Category: housing

MIL-OSI USA: Cramer, Gallego Introduce Bipartisan Legislation to Improve Home Appraisal Process

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON, D.C. – U.S. Senators Kevin Cramer (R-ND) and Ruben Gallego (D-AZ) introduced their bipartisan Appraisal Industry Improvement Act to improve access to housing in rural communities. This legislation comes as rural housing markets experience a shortage of trained appraisers and an aging appraiser workforce. Two thirds of appraisers are older than 51, while only 13% are younger than 35. These dynamics contribute to worker shortages, resulting in delays for appraisals and extending the homebuying process for purchasers and sellers. North Dakotans have experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
To support the home appraisal workforce and speed up the appraisal process, the bill will add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council as well as add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. It also allows ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. The legislation authorizes ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers’ ability to conduct appraisals on FHA properties.
“Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers,”said Cramer. “Our economy has a labor crunch and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals.”
“Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas,” said Gallego. “As I work to ensure the dream of homeownership is within reach for every hardworking family, I’m proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas.”
Click here for bill text.

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Congressman Valadao Joins Bipartisan Group of Members to Reintroduce the Farm Workforce Modernization Act
Source: United States House of Representatives – Congressman David G. Valadao (California)

WASHINGTON – Today, Congressman David Valadao (CA-22) joined Reps. Zoe Lofgren (CA-18), Dan Newhouse (WA-04), Mike Simpson (ID-02), Jim Costa (CA-21), and Adam Gray (CA-13) to reintroduce the Farm Workforce Modernization Act. This bill, which passed the House of Representatives with strong bipartisan support in the 116th and 117th Congresses, updates the H-2A agricultural guest worker program and is a compromise solution that provides needed stability for farmers and farmworkers. Congressman Valadao was a co-lead of the bill in the 118th Congress and a co-sponsor in the 117th Congress.

“Central Valley farmers are the backbone of our nation’s agricultural industry, but they continue to face serious challenges finding and retaining a reliable workforce,” said Congressman Valadao. “The current H-2A program doesn’t meet the labor needs of many producers, but the Farm Workforce Modernization Act is a positive step to addressing our agriculture workforce needs and securing our food supply chain. Food security is national security, and I look forward to continuing to work with my colleagues on both sides of the aisle to find long-term solutions that support our farmers and strengthen our food supply chain.”

“The men and women who work America’s farms feed the nation. However, in the past few years, we’ve seen labor shortages contribute to high food prices,” said Rep. Lofgren. “As economic chaos and confusion continues, it is essential we provide stability to this critical workforce. The Farm Workforce Modernization Act would do so, which will protect the future of our farms and our food supply. It is well-past time we get this bipartisan legislation twice passed by the House of Representatives to the President’s desk.”

“The workforce crisis has come to a boiling point for farmers across the country. Reintroducing the Farm Workforce Modernization Act sends a clear message to farmers that we are working hard to find solutions that ease the burdens brought on by the current state of the H-2A program. This legislation is necessary to lay the groundwork for continued negotiations, and I am committed to working closely with my colleagues to enact long-term, durable reforms to our agriculture guest worker programs. This issue has been, and remains, my top priority and unified Republican government is an opportunity to deliver for our farmers and ranchers,” said Rep. Newhouse.

“The workforce crisis is the most important issue facing agriculture in our country,” said Rep. Simpson. “Supporting American agriculture means providing a stable, reliable, and legal workforce, and this legislative solution addresses one of the most pressing concerns our farmers and ranchers face. Now that we finally have an administration taking the border crisis seriously, Congress must address this issue and enact necessary reforms. It is well past time we solve this problem. I look forward to working with my colleagues and getting this critical legislation across the finish line to President Trump’s desk for his signature.”

“American agriculture depends on a reliable workforce and nowhere is that more true than in California’s San Joaquin Valley, where farmworkers are the backbone of our economy. This legislation is a common-sense, bipartisan solution that provides stability for our farmers and dignity for the workers who feed America. If President Trump is serious about fixing our broken immigration system, he should work with us to get this bill across the finish line,” said Congressman Costa.

“Farm workers and the larger agricultural community are the backbone of the Central Valley’s economy,” said Congressman Gray. “Labor shortages on our farms could lead to higher food prices across the country and the Valley cannot afford to be shorthanded. This commonsense bipartisan bill would stabilize our vital workforce and make sure Valley farmers can continue to feed families across the country.”

The Farm Workforce Modernization Act would:
- Reform the H-2A program to provide more flexibility for employers, while ensuring critical protections for workers.
- Establish a program for agricultural workers in the United States to choose to earn legal status through continued agricultural employment and contribution to the U.S. agricultural economy.
- Focus on modification to make the program more responsive and user-friendly for employers and provides access to the program for industries with year-round labor needs.
Read the full bill here.

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MIL OSI USA News –
May 8, 2025
MIL-OSI New Zealand: Progress on the SH1 Belfast to Pegasus Motorway and Woodend Bypass project
Source: NZ Music Month takes to the streets

Work is moving at pace on the State Highway 1 (SH1) Belfast to Pegasus Motorway and Woodend Bypass project, with geotech work beginning this week, Transport Minister Chris Bishop and Minister for the South Island and Associate Transport Minister James Meager say.

“The Government is committed to supporting the fast-growing Waimakariri District. This much needed transport infrastructure will boost economic growth, reduce congestion, improve safety and access to housing growth areas. SH1 approaching Woodend currently carries around 21,500 vehicles per day, of which nine percent is freight. The traffic volume is expected to reach 28,000 vehicles per day by 2048. There have been 280 crashes on SH1 through Woodend between 2014 and 2023, with three fatalities and 25 serious injuries,” Mr Bishop says.

“The NZ Transport Agency (NZTA) Board endorsed the investment case for the Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance in November 2024, which proposes:
- Widening the southern section of the existing SH1 from two to four lanes.
- A new four-lane motorway bypass in the northern section.
- A grade separated interchange at the Williams Street intersection with SH1.
- Replace the Pegasus roundabout with an overbridge and signalised intersection.
- Kaiapoi Bridge seismic strengthening and widening.
- Construction of new bridges over the Cam River and overbridges at Woodend Beach Road and Gladstone Road.
- Tolling to support the construction and maintenance of the road.
“In addition to endorsing the investment case in November last year, the NZTA Board also approved $68.1 million in initial funding to complete detailed design work and advance an early works package, as well as around $37 million for property acquisition. Further funding to begin and complete main construction will be considered by the NZTA Board in due course.

“Delivering this project has substantial benefits, including a three-minute travel time saving along the state highway, and up to 10 minutes at peak. It is also expected to reduce traffic through Woodend from 21,000 vehicles per day to 8,000, and a reduction in deaths and serious injuries from 5.6 to 1.25 per year.

“The investment case endorsed by the NZTA Board sets an investment envelope between $800 million and $1 billion to design, consent, and construct the project.

“The Government Policy Statement on Land Transport 2024 (GPS) requires NZTA to consider tolling for all new RoNS. The investment case confirms tolling is possible and the revenue will support the construction and maintenance of the road. The Government will consider this recommendation and announce next steps of the process in due course.”

“NZTA is continuing to move at pace on the project with the detailed design contract awarded to Aurecon and Tonkin + Taylor in March this year. Getting geotech works underway is an essential part of the design phase of the project and will involve drilling around 70 boreholes up to 35 metres deep and digging pits at individual sites within the construction area,” Mr Meager says.

“The geotechnical investigations will look at ground conditions, including soil and rock types, groundwater depths and the strength of soil and rock. This work will take around two months to complete.

“Once geotechnical data is available, NZTA will confirm the scope and design of an early works package and prepare and lodge consent applications. The early works package will likely begin in early 2026, while main construction is likely to begin later in 2026. The project is expected to take four years to complete.

“SH1 is a nationally strategic freight route and provides critical access to Christchurch City, Christchurch International Airport, Lyttelton Port, and the major health, education, commercial and industrial services in the Canterbury region. Delivering the Belfast to Pegasus Motorway and Woodend Bypass Road of National Significance will significantly improve reliability of the corridor and ensure people and freight can get where they need to go, quickly and safely.

“I want to thank local Waimakariri MP Matt Doocey, Banks Peninsula MP Vanessa Weenink, Kaikoura MP Stuart Smith and Mayor Dan Gordon who have been a staunch advocates of this project, as well as wider Canterbury MPs Hamish Campbell and Nicola Grigg. I know we’re all looking forward to seeing more progress in the months and years ahead as we move into construction as soon as possible.”

For more information about the project, you can visit the NZTA website here: https://www.nzta.govt.nz/projects/sh1-belfast-to-pegasus-motorway-and-woodend-bypass/

MIL OSI New Zealand News –
May 8, 2025

MIL-OSI New Zealand: NZ Treasury – Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025

Source: The New Zealand Treasury

The Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025 were released by the Treasury today. The March results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

The majority of the key fiscal indicators for the nine months ended 31 March 2025 were better than forecast. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $6.6 billion. This was $0.5 billion smaller than forecast largely due to lower than forecast core Crown expenditure. Net core Crown debt was $2.1 billion lower than forecast at $182.0 billion, or 42.6% of GDP.

Core Crown tax revenue, at $89.5 billion, was $0.2 billion (0.2%) higher than forecast. While GST and other individuals’ tax were both above forecast by $0.5 billion each, this was broadly offset by source deductions and corporate tax which were below forecast by $0.5 billion and $0.3 billion, respectively.

Core Crown expenses, at $104.1 billion, were $0.6 billion (0.5%) below forecast. This variance included some significant offsetting variances and was mostly timing in nature. In particular, core government services expenses were $0.6 billion above forecast, while transport and housing expenses were $0.6 billion and $0.3 billion below forecast, respectively. The remaining variance was spread across a range of agencies.

The OBEGALx was a deficit of $6.6 billion, $0.5 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $8.4 billion, $0.4 billion less than the forecast deficit.

The operating balance deficit of $4.5 billion was $0.8 billion higher than the forecast deficit. This reflected net unfavourable valuation movements along with the favourable OBEGAL result. Net gains on financial instruments were $4.0 billion lower than forecast, driven by the performance of the New Zealand Superannuation Fund (NZS Fund) and ACC’s investment portfolios. This unfavourable variance was partly offset by net losses on non-financial instruments being $2.6 billion less than forecast. This was largely owing to a $0.7 billion net actuarial gain on ACC’s outstanding claims liability compared to a forecast net loss of $1.0 billion, and the New Zealand Emissions Trading Scheme with net losses being $0.9 billion lower than forecast.

The core Crown residual cash deficit of $5.3 billion was $1.7 billion lower than forecast. While net operating cash flows were broadly in line with forecast, net core Crown capital cash outflows were $1.5 billion lower than forecast. This variance is expected to be timing in nature, mainly owing to net purchases of investments and net increases in advances which were both below forecast by $0.6 billion and $0.7 billion, respectively.

Net core Crown debt at $182.0 billion (42.6% of GDP) was $2.1 billion lower than forecast. This variance was largely due to the variance in core Crown residual cash deficit and the factors not impacting residual cash which improved net core Crown debt. Of these factors, the most significant was foreign exchange movements since the HYEFU 2024 forecast which have resulted in $0.5 billion of net gains improving net core Crown debt without impacting the core Crown residual cash indicator.

Gross debt at $206.0 billion (48.3% of GDP) was $0.5 billion higher than forecast, largely owing to higher than forecast government stock, partially offset by lower than forecast Treasury bills.

Net worth at $183.8 billion (43.1% of GDP) was $0.3 billion lower than forecast. The variance to forecast reflects a higher operating balance deficit discussed above, partially offset by net actuarial gains on retirement plan schemes ($0.5 billion). Net worth consisted of total Crown assets of $594.7 billion (in line with forecast) and total Crown liabilities of $410.9 billion ($0.3 billion higher than forecast).

	Year to date				Full Year
	March 2025 Actual1 $m	March 2025 HYEFU 2024 Forecast1 $m	Variance2 HYEFU 2024 $m	Variance HYEFU 2024 %	June 2025 HYEFU 2024 Forecast3 $m
Core Crown tax revenue	89,478	89,278	200	0.2	120,623
Core Crown revenue	99,124	99,152	(28)	–	134,038
Core Crown expenses	104,088	104,662	574	0.5	144,638
Core Crown residual cash	(5,297)	(7,018)	1,721	24.5	(16,610)
Net core Crown debt4	181,984	184,121	2,137	1.2	192,810
as a percentage of GDP	42.6%	43.1%			45.1%
Gross debt	205,997	205,456	(541)	(0.3)	206,558
as a percentage of GDP	48.3%	48.1%			48.3%
OBEGAL excluding ACC (OBEGALx)	(6,589)	(7,118)	529	7.4	(12,868)
OBEGAL	(8,370)	(8,774)	404	4.6	(17,317)
Operating balance (excluding minority interests)	(4,484)	(3,656)	(828)	(22.6)	(10,161)
Net worth	183,815	184,118	(303)	(0.2)	177,492
as a percentage of GDP	43.1%	43.1%			41.5%

Using the most recently published GDP (for the year ended 31 December 2024) of $426,925 million (Source: Stats NZ).
Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

MIL OSI New Zealand News –

May 8, 2025

MIL-OSI: The Keg Royalties Income Fund Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. News wire services or dissemination in the U.S.

VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce its financial results for the three months ended March 31, 2025 (the “quarter”).

HIGHLIGHTS

Royalty Pool Sales⁽¹⁾ up 6.9% to $193.8 million for the quarter
KRL Average Sales per Operating Week⁽¹⁾ up 7.5% to $144,000 per Operating Week⁽¹⁾ for the quarter
KRL Same Store Sales⁽¹⁾ up 9.2% for the quarter
Distributable Cash⁽¹⁾ down 10.9% to $0.365/Fund unit for the quarter
Paid a special cash distribution of $0.04/Fund unit on January 31, 2025
Payout Ratio⁽²⁾ was up to 77.7% for the quarter

Royalty Pool Sales reported by the 104 Keg restaurants in the Royalty Pool⁽¹⁾ were $193,776,000 for the first quarter of 2025, an increase of $12,527,000 or 6.9% from the comparable quarter of the prior year. The increase in Royalty Pool Sales during the first quarter of 2025 was primarily due to the increase in Same Store Sales.

Royalty income increased by $501,000 or 6.9% from $7,250,000 in the three months ended March 31, 2024 to $7,751,000 in the three months ended March 31, 2025.

Distributable Cash available to pay distributions to public unitholders decreased by $505,000 in the first quarter of 2025 from $4,652,000 ($0.410/Fund unit) to $4,147,000 ($0.365/Fund unit). During the first quarter of 2025, regular cash distributions of $3,222,000 ($0.284/Fund unit) were paid to Fund unitholders, which remained the same as the first quarter of 2024. Additionally, a special cash distribution of $454,000 ($0.04/Fund unit) was declared in December 2024, and was paid to Fund unitholders during the first quarter of 2025, compared to a special cash distribution declared in December 2023 of $908,000 ($0.08/Fund unit), and paid to Fund unitholders in the first quarter of 2024.

In any reporting period, the Fund’s Distributable Cash is affected, both positively and negatively, by any changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities⁽¹⁾ balances recognized in that reporting period. The decrease in the Fund’s Distributable Cash in the first quarter of 2025, was primarily attributable to the negative effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances during the first quarter of 2025.

The Payout Ratio was 77.7% for the first quarter of 2025, compared to 69.3% for the first quarter of 2024.

The Fund remains financially well positioned with cash on hand of $2,443,000 and a positive Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balance of $4,132,000 as at March 31, 2025.

“We are pleased with the financial results of the Fund in the first quarter of 2025, despite the continued challenges facing the full-service restaurant category, including the uncertainty related to potential tariffs,” said Kip Woodward, Chairman of the Fund. “KRL management continues to focus on delivering the best guest dining experience, and we are encouraged by the Keg’s long-term guest loyalty which we always endeavor to earn.”

