Balance as of March 31, 2025     $ 495,217  
           
           
      March 31,
    2025    		   December 31,
    2024
    Real Estate      
    Hospitality $ 49,260   $ 49,260  
    Caliber Hospitality Trust(1)   97,157     97,414  
    Residential   98,617     96,687  
    Commercial   172,125     170,858  
    Total Real Estate(2)   417,159     414,219  
    Credit(3)   72,730     72,351  
    Other(4)   5,328     5,972  
    Total $ 495,217   $ 492,542  

    ____________________

    (1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
    (2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of March 31, 2025 and December 31, 2024, the Company had invested $15.9 million and $20.4 million, respectively, in our funds.
    (3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of March 31, 2025 and December 31, 2024, the Company had loaned $0.4 million to our funds.
    (4) Other managed capital represents unemployed capital held in our diversified funds.
       

    Consolidated GAAP Results

    The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.

    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
       
      Three Months Ended March 31,
        2025       2024  
      (unaudited)
    Revenues      
    Asset management revenues $ 3,196     $ 3,170  
    Performance allocations   1       166  
    Consolidated funds – hospitality revenues   3,919       18,145  
    Consolidated funds – other revenues   145       1,470  
    Total revenues   7,261       22,951  
           
    Expenses      
    Operating costs   4,044       5,262  
    General and administrative   1,581       1,940  
    Marketing and advertising   165       106  
    Depreciation and amortization   157       146  
    Consolidated funds – hospitality expenses   3,465       16,782  
    Consolidated funds – other expenses   458       3,072  
    Total expenses   9,870       27,308  
           
    Other (loss) income, net   (366 )     272  
    Interest income   32       117  
    Interest expense   (1,611 )     (1,294 )
    Net loss before income taxes   (4,554 )     (5,262 )
    Benefit from income taxes   —       —  
    Net loss   (4,554 )     (5,262 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Basic and diluted net loss per share attributable to common stockholders $ (3.85 )   $ (3.53 )
    Weighted average common shares outstanding:      
    Basic and diluted   1,146       1,077  
                   
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025    		   December 31,
    2024
      (unaudited)    
    Assets      
    Cash $ 845   $ 1,766
    Restricted cash   2,518     2,582
    Real estate investments, net   21,514     21,572
    Notes receivable – related parties, allowance of $236 and zero, respectively   385     105
    Due from related parties, allowance of $3,985   7,366     6,965
    Investments in unconsolidated entities   15,523     15,643
    Operating lease – right of use assets   135     147
    Prepaid and other assets   2,664     3,501
    Assets of consolidated funds      
    Cash   723     549
    Restricted cash   274     —
    Real estate investments, net   44,102     45,090
    Accounts receivable, net   181     163
    Notes receivable – related parties   6,475     6,848
    Due from related parties, allowance of $28   514     320
    Prepaid and other assets   424     284
    Total assets $ 103,643   $ 105,535
           
    Liabilities and Stockholders’ Equity      
    Notes payable $ 51,555   $ 50,450
    Accounts payable and accrued expenses   9,421     9,532
    Due to related parties   443     313
    Operating lease liabilities   86     93
    Other liabilities   1,317     750
    Liabilities of consolidated funds      
    Notes payable, net   29,444     29,172
    Notes payable – related parties   2,114     2,047
    Accounts payable and accrued expenses   1,123     1,207
    Due to related parties   16     79
    Other liabilities   766     639
    Total liabilities   96,285     94,282
           
    Commitments and Contingencies (Note 11)      
           
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025    		   December 31,
    2024
    Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   —       —  
    Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 795,285 and 759,370 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   1       1  
    Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as March 31, 2025 and December 31, 2024   —       —  
    Paid-in capital   45,205       44,017  
    Accumulated deficit   (61,014 )     (56,607 )
    Stockholders’ deficit attributable to CaliberCos Inc.   (15,808 )     (12,589 )
    Stockholders’ equity attributable to noncontrolling interests   23,166       23,842  
    Total stockholders’ equity   7,358       11,253  
    Total liabilities and stockholders’ equity $ 103,643     $ 105,535  
                   

    Definitions

    Assets Under Management

    AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

    1. Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
    2. Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

    Non-GAAP Measures

    We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

    Asset Management Platform or Platform

    Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

    Fee-Related Earnings and Related Components

    Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

    Distributable Earnings

    Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

    Platform Earnings

    Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

    Platform Earnings per Share

    Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

    Platform Adjusted EBITDA

    Platform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.