“We are pleased with KRL’s sales performance during the first quarter of 2025. Same Store Sales increased 9.2% versus the comparable quarter of 2024,” said Nick Dean, President of KRL. “We believe this is a result of remaining focused on delivering the Keg’s renowned hospitality and providing significant value to our guests,” he concluded.

_{⁽¹⁾ This is a non-IFRS supplementary financial measure. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.}
_{⁽²⁾ This is a non-IFRS ratio. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.}

NON-GAAP AND OTHER FINANCIAL MEASURES DISCLOSURE (“NI 52-112”)

NI 52-112 prescribes disclosure requirements that apply to certain Non-IFRS measures known as “specified financial measures”. This press release makes reference to certain non-IFRS measures which provides important information regarding the Fund’s financial performance and ability to pay distributions to unitholders. By considering these non-IFRS measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund’s financial performance as opposed to considering IFRS measures alone. The terms “System Sales”, “Royalty Pool”, “Royalty Pool Sales”, “Same Store Sales”, “Operating Weeks”, “Distributable Cash Before SIFT Tax”, “Distributable Cash”, “Payout Ratio”, “Average Sales per Operating Week” and “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” are non-IFRS measures and non-IFRS ratios. These non-IFRS measures and ratios reported by the Fund do not have standardized meanings as prescribed by IFRS, and the Fund’s method of calculating these measures may differ and may not be comparable to similar measures reported by other issuers.

“System Sales” is a non-IFRS supplementary financial measure representing the gross sales of all corporate restaurants owned by Keg Restaurants Ltd. (“KRL”), and the gross sales reported to KRL by franchise restaurants without independent audit, in any period. The total System Sales of KRL are of interest to readers as it best reflects KRL’s overall sales performance.

“Royalty Pool” is a non-IFRS supplementary financial measure representing a specific pool of Keg restaurants for which System Sales is calculated, obligating KRL to make monthly royalty payments to the Partnership equal to 4% of these gross sales.

“Royalty Pool Sales” is a non-IFRS supplementary financial measure representing the total gross sales reported by Keg restaurants included in a specified Royalty Pool, for which the Fund receives a royalty of 4% on these reported gross sales in any period.

“Same Store Sales” is a non-IFRS supplementary financial measure representing the overall increase or decrease in gross sales from a group of Keg restaurants (those restaurants that operated during the entire period of both the current and prior years), compared to gross sales for the same group of restaurants for the same period of the prior year.

“Operating Weeks” is a non-IFRS supplementary financial measure representing the number of weeks a restaurant is open for in-store dining, without significant capacity restrictions, during a respective period.

“Distributable Cash Before SIFT Tax” is a non-IFRS supplementary financial measure and is defined as the periodic cash flows from operating activities as reported in the IFRS unaudited condensed consolidated interim financial statements, including the effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities, plus the Specified Investment Flow-through Trust tax (“SIFT” tax) paid (including current year instalments), less interest and financing fees paid on the term loan, less the Partnership distributions attributable to KRL through its ownership of Class A, B, and D Exchangeable Partnership units (“Exchangeable Partnership units” or “Exchangeable units”) and Class C Partnership units held by KRL.

“Distributable Cash” is a non-IFRS supplementary financial measure and is defined as the amount of cash available for distribution to the Fund’s public unitholders and is calculated as Distributable Cash Before SIFT Tax, less current year SIFT tax expense. The Fund believes that Distributable Cash, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders.

“Payout Ratio” is a non-IFRS ratio and is computed as the ratio of aggregate cash distributions paid during the period plus any special distributions declared or paid during the same period (numerator) to the aggregate Distributable Cash of the period (denominator).

“Average Sales per Operating Week” is a non-IFRS supplementary financial measure and is defined as the sales generated by an average restaurant during those operating weeks when restaurants were fully open for in-store dining, during a respective period. This metric is calculated by dividing total System Sales for any financial period by the total Operating Weeks open during the same financial period.

“Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” is a non-IFRS supplementary financial measure and is defined as the Fund’s current assets less current liabilities before Class C and Exchangeable Partnership units. The Fund believes this metric provides useful information to readers as Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities represents the Fund’s current working capital amounts expected to be settled for cash within the next twelve months.

FINANCIAL HIGHLIGHTS

	Three months ended
	March 31,		March 31,
($000’s expect per unit amounts – unaudited)	2025		2024

Restaurants in the Royalty Pool		104		105
Royalty Pool Sales	$	193,776	$	181,249
Royalty income ⁽¹⁾	$	7,751	$	7,250
Interest income ⁽²⁾		1,070		1,089
Total income	$	8,821	$	8,339
Administrative expenses ⁽³⁾		(177)		(113)
Interest and financing expenses ⁽⁴⁾		(194)		(265)
Operating income	$	8,450	$	7,961
Distributions to KRL⁽⁵⁾		(3,467)		(3,297)
Profit before fair value gain (loss) and income taxes	$	4,983	$	4,664
Fair value gain (loss) ⁽⁶⁾		5,341		(5,069)
Income tax expense ⁽⁷⁾		(1,381)		(1,246)
Profit (loss) and comprehensive income (loss)	$	8,943	$	(1,651)
Distributable Cash Before SIFT Tax	$	5,482	$	5,900
Distributable Cash	$	4,147	$	4,652
Distributions to Fund unitholders ⁽⁸⁾	$	3,222	$	3,222
Payout Ratio		77.7%		69.3%

Per Fund unit information ⁽⁹⁾
Profit before fair value gain (loss) and income taxes	$	0.439	$	0.411
Profit (loss) and comprehensive income (loss)	$	0.788	$	(0.145)
Distributable Cash Before SIFT Tax	$	0.483	$	0.520
Distributable Cash	$	0.365	$	0.410
Distributions to Fund unitholders ⁽⁸⁾	$	0.284	$	0.284

_Notes:
_{⁽¹⁾ The Fund, indirectly through The Keg Rights Limited Partnership (the “Partnership”), earns royalty income equal to 4% of gross sales of Keg restaurants in the Royalty Pool.}
_{⁽²⁾ The Fund directly earns interest income on the $57.0 million loan to KRL (the “Keg Loan”), with interest income accruing at 7.5% per annum, payable monthly.}
_{⁽³⁾ The Fund, indirectly through the Partnership, incurs administrative expenses and interest on the operating line of credit, to the extent utilized.}
_{⁽⁴⁾ The Fund, indirectly through The Keg Holdings Trust (“KHT”), incurs interest expense on the $14.0 million term loan and amortization of deferred financing charges.}
_{⁽⁵⁾ Represents the distributions of the Partnership attributable to KRL during the respective periods on the Exchangeable Partnership units and Class C Partnership units held by KRL. The Exchangeable Partnership units are exchangeable into Fund units on a one-for-one basis. These distributions are presented as interest expense in the unaudited condensed consolidated interim financial statements.}
_{⁽⁶⁾ Fair value gain (loss) is the non-cash decrease or increase in the market value of the Exchangeable units held by KRL during the respective period. Exchangeable units are classified as a financial liability under IFRS.}
_{⁽⁷⁾ Income taxes include the SIFT tax expense, and either a non-cash deferred tax expense or deferred tax recovery. The deferred tax expense or recovery primarily results from differences in income recognition between the Fund’s accounting methods and enacted tax laws. It is also partially due to temporary differences between accounting and tax bases of the Keg Rights owned by the Partnership.}
_{⁽⁸⁾ Distributions to Fund unitholders include all regular monthly cash distributions paid to Fund unitholders during a period and any special distributions declared, but not paid, to Fund unitholders in the same period.}
_{⁽⁹⁾ All per unit amounts are calculated based on the weighted average number of Fund units outstanding, which are those units held by public unitholders during the respective period. The weighted average number of Fund units outstanding for the three months ended March 31, 2025 and 2024 were 11,353,500.}

The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the Royalty Pool.

With approximately 10,000 employees, over 100 restaurants and annual System Sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

This press release may contain certain “forward looking” statements reflecting The Keg Royalties Income Fund’s current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the Fund’s financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.

The Trustees of the Fund have approved the contents of this press release.

The MIL Network –

May 8, 2025

MIL-OSI: Mountain America Credit Union Ranked Top Five Nationally by J.D. Power for Credit Union Member Satisfaction

Source: GlobeNewswire (MIL-OSI)

SANDY, Utah, May 07, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union ranks among the top five for member satisfaction among the nation’s largest credit unions, according to the 2025 U.S. Credit Union Satisfaction Study by J.D. Power. It is the highest-rated credit union in Utah.

A Media Snippet accompanying this announcement is available in this link.

The annual study, released last month, measures member satisfaction across six key factors: trust, people, account offerings, allowing customers to bank how and when they want, helping save time or money, and resolving problems or complaints. The survey, based on responses from thousands of credit union members nationwide, reflects consumer experiences with their financial institutions over the past year.

“This recognition is a direct reflection of our commitment to putting our members first,” said Sterling Nielsen, president and CEO at Mountain America Credit Union. “Every decision we make is centered around how we can better serve our members, support their goals, and deliver the kind of personal, responsive service they deserve. Being named one of the top five credit unions in the country is an honor and motivates us to keep improving.”

Mountain America serves more than 1,000,000 members throughout a five-state region with a full range of financial products and services, including savings and checking accounts, home and auto loans, and digital banking tools.

J.D. Power’s Credit Union Satisfaction Study is considered one of the most comprehensive benchmarks of member satisfaction in the industry. The study evaluates the top 29 largest credit unions and was based on feedback from 9,989 credit union members collected between January 2024 and January 2025.

For more information about Mountain America visit macu.com.

About Mountain America Credit Union
With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multi-state region; and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

The MIL Network –

May 8, 2025
MIL-OSI New Zealand: 5 big wins from DOC’s National Predator Control Programme |

Source: Police investigating after shots fired at Hastings house

Learn how bats, Fiordland tokoeka kiwi, and kākā are all benefiting from our landscape-scale predator control programme using 1080 to protect public conservation land.

Fiordland tokoeka kiwi chick. Image: Belle Gwilliam

Our National Predator Control Programme

DOC’s National Predator Control Programme protects native wildlife and forests at important conservation sites across New Zealand.

Currently, we control predators on a sustained, rotational basis over about 1.8 million hectares, which is nearly 20% of public conservation land.

It’s critical that rats, stoats, and possums are regularly controlled so that populations of threatened native species can survive and grow.

We use the most effective tools available, such as 1080 toxin and large-scale trapping, to protect vulnerable native species and forests.

While the tools and strategies are being developed to achieve Predator Free 2050, our National Predator Control Programme is holding the line for threatened native species by regularly controlling introduced predators across large forest areas. 

We recently published our 2024 National Predator Control Programme report which shows we had some big wins for our native species last year.

You can read the full report here: National Predator Control Programme Annual Report 2024

Here’s our top five highlights of 2024 – from bustling bat roosts to turning the tide for one of our rarest kiwi species:

1️⃣ We’ve turned the tide for Fiordland tokoeka kiwi

Before predator control, every single kiwi chick we monitored in Shy Lake died, meaning the species was facing extinction.

After predator control and eight years of research, last year’s kiwi chick survival rate climbed to 60%.

Ranger Chris Dodd with ‘Spanners’, one of the first monitored tokoeka chicks to survive during the programme, now fully grown. Image: Monty Williams.

2️⃣ Thanks to our science advice, we’ve improved timing for operations and achieved our best results yet

Our scientists carefully reviewed the results of how we time our operations around beech masts. With their advice, we changed tactics and targeted rats either before beech seed was produced or after it had germinated.

It paid off big time – all our operations suppressed rats effectively, in most cases down to undetectable levels.

Predator plague cycle. Image: DOC

3️⃣ Pīwauwau rock wren thriving with predator control

There are an average of twice as many rock wrens at predator control sites compared to sites with no control.

Every year our team surveys alpine rock wren populations. Research across our 25 sites shows that aerial operations help rock wren populations recover and grow.

Tuke/pīwauwau/rock wren calling in the alpine tops of Fiordland. Photo: Sabine Bernert ©

4️⃣ We found a record-breaking pekapeka bat roost while monitoring the results of predator control

We discovered 275 bats in one tree roost in Whirinaki Te Pua-a-Tāne Conservation park where we undertake regular predator control operations. That’s a lot of bats!

Pekapeka/short-tailed bat. Image: Maddy Brennan

5️⃣ Thanks to predator control, kākā in Waipapa have the most balanced sex ratio ever recorded

Female kākā are more vulnerable to predation, especially when they’re confined to nest cavities during breeding season. Studying the ratio of kākā males to females can help us understand the health of a population and its predation pressures.

This year, kākā monitoring in Pureora Forest (an ongoing predator control site) revealed a 1:1 sex ratio – the most balanced we’ve ever recorded.

Kākā eating rātā flower. Photo: Sarah Stirrup

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Kākā eating some delcious rātā flower. Image: Sarah Stirrup

Learn more about DOC’s National Predator Control Programme and read the full report here: National Predator Control Programme

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MIL OSI New Zealand News –

May 8, 2025
MIL-OSI USA: Hawley Urges DOJ to ‘Reconsider’ Stance in Missouri Mifepristone Case

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Today, Senator Hawley (R-Mo.) sent a letter to Attorney General Pam Bondi, urging the Justice Department to reconsider its defense of the Biden Administration’s policy on mifepristone, which allows women to receive the abortion drug with virtually no safeguards. The case is currently pending before a federal district court.

A bombshell new study found that more than 1 in 10 women who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. The report exposes just how essential reestablishing these guardrails are for women’s health.

“While the grounds for dismissal sought are mostly procedural in nature, I am troubled by the fact that the Justice Department has sided with the Biden administration’s position, especially considering new data showing the harms of chemical abortion for women,” Hawley wrote. “I urge you to reconsider.”

Senator Hawley recently published an op-ed about the health risks of mifepristone and called on the Trump administration to restore the safety regulations on mifepristone without delay.

Read the letter here or below.

May 7, 2025

The Honorable Pam Bondi Attorney General
U.S. Department of Justice
950 Pennsylvania Avenue NW
Washington DC 20530

Attorney General Bondi:

Yesterday, your department sought the dismissal of three intervenor state plaintiffs—led by my home state of Missouri—in abortion drug litigation pending before a federal district court. While the grounds for dismissal sought are mostly procedural in nature, I am troubled by the fact that the Justice Department has sided with the Biden administration’s position, especially considering new data showing the harms of chemical abortion for women. I urge you to reconsider.

Missouri, joined by Idaho and Kansas, is seeking to restore safeguards for the chemical abortion drug, mifepristone, that the Biden administration eliminated. The states have argued their interest in protecting their citizens against the adverse health consequences of the drug—a point which was recently underscored by a landmark new study of mifepristone. That study found that more than 1 in 10 women who use mifepristone experience sepsis, infection, hemorrhaging, an emergency room visit, or another serious adverse event within 45 days. This rate is far greater than the rate reported on the FDA-approved drug label for mifepristone. Despite these severe safety risks, the Biden administration allowed mifepristone to be delivered via mail and without any medical supervision whatsoever. Missouri’s litigation aims to reverse that policy and protect women.

The Biden administration’s mail-order abortion policy poses a grave threat to the health and safety of American women. I strongly urge you to reconsider the Justice Department’s defense of this policy in court.

Thank you for your attention to this matter.

Sincerely,

Josh Hawley
United States Senator

MIL OSI USA News –

May 8, 2025
MIL-OSI Security: Pine Ridge Man Sentenced to 10 Years in Federal Prison for Voluntary Manslaughter

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Pine Ridge, South Dakota, man convicted of Voluntary Manslaughter. The sentencing took place on May 2, 2025.

Eugene Hunts Horse, age 29, was sentenced to 10 years in federal prison, followed by three years of supervised release, and ordered to pay a $2,000 fine and a $100 special assessment to the Federal Crime Victims Fund.

A federal grand jury indicted Hunts Horse in May 2024. He pleaded guilty on January 17, 2025.