    Consolidated Adjusted EBITDA

    Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

    NON-GAAP ADJUSTED EBITDA
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
       
      Three Months Ended March 31,
      2025       2024  
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss   (4,554 )     (5,262 )
    Provision for income taxes   —       —  
    Net loss before income taxes   (4,554 )     (5,262 )
    Depreciation and amortization   162       183  
    Consolidated funds’ impact on fee-related earnings   71       1,361  
    Stock-based compensation   661       400  
    Severance   51       7  
    Performance allocations   (1 )     (166 )
    Other income, net   366       (272 )
    Investments impairment   279       —  
    Bad debt expense   3       —  
    Interest expense, net   1,578       1,010  
    Fee-related earnings   (1,384 )     (2,739 )
    Performance allocations   1       166  
    Interest expense, net   (1,578 )     (1,010 )
    Provision for income taxes   —       —  
    Distributable earnings   (2,961 )     (3,583 )
    Interest expense   1,611       1,294  
    Other income, net   (366 )     272  
    Provision for income taxes   —       —  
    Consolidated funds’ impact on Platform adjusted EBITDA   364       348  
    Platform adjusted EBITDA   (1,352 )     (1,669 )
    Consolidated funds’ EBITDA adjustments   1,210       3,856  
    Consolidated adjusted EBITDA $ (142 )   $ 2,187  
                   

    The MIL Network –

  • MIL-OSI USA: Kentucky Homeowners With Privately-Owned Road and Bridge Damage May Be Eligible for FEMA Assistance

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. – If you had a privately-owned road or bridge damaged or destroyed by the April severe storms, FEMA or the U.S. Small Business Administration (SBA) may provide financial assistance for replacement or repairs.
    FEMA Assistance
    FEMA may provide funds to repair privately-owned access roads and bridges that were damaged by the storms. To qualify, you must be the owner, and the home must serve as your primary residence.
    A FEMA inspection is needed to determine if repairs are necessary for a vehicle to access the property. In addition, you must meet the following conditions:

    A FEMA inspection determines repairs are necessary to provide drivable access to the primary residence.
    The applicant is responsible, or shares responsibility with other homeowners, for maintaining the privately-owned access route to their primary residence.
    The privately-owned access route is the only access to the applicant’s primary residence, and repair or replacement is necessary for the safety of occupants, allowing access for emergency vehicles or equipment.

    When multiple households share a privately-owned access route, assistance is shared among applicants, requiring additional coordination and documentation between FEMA and each applicant. Applicants may be eligible for funds to repair a private road or bridge damaged in the disaster, even if their primary residence did not sustain damage.
    U.S. Small Business Administration (SBA) Disaster Loans
    The U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, may also be able to help. Homeowners who share private access roads and bridges with other homeowners may be eligible for SBA disaster loans.
    Agricultural property is not eligible, but a private access road to the farmer’s residence, the residence itself and personal contents may be eligible under disaster home loan criteria. 
    Please contact your Kentucky Farm Service Agency (USDA Service Center Locator). 
    For more information, call the SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Fire Management Assistance Grant Approved for Greer Fire

    Source: US Federal Emergency Management Agency

    Headline: FEMA Fire Management Assistance Grant Approved for Greer Fire

    FEMA Fire Management Assistance Grant Approved for Greer Fire

    OAKLAND, Calif

     – The Federal Emergency Management Agency’s (FEMA) Region 9 Administrator authorized the use of federal funds to assist the state of Arizona in combating the Greer Fire burning in Apache County

     On May 14, the state of Arizona submitted a request for a Fire Management Assistance Grant (FMAG) declaration for the Greer Fire

    At the time of the request, the fire was threatening approximately 2,934 homes in and around Greer, Southfork, Eagar, and Springerville, with a combined population of around 6,220

     The fire was also threatening the Springerville-Eager Airport, Round Valley Hospital, 375 KV transmission lines to the west of Eager, and the Little Colorado River watershed

     The fire started on May 13, and has burned more than 7,500 acres of federal, state, and private land

    There are two other large fires burning uncontrolled within the state

    FMAGs provide federal funding for up to 75 percent of eligible firefighting costs

    The Disaster Relief Fund provides allowances for FMAGs through FEMA to assist in fighting fires that threaten to become major incidents

    Eligible costs covered by FMAGs can include expenses for field camps, equipment use, materials, supplies and mobilization, and demobilization activities attributed to fighting the fire

     For more information on FMAGs, visit fema

    gov/assistance/public/fire-management-assistance

    eileen

    chao
    Thu, 05/15/2025 – 16:43

    MIL OSI USA News –

  • MIL-OSI USA: NEWS: Sanders, Murray, Baldwin, Scott, DeLauro Decry Trump Administration’s Illegal Firings, Cuts at AmeriCorps

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, May 15 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, alongside Sen. Patty Murray (D-Wash.), Vice Chair of the Senate Appropriations Committee, Sen. Tammy Baldwin (D-Wis.), Ranking Member of the Subcommittee on Labor, Health and Human Services, Education and Related Agencies on the Senate Appropriations Committee, Rep. Robert C. “Bobby” Scott (D-Va.), Ranking Member of the House Committee on Education and Workforce, and Rep. Rosa DeLauro (D-Conn.), Ranking Member of the House Appropriations Committee, today sent a letter to the Interim Agency Head of AmeriCorps calling for the immediate reversal of layoffs and grant terminations that have debilitated the agency’s core functions and run counter to its longstanding, bipartisan support in Congress.
    “While a recent court order instituted a 14 day temporary restraining order on staff reductions at AmeriCorps, the damage of firing staff and eliminating $400 million in grants has already been felt across the country,” wrote Sanders, Murray, Baldwin, Scott and DeLauro. “The grant terminations and potential issues awarding fiscal year 2025 grant funding will have a catastrophic impact on the ability of AmeriCorps members to carry out work in communities all over the country — responding to natural disasters, serving as classroom teachers, providing tutoring services, and helping build housing in rural communities.”
    Late last month, President Trump and Elon Musk’s DOGE illegally terminated over a thousand AmeriCorps grants to states, nonprofits, and faith-based organizations across the country – totaling nearly $400 million, or roughly 41% of the agency’s grant funding. Grantees were not given statutorily required notices before these grants were terminated. The cuts are already seriously impacting communities where AmeriCorps projects were ongoing as well as their selfless members and volunteers.
    Last year, nearly 200,000 AmeriCorps volunteers prepared today’s students for tomorrow’s jobs, connected veterans to services, fought the opioid epidemic, helped seniors live independently, rebuilt communities after disasters and led conservation efforts nationwide.
    “We urge the swift reversal of the termination of NCCC members’ service terms so that they can get back to helping communities,” concluded the lawmakers. “These illegal grant terminations attempt to supersede congressional intent at the expense of communities in need of crucial services. More than 1,000 programs will be forced to close and over 32,000 AmeriCorps members and AmeriCorps Seniors volunteers will be released from their service terms early… Further, by laying off nearly the entire agency staff, AmeriCorps is violating the law.”
    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen, Young, Stevens, Hill Introduce Bipartisan, Bicameral Resolution Demanding Safe Release of Hostages Still Held by Hamas