On February 24, 2024, the victim arrived at a residence in Wounded Knee and attempted to gain entry into the home. The victim knew the occupants of the trailer and wanted to get inside. A male from within the home assaulted the victim with a weapon and ushered him down the driveway away from the home. Hunts Horse arrived around the time the victim was being escorted down the driveway and used an object to strike the victim several times in the head and body. Hunts Horse, who believed the victim had assaulted his cousin with a hammer earlier in the evening, became enraged and developed the heat of passion necessary to take the life of another. After killing the victim, Hunts Horse learned the victim was not the person who attacked his cousin. The Oglala Sioux Tribe Department of Public Safety responded to the residence and found the victim near the roadway and driveway of the residence with a large fracture to his skull. The victim was bleeding extensively from his head. The victim ultimately passed away from his head injury a short time after the officer arrived.

This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

This case was investigated by the Oglala Sioux Tribe Department of Public Safety. Assistant U.S. Attorney Megan Poppen prosecuted the case.

Hunts Horse was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

May 8, 2025
MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Four in the Southern District of California
Source: Office of United States Attorneys

SAN DIEGO – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

“The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

“Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

“Protecting our community means identifying, arresting and holding accountable anyone who would prey on children,” said U.S. Attorney Adam Gordon. “I’m grateful for the coordinated efforts of law enforcement in this district and across the nation, and our office will continue to prioritize these prosecutions to obtain justice for these vulnerable victims.”

“Each arrest is a powerful testament to the tireless efforts of the FBI and our dedicated law enforcement partners to protect the most vulnerable among us,” said FBI San Diego Acting Special Agent in Charge Houtan Moshrefi. “It reaffirms our unwavering commitment to pursuing justice for victims and holding predators accountable.”

In the Southern District of California, four individuals were arrested and charged with federal crimes, including:
- Seth Wheeler, who was indicted for distribution of images of minors engaged in sexually explicit conduct and possession of images of minors engaged in sexually explicit conduct. Wheeler is alleged to have distributed child pornography on two different occasions in September 2024, and in possession of child pornography in October 2024. He was previously arrested by the state and remained in state custody until he was indicted on federal charges.
- Adam Harrison Bryant, a convicted sex offender who was charged with possession of child pornography. The investigation of Bryan began when it was suspected that he had attempted to purchase child pornography from a website using cryptocurrency. A search warrant was executed on May 1, 2025, and Bryant was arrested when he was found in possession of an electronic device that contained child pornography. He was previously convicted in 2008 of travel with intent to engage in illicit sexual conduct and enticing a child and was sentenced to 40 months and 24 months, concurrent, followed by ten years of supervised release.
- Kristho Angel Valdez, whowas charged with receipt of images of minors engaged in sexually explicit conduct. Law enforcement officials were notified that two minor victims were exchanging sexually explicit content, including images and videos, through Snapchat with an unknown individual. Valdez was identified as the potential user of the Snapchat account and a search warrant for the account revealed thousands of sexually explicit images and videos of minors. On March 12, 2025, a search warrant was executed at Valdez’s residence. Valdez admitted to receiving sexually explicit videos from the minor victims.
- Christopher David Miller, who was charged with attempted receipt and possession of images of minors engaged in sexually explicit conduct. Agents began investigating Miller when they determined that IP addresses linked to his current and former residences attempted to obtain child pornography using Freenet, a peer-to-peer file sharing platform. A search warrant was executed at Miller’s residence on April 9, 2025, and Miller was found to be in possession of electronic devices containing child pornography.
Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

Other online resources:

Violent Crimes Against Children

How we can help you: Parents and caregivers protecting your kids

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

MIL Security OSI –
May 8, 2025
MIL-OSI USA: Tuberville, Colleagues Celebrate Small Businesses During Small Business Week

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Joni Ernst (R-IA) and 81 Senate colleagues in cosponsoring a resolution declaring the week of May 5th as “National Small Business Week.” The measure recognizes the entrepreneurs and innovators that promote growth and create jobs across America.
“Small businesses are the heart and soul of the American economy,” said Sen. Tuberville. “Alabama is proud to be home to more than 420,000 small businesses that feed our families and fuel our economy. As a former small business owner, I know firsthand the tremendous challenges that our small business owners face every day. By cutting red tape and lowering taxes, President Trump was a champion for small businesses during his first term. Congress should work with President Trump to help him usher in the golden age of the American small business economy.”
“Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Sen. Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
Read full text of the resolution here.
BACKGROUND:
Alabama boasts 422,586 small businesses, which account for more than 99% of Alabama’s businesses and nearly half of the workforce in the state.
Sen. Tuberville has championed small businesses during his entire tenure in Congress. Earlier this year he reintroduced the Repealing Big Brother Overreach Act, which would overturn the disastrous Corporate Transparency Act (CTA) and protect small businesses. He also joined his colleagues in reintroducing the Main Street Certainty Act to make the 2017 Trump-era 20% pass-through business tax deductions permanent.
MORE:
ICYMI: Tuberville Joins “Kudlow” on Fox Business to Discuss Trump Trial, Legislation to Protect Small Businesses
The Corporate Transparency Act Means Jail Time For Small Business Owners
Congress needs to save small businesses from Big Brother
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

May 8, 2025
MIL-OSI NGOs: Greenpeace calls on Woodside shareholders to reject gas expansion plans at AGM

Source: Greenpeace Statement –

PERTH, Thursday 8 May 2025 – Greenpeace Australia Pacific is challenging Woodside on its troubling track record of harming WA’s oceans at its AGM, and urged shareholders to reject Woodside’s plans to drill for gas near Scott Reef.

Environment groups and concerned community members will stage a protest outside Woodside’s AGM at the Crown Towers in Perth, and Greenpeace will also directly challenge Woodside’s leadership and its gas expansion plans during the AGM proceedings.

Due to participate in Woodside’s AGM as a proxy shareholder, David Ritter, CEO at Greenpeace Australia Pacific said: “For the fourth year, Greenpeace has returned to Woodside’s AGM to expose its shameful environmental track record of harm to marine life, oil and chemical spills, and more. Woodside’s plans pose an unacceptable risk–this is a company that simply can’t be trusted with our oceans.

“Woodside’s planned Browse gas field would entail drilling up to 50 wells as close as 2 kilometres from Scott Reef, home to nesting sea turtles, endangered pygmy blue whales and dusky sea snakes. Its new carbon dumping plans involve repeated seismic blasting over the next 39 years, which can deafen whales, near Scott Reef.

“Woodside wants to turn Scott Reef into an industrial gas zone. We urge Woodside shareholders not to allow our precious oceans, whales, and turtles to face potentially irreversible harm, and call on Woodside to reconsider its plans.

“From leaving its trash in the ocean until Greenpeace pushed it to clean it up to delivering a climate plan that faced unprecedented rejection by shareholders last year, Woodside’s environmental and climate governance under its current leadership is not up to scratch with what shareholders or regulators expect.

“To protect the environment, Greenpeace is urging shareholders to vote down the re-election of board director Ann Pickard, who chairs Woodside’s sustainability committee. Between the multiple environmental failures on her watch and her history of leading Shell’s now-abandoned push to destroy the Arctic for oil, she does not inspire any confidence on sustainability.

“We are also calling on the newly re-elected Albanese government to listen to the millions of Australians who rejected the Coalition’s gas fast-track plans, and voted for nature protection and a safe climate future powered by renewables. Sentiment for climate action was also clear in WA, with a surge in support for Independent candidates championing the shift away from climate-wrecking gas expansion.

“In its second term, the Albanese government has an opportunity to stand up for oceans, marine life and clean energy. It must heed the evidence and reject Woodside’s proposals to extend its North West Shelf gas processing facility, and develop the Browse gas field. Doing so would protect Scott Reef from damage from industrial activity and prevent billions of tonnes of climate-wrecking emissions.

“We are halfway through the critical decade for action on climate change, and in the middle of a climate and biodiversity crisis. Corporations, shareholders, and governments alike must put an end to polluting fossil fuel projects, and accelerate the transition to clean, affordable renewable energy.”

—ENDS—

For more information or to arrange an interview please contact Vai Shah on 0452 290 082 or [email protected].

Photos from the protest and file photos for editorial use will be available here after the protest: Google Drive folder

MIL OSI NGO –

May 8, 2025
MIL-OSI USA: ICYMI: Sen. Markey, Rep. Summer Lee, Lawyers for Good Government Host Roundtable Discussion on EPA’s Termination of Environmental Justice Grants

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.), Representative Summer Lee (PA-12), and Lawyers for Good Government on Monday hosted a virtual roundtable discussion on the Trump administration’s damaging cuts to environmental justice funding and staff. Roundtable speakers included environmental justice advocates, Massachusetts recipients of environmental justice grants, as well as strategists and legal advocates, who all shared how the Trump administration’s attacks have directly affected frontline and fenceline communities crushed by generations of underinvestment and disproportionate exposure to pollution. This roundtable comes on the heels of news the Environmental Protection Agency (EPA) will cancel nearly 800 grants, including all of the agency’s environmental justice grants administered under the Office of Environmental Justice and External Civil Rights, to skirt a recent preliminary injunction that ordered the agency to unfreeze environmental justice funds.
“The Trump administration revoking federal dollars from community-based groups working hard to clean up the air, water, and land where they live, work, and play is yet another injustice in a long line of unjust policies that deemed certain neighborhoods undeserving of equal environmental protection,” said Senator Markey. “I am inspired by the environmental justice grant recipients who, rather than despair and give in to defeat, joined us and courageously shared their stories of the harm, chaos, and uncertainty that the Trump administration has inflicted by undercutting environmental justice at every turn and every level. Their testimony shone a spotlight on Trump’s shameful abandonment of overburdened communities, and reminds us that strengthening our solidarity, growing coalitions, sharing our stories, and charting paths forward together are powerful antidotes.”
“What we’re witnessing with the Trump administration’s reckless and targeted cuts to environmental justice funding is nothing short of cruel and deliberate. These aren’t just numbers on a spreadsheet — these are real people, real families, and real communities being told they don’t matter. In places like Western Pennsylvania, we’ve already seen the human cost: frontline organizations shut down, clean air initiatives stalled, job training frozen, and our most vulnerable neighbors left without the tools they need to protect their health and their futures. These cuts are an attack on our kids, our workers, our elders, and on basic human dignity, and we will continue working to stop them,” said Representative Summer Lee.
“Thank you to Senator Markey, Representative Lee, and the many environmental advocates and grantees for their leadership and courage in fighting back against these unlawful attacks on climate and environmental justice funding,” said Jillian Blanchard, Vice President of the Climate Change and Environmental Justice Program at Lawyers for Good Government (L4GG). “At L4GG, we’re proud to be helping grantees assert their legal rights, navigate this confusing landscape, and push back against these attacks through our Fund Protection Clinic. We know the law is on our side, and we have already won significant victories in the courts to block these unjust terminations. We will continue to fight for impacted communities until these critical funds are fully restored and every grantee is able to do the work Congress intended—building a cleaner, healthier, and more equitable future, for all.”
“I deeply appreciate Senator Ed Markey and team continuing to fight for these federal dollars that we earned as city. My administration has worked very hard to knock down the Asthma rates here in Springfield, but there is much more work to be done to keep all our residents safe, whether young or old, to properly deal with an Asthma affliction. This funding would help prevent future generations from getting it too. I am so proud of my city team, along with our partners, for their work to apply for and receive this significant EPA grant award. This multifaceted funding was to bring tangible health benefits to our community, including improved indoor and outdoor air quality and reduced emissions. We will continue to fight for these vitally important air quality and asthma reduction programs. We will also work closely with MA Attorney General Andrea Joy Campbell as she leads the charge to challenge this funding termination through legal channels,” said Springfield, Massachusetts Mayor Domenic J. Sarno,
“At the time of this unconstitutional and unlawful termination, the Environmental Justice for New England program was poised to invest in sustainable, community-driven environmental justice projects, countering historical disinvestment in rural, urban and Tribal communities across the region. We received almost 400 applications for our first round of funding, proposing activities that address critical environmental harms and which would create jobs, boost energy independence, and reduce pollution exposure. We are outraged,” said Ben Wood, Senior Director of Policy and Practice at Health Resources in Action.
“As Boston summers continue to break historic heat records, extreme heat has become, and will continue to be, a significant threat to the health, safety, and livelihoods of people across our region. Through our Heat and Health project the Mystic River Watershed Association (MyRWA) was proud to be working with residents, community partners, and local government to develop shared solutions to the rising dangers of extreme heat in our communities. It’s not dramatic to say that losing this funding source will negatively impact the health and well-being of our local residents–this summer and for many summers after. Despite this loss of funding–MyRWA is committed to delivering community-driven, science-based solutions to ensure that everyone and everything who calls our watershed home can enjoy clean water, air, and land,” said Mariangeli Echevarria-Ramos, Climate and Social Resilience Manager at the Mystic River Watershed Association.
“Thank you to Senator Markey and all the co-hosts of the roundtable for creating space for this urgent conversation on the heels of alarming news that the EPA plans to cancel almost 800 environmental justice grants. These aren’t just numbers. These are real losses—for residents breathing polluted air, for communities threatened by flooding, and for young people trying to imagine a future in clean energy. Without access to these funds, we cannot support grassroots organizations, assist residents in navigating regulatory processes, or expand job training programs in the green economy. These disruptions threaten progress in areas already disproportionately affected by climate change, and hinder our ability to complete the work our communities deserve,” said Sarah Baldwin, Senior Director of Operations at the New Jersey Environmental Justice Alliance, member of the Equitable & Just National Climate Platform.
The Trump administration began halting environmental justice funding in January. Since then, funding recipients have been blindsided by termination notices or cut off from accessing their funds without notice—and, in some cases, grantees are expected to continue projects without assurance that they will be reimbursed for out-of-pocket costs. Adding to the chaos and uncertainty, Trump administration furloughs and layoffs of Environmental Protection Agency staff have also created additional barriers for environmental justice grant recipients when their point of contact is not able to respond with answers on the status of their funding.

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

Source: The Conversation – Canada – By MD Rakib Jahan, PhD Student, Department of Political Studies, International Relations, Queen’s University, Ontario

In response to the Pahalgam terrorist attack on tourists in Jammu and Kashmir last month,, India has launched “Operation Sindoor,” a series of targeted airstrikes on nine locations in Pakistan and Pakistan-administered Kashmir.

The killing of 26 tourists in Kashmir’s Baisaran Valley on April 22 did more than shatter a moment of peace in one of South Asia’s most scenic regions. The assault has significantly increased India-Pakistan tensions and generated worries of possible military conflict between two nuclear-armed countries.

Though Pakistan denies the charges, India has specifically held Pakistan responsible for sheltering terrorist groups.

In response to the attack, India has taken several actions against Pakistan, including downgrading diplomatic ties, recalling diplomats, suspending participation in a vital water-sharing agreement and closing a significant border crossing.

This rapidly deteriorating situation underscores the broader consequences of the devastating Pahalgam assault.

Read more:
India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

Human tragedy

Described by the region’s chief minister, Omar Abdullah, as “much larger than anything we’ve seen directed at civilians in recent years,” the assault in Pahalgam is not only a humanitarian tragedy and a blow to Kashmir’s economy but a flashpoint in an already fragile regional relationship.

The Pahalgam attack’s timing coincided with United States Vice President JD Vance’s visit to India in April. This mirrors a grim pattern that includes former U.S. president Bill Clinton’s 2000 trip, when militants struck Chittisinghpura in Jammu and Kashmir hours before his arrival.

By staging violence during diplomatic milestones, militants aim to amplify global attention and send a message to the Indian government. As global attention shifts back to Kashmir, the Baisaran massacre appears to mark a new chapter in the long-fought battle over this territory — one that risks tourism, targets civilians and threatens to unravel regional stability.

Strategic targeting of Kashmir’s economy

Though Kashmir has seen warfare for decades, militant groups had mostly avoided targeting visitors because of the the economic significance of tourism to Kashmir.

The calculated selection of Pahalgam — one of Kashmir’s top tourist sites — reveals a plan to attack the core of Kashmir’s economy. According to counter-terrorism expert Ajai Sahni, the local community and militant groups have an implicit understanding not to compromise the tourism industry.