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV) and Todd Young (R-IN), and Representatives Haley Stevens (D-MI-11) and French Hill (R-AR-02) led a group of Senate and House colleagues in a bicameral, bipartisan resolution celebrating the release of Israeli-American Edan Alexander, demanding that Hamas release all remaining 58 hostages, and calling on the White House to take all possible steps to make this a reality. This resolution is co-sponsored by Democratic Leader Chuck Schumer (D-NY), and Senators Cory Booker (D-NJ), Susan Collins (R-ME), Bill Cassidy (R-LA), Tammy Duckworth (D-IL), Jeanne Shaheen (D-NH), Andy Kim (D-NJ), and Chris Coons (D-DE).
    “The remaining Israeli hostages have been inhumanely held by Hamas for almost 600 days,” said Senator Rosen. “While I’m overjoyed about Edan’s release, we cannot stop pushing until Hamas releases every single remaining hostage. I’m introducing this bipartisan, bicameral resolution to show that we are united and urge the White House to continue its leadership on this issue.”
    “As part of its terrorist attacks on Israel, Hamas took innocent Americans and Israelis hostage. Since that day, we have grieved the lives of those murdered in captivity by Hamas, gladly welcomed home those who have been freed, and continued to demand the safe release of the remaining hostages,” said Senator Young. “I’m glad to join this bipartisan resolution that reaffirms the United States will not give up until all hostages are free.”
    “I am relieved and grateful that after 583 days in captivity, my constituent Edan Alexander was finally able to come home to his family,” said Senator Booker. “Hamas must immediately release every other remaining hostage, living or dead, so families can be reunited with their loved ones or finally lay to rest those they have lost. I remain committed to working with my colleagues in Congress to end this war, bring the hostages home, get humanitarian aid to innocent Palestinian civilians in Gaza, and start the work of achieving a lasting peace in the region that ensures the security, freedom, and prosperity of Israelis and Palestinians through a two-state solution.”
    “The release of Israeli hostages such as Abigail Edan and Edan Alexander is a great relief, but we must not forget the many innocent people still held captive by Hamas,” said Senator Collins. “This bipartisan resolution reaffirms the Senate’s demand for the immediate release of all remaining hostages. We stand with our ally Israel and the families of those still being held, and we will continue pressing for the safe return of every hostage.”
    “Every day that hostages stay in captivity, and that families are denied closure, is a day too long,” said Leader Schumer. “Since October 7th, I have fought for the safe and timely return of all hostages brutally kidnapped by Hamas,” said Leader Schumer. “Now, we are nearly at Day 600 of this vicious captivity. But for the families of the hostages—including those of American hostages Omer Neutra, Itay Chen, Judi Weinstein and Gad Haggai– it has felt like nothing short of an eternity. We cannot stop the fight. We cannot abandon these precious souls. President Trump, the administration, and all parties at the table must use this momentum, do all they can, and finally, finally negotiate a deal to bring all hostages home.” 
    “For over a year and half, Hamas has forced their hostages to live in horrific, unspeakable conditions, without medical care or sufficient food, leaving their families scared and wondering if they will ever see their loved ones again. While we are thrilled with the recent release of Edan Alexander, Hamas’ terror continues on for the remaining hostages and throughout the world,” said Rep. Haley Stevens, Co-Chair of the Congressional Hostage Task Force. “I’m honored to be leading this resolution with a strong group of bipartisan legislators from both chambers, and look forward to once again passing this resolution with unanimous support.”
    “Hamas’s brutal, premeditated attack on Israel and its ongoing captivity of innocent civilians must be condemned in the strongest possible terms. This bipartisan, bicameral resolution reflects our unwavering commitment to securing the freedom of all hostages, standing with their families, and honoring the victims of Hamas’s atrocities,” said Rep. French Hill, Co-Chair of the Congressional Hostage Task Force. “As Co-Chair of the Hostage Task Force, I am proud to co-lead this effort and stand alongside my colleagues in the House and Senate in sending a clear and united message: America will never relent in the pursuit of justice and accountability for those who harm our citizens.”
    The full text of the resolution can be found HERE.
    Senator Rosen has been a leader in the fight to support Israel and ensure the remaining hostages are freed by Hamas. Following the October 7 terrorist attack on Israel, Senator Rosen traveled to Israel as part of a bipartisan Congressional delegation and met with the families of the innocent people who were taken hostage. Since then, she has repeatedly called on Hamas to release the hostages.  Senator Rosen also sent a bipartisan letter calling on President Biden to leverage the U.S. relationship with Qatar to secure the immediate release of the remaining hostages held in Gaza by Hamas.

    MIL OSI USA News –

  • MIL-OSI Security: Thirty Gang Members and Associates Indicted on Racketeering, Murder, Drug Trafficking, Fraud, and Firearm Charges

    Source: United States Department of Justice Criminal Division

    An eight-count indictment was unsealed in the Southern District of Georgia charging 30 defendants – all alleged Sex Money Murder (SMM) gang members and associates – with crimes including racketeering (RICO) conspiracy, murder in aid of racketeering, conspiracy to commit murder in aid of racketeering, conspiracy to commit wire fraud, and related firearm and drug trafficking crimes.

    According to court documents and statements in court, SMM members and associates engaged in extreme violence to retaliate against fellow members for perceived violations of gang rules. For example, SMM members killed one member who wanted to leave the gang and attempted to kill another by repeatedly stabbing him for alleged homosexual activities while in jail. SMM members profited from trafficking large amounts of deadly drugs, including methamphetamine, cocaine, and heroin, throughout the Savannah metropolitan area. They also made money participating in sophisticated fraud schemes targeting federal COVID-19 relief and unemployment benefit programs that resulted in intended losses of over $850,000.

    “As alleged, the Sex Money Murder gang, a derivative of the nationally known Bloods gang, brutally enforced its purported rules, killing a 19-year-old member, and engaged in rampant drug trafficking and federal program fraud to enrich themselves,” said Matthew Galeotti, Head of the Justice Department’s Criminal Division. “We will not rest until every criminal organization like SMM that wreaks havoc on our streets and prison systems and exploits programs meant to support vulnerable populations are dismantled. Thank you to every federal, state, and local law enforcement agency that came together to dismantle this criminal enterprise.”

    “Today’s indictment is an important step in ending gang violence on our streets and in our prisons,” said Acting U.S. Attorney Tara M. Lyons for the Southern District of Georgia. “My office will continuously work with our law enforcement partners to ensure public safety.”

    “The violence and crime this gang committed across our region contributed to an epidemic in our nation.” said Special Agent in Charge Paul Brown of the FBI Atlanta Field Office. “Our hearts go out to the victims and their families who suffer because of this gangs’ activities. The FBI works with our law enforcement partners every day to crush violent crime in Georgia and our nation.”

    “This case demonstrates the relentless coordination and commitment among our law enforcement partners to dismantle violent criminal enterprises like Sex Money Murder,” said Assistant Special Agent in Charge Beau Kolodka of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). “ATF is proud to have played a critical role in targeting the illegal firearms and narcotics trafficking that fueled this gang’s deadly reach both inside and outside prison walls.” 

    “This indictment represents a significant step forward in our continued efforts to dismantle violent criminal enterprises operating within Georgia communities and correctional facilities,” said Director Chris Hosey of the Georgia Bureau of Investigation (GBI). “The GBI remains committed to working alongside our federal, state, and local partners to hold gang members accountable and protect the safety and wellbeing of all Georgians.”

    “The use of contraband cell phones as a tool to carry out gang activity and other crimes from behind prison walls will not be tolerated and we are proud of our Agents for their role in assisting our law enforcement partners in stopping these individuals from jeopardizing the safety of the public and the operations of our facilities,” said Commissioner Tyrone Oliver of the Georgia Department of Corrections. “This indictment is a great example of partnerships at every level, ensuring the job of public safety remains paramount.”

    According to court documents, on Feb. 24, 2020, Byron Hopkins and other SMM members intercepted a young victim a few hours after he stepped off his school bus. They drove him to a rural residential neighborhood where Hopkins shot him to death. The victim had reportedly expressed a desire to leave the gang after accusing Hopkins of having sexual relations with a minor female who became pregnant. To lure the victim, his, “big brother” in the gang – a person he trusted – sent him a text message claiming there was an important gang meeting he needed to attend. Believing this, the victim willingly got into the vehicle, unaware he was being taken to the site of his execution. This is just one example of SMM’s deadly violence against a member that questioned authority or violated gang rules.

    According to court documents and statements made in court, SMM is a subset of The Bloods gang, which originated in Los Angeles in the early 1970s. The SMM subset has spread from the Bronx and New York to areas across the East Coast, including Georgia, where it operates inside and outside prisons and jails. The indictment alleges an extensive criminal enterprise in which SMM members, including inmates within the Georgia Department of Corrections (GDOC), orchestrated numerous crimes, including murders, attempted murders, attempted robberies, drug trafficking within and outside of GDOC facilities, and wire and bank fraud. Seven of the defendants allegedly committed or ordered the charged crimes from prison.