By breaking this unwritten rule, the militants have demonstrated a willingness to inflict economic harm on the population.

Nearly everyone in Kashmir, particularly in the valley, depends on tourism either directly or indirectly. Tourism, which has seen a resurgence since the COVID-19 pandemic, generates thousands of direct and indirect jobs and more than eight per cent of Kashmir’s GDP.

Experts like Amitabh Mattoo, from the School of International Studies at Jawaharlal Nehru University, warn that Kashmir may experience long-term devastating effects from a drop in tourism. A significant exodus of travellers from Kashmir has already taken place.

Read more:
Why are India and Pakistan on the brink of war and how dangerous is the situation? An expert explains

Challenging India’s post-2019 Kashmir narrative

The assault also weakens India’s narrative on Kashmir, an area that has been disputed by both Pakistan and India since their independence from Britain in 1947.

The attack took place as India Prime Minister Narendra Modi was scheduled to open a multi-billion-dollar railway project to the Kashmir Valley, which his government contends will enhance tourism and economic development.

Modi’s administration has presented the rise in tourism as proof of “normalcy” coming back to Kashmir following India’s removal of special status to Kashmir.

The intentional targeting of visitors sends a message that the illusion of normalcy is misleading.

A deadly departure from past tactics

The Resistance Front (TRF), a rather unknown militant group founded in 2019 and designated as a “terrorist organization” by the Indian government in January 2023, claimed responsibility for the assault via social media. They offered no proof to back their assertion.

TRF represents a new breed of militant Kashmiri nationalism and resistance. Indian intelligence agencies have connected the group to the Pakistan-based terrorist organization Lashkar-e-Taiba.

TRF’s communication regarding the assault emphasized resistance to new “outsider” residency rights. This corresponds with worries voiced by some Kashmiris after 2019 modifications permitted non-locals to acquire land and get employment in the area.

The government disclosed in April 2025 that 83,000 individuals have been given residence certificates under these new standards in the last two years.

The future of Kashmir’s stability

Apart from causing obvious human sorrow, the Pahalgam slaughter also endangers years of economic development and could send Jammu and Kashmir back into a cycle of bloodshed and instability.

Targeting tourists could mean militants are willing to risk Kashmir’s economic core. The assault appears to be an attempt to internationalize the Kashmir problem at a time when worldwide interest had started to fade. It also exploits religious divides, and has succeeded in inciting severe security reactions.

The future seems more and more uncertain for ordinary Kashmiris caught between security crackdowns and militant brutality. Historical trends indicate that more militancy usually results in more security policies, putting more strain on civilian life.

For many teenagers and young people in Jammu and Kashmir, the lack of consistent income, mobility limitations and increased monitoring intensifies sensations of marginalization and anger.

Radical groups can take advantage of these frustrations. To counter this, economic policies must address these inequalities.

Read more:
India-Pakistan strikes: 5 essential reads on decades of rivalry and tensions over Kashmir

A strategy for the way ahead

The Pahalgam incident calls for a counter-terrorism strategy that balances security with socio-economic stability.

For example, tourism profit-sharing systems could be implemented and tax advantages or subsidies could be offered to tour businesses, especially those employing young marginalized demographics. This could help to bring some financial respite as well as long-term stability and has been successful in countries like Rwanda.

The failure to pre-empt the attack despite heightened security during the Vance’s visit and the Hindu pilgrimage season reveals systematic intelligence failures.

The way ahead calls for tackling both security issues and the underlying complaints still driving militancy in Jammu and Kashmir as the region once again confronts the possibility of violence.

United Nations Secretary-General António Guterres has urged both nations to de-escalate and return to diplomacy.

MD Rakib Jahan 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. Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict – https://theconversation.com/indian-airstrikes-in-kashmir-following-tourist-attack-raises-fears-of-a-regional-conflict-256166

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Canada: Prime Minister Carney concludes First Ministers’ Meeting

Source: Government of Canada – Prime Minister

Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers. He was joined by the Minister of International Trade and Intergovernmental Affairs and President of the King’s Privy Council for Canada, Dominic LeBlanc.

The productive discussion focused on two pillars: the Canada-U.S. relationship and reinforcing Canada’s strength at home.

First, the Prime Minister updated the premiers on his meeting with President Donald J. Trump in Washington, D.C. He emphasized Canada’s openness to building a new economic and security relationship with the United States – based on respect, built on common interests, and to the benefit of both nations.

First Ministers also discussed building projects of national interest to diversify the economy, create higher-paying jobs, and build one Canadian economy instead of 13. They agreed to accelerate project approvals, including through a ‘one project, one review’ approach. The Prime Minister reaffirmed his commitment to table federal legislation to eliminate federal trade barriers by Canada Day.

Prime Minister Carney will meet with the premiers again on June 2, 2025, in Saskatoon, Saskatchewan.

Associated Links

MIL OSI Canada News –

May 8, 2025
MIL-OSI USA: Hoyer Joins Alsobrooks, Maryland Democratic Delegation in Demanding Back Education Dollars Cut by Trump

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC – As reported this week in The Washington Post, Congressman Steny H. Hoyer (MD-05) joined a letter led by Senator Angela Alsobrooks (D-MD) along with the Maryland Democratic Delegation – U.S. Senator Chris Van Hollen (D-MD) and U.S. Representatives Kweisi Mfume (MD-07), Jamie Raskin (MD-08), Glenn Ivey (MD-04), Sarah Elfreth (MD-03), April McClain Delaney (MD-06), and Johnny Olszewski (MD-02) to demand that the Trump Administration release the $98 million promised for education funding in the state and urging the Department to work with the delegation to ensure Maryland receives this vital funding.

“Earlier this year, [Secretary McMahon testified that the President] wants to ‘return education to the states where it belongs.’ We believe that approving Maryland’s application for late liquidation of relief funds would do just that. We appreciate your offer to conduct a thorough review of the ESSER funds rescinded from Maryland and look forward to reaching a resolution in the best interest of the more than 860,000 students in our state who are depending on these Congressionally appropriated funds,” said the lawmakers.

“We stand ready to partner with the Department in ensuring the disbursement of this key funding to Maryland,” continued the lawmakers.

You can read the full letter to Secretary McMahon here or below:

Dear Secretary McMahon:

We write with deep concern regarding the Department of Education’s (the Department) recent letter to State Chiefs of Education, which modified the time period for states to liquidate obligations under the Education Stabilization Fund. The loss of these dollars would be catastrophic for the state of Maryland and its students. We appreciate the fact that the Department did leave an opportunity open for collaboration with states, affording them the chance to appeal for an extension to the liquidation period on a project-specific basis. As such, the Maryland State Department of Education (MSDE) has applied for an extension. We strongly support MSDE’s application and urge the Department to approve MSDE’s requests for full reimbursement.

As you know, on January 22, 2025 – after President Trump was sworn into office – the Department approved MDSE’s late liquidation plan for American Rescue Plan (ARP) funds through March 28, 2026. Similarly, on March 17, 2025, the Department approved a late liquidation plan for the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA) from MSDE through March 31, 2025. Yet on March 28, 2025, the MSDE received notice from the Department that the liquidation period for all pandemic recovery resources authorized in the Elementary and Secondary School Emergency Relief (ESSER) fund was rescinded. This sudden reversal has caused a great deal of confusion and would hinder Maryland’s efforts to address pandemic learning loss.

The impact of this reversal by the Department will indeed be devastating for Maryland schools. Pandemic relief funds were set to go towards capital projects including school heating, ventilation, and air-conditioning repair and replacement that have been delayed because of supply chain and construction issues, as well as new curricula and instructional materials that Maryland Local Education Agencies (LEAs) are still awaiting.

As such, Maryland has submitted a late liquidation request to the Department for $98,706,860, which includes $42 million spent by LEAs that have not been submitted to the State for reimbursement, as well as $56.7 million remaining to liquidate. The remaining funding is obligated toward projects to provide temporary housing and mental health support for students experiencing homelessness; community school mental health services; tutoring and technology for students; professional development for staff; Grow Your Own projects, including tuition reimbursement programs for staff to attain teacher certifications; the replacement of older and non-working windows and doors; restroom repairs; and security camera updates to keep students safe.

MSDE and the state’s LEAs have utilized ESSER funds to recover reading scores, sustainably address the teacher shortages exacerbated by the pandemic, support student mental and emotional health, and fortify other key ingredients in learning. The state’s reapplication in compliance with the Department’s guidance issued on March 28, 2025, also includes key details of our educational systems’ efforts to modernize classroom infrastructure to mitigate the threat of infectious diseases.

We proudly represent a state that places tremendous emphasis on high-quality education and MSDE’s implementation of federal funds is fundamental to that mission. We urge the Department to approve MSDE’s latest reapplication for late liquidation of this vital funding. Like students across the country, the COVID-19 pandemic set young Marylanders back substantially on key metrics of student achievement. As your office has noted, recent National Assessment of Educational Progress (NAEP) results have revealed that “gaps are growing between higher-performing and lower-performing students.” Further, chronic absenteeism still is too high with the latest data indicating “a majority of students still attended schools with 20% or higher levels of chronic absence… in stark contrast to 2019, when slightly over a quarter of schools experienced such high levels of chronic absence.” Years after the COVID-19 pandemic, our schools and communities still have much work to do to help students recover.

Again, we want to continue to be collaborative and work together to improve Maryland schools. As you noted in your testimony to the Senate Health, Education, Labor and Pensions Committee earlier this year, President Trump wants to “return education to the states where it belongs.” We believe that approving Maryland’s application for late liquidation of relief funds would do just that. We appreciate your offer to conduct a thorough review of the ESSER funds rescinded from Maryland and look forward to reaching a resolution in the best interest of the more than 860,000 students in our state who are depending on these Congressionally appropriated funds.

We welcome a further conversation between the Department and the Maryland Congressional delegation on this process and would be happy to help support engagements between the Department and MSDE. We stand ready to partner with the Department in ensuring the disbursement of this key funding to Maryland.

Sincerely,

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Ernst’s “Made in America” Bill Earns Support of Iowans

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and House Small Business Committee Chairman Roger Williams’ (R-Texas) newly unveiled initiative to continue the domestic manufacturing explosion happening under President Trump has earned widespread praise.
Business leaders in Iowa and across the country have applauded the bipartisan Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) manufacturing loans to bring back “Made in America.”
What They Are Saying About the Made in America Manufacturing Finance Act:
Iowa Association of Business and Industry
“Iowa’s manufacturers are ready to grow, invest, and lead in the future of American manufacturing – but access to capital is critical,” said Nicole Crain, President. “The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally. ABI applauds Senator Ernst and Chairman Williams for their leadership and commitment to strengthening U.S. manufacturing.”
Iowa Bankers Association
“The Iowa Bankers Association thanks Senator Joni Ernst for her leadership in proposing the Made in America Manufacturing Finance Act,” said Adam Gregg, President. “Bank leaders in Iowa have advocated for increasing the loan limits in these SBA programs with the goal of driving more investment in communities across the state of Iowa. Manufacturing is an important piece of Iowa’s economy, and Iowa banks are proud partners in helping small businesses grow and expand. This proposed legislation will make the work of our Iowa banks even more impactful.”
Cedar Rapids Metro Economic Alliance
“Manufacturing is a cornerstone of our region’s economic vitality,” said Barbra Solberg. “By increasing access to capital for small manufacturers, the Made in America Manufacturing Finance Act empowers businesses to expand, innovate and compete globally—while reinforcing our domestic supply chains. We commend Senator Ernst for her leadership as Chair of the Senate Small Business Committee and her commitment to addressing the financial needs of small manufacturers in today’s economy.”
Greater Burlington Partnership
“Increasing loan limits for small manufacturers strengthens the backbone of our local economy,” said Amy O’Brien, CEO. “This bipartisan effort will give more Iowa businesses the tools they need to expand operations, invest in new technology, and create quality jobs right here at home. As the cost of doing business continues to rise, we support the recommended increases in borrowing to accommodate our manufacturing businesses.”
Job Creators Network
“Senate Small Business Committee Chair Joni Ernst and House Small Business Committee Chairman Roger Williams are standing up for American small businesses by introducing the Made in America Manufacturing Finance Act,” said Alfredo Ortiz, CEO. “This legislation significantly expands access to credit for American manufacturers under the Small Business Administration’s 7(a) and 504 loan programs, providing American manufacturers with the funds they need to invest, expand, and create good manufacturing jobs. This legislation is especially important during this period of high interest rates and scarce access to capital. It will significantly help grow the productive economy and contribute to President Trump’s goal of reshoring critical manufacturing capacity. All legislators on both sides of the aisle should vigorously support it.”
Small Business & Entrepreneurship Council
“Increasing the SBA’s 7(a) and 504 loan program limits to $10 million for small manufacturers is a pragmatic reform that will provide entrepreneurs with a modernized level of resources needed to build, transform, or expand manufacturing facilities and capabilities in support of advanced U.S.-based manufacturing,” said Karen Kerrigan, President & CEO. “Small, entrepreneurial firms dominate U.S. manufacturing, and if our goal is to support their competitiveness, growth and innovative capacity, access to appropriate levels of capital is necessary. Leveling up these proven SBA loan programs will help to fuel manufacturing activity and innovation, which is so vital to U.S. economic growth, opportunity, and our global competitiveness. SBE Council strongly supports the Made in America Manufacturing Finance Act.”
National Small Business Association
“While the demand for broader access to capital is generalized across the entire small business ecosystem, capital-intensive industries, including manufacturing, face unique challenges,” said Todd McCracken, President & CEO. “Initial investments in these industries, as well as long term development costs and diversification are appreciably more capital intensive than other businesses, as even a small change could result in significant retooling and related costs. Commonsense changes to existing federal support programs for small manufacturers would go a long way to leveling the playing field and allowing American entrepreneurs to invest in the United States. That is why we are pleased to support the Made in America Manufacturing Finance Act of 2025, which would increase the maximum loans small manufacturing companies are eligible for under the existing 7(a) and 504 loan programs.”
National Association of Development Companies
“The time is now to increase the 504 manufacturing loan size and foster expansion opportunities for our nation’s small manufacturers,” said Rhonda Pointon, President & CEO. “The National Association of Development Companies (NADCO) and CDCs across the country strongly support the Made in America Manufacturing Finance Act (MAMFA). This legislation would raise the 504 manufacturing loan limit to $10 million – empowering small manufacturers to scale, strengthen domestic production, and create high-quality jobs.”
National Association of Government Guaranteed Lenders
“Often, manufacturers need large facilities and/or specialty equipment that can exceed the current SBA loan size limitations,” said Anthony Wilkinson, President & CEO. “Therefore, especially since it has been 15 years since the 7(a) Program maximum loan size was increased to $5 million, we believe that it would be appropriate to consider increasing that maximum to $10 million for loans to small business manufacturers as proposed in your legislation.”

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: ICE San Diego, multiagency case results in guilty conviction for would-be sex trafficker attempting to entice, coerce child and adult into prostitution

Source: US Immigration and Customs Enforcement

SAN DIEGO — Steven Terrell Lewis, 39, of El Cajon, was convicted by a federal jury May 6 for attempted coercion and enticement of a 14-year-old high school student and attempted sex trafficking by force or coercion of a 22-year-old woman. U.S. Immigration and Customs Enforcement, the San Diego Human Trafficking Task Force, the National City Police Department, the El Cajon Police Department, the San Diego Sheriff’s Office and the San Diego District Attorney’s Office are investigating this case.

“This guilty verdict sends the powerful message that those who exploit children will be held accountable to the fullest extent of the law,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “This outcome is the result of relentless cooperation among local, state and federal law enforcement agencies. Our agency remains steadfast in our mission to bring perpetrators of these heinous crimes to justice and to stand beside every victim until justice is served.”

According to evidence presented at the April 22, 2024, trial, the 14-year-old victim was walking to a friend’s house after school around 3 p.m. in El Cajon when Lewis used his vehicle to pin her on the sidewalk, exited his vehicle, and snatched her cellphone from her hand to get her phone number. Lewis then proceeded to send sexually explicit text messages from a phone number ending in 8155 to the victim before she was able to block the phone number. On April 23, 2024, Lewis continued texting the victim, except this time from a different phone number through TextFree, a mobile application and web service, from a phone number ending in 0014.