    If convicted, the defendants face penalties including up to life in prison or death for the murder in aid of racketeering and using a firearm in the commission of a murder; up to life in prison for the racketeering conspiracy and drug conspiracy; up to 30 years for the wire fraud conspiracy; and up to 20 years for the conspiracy to commit murder in aid of racketeering.

    The Federal Bureau of Investigation, Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Department of Labor, U.S. Army Criminal Investigation Division, Georgia Bureau of Investigation, and Georgia Department of Corrections are investigating the case, with valuable assistance from the U.S. Postal Inspection Service, Federal Bureau of Prisons, the Georgia Department of Community Supervision, the Georgia State Patrol, Hinesville Police Department, Liberty County Sheriff’s Office, Dodge County Sheriff’s Office, Chatham County Police Department, Chatham Couty Counternarcotics Team, Savannah Police Department, McRae-Helena Police Department, Police Department, DeKalb Police Department, Brunswick Police Department, and Richmond Hill Police Department.

    Trial Attorney Lisa M. Thelwell of the Criminal Division’s Violent Crime and Racketeering Section (VCRS) and Assistant U.S. Attorney Frank M. Pennington III for the Southern District of Georgia are prosecuting the case.

    The indictment is a result of Organized Crime Drug Enforcement Task Forces (OCDETF) investigations. The OCDETF mission is to identify, disrupt, and dismantle the highest-level criminal organizations that threaten the United States, using a prosecutor-led, intelligence-driven, multi-agency task force approach. OCDETF synchronizes and incentivizes prosecutors and agents to lead smart, creative investigations targeting the command-and-control networks of organized criminal groups and the illicit financiers that support them. Additional information about the OCDETF Program may be found at www.justice.gov/OCDETF.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI NGOs: Russia: Book publishers arrested in anti-LGBTI campaign

    Source: Amnesty International –

    Reacting to the Russian security forces’ detention of at least 10 book publishing professionals in Moscow on “extremism”-related charges over alleged “LGBTI propaganda” in books published by affiliated printing houses, Natalia Zviagina, Amnesty International’s Russia Director, said:

    “In their ruthless campaign against LGBTI people, Russian authorities have now come after book publishers, accusing them of ‘extremism’ for merely doing their job: bringing books to readers. This shameless heavy-handed use of state apparatus against literature is as absurd as it is terrifying.”

    In their ruthless campaign against LGBTI people, Russian authorities have now come after book publishers, accusing them of ‘extremism’ for merely doing their job: bringing books to readers

    Natalia Zviagina, Amnesty International’s Russia Director

    “One thing is clear: no amount of bans, arrests or prosecutions will erase the existence of LGBTI people in Russia, or anywhere else. History has shown that attempts to supress identity and censor knowledge are ultimately futile. Love and knowledge will always endure over hatred and repression.

    “The detained publishing professionals must be immediately released, the criminal charges against them dropped and the ongoing persecution of LGBTI people, organisations and initiatives in Russia must be brought to an end.”

    Background

    On 14 May, Russian security forces detained at least 10 individuals in Moscow as part of a criminal investigation into alleged “involvement in the activities of an extremist organization,” “participation in the activities” of such an organization, and “organizing its work using official position” (Article 282.2(1.1), (2), (3) of the Criminal Code) for publishing LGBTI-themed books. At least 10 individuals were taken in for questioning, including Anatoly Norovyatkin, distribution director at EKSMO, as well as Popcorn Books co-founder Dmitry Protopopov and former sales director Pavel Ivanov. On 15 May, three people were formally charged, their names are not yet disclosed. If convicted under these charges, they could face prison sentences of up to 12 years.

    According to the lawyer, the case is based on the alleged distribution of over 900 copies of ten LGBTI-themed titles, none of which have been officially banned or labelled “extremist.” Among the books named in the case is The Summer in a Pioneer Tie (translated in English as Pioneer Summer), a bestselling novel by Elena Malisova and Katerina Silvanova depicting a same-sex romance between two Soviet teenagers. The authors were arbitrarily designated “foreign agents” by the Ministry of Justice in February 2024. Other titles include Alice Oseman’s Heartstopper, Benjamin Alire Sáenz’s Aristotle and Dante Discover the Secrets of the Universe, and Becky Albertalli’s Leah on the Offbeat and Love, Creekwood – all published by Popcorn Books between 2019 and 2022.

    The arrests take place against the backdrop of an accelerating crackdown on LGBTI rights following a November 2023 decision by Russia’s Supreme Court to ban the so-called “International LGBT Movement” as “extremist,” enabling the persecution of anyone associated with LGBTI identities or advocacy under anti-extremism legislation. Since the ban came into force in January 2024, Russian authorities have launched at least 12 criminal cases, conducted raids on LGBTI venues, issued administrative fines and short-term detentions for displaying rainbow-themed symbols and forced the closure of LGBTI advocacy groups.

    MIL OSI NGO –

  • MIL-OSI NGOs: Cameroon: Deplorable life sentence handed to peace activist an “affront to justice”

    Source: Amnesty International –

    The life sentence handed down to Anglophone peace activist Abdu Karim Ali is an affront to justice, and he should be released immediately, Amnesty International said today, after obtaining the judgment convicting him.

    Abdu Karim Ali, who was charged with “hostility against the homeland” and “secession”, was sentenced by the military Court in Yaoundé on 16 April. He had been arrested without a warrant in Bamenda in August 2022 after he denounced torture committed and broadcast online by the leader of a pro-government militia in the south-west region of the country. He has been arbitrarily detained since then.

    The authorities tried Abdu Karim Ali in a military court, in violation of Cameroonian law and international human rights law and standards.

    Marceau Sivieude, Amnesty International’s Interim Regional Director for West and Central Africa

    “Abdu Karim Ali waited nearly three years before being tried by a military court and sentenced to an extreme punishment simply for exercising his right to freedom of expression. This shameful judgment breaches international human rights law and standards,” said Marceau Sivieude, Amnesty International’s Interim Regional Director for West and Central Africa.

    “The authorities unlawfully held Abdu Karim Ali in prolonged arbitrary detention, and tried him in a military court, in violation of Cameroonian law and international human rights law and standards. Amnesty International calls for his immediate and unconditional release.”

    In May 2024, Abdul Karim Ali challenged the jurisdiction of the military tribunal in a letter, refusing to recognize its authority. He was sentenced to life imprisonment in absentia, after he refused to appear in the military court.

    His lawyer told Amnesty International: “To think that he was prosecuted for his thoughts, national origins, associations and political opinion is the quintessential case of political persecution.” The lawyer also said that he has appealed the sentence.

    MIL OSI NGO –

  • MIL-OSI NGOs: “This is my home, and I will never leave”: Israel’s forced displacement of Palestinians 

    Source: Amnesty International –

    For decades Israel has been confiscating Palestinian land and demolishing Palestinian homes often to make way for the construction and expansion of illegal Israeli settlements in the occupied West Bank. 

    Since October 2023 there has been a sharp rise in the forced displacement of Palestinians in the occupied West Bank, including East Jerusalem, and in the occupied Gaza Strip, where Israel has forcibly displaced most of the population and recently threatened to permanently seize territory and subject the population to forcible transfer or deportation.  

     In January 2025, an Israeli court ordered the eviction of 27 families from their homes in Batn Al-Hawa, in the village of Silwan, in occupied East Jerusalem, after a decade-long case filed by the Israeli settler organization Ateret Cohanim who claim the land is rightfully owned by a Jewish trust.  

    15 May is Nakba Day, which commemorates when hundreds of thousands of Palestinians were expelled or forced to flee their homes in what became Israel in 1948. They continue to be denied the right to return to this day. 

    This Nakba Day Zuheir Rajabi, whose family is among those who have been ordered to evacuate Batn Al-Hawa within six months, describes his experience as a Palestinian facing displacement in Jerusalem. 