When Lewis identified himself as “Pimpin,” he sent a sexually explicit photograph to the 14-year-old victim and invited her to “go get some money” with him. She immediately notified a coach at her high school, who alerted the El Cajon Police Department and the San Diego Sheriff’s Office.

One week after Lewis’ attempt to sex traffic the minor victim failed, on April 28, 2024, he began recruiting the 22-year-old victim through MegaPersonals and sent a ride-share vehicle to take her to Roosevelt Avenue in National City, known as “The Blade,” to work street-based prostitution for his financial benefit. Fortunately, the next day, an undercover National City police officer posing as a commercial sex buyer picked up the adult victim offered her resources to leave prostitution. However, Lewis continued to message the adult victim (from both phone numbers ending in 8155 and 0014), threatening her to continue to engage in commercial sex for his benefit.

Officers from the San Diego Human Trafficking Task Force arrested Lewis May 16, 2024, following physical surveillance of Lewis and searches of his vehicles, residence and cellphones.

The victims did not know each other.

Investigators believe that other victims exist because, during a search of Lewis’ phone, they discovered a photograph of a handwritten note that appears to have been written by a concerned parent. The note reads, “If I find out one more time that this car is following my daughter down Graves Ave we will have a problem. I suggest you f—- chill.”

At the time, Lewis was driving two vehicles registered to him, including a white, four-door 1996 Oldsmobile bearing California license plate number 3TIF671:

He also drove a brown or beige-colored, four-door 1986 Chevrolet bearing California license plate number 1REC517:

If you or someone you know has had an encounter with Lewis or you know the author of the note, investigators ask that you contact the San Diego Human Trafficking Task Force by calling 888-373-7888 or texting 233733.

“The jury’s guilty verdicts are a powerful reminder that human trafficking has no place in our society. These verdicts are not just justice for the victims — it is a warning to human traffickers everywhere that those who exploit and attempt to exploit others for profit will be prosecuted to the fullest extent of law, no matter how long it takes,” said U.S. Attorney Adam Gordon. “I commend the bravery of the survivors who came forward. Their truth helped convict a predator — and protect countless others.”

“Every year, there are thousands of reported human trafficking cases across the United States — including right here in California,” said California Attorney General Rob Bonta. “Whether it’s for sex or labor, abusing power to force or coerce someone into doing something against their will is wrong. At the California Department of Justice, we’re committed to standing up for survivors, disrupting and dismantling human trafficking rings, and securing justice. I am thankful for our federal, state and local partners because it takes all of us to combat human trafficking. If you or someone you know has been affected by human trafficking, there are resources available to you. You are not alone.”

“As a member of the Human Trafficking Task Force, the protection of our youth is our top priority,” said San Diego Police Chief Scott Wahl. “This case highlights the importance of collaboration and the need to share information in order to bring suspects like this into custody.”

Lewis is scheduled to be sentenced Aug. 1.

This case is being prosecuted by Assistant U.S. Attorney Lyndzie M. Carter and Derek Ko.

MIL OSI USA News –

May 8, 2025
MIL-Evening Report: Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline

Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney

Marvel Studios

This piece contains spoilers.

Marvel’s men are sad. And that’s a good thing.

Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way Home.

In Marvel’s latest release Thunderbolts* (or The New Avengers), we finally see a male superhero seek advice on how to deal with mental illness.

The only problem? His impromptu therapist is a woman he’s only just met.

A blanket of darkness

Bob Reynolds (Lewis Pullman) is a new and damaged superhero experiment. Bob believes the world might be better off without him – foreshadowing that he’s not entirely wrong.

Bob turns to Yelena Belova (Florence Pugh) for help. Yelena understands, saying “that darkness gets pretty enticing”. As she struggles to describe the feeling, Bob supplies the word: a void.

Yelena offers a survival tactic: push the darkness deep down and carry on. It’s terrible advice and they both know it. But in that moment, it’s honest, and it connects them.

Thunderbolts explores suicidal thoughts, PTSD and bipolar disorder. Bob speaks of the euphoric highs and shattering lows he experiences, often resulting in blackouts. His mental illness becomes metaphoric: his internal darkness manifests in his powers, and he becomes the villainous superpower of the film.

Some of the film handles these themes well. Bob’s bipolar spreads into a dangerous blanket of darkness into which others, literally, vanish. At the film’s climax, Bob battles the dark, depressed version of himself. He beats himself up, seeking to beat the evil version of himself and, metaphorically, his mental illness. It doesn’t work. The darkness spreads to his stable self, too.

But Yelena and the Thunderbolts fight their way to him, embracing him in a hug, and their support gives him the strength to confront his trauma.

Women as emotional supports

Done well, positive depictions of mental health struggles can be important pieces of representation.

Unfortunately, most mental health depictions in major films are not done well, when they are included at all. Accurate portrayals of bipolar disorder remain rare. Research shows on young adult literature continues to lack mental health representation, especially by authors with lived experience.

Across Hollywood, from Rey saving Kylo Ren in Star Wars to Beauty fixing the Beast, women are constantly cast as emotional supports for men.

This is also true throughout the Marvel Cinematic Universe. The Black Widow offers the Hulk her hand; Tony Stark punches him to sleep. Scarlet Witch is forced to carry her grief for Vision. In Thunderbolts, Yelena becomes the latest emotional ballast for a traumatised man.

The film’s depiction of men’s mental illness through the story of Bob Reynolds (Lewis Pullman) is an important one.
Marvel Studios

These women take these roles despite their own troubles, often without support or recognition from their male counterparts.

Yelena steps into the dark emanating from Bob, believing her own struggles will allow her to help him. It’s poignant and beautiful in a way. Those who have walked through hell know the pathway through.

But it’s also troubling.

To save Bob from himself, she must risk her body, mind and mental wellbeing. Alone, her flashbacks become real as she comes face to face with her childhood trauma, undergoing psychological torture at Bob’s hands to reach him.

The weight of emotional labour

Yelena’s actions aren’t just a trope. They reflect a broader cultural script where women are expected to take on emotional responsibility not just for themselves but also for the men around them.

Women are taught to care about others. At home and at work, the emotional labour undertaken by women often goes unnoticed, but it comes with real costs: stress, burnout and self-neglect.

As men struggle with loneliness and a lack of friendships, women are expected to fill that gap. This dynamic, sometimes called “mankeeping”, leaves women doing the emotional work of informal therapy without support or reciprocity.

Taking on these informal therapist roles results in disempowerment and dissatisfaction.

The film’s depiction of Bob’s mental health issues has positive aspects: it goes against the pressure to conform to traditional ideas of masculinity, where men are taught to suppress their emotions and be stoic. Bob is allowed to be vulnerable and ask for help, and, despite his actions, is still shown to be worth helping.

Too much caring responsibility falls on the shoulders of Yelena Belova (Florence Pugh), who has her own struggles.
Marvel Studios

A significant number of young men who follow masculinity influencers believe they need to be stoic and control their emotions and that women should occupy traditional gender roles, being soft, nurturing, motherly and supportive.

These beliefs can not only discourage men from seeking professional help: they set women up to carry the emotional burden in relationships, often at great personal cost.

Addressing mental health

Toxic masculinity is well and truly alive, but women aren’t the answer to it.

Addressing mental health issues effectively requires a multifaceted approach that includes professional intervention, personal responsibility and mutual support within relationships.

Thunderbolts gestures toward progress, but doesn’t quite escape old tropes. Bob’s pain is real, but it’s also weaponised. His mental illness becomes a threat, and his instability something others must contain.

The film acknowledges he’s struggling, but ultimately treats his struggle as dangerous as his void-like inner turbulence is unleashed on those around him. It’s a reflection of a broader cultural pattern: when men’s emotional pain is left unaddressed, it festers, and women are often expected to absorb the cost.

We’re left with a troubling question: in the stories we tell, are we promising struggling young men a fairytale ending of romance and self-sacrifice in the shape of a young woman coming to save them from themselves?

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

Emily Baulch 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. Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline – https://theconversation.com/marvels-thunderbolts-shines-a-light-on-mens-mental-illness-but-falls-down-with-this-outdated-plotline-255869

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-Evening Report: Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?

Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong

Aritra Deb/Shutterstock

At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

US President Donald Trump’s America First agenda includes sweeping tariffs on imports, withdrawal from multilateral agreements and pressure to take production in-house.

At the same time, China, Australia’s largest trading partner, has often used trade for geopolitical leverage. In 2020, Beijing imposed tariffs of more than 200% on Australian wine. This wiped 30% off the sector’s export value.

So economic diversification is not only desirable but strategically imperative.

An opportunity

Fifty years on from the fall of Saigon, Vietnam presents a compelling opportunity for economic and strategic diversification. The reunited country is eager to move beyond its wartime image and assert itself as an emerging economic powerhouse.

Vietnam’s capital, Ho Chi Min City. The country has shifted from being a place synonymous with war to becoming one of the world’s top economies.
Nguyen Quang Ngoc Tonkin/Shutterstock

Since the launch of the Doi Moi reforms in 1986, Vietnam has embraced economic liberalisation and market-oriented policies. The Doi Moi reforms opened the economy to foreign trade, allowed private ownership and restructured state-owned enterprises.

From a growth rate of just 1.6% in 1980, Vietnam is now set to become one of the world’s top 20 economies by 2050. In 2023 alone, it attracted A$8.5 billion in foreign direct investment, underscoring strong investor confidence.

The 50th anniversary of reunification on April 30 provided insights into the country’s growth. Celebrations included military parades, 3D virtual reality displays and exhibitions promoting advances in technology.

Slow to act

Yet Australia has been slow to act. Despite geographic proximity and shared interests, Australia’s economic footprint in Vietnam remains surprisingly small. In 2023, Australian foreign direct investment totalled just A$3 million. It ranked 22nd, behind countries including Switzerland and Seychelles.

In trade, the disparity is similarly stark. Vietnam accounts for only 2.33% of Australia’s exports and 1.4% of imports. Two-way trade between the two countries reached $26.3 billion in 2022. At the same time, Vietnam’s trade with the United States, topped A$191.9 billion.

Some Australian firms are already making inroads. BlueScope Steel, Linfox, and SunRice have invested significantly in manufacturing, logistics and agriculture. And RMIT University has been a key player in transnational education since it opened the first of three campuses in Vietnam in 2000.

ANZ and Qantas also have a visible presence. However, small and medium-sized enterprises – which comprise more than 98% of Australian businesses – remain largely absent. Many prefer export partnerships or distributor agreements over direct investment.

Potential obstacles

Australian companies have long favoured English-speaking or high-income markets. These offer greater institutional and cultural familiarity and regulatory certainty.

Vietnam’s relationship-based commercial environment poses challenges, especially for firms lacking embedded networks and local knowledge. Concerns around regulatory transparency, intellectual property protection, contract enforcement and corruption – though improving – continue to weigh on corporate decisions.

Small to medium enterprises, in particular, face extra barriers due to limited institutional support, regulatory understanding, market intelligence and in-country networks.

Help from government

The Australian government has taken some steps to catch up. The Enhanced Economic Engagement Strategy, launched in 2021, aims to double two-way investment and elevate both nations to top ten trading partner status.

It identifies priority sectors such as agriculture, education, clean energy, digital technology and manufacturing. However, the strategy contains no enforceable legal protections, tariff concessions or means of dispute resolution.

Manufacturing is one of the priority areas recognised in Australia’s Enhanced Economic Engagement Strategy for Vietnam.
Hien Phung Tu/Shutterstock

The lack of these matters. Japan, South Korea and the European Union have pursued coordinated economic strategies that include concessional loans, robust legal frameworks and in-market support services. These help their businesses thrive in Vietnam’s complex regulatory environment.

Similarly, the EU has integrated trade promotion with legal certainty under agreements like the EU Vietnam Free Trade Agreement.

More needs to be done

Without comparable tools, Australia’s initiatives risk being more aspirational than actionable.

Last year’s upgrade in bilateral ties to a Comprehensive Strategic Partnership, signals growing political will.

For Australia to realise the potential of its relationship with Vietnam it should back long-term policies. These policies should reduce market entry barriers, incentivise small to medium enterprises and increase joint skills development.

Investors also need legal and institutional support.

Australia has strong potential to expand into emerging sectors. These include renewable energy, digital technology, healthcare, vocational education and training, green and smart infrastructure and agritech.

Vietnam’s push for environmentally sustainable economic growth, digital transformation and workforce training aligns closely with Australian strengths. This creates opportunities for strategic investment and cooperation.

There is the potential for Australia to build a dynamic partnership with Vietnam central to its long-term economic position in the Indo-Pacific.

Anne Vo 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. Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links? – https://theconversation.com/vietnam-is-poised-to-become-a-top-20-economy-so-why-is-australia-taking-so-long-to-make-trade-and-investment-links-255722

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-Evening Report: While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?

Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University

Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

The Nationals, who have represented rural and regional Australia in the federal parliament for more than a century, were nowhere to be seen as an identifiable, separate political party.

This isn’t unusual. The parties that make up the Coalition do highly targeted messaging in their electorates, but then fall neatly into policy lockstep when an election is called. This time, however, the Nationals seemed particularly shy.

Leader David Littleproud stopped issuing media releases on April 24, a full nine days before the election was held, and his speech to the National Press Club given that day was not available on the party website. It is hard to imagine former party leaders Tim Fischer, John Anderson or Ian Sinclair being quite so reticent.

The focus of the commentary since election night has been on the Liberals’ failings, particularly in the major cities. You could be forgiven for thinking “Coalition” was a synonym for “Liberals”.

But as the Liberal Party tries to reckon with these failings, the Nats are in a position of increasing power. The great survivors of Australian politics now appear to be better at surviving than their coalition counterparts. It’s just a question of how they want to use that power and longevity.

Growing party power

The Nationals are a uniquely Australian phenomenon. First, they are an avowedly agrarian party in a highly urbanised country.

Second and more distinctly, they are part of what the rest of the world would see as a decidedly odd coalition arrangement. Elsewhere, coalition governments are negotiated after the election result is known and involve public bargaining and horse trading.

In the Australian coalition arrangement, these negotiations occur behind closed doors and can hold even in opposition. The Nats benefit because they have access to ministerial and shadow ministerial positions with the power, salary and other advantages that these confer.

The National Party largely held its own in the face of the Labor landslide. At most, it lost one of its 10 House of Representatives seats: Calare in northern New South Wales, which has been held by a former Nat, now independent.

Its primary vote actually increased marginally from 3.6% in 2022 to 4.0%. This is less than One Nation (6.3%) but because of its dispersed vote, One Nation didn’t win a lower house seat.

The Nats appear likely to lose a NSW senator as part of the joint party ticket. Nonetheless, the Nats are now a proportionally larger force in the Coalition, with Nats and Nationals-aligned LNP members accounting for just over 40% of Coalition MPs.

On that basis they could become more influential over policies and shadow portfolios. Including senators, they now account for 30% of the Coalition party room.

At a crossroads

The demise of the Nationals has been predicted for decades, but still they persist.

The peculiar Australian coalition arrangement works for them. They will benefit both from holding shadow ministerial positions if the Coalition is retained and likely having a greater role in determining policy direction.

Whether the Liberals benefit from a continuing coalition is an open question. They need to rebuild in the cities and focus on regaining the support of voters who are socially liberal but economically conservative, younger, and female. There’ll inevitably be a review of what went wrong for the Liberals, and this might best be done free of ties to the Nats.

The choice seems to be between shifting policy closer to the ten community independents or remaining hitched to the conservative Nationals. The ill-fated nuclear power policy has, after all, been attributed to David Littleproud.

Deciding which way to fall won’t be easy. Apparently aware of his party’s increased leverage, Nationals Senator Matt Canavan has said they were led too much by the Liberals during the last parliament. He said:

I worry that we have been gun shy in this last term of parliament in a futile attempt to give the Liberals space or some sort of opportunity to win seats in the city.

So is now the time for the Coalition partners to go it alone? Probably not.

On present numbers, the Liberals could struggle to form the opposition in their own right. The combined LNP in Queensland makes the situation even more complicated.

The Nats have no incentive to leave. Open competition could see them lose seats to the Liberals in the future.

And besides, two Liberal leadership contenders, Angus Taylor and Sussan Ley, hold seats with significant rural histories, both of which have been held by the Country/National Party.

Linda Botterill has in the past received funding from the Australian Research Council, the Grains Research and Development Corporation, and Rural Industries Research and Development Corporation (now Agrifutures).

– ref. While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition? – https://theconversation.com/while-the-liberals-haemorrhaged-the-nationals-held-their-own-is-it-time-to-break-up-the-coalition-255626

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-Evening Report: Australia is set to be a renewables nation. After Labor’s win, there’s no turning back

Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

bmphotographer/Shutterstock

An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday:

In 2022, the Australian people voted to finally act on climate change. After three years of progress […] in 2025 they said keep going.

The election result also means the debate about energy policy is now, in broad terms, over. Australia’s energy future is wind and solar, backed by storage.

Coal and gas will have a fast-declining role to play and nuclear energy will have none at all. Australia is set to be a renewables nation. There is no turning back now.

Cementing renewables investment

By continuing to build renewables capacity, the returned Labor government can position Australia on the world stage as a genuine leader on clean energy.

The Albanese government has set a national target of more than 80% of the main national electricity grid running on renewables by 2030. With such a large majority in parliament, Labor may well be in government at that time.

Australia already has the world’s highest per-capita solar uptake, with about 300,000 solar systems installed each year. One in three Australian homes now has rooftop solar.

Labor is complementing this boom with a new home battery discount scheme, which aims to have more than one million batteries installed by 2030. This will help stabilise the grid by reducing demand at peak times.

But more investment in renewables is needed. The policy certainty of a returned Labor government should help to attract international capital. This is important, because more than 70% of investment in renewables in Australia comes from offshore.

Securing climate consensus

Labor’s win also means it can finally bed down a national consensus on climate policy.

A recent survey on Australian attitudes to climate action suggested community views can shift if people see action is taken by governments and big business.

This does not mean community opposition to renewable energy will evaporate – especially in regional Australia. The federal government must work with industry players and other levels of government to ensure proper public consultation. The new Net Zero Economy Authority will play an important role in ensuring the regions and their workers benefit from the energy transition.

For its part, the Coalition needs to do some soul-searching. Australian voters returned a number of climate-friendly independents in key seats. The Coalition also failed to win support from younger Australians, who typically view renewables favourably.

All this suggests continued opposition to renewables is unlikely to help the Coalition form government anytime soon. What’s more, continuing to promote nuclear power – which some in the Coalition are pushing for – makes little sense in an increasingly renewables-dominated grid.

Doubling down on international climate cooperation

Labor’s plans to rapidly expand renewable energy strengthen Australia’s credentials to host the COP31 UN climate talks with Pacific island countries next year.

Australia’s bid has strong support from other nations. Turkey – the only other nation with its hand up to host – has so far resisted pressure from Australia to withdraw its bid. In support of their own bid, Turkish representatives pointed to uncertainty in Australia ahead of the May election – however that uncertainty has now passed.

Adelaide will host the talks if Australia’s bid succeeds. This will be a chance to share our world-beating renewables story – including in South Australia, which is set to achieve 100% clean electricity by 2027.

Australia could also use the talks in South Australia to promote new export industries that use renewable energy, especially plans to produce green iron and green steel at Whyalla.

Hosting rights could attract investment in Australia’s renewables rollout and help promote exports of critical minerals and green metals. And it would enable Australia to cement its place in the Pacific during a time of increased geo-strategic competition, by promoting a renewables partnership for the whole region.

Australia must move fast and secure the COP31 bid at climate talks in Germany next month. Any delay risks a less ambitious summit next year, because building consensus for new initiatives takes time.

South Australia has made a bold bid to host COP31 (SA Government)

Seizing our economic opportunities

As Prime Minister Anthony Albanese said during his victory speech on Saturday, renewable energy is “an opportunity we must work together to seize for the future of our economy”.

Australia is the world’s largest exporter of raw iron ore and metallurgical coal, both used extensively in offshore steelmaking.

But Australia can create jobs and reduce emissions by refining iron ore in Australia using renewables and green hydrogen.

The potential export value of green iron is estimated at A$295 billion a year, or three times the current value of iron ore exports. More broadly, our clean energy exports – including green metals, fertilisers and fuels – could be worth six to eight times more than our fossil fuel exports, analysis suggests.

A key challenge for the returned government is assuring markets such as Japan that Australia is a long-term strategic partner, even while redirecting trade and investment away from coal and gas exports and toward long-term clean energy industries.

Embracing Australia’s future

Australians have delivered a strong mandate for climate action. The returned Labor government must ensure this support is not squandered, and voter trust is not lost.

This means seizing the opportunity, once and for all, to shift Australia from our past as a fossil fuel heavyweight to our future as a renewables superpower.

Wesley Morgan is a fellow with the Climate Council of Australia

Ben Newell receives funding from the Australian Research Council

– ref. Australia is set to be a renewables nation. After Labor’s win, there’s no turning back – https://theconversation.com/australia-is-set-to-be-a-renewables-nation-after-labors-win-theres-no-turning-back-256081

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-OSI United Kingdom: expert reaction to study looking at ultra-processed foods and early signs of Parkinson’s disease

Source: United Kingdom – Executive Government & Departments

May 7, 2025

A study published in Neurology looks at ultra-processed foods (UPFs) and signs of Parkinson’s disease.

Dr Katherine Fletcher, Research Lead at Parkinson’s UK, said:

“Research into diet in general is difficult as people often will inaccurately self-report what their diet comprises. This could be down to forgetting to fill in the diary at the time, to subjective interpretation of amounts of UPFs.

“The study group also lacked ethnic and socio-economic diversity, which is vital when looking to better understand factors that contribute to the causes of a health condition.

“In respect of strengths, it was a long-running study with a reasonably large sample size, building on a theory that already exists about the impact of diet. Nonetheless, a much wider body of research is required before drawing any conclusions i.e. looking globally at different diets.

“This paper builds on previous research, such as the work of Dr. Laurie Mischley¹ at Bastyr University, which has shown an association between processed foods and faster progression of Parkinson’s. Additionally, evidence suggests that following a Mediterranean-style diet² – rich in fresh fruits, vegetables, pulses, and olive oil – could reduce someone’s risk of going on to develop Parkinson’s.

“Research into diet and nutrition is crucial, as there is growing evidence that, for some individuals, Parkinson’s may originate from changes in the gut. Ongoing studies are exploring alterations in the gut microbiome in Parkinson’s and investigating potential interventions to address these changes and as well as investigating diet and supplements to help manage symptoms.”

1 https://pubmed.ncbi.nlm.nih.gov/29081890/

Prof Eef Hogervorst, Professor of Psychology, Loughborough University, said:

“Firstly, the outcome term ‘early symptoms of Parkinson’s disease’ is a bit misleading as symptoms such as constipation, and body pain here found to be associated with consumption of Ultra Processed Foods (UPF) are quite common in ageing and are not necessarily indicative of Parkinson’s disease.

“Even the most likely predictor of Parkinson’s disease – probably REM sleep disorder – is seen in 65% of Parkinson patients but also in 10% of controls, with low (65%) sensitivity for Parkinson’s disease, even when people already have this disease (Kakazu, 2024: https://doi.org/10.1016/j.sleep.2024.09.042). This symptom only shows relations with the highest intake of UPF.

“Other symptoms like reduced sense of smell, daytime sleepiness, impaired colour vision and depression by themselves seem not related to consumption of UPF.

“With regards to the UPF outcome, 30% of food consumption assessed by questionnaire was not agreed on and while experts apparently re-assessed these, it is not clear how they agreed on categorisation of foods, so whether they were UPF or not.

“It seemed strange that non-UPF food included beef, pork, lamb chicken or turkey sandwich (all processed meats); cream; pancakes or waffles; pie, home-baked or readymade; popcorn; potato or

corn chips; soy milk; and tomato sauce, as well as distilled alcohol and dairy coffee.

“Individual foods such as UPF breads or cereals and indeed microwaveable meals were by themselves not associated with the ‘early Parkinson disease symptoms’ while sauces, sweets, artificial sweetened drinks and desserts were as well as savoury snacks, animal and dairy products including yogurts. Such foods are associated with diabetes mellitus and vascular (heart) disease, respectively, which can impact on brain disease because of their sugar and trans fat contents, respectively.

“However, it is not the first study to show associations of UPF and brain disease. We early wrote a piece on studies investigating dementia risk and processed meat consumption

https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619 A healthy varied whole food diet is associated with prevention of many diseases including dementia.

“Lastly, these two cohorts were mainly white health professionals so the results do not necessarily translate to everyone.

“So this study may be affected by UPF categorisation as a predictor, where also not all UPF foods showed an association; the limited study group associations were assessed in (only mainly white health professionals and nurses) and also by the outcome, as these symptoms are not necessarily predictive of Parkinson’s disease, nor were these symptoms individually all associated with UPF consumption.”

Dr Daniel J van Wamelen, Clinical Senior Lecturer in Neuroscience and Honorary Consultant Neurologist, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said:

“The findings in this study are interesting and appear to be based on solid research with conclusions well supported by the data. However, it is important to highlight that the symptoms examined in this study are possible early signs of Parkinson’s disease, not definitive indicators that someone will go on to develop it. The study did not track whether participants were diagnosed with Parkinson’s later on.

“Many of the individual symptoms noted, such as sleep disturbances, constipation, and mood changes, are common in the general population. While the study found that people who ate more ultra-processed foods tended to report more of these non-motor symptoms, it did not find a direct increase in the risk of Parkinson’s disease itself. That said, having more of these symptoms suggests a higher risk over time. For example, a person experiencing a combination of REM sleep behaviour disorder, constipation, and depressive symptoms has a higher likelihood of developing Parkinson’s down the line, but the risk is not absolute. To better understand the long-term implications, we would need a longer follow-up to see how many participants go on to develop Parkinson’s and how this is associated with their diet.

“In short, this is an interesting piece of research addressing important questions. But the connection to Parkinson’s disease should be viewed with caution until more definitive evidence becomes available.”

‘Long-Term Consumption of Ultraprocessed Foods and Prodromal Features of Parkinson Disease’ by Peilu Wang et al. was published in Neurology at 21:00 UK time on Wednesday 7 May 2025.

DOI: 10.1212/WNL.0000000000213562

Declared interests

Dr Katherine Fletcher: “The author declares that they have no known competing financial interests or personal relationships that could have appeared to influence their comment reported in this article.”

Prof Eef Hogervorst: “A previous consultancy for Proctor on omega 3 and folic acid supplement review to protect against dementia (these did not in meta-analyses), and unpaid but a travel reimbursed media appearance (breakfast TV BBC) to discuss the Lancet 2024 risk factors for dementia and her own articles including the Conversation piece on nutrition and dementia risk https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619. Eef also acted as unpaid but travel reimbursed consultant for NICE on menopausal HRT and dementia risk and has received travel reimbursement to speak at ESG and BMS conference on dementia prevention in 2024/2025.”

Dr Daniel J van Wamelen: “Supported by research funding from CHDI Inc, MRC, and BRC; received travel grants and speaker fees for educational purposes from Bial Pharma; served on advisory boards for Britannia Pharmaceuticals and Invisio Pharma; received in kind contributions (equipment) from Chrono Eyewear BV for research projects.”

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Six in North Carolina
Source: Office of United States Attorneys

RALEIGH, N.C. – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

“The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

“Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

The FBI’s Charlotte Field Office arrested six people as part of this operation across North Carolina.
- John Matthew Miller, of Wilmington, 35, is charged with sex trafficking of a minor; enticing a minor to engage in illegal sexual conduct; and producing, distributing, receiving, and possessing child sexual abuse material. Miller was previously convicted of sexual battery and was a registered sex offender at the time of the offense. Miller faces at least 25 years and up to life in prison if convicted on all counts.
- Jesse Lonzo Teal, of Bolivia, 72, also known as “Lonnie” and “Mark,” is charged with sex trafficking of a minor, enticing a minor to engage in illegal sexual conduct, producing child sexual abuse material, and using the internet to promote an illegal prostitution business enterprise. He faces at least ten years and up to life imprisonment if convicted on all counts.
- William Justin Lewis, of Louisburg, 54, is charged with distributing child sexual abuse material and possessing child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count.
- Donte Melvin Peek, of Durham, 34, is charged with attempted enticement of a minor, distribution of child sexual abuse material, receipt of child sexual abuse material, and possession of child sexual abuse material. He faces at least 10 years imprisonment and up to life imprisonment on the enticement charge and up to twenty years in federal prison on the possession count, if convicted.
- Jonathan Robert Davlin, of Huntersville, 48, is charged with transportation of child sexual abuse material and possession and access with intent to view child sexual abuse material involving prepubescent minors. He faces at least five years and up to twenty years imprisonment on the transportation count and up to twenty years imprisonment on the possession count.
- Terrell Shawn Anderson, previously of Charlotte, 30, is charged with distributing child sexual abuse material and possession child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count. He was arrested by FBI Atlanta.
“These important cases reflect the unwavering commitment of our office and our justice system to protect the most vulnerable members of our community—our children. We will continue to work closely with the FBI and our other law enforcement partners to ensure that those who commit such heinous acts are held accountable,” said Acting U.S. Attorney Daniel P. Bubar for the Eastern District of North Carolina. “There is no place in our community for those who prey on children, and we will do everything we can to not only seek justice for the victims, but to prevent additional child exploitation crimes.”

“Producing and exchanging child sexual abuse material (CSAM) is a sickening reality in our world and it’s not just happening on the dark web. Pedophiles use the same platforms your family and friends use. No matter where this crime is occurring the FBI will find you. The Violent Crimes Against Children (VCAC) program is uniquely positioned to work complex global and multijurisdictional crimes against children with the capacity to counter threats of abuse and exploitation of children,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina.

Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org. The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

Other online resources:

Electronic Press Kit

Violent Crimes Against Children

How we can help you: Parents and caregivers protecting your kids

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

###

MIL Security OSI –
May 8, 2025
MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Alleged Child Sex Abuse Offenders Arrested in FBI-Led Five-Day Nationwide Crackdown
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

Seven cases move forward in Western Washington during National Child Abuse Prevention month
Seattle – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrest of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

“The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

“Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state, and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

In the Western District of Washington, seven federal cases moved forward with criminal charges, pleas, and/or sentencings of those who target minors for sexual abuse.

“There is no greater responsibility than protecting our children from those seeking to sexually abuse them, either online or in person,” said Acting U.S. Attorney Teal Luthy Miller. “The cases we prosecuted over the last month charging child sexual exploitation in person and over the internet, and child sex trafficking are examples of the difficult work we do every day with our law enforcement partners to try to keep children safe.”

“FBI Seattle’s Violent Crimes Against Children squad and our partners are hard at work, not only during Child Abuse Prevention Month in April, but also throughout the year,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are arresting predators, recovering children, and assisting victims through the support of our victim specialists. Just this fiscal year in the Seattle division, we have arrested 122 subjects and identified or located 59 children.”

These are the FBI-led child sex abuse cases prosecuted in the Western District of Washington in April 2025:
- Convicted sex offender Mitchell Francis Dufault, 36, was sentenced April 7, 2025, to ten years in prison and lifetime supervised release. Dufault distributed images of child sexual abuse via an internet platform and communicated with young people about sexually explicit conduct. Dufault has a prior conviction for child molestation.
- Shante Broady, 37, was arrested April 11, 2025, and charged with sex trafficking through force fraud and coercion and transporting a victim for the purpose of prostitution through coercion and enticement. Broady’s alleged sex trafficking involves both adult and juvenile victims.
Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

Other online resources:

Electronic Press Kit

Violent Crimes Against Children

How we can help you: Parents and caregivers protecting your kids

The charges contained in the indictments or criminal complaints are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

These cases are being prosecuted by Assistant United States Attorneys Cecelia Gregson, Kate Crisham, and Special Assistant United States Attorney Laura Harmon. Ms. Harmon is a Senior Deputy Prosecutor with the King County Prosecutors Office, specially designated to prosecute child exploitation cases in federal court.
MIL Security OSI –
May 8, 2025

MIL-OSI: Great Elm Group Reports Fiscal 2025 Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., May 07, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal third quarter ended March 31, 2025.

Fiscal Third Quarter 2025 and Recent Highlights

In February 2025, Great Elm acquired the assets of Greenfield CRE and formed Monomoy Construction Services, LLC (“MCS”), combining the assets of Greenfield CRE and the assets of Monomoy BTS Construction Management (“MCM”).
- MCS is an integrated, full-service construction business serving Great Elm’s real estate verticals as well as its growing third-party project management services.
GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”), as of March 31, 2025, totaled approximately $565 million and $768 million, respectively.
- FPAUM and AUM growth of 15% and 12%, respectively, compared to the prior-year period.
Total revenue for the third quarter grew 15% to $3.2 million, compared to $2.8 million for the prior-year period.
- Growth in revenue was primarily driven by increased revenue from real estate project management fees and rental income as well as increased management fees from Great Elm Capital Corp. (“GECC”) attributable to FPAUM growth.
Net loss from continuing operations for the third quarter was ($4.5) million, compared to net loss from continuing operations of ($2.9) million in the prior-year period.
- Net loss was primarily driven by unrealized losses related to certain investment positions marked down at quarter-end, which the Company expects to reverse over time, assuming market conditions stabilize.
Adjusted EBITDA for the third quarter was $0.5 million, compared to $1.2 million in the prior-year period.
Through May 6, 2025, Great Elm has repurchased approximately 4.8 million shares for $8.7 million, at an average cost of $1.84 per share, through its share repurchase program.
- Book value per share was $2.14 as of March 31, 2025, excluding Consolidated Funds.
As of March 31, 2025, GEG had approximately $32 million of cash on its balance sheet to support growth initiatives across its alternative asset management platform.
Subsequent to quarter end, GECC launched a $100 million At-the-Market equity program, providing additional capital flexibility.

Management Commentary

Jason Reese, Chief Executive Officer of the Company stated, “We achieved a solid fiscal third quarter 2025, continuing our positive momentum by expanding our assets under management and maintaining performance across our credit and real estate businesses. Notably, GECC delivered record total investment income in the first calendar quarter of 2025 and continues to drive significant growth in our fee-paying assets under management. GECC is also well positioned to pay meaningful incentive fees to GEG in the coming quarters.”

“In real estate, our launch of Monomoy Construction Services in February through our acquisition of Greenfield CRE adds specialized construction experience to our expanding real estate platform and has been well received by Monomoy’s tenants. As the integration of MCS progresses, we remain focused on our robust project and property pipeline. At Monomoy BTS, we closed on a land purchase for our third development property during the quarter and expect to complete the project during the calendar year. Finally, during the quarter, we continued to repurchase our shares at an attractive discount to book value. Looking ahead, we remain committed to growing our core businesses and pursuing compelling investment opportunities to maximize long-term shareholder value.”

GEG Managed Vehicle Highlights

GECC delivered a strong first calendar quarter of 2025, generating record Total Investment Income (“TII”), with Net Investment Income in excess of its increased quarterly distribution.
- TII of $12.5 million for the quarter ended March 31, 2025, was the highest in GECC’s history, driven by cash flows from its CLO JV and income from new investments.
- GECC increased its quarterly distribution by 5.7% for the first quarter of 2025, to $0.37 per share from $0.35 per share, which was paid on March 31, 2025.
- In May, GECC launched a $100 million At-the-Market equity program, providing additional capital flexibility.
Monomoy BTS and Monomoy REIT continued to execute on their strategic priorities.
- Monomoy BTS closed on a land purchase for its third build-to-suit property and made meaningful progress on its fourth project.
- Monomoy REIT acquired a property for approximately $3.0 million and maintains a strong pipeline of transaction opportunities and open requirements from its tenants.
Great Elm Credit Income Fund was stable in the first calendar quarter of 2025, weathering credit market volatility, and delivered a return from inception through March 31, 2025, of approximately 13.9%, net of fees.¹

Discussion of Financial Results for the Fiscal Third Quarter Ended March 31, 2025

GEG reported total revenue of $3.2 million, up 15% from $2.8 million in the prior-year period.

GEG recorded net loss from continuing operations of ($4.5) million, compared to net loss from continuing operations of ($2.9) million in the prior-year period. The net loss this quarter was primarily driven by unrealized losses related to certain investment positions marked down at quarter-end, which the Company expects to reverse over time, assuming market conditions stabilize.

GEG recorded Adjusted EBITDA of $0.5 million, compared to $1.2 million in the prior-year period.

Acquisition of Assets of Greenfield CRE

In February 2025, Great Elm acquired the assets of Greenfield CRE, a leading construction management company, and longstanding partner of Monomoy CRE, LLC, our real estate investment manager. In connection with the acquisition, Great Elm formed MCS and combined the assets of Greenfield CRE with the assets of MCM to launch an integrated, full-service construction business. With MCS, Monomoy will offer a full service, in-house suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

Stock Repurchase Program

In fiscal first quarter 2025, GEG’s Board of Directors approved an incremental stock repurchase program under which GEG is authorized to repurchase up to $20 million in the aggregate of its outstanding common stock in the open market. As of May 6, 2025, the Company has repurchased approximately 4.8 million shares for $8.7 million under this program.

Fiscal 2025 Third Quarter Conference Call & Webcast Information

When:	Thursday, May 8, 2025, 8:30 a.m. Eastern Time (ET)

Call:	All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13746971 if asked.

Webcast:	The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.

About Great Elm Group, Inc.

Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies.

Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations.

Endnotes
¹ Assumes invested at inception on November 1, 2023, and remained invested throughout the succeeding seventeen months ended March 31, 2025, with distributions reinvested, net of founder’s class fees and expenses. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its affiliates. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle.

Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelmcap.com

Great Elm Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands (except per share data)

ASSETS	March 31, 2025			June 30, 2024
Current assets
Cash and cash equivalents	$	31,528		$	48,147
Restricted cash		–			1,571
Receivables from managed funds		8,244			2,259
Investments in marketable securities		–			9,929
Investments, at fair value		47,955			44,585
Prepaid and other current assets		3,048			1,215
Real estate assets, net		7,981			5,769
Related party loan receivable		7,500			–
Assets of Consolidated Funds:
Cash and cash equivalents		3,221			2,371
Investments, at fair value		11,345			11,471
Other assets		236			253
Total current assets		121,058			127,570
Identifiable intangible assets, net		12,245			11,037
Goodwill		470			–
Right-of-use assets		1,690			225
Other assets		1,727			1,614
Total assets	$	137,190		$	140,446
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	2,030		$	317
Accrued expenses and other current liabilities		4,463			7,009
Current portion of related party payables		254			634
Current portion of lease liabilities		346			137
Liabilities of Consolidated Funds:
Payable for securities purchased		204			100
Accrued expenses and other liabilities		171			162
Total current liabilities		7,468			8,359
Lease liabilities, net of current portion		1,352			57
Long-term debt (face value $26,945)		26,302			26,090
Convertible notes (face value $36,380 and $35,494, including $16,578 and $16,174 held by related parties, respectively)		35,864			34,900
Other liabilities		889			845
Total liabilities		71,875			70,251
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding		–			–
Common stock, $0.001 par value; 350,000,000 shares authorized and 28,687,736 shares issued and 26,687,301 outstanding at March 31, 2025; and 31,875,285 shares issued and 30,494,448 outstanding at June 30, 2024		25			30
Additional paid-in-capital		3,310,838			3,315,638
Accumulated deficit		(3,253,636	)		(3,252,954	)
Total Great Elm Group, Inc. stockholders’ equity		57,227			62,714
Non-controlling interests		8,088			7,481
Total stockholders’ equity		65,315			70,195
Total liabilities and stockholders’ equity	$	137,190		$	140,446

Great Elm Group, Inc.
Condensed Consolidated Statements of Operations (unaudited)
Amounts in thousands (except per share data)

	For the three months ended March 31,						For the nine months ended March 31,
	2025			2024			2025			2024
Revenues	$	3,209		$	2,787		$	10,708		$	8,916
Cost of revenues		(11	)		–			1,082			–
Operating costs and expenses:
Investment management expenses		4,033			2,733			10,522			8,334
Depreciation and amortization		361			271			918			837
Selling, general and administrative		1,362			1,630			4,674			5,738
Expenses of Consolidated Funds		19			22			40			22
Total operating costs and expenses		5,775			4,656			16,154			14,931
Operating loss		(2,555	)		(1,869	)		(6,528	)		(6,015	)
Dividends and interest income		1,481			2,359			4,606			6,417
Net realized and unrealized gain (loss)		(2,439	)		(2,753	)		3,767			1,735
Net realized and unrealized gain (loss) on investments of Consolidated Funds		(338	)		131			(89	)		245
Interest and other income of Consolidated Funds		389			323			1,168			451
Interest expense		(1,039	)		(1,074	)		(3,097	)		(3,197	)
(Loss) income before income taxes from continuing operations		(4,501	)		(2,883	)		(173	)		(364	)
Income tax benefit (expense)		–			–			–			–
Net (loss) income from continuing operations		(4,501	)		(2,883	)		(173	)		(364	)
Discontinued operations:
Net income from discontinued operations		–			–			–			16
Net (loss) income	$	(4,501	)	$	(2,883	)	$	(173	)	$	(348	)
Less: net (loss) income attributable to non-controlling interest, continuing operations		(4	)		217			509			328
Net (loss) income attributable to Great Elm Group, Inc.	$	(4,497	)	$	(3,100	)	$	(682	)	$	(676	)
Net (loss) income attributable to shareholders per share
Basic	$	(0.17	)	$	(0.10	)	$	(0.02	)	$	(0.02	)
Diluted		(0.17	)		(0.10	)		(0.02	)		(0.02	)
Weighted average shares outstanding
Basic		26,915			30,066			28,000			29,844
Diluted		26,915			30,066			28,000			29,844

Great Elm Group, Inc.
Reconciliation from Net Income (loss) from Continuing Operations to Adjusted EBITDA
Dollar amounts in thousands

	Three months ended March 31,						Nine months ended March 31,
(in thousands)	2025			2024			2025			2024
Net income (loss) from continuing operations – GAAP	$	(4,501	)	$	(2,883	)	$	(173	)	$	(364	)
Interest expense		1,039			1,074			3,097			3,197
Income tax expense (benefit)		–			–			–			–
Depreciation and amortization		361			271			918			837
Non-cash compensation		796			698			2,668			2,426
(Gain) loss on investments		2,777			2,622			(3,678	)		(1,980	)
Change in contingent consideration		–			(554	)		(6	)		(518	)
Adjusted EBITDA	$	472		$	1,228		$	2,826		$	3,598

The MIL Network –

May 8, 2025

MIL-OSI: ESCO Reports Second Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

St. Louis, May 07, 2025 (GLOBE NEWSWIRE) — ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2025 (Q2 2025).

Operating Highlights

Q2 2025 Sales increased $16.4 million (7 percent) to $265.5 million compared to $249.1 million in Q2 2024.
Q2 2025 Entered Orders were $290.8 million for a book-to-bill ratio of 1.10x, resulting in record backlog of $932 million.
Q2 2025 GAAP EPS increased 33 percent to $1.20 per share compared to $0.90 per share in Q2 2024.
Q2 2025 Adjusted EPS increased 24 percent to $1.35 per share compared to $1.09 per share in Q2 2024.
Net cash provided by operating activities was $58 million YTD, an increase of $39 million compared to the prior year period.

Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another strong quarter as we delivered 7 percent top line growth, 250 basis points of Adjusted EBITDA margin expansion, and a 24 percent increase in Adjusted EPS compared to the prior year. All three segments delivered solid revenue growth, highlighted by strength across our Navy, commercial aerospace, utility, and Test end-markets. It was very positive to see orders increase 22 percent over the prior year, with particular strength in both USG and Test.

“As previously announced, we closed the SM&P acquisition on April 25^th. Going forward, SM&P will be known as ESCO Maritime Solutions (Maritime). We are happy to welcome the Maritime employees to the ESCO team. Maritime’s signature and power management solutions meaningfully expand our naval product offerings in both the US and UK. We are optimistic about the future of ESCO and are pleased to have Maritime join us as an integral part of that journey.”

Segment Performance

Aerospace & Defense (A&D)

Sales increased $8.7 million (8 percent) to $123.4 million in Q2 2025 from $114.7 million in Q2 2024. The Q2 increase was driven by strength in Navy and aerospace sales.
EBIT increased $6.9 million in Q2 2025 to $30.3 million from $23.4 million in Q2 2024. Adjusted EBIT increased $6.7 million in Q2 2025 to $30.3 million (24.6 percent margin) from $23.6 million (20.6 percent margin) in Q2 2024. Margin improvement was driven by price increases and mix, partially offset by inflationary pressures.
Entered Orders increased $6 million (5 percent) to $122 million in Q2 2025 compared to $116 million in Q2 2024. Q2 2025 included a $6M order for PTI’s cartridge actuated devices/propellant actuated devices (CAD/PAD) products. The segment book-to-bill was 0.99x in the quarter, resulting in ending backlog of $605 million.

Utility Solutions Group (USG)

Sales increased $3.5 million (4 percent) to $90.8 million in Q2 2025 from $87.3 million in Q2 2024. Doble’s sales increased by $3.5 million (5 percent) driven by a strong quarter for offline and protection testing products and services, partially offset by lower cybersecurity/compliance (DUCe) solutions. NRG sales were flat to the prior year due to moderation in renewable energy projects.
EBIT increased $3.2 million in Q2 2025 to $20.8 million from $17.6 million in Q2 2024. Adjusted EBIT increased $3.3 million in Q2 2025 to $20.9 million (23.0 percent margin) from $17.6 million (20.1 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases and mix, partially offset by inflationary pressures.
Entered Orders increased $13 million (17 percent) to $92 million in Q2 2025. Doble orders increased by $11 million (17 percent) on strong offline test equipment and services orders. NRG orders increased by $2 million (15 percent) driven by solar orders in North America and EMEA. The segment book-to-bill was 1.02x in the quarter, resulting in ending backlog of $124 million.

RF Test & Measurement (Test)

Sales increased $4.3 million (9 percent) to $51.4 million in Q2 2025 from $47.1 million in Q2 2024. Sales growth was primarily driven by higher Test and Measurement, industrial shielding, and medical services in the US, along with a strong quarter for MPE filters projects.
EBIT increased $0.9 million in Q2 2025 to $6.4 million from $5.5 million in Q2 2024. Adjusted EBIT increased $0.7 million in Q2 2025 to $6.4 million (12.4 percent margin) from $5.7 million (12.2 percent margin) in Q2 2024. Margin was favorably impacted by leverage on higher volume, price increases, and cost reduction efforts, partially offset by unfavorable mix and inflationary pressures.
Entered Orders increased $33 million (75 percent) to $77 million in Q2 2025. The increase was primarily driven by a strong quarter for US Test & Measurement, filters, and medical and industrial shielding orders. In addition, orders in China increased $9M in the quarter, primarily related to Test & Measurement projects. The segment book-to-bill was 1.50x in the quarter, resulting in ending backlog of $203 million.

Business Outlook – 2025

Guidance for Q3 2025 and FY 2025 is being shown both with and without the impact of Maritime to provide insight into our expectations for Maritime’s impact on the remainder of Q3 2025 (approximately 2 months) and FY 2025 (approximately 5 months). The transaction costs and purchase accounting amortization associated with the Maritime acquisition have not yet been finalized and are not included in our current business outlook.

Consistent with our initial FY 2025 guidance, organic sales are expected to grow 6 to 8 percent in FY 2025. Maritime is expected to contribute sales in the range of $90 to $100 million in FY 2025.

	Guidance Range ($ Millions)
Sales Guidance excluding Maritime	$	1,090	$	1,110
Maritime Impact	$	90	$	100
Sales Guidance including Maritime	$	1,180	$	1,210

In our Q1 2025 earnings release (dated 2/6/2025), FY 2025 Adjusted EPS guidance was increased to $5.55-$5.75. Due to continued market strength and improvement in operational performance, we are raising our full-year guidance by another $0.10 to $5.65 to $5.85 (18 to 23 percent growth over the prior year). Maritime is expected to contribute Adjusted EPS in the range of $0.20 – $0.30 in FY 2025.

	Guidance Range
Previous FY 2025 Adjusted EPS Guidance	$	5.55	$	5.75
Guidance Increase	$	0.10	$	0.10
Updated FY’25 Adjusted EPS Guidance excluding Maritime	$	5.65	$	5.85
Maritime Impact	$	0.20	$	0.30
Updated FY’25 Adjusted EPS Guidance including Maritime	$	5.85	$	6.15

Management’s expectation is for Q3 Adjusted EPS without Maritime to be in the range of $1.50 to $1.60 (15 to 22 percent growth over the prior year quarter). Maritime is expected to add Adjusted EPS in the range of $0.08 to $0.12 in Q3 2025.

	Guidance Range
Q3 2025 Adjusted EPS Guidance excluding Maritime	$	1.50	$	1.60
Maritime Impact	$	0.08	$	0.12
Q3 2025 Adjusted EPS Guidance including Maritime	$	1.58	$	1.72

Dividend Payment
The next quarterly cash dividend of $0.08 per share will be paid on July 17, 2025 to stockholders of record on July 2, 2025.

Conference Call
The Company will host a conference call today, May 7, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2025 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.

Forward-Looking Statements
Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2025, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

Investors are cautioned that such statements are only predictions and speak only as of the date of this presentation, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and the following: the timing and outcome, if any, of the Company’s strategic alternatives review of the VACCO business; the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components or supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.

Non-GAAP Financial Measures
The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

About ESCO
ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share amounts)

						Three Months Ended March 31, 2025			Three Months Ended March 31, 2024

Net Sales					$	265,519			249,129
Cost and Expenses:
		Cost of sales				156,298			152,347
		Selling, general and administrative expenses				58,163			55,097
		Amortization of intangible assets				7,989			8,572
		Interest expense				2,195			3,226
		Other expenses (income), net				375			666
			Total costs and expenses			225,020			219,908

Earnings before income taxes						40,499			29,221
Income tax expense						9,466			6,002

			Net earnings		$	31,033			23,219

				Earnings Per Share (EPS)

				Diluted – GAAP	$	1.20			0.90

				Diluted – As Adjusted Basis	$	1.35	(1	)	1.09	(2	)

				Diluted average common shares O/S:		25,877			25,847

(1	)	Q2 2025 Adjusted EPS excludes $0.15 per share of after-tax charges consisting primarily of acquisition related amortization.

(2	)	Q2 2024 Adjusted EPS excludes $0.19 per share of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share amounts)

						Six Months Ended March 31, 2025				Six Months Ended March 31, 2024

Net Sales					$	512,545				467,443
Cost and Expenses:
		Cost of sales				304,940				286,498
		Selling, general and administrative expenses				116,947				109,065
		Amortization of intangible assets				15,982				16,440
		Interest expense				4,452				5,893
		Other expenses (income), net				(216	)			872
			Total costs and expenses			442,105				418,768

Earnings before income taxes						70,440				48,675
Income tax expense						15,934				10,287

			Net earnings		$	54,506				38,388

				Earnings Per Share (EPS)

				Diluted – GAAP	$	2.11				1.49

				Diluted – As Adjusted Basis	$	2.42		(1	)	1.85	(2	)

				Diluted average common shares O/S:		25,854				25,846

(1	)	YTD Q2 2025 Adjusted EPS excludes $0.31 per share of after-tax charges consisting primarily of $0.01 of restructuring charges within the Test segment and $0.30 of acquisition related amortization.

(2	)	YTD Q2 2024 Adjusted EPS excludes $0.36 per share of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information (Unaudited)
(Dollars in thousands)

				GAAP				As Adjusted
				Q2 2025		Q2 2024		Q2 2025		Q2 2024
Net Sales
	Aerospace & Defense		$	123,369		114,701		123,369		114,701
	USG			90,767		87,309		90,767		87,309
	Test			51,383		47,119		51,383		47,119
		Totals	$	265,519		249,129		265,519		249,129

EBIT
	Aerospace & Defense		$	30,296		23,377		30,298		23,640
	USG			20,779		17,575		20,862		17,575
	Test			6,369		5,542		6,369		5,745
	Corporate			(14,750	)	(14,047	)	(9,648	)	(8,260	)
		Consolidated EBIT		42,694		32,447		47,881		38,700
		Less: Interest expense		(2,195	)	(3,226	)	(2,195	)	(3,226	)
		Less: Income tax expense		(9,466	)	(6,002	)	(10,659	)	(7,440	)
		Net earnings	$	31,033		23,219		35,027		28,034

Note 1: Adjusted net earnings of $35.0 million in Q2 2025 exclude $4.0 million (or $0.15 per share) of after-tax charges consisting primarily of acquisition related amortization.

Note 2: Adjusted net earnings of $28.0 million in Q2 2024 exclude $4.8 million (or $0.19 per share) of after-tax charges consisting of: $0.02 of MPE acquisition backlog charges, $0.02 of restructuring charges (primarily severance) within the Test and A&D segments, and $0.15 of acquisition related amortization.

EBITDA Reconciliation to Net earnings:								Q2 2025 –		Q2 2024 –
				Q2 2025		Q2 2024		As Adjusted		As Adjusted
Consolidated EBITDA			$	56,668		46,550		56,895		47,174
Less: Depr & Amort				(13,974	)	(14,103	)	(9,014	)	(8,474	)
Consolidated EBIT				42,694		32,447		47,881		38,700
Less: Interest expense				(2,195	)	(3,226	)	(2,195	)	(3,226	)
Less: Income tax expense				(9,466	)	(6,002	)	(10,659	)	(7,440	)
Net earnings			$	31,033		23,219		35,027		28,034

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information (Unaudited)
(Dollars in thousands)

				GAAP				As Adjusted
				YTD Q2 2025		YTD Q2 2024		YTD Q2 2025		YTD Q2 2024
Net Sales
	Aerospace & Defense		$	237,670		209,434		237,670		209,434
	USG			177,427		170,293		177,427		170,293
	Test			97,448		87,716		97,448		87,716
		Totals	$	512,545		467,443		512,545		467,443

EBIT
	Aerospace & Defense		$	51,892		40,040		51,920		40,303
	USG			41,269		35,200		41,352		35,320
	Test			10,791		7,321		11,256		7,797
	Corporate			(29,060	)	(27,993	)	(18,959	)	(16,860	)
		Consolidated EBIT		74,892		54,568		85,569		66,560
		Less: Interest expense		(4,452	)	(5,893	)	(4,452	)	(5,893	)
		Less: Income tax		(15,934	)	(10,287	)	(18,390	)	(13,045	)
		Net earnings	$	54,506		38,388		62,727		47,622

Note 1: Adjusted net earnings of $62.7 million in YTD 2025 exclude $8.2 million (or $0.31 per share) of after-tax charges consisting of: $0.01 of restructuring charges within the Test segment and acquisition related costs at Corporate, and $0.30 of acquisition related amortization.

Note 2: Adjusted net earnings of $47.6 million in YTD 2024 exclude $9.2 million (or $0.36 per share) of after-tax charges consisting of: $0.05 of MPE acquisition backlog and inventory step-up charges and acquisition costs, $0.02 of restructuring costs (primarily severance) within the Test and A&D segments, and $0.29 of acquisition related amortization.

EBITDA Reconciliation to Net earnings:								YTD		YTD
				YTD		YTD		Q2 2025 –		Q2 2024 –
				Q2 2025		Q2 2024		As Adjusted		As Adjusted
Consolidated EBITDA			$	102,673		82,123		103,393		83,582
Less: Depr & Amort				(27,781	)	(27,555	)	(17,824	)	(17,022	)
Consolidated EBIT				74,892		54,568		85,569		66,560
Less: Interest expense				(4,452	)	(5,893	)	(4,452	)	(5,893	)
Less: Income tax expense				(15,934	)	(10,287	)	(18,390	)	(13,045	)
Net earnings			$	54,506		38,388		62,727		47,622

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)

				March 31, 2025	September 30, 2024

Assets
	Cash and cash equivalents		$	57,397	65,963
	Accounts receivable, net			218,123	240,680
	Contract assets			125,281	130,534
	Inventories			231,200	209,164
	Other current assets			28,752	22,308
		Total current assets		660,753	668,649
	Property, plant and equipment, net			172,081	170,596
	Intangible assets, net			394,594	407,602
	Goodwill			536,222	539,899
	Operating lease assets			38,322	37,744
	Other assets			13,690	14,130
			$	1,815,662	1,838,620

Liabilities and Shareholders’ Equity
	Current maturities of long-term debt		$	20,000	20,000
	Accounts payable			81,244	98,371
	Contract liabilities			128,114	124,845
	Other current liabilities			92,661	106,638
		Total current liabilities		322,019	349,854
	Deferred tax liabilities			72,580	75,333
	Non-current operating lease liabilities			35,948	34,810
	Other liabilities			39,787	39,273
	Long-term debt			68,000	102,000
	Shareholders’ equity			1,277,328	1,237,350
			$	1,815,662	1,838,620

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)

		Six Months Ended March 31, 2025		Six Months Ended March 31, 2024
Cash flows from operating activities:
Net earnings	$	54,506		38,388
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization		27,781		27,555
Stock compensation expense		5,323		4,144
Changes in assets and liabilities		(27,207	)	(47,869	)
Effect of deferred taxes		(2,128	)	(2,981	)
Net cash provided by operating activities		58,275		19,237

Cash flows from investing activities:
Acquisition of business, net of cash acquired				(56,179	)
Capital expenditures		(15,350	)	(16,301	)
Additions to capitalized software		(5,465	)	(5,912	)
Net cash used by investing activities		(20,815	)	(78,392	)

Cash flows from financing activities:
Proceeds from long-term debt		66,000		154,000
Principal payments on long-term debt and short-term borrowings		(100,000	)	(65,000	)
Dividends paid		(4,130	)	(4,125	)
Purchases of common stock into treasury				(7,189	)
Other		(6,146	)	(1,432	)
Net cash (used) provided by financing activities		(44,276	)	76,254

Effect of exchange rate changes on cash and cash equivalents		(1,750	)	471

Net (decrease) increase in cash and cash equivalents		(8,566	)	17,570
Cash and cash equivalents, beginning of period		65,963		41,866
Cash and cash equivalents, end of period	$	57,397		59,436

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Other Selected Financial Data (Unaudited)
(Dollars in thousands)

Backlog And Entered Orders – Q2 2025			A&D		USG		Test		Total
	Beginning Backlog – 1/1/25	$	606,687		122,857		177,404		906,948
	Entered Orders		121,706		92,184		76,950		290,840
	Sales		(123,369	)	(90,767	)	(51,383	)	(265,519	)
	Ending Backlog – 3/31/25	$	605,024		124,274		202,971		932,269

Backlog And Entered Orders – YTD Q2 2025			A&D		USG		Test		Total
	Beginning Backlog – 10/1/24	$	600,382		119,943		158,644		878,969
	Entered Orders		242,312		181,758		141,775		565,845
	Sales		(237,670	)	(177,427	)	(97,448	)	(512,545	)
	Ending Backlog – 3/31/25	$	605,024		124,274		202,971		932,269

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (Unaudited)

EPS – Adjusted Basis Reconciliation – Q2 2025
	EPS – GAAP Basis – Q2 2025	$	1.20
	Adjustments (defined below)		0.15
	EPS – As Adjusted Basis – Q2 2025	$	1.35

	Adjustments exclude $0.15 per share consisting primarily of acquisition
	related amortization.
	The $0.15 of EPS adjustments per share consists of $5.2 million of pre-tax
	charges offset by $1.2 million of tax benefit for net impact of $4 million.

EPS – Adjusted Basis Reconciliation – Q2 2024
	EPS – GAAP Basis – Q2 2024	$	0.90
	Adjustments (defined below)		0.19
	EPS – As Adjusted Basis – Q2 2024	$	1.09

	Adjustments exclude $0.19 per share consisting primarily of $0.02 of MPE
	acquisition backlog charges, $0.02 of restructuring charges within the Test
	and A&D segments, and $0.15 of acquisition related amortization.
	The $0.19 of EPS adjustments per share consists of $6.2 million of pre-tax charges
	offset by $1.4 million of tax benefit for net impact of $4.8 million.

EPS – Adjusted Basis Reconciliation – YTD Q2 2025
	EPS – GAAP Basis – YTD Q2 2025	$	2.11
	Adjustments (defined below)		0.31
	EPS – As Adjusted Basis – YTD Q2 2025	$	2.42

	Adjustments exclude $0.31 per share consisting primarily of $0.01 of restructuring
	charges within the Test segment and $0.30 of acquisition related amortization.
	The $0.31 of EPS adjustments per share consists of $10.7 million of pre-tax charges
	offset by $2.5 million of tax benefit for net impact of $8.2 million.

EPS – Adjusted Basis Reconciliation – YTD Q2 2024
	EPS – GAAP Basis – YTD Q2 2024	$	1.49
	Adjustments (defined below)		0.36
	EPS – As Adjusted Basis – YTD Q2 2024	$	1.85

	Adjustments exclude $0.36 per share consisting primarily of $0.05 of MPE acquisition
	backlog charges, inventory step-up charges and acquisition costs, $0.02 of
	restructuring charges, and $0.29 of acquisition related amortization.
	The $0.36 of EPS adjustments per share consists of $12 million of pre-tax charges
	offset by $2.8 million of tax benefit for net impact of $9.2 million.

SOURCE ESCO Technologies Inc.
Kate Lowrey, Vice President of Investor Relations, (314) 213-7277

The MIL Network –

May 8, 2025

MIL-OSI Canada: Breaking barriers in child care
Licensed child-care providers can now apply for up to $5 million in new funding through the second intake of the Inclusive Spaces Program Grant. Applications are open until June 13, as part of the $15-million federal-provincial investment in the Inclusive Spaces Program Grant under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement. Investing in inclusive child-care spaces is essential to supporting Alberta’s growing population, strengthening workforce participation and ensuring all children have an accessible space in Alberta’s high-quality child-care system.

The Inclusive Spaces Program Grant helps licensed daycares, preschools and family day home agencies improve their spaces and programming for children with diverse cultural, linguistic and support needs. More than 100 projects were approved during the first intake. The second and third intakes will create hundreds of new opportunities to transform child-care spaces across the province.

“Every child deserves access to high-quality care that meets their unique needs. This funding is expanding inclusive spaces throughout Alberta – making a difference in every corner of the province.”

Matt Jones, Minister of Jobs, Economy and Trade

More Alberta families can now access child care with personalized, inclusive or modified supports. Whether that means adding wheelchair-accessible washrooms, building sensory-friendly areas, or incorporating multilingual resources into daily programming, this funding provides better quality child care for Alberta’s kids.

This work is part of Alberta’s broader effort to expand access to high-quality early learning and child care, while also ensuring existing child-care spaces work for as many families as possible. By reducing barriers for children requiring additional support, the government is empowering more parents to stay in the workforce and helping more children to thrive in safe, engaging environments.

“As a proud recipient of the Inclusive Spaces Grant in Intake 1, we are thrilled to see the government’s continued commitment to inclusive child care. This funding will help child-care providers like us create a welcoming environment where children of all abilities and cultural backgrounds can grow, play and thrive together.”

Hayat El-Ossmani, owner and director, B-Smart Learning Center

The Inclusive Spaces Program Grant complements Alberta