    MIL OSI NGO –

  • MIL-OSI USA: Scott, Grassley, Durbin, and Colleagues Unanimously Pass Resolution Recognizing National Police Week

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.) joined Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), Ranking Member Dick Durbin (D-Ill.) and 79 bipartisan senators welcomed the Senate’s unanimous passage of their resolution designating May 11 through 17 as National Police Week. The National Police Week resolution reiterates the Senate’s unwavering support for law enforcement officers across the United States. 
    “Every day, law enforcement officers encounter the most dangerous elements of society,”said Senator Scott. “Their dedication to the safety of their communities often comes at great personal sacrifice. We must be unwavering in our support of those who wear the badge.”
    “Law enforcement officers in Iowa and across the nation work tirelessly to protect and serve our communities. This week, and every week, we should give our thanks to the brave men and women in blue, who have sacrificed so much to ensure our safety,” Senator Grassley said. “As always, I’m proud to back the blue and will continue my efforts in Congress to protect and support our courageous officers.” 
    “Every day, our country’s law enforcement officers put their lives at risk to keep us safe. Officers and their families make great sacrifices in the name of service, including the tragic cases of those who have lost their lives in the line of duty. We’re grateful for their heroism, and we must make sure that officers serving with dignity and integrity have the support and resources they need to do their jobs,” Senator Durbin said. 
    Grassley and Durbin are joined by Sens. Lindsey Graham (R-S.C.), Angus King (I-Maine), Ashley Moody (R-Fla.), Catherine Cortez Masto (D-Nev.), Susan Collins (R-Maine), Ben Ray Lujan (D-N.M.), Tim Sheehy (R-Mont.), Richard Blumenthal (D-Conn.), John Kennedy (R-La.), Christopher Coons (D-Del.), Tim Scott (R-S.C.), Ruben Gallego (D-Ariz.), Jim Risch (R-Idaho), Peter Welch (D-Vt.), Mitch McConnell (R-Ky.), Tim Kaine (D-Va.), Tommy Tuberville (R-Ala.), Amy Klobuchar (D-Minn.), Rand Paul (R-Ky.), Raphael Warnock (D-Ga.), Mike Crapo (R-Idaho), Brian Schatz (D-Hawaii), Cynthia Lummis (R-Wyo.), Alex Padilla (D-Calif.), Jim Justice (R-W.Va.), John Fetterman (D-Pa.), Katie Britt (R-Ala.), Jacky Rosen (D-Nev.), Jerry Moran (R-Kan.), Sheldon Whitehouse (D-R.I.), John Barrasso (R-Wyo.), Jeanne Shaheen (D-N.H.), Shelley Moore Capito (R-W.Va.), Kirsten Gillibrand (D-N.Y.), Rick Scott (R-Fla.), Jon Ossoff (D-Ga.), Pete Ricketts (R-Neb.), Tammy Duckworth (D-Ill.), Jim Banks (R-Ind.), Mark Kelly (D-Ariz.), Kevin Cramer (R-N.D.), Andy Kim (D-N.J.), Joni Ernst (R-Iowa), Tammy Baldwin (D-Wis.), Ted Budd (R-N.C.), Gary Peters (D-Mich.), Thomas Tillis (R-N.C.), Maria Cantwell (D-Wash.), Cindy Hyde-Smith (R-Miss.), Mark Warner (D-Va.), Roger Marshall (R-Kan.), Elissa Slotkin (D-Mich.), Steve Daines (R-Mont.), Margaret Hassan (D-N.H.), Marsha Blackburn (R-Tenn.), Adam Schiff (D-Calif.), Deb Fischer (R-Neb.), Michael Bennet (D-Colo.), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), John Cornyn (R-Texas), Mike Lee (R-Utah), Mike Rounds (R-S.D.), John Thune (R-S.D.), Bernie Moreno (R-Ohio), Ted Cruz (R-Texas), Tom Cotton (R-Ark.), Jon Husted (R-Ohio), James Lankford (R-Okla.), Roger Wicker (R-Miss.), Eric Schmitt (R-Mo.), Markwayne Mullin (R-Okla.), Todd Young (R-Ind.), Josh Hawley (R-Mo.), Dan Sullivan (R-Alaska), Dave McCormick (R-Pa.), Cory Booker (D-N.J.), Bill Cassidy (R-La.) and John Boozman (R-Ark.).
    Read the full resolution HERE. 
    Background: 
    Every year, for more than six decades, Congress has passed a resolution in honor of law enforcement officers. During National Police Week, Americans pay special tribute to the service and sacrifice of courageous officers and their families, especially our nation’s fallen heroes.  

    MIL OSI USA News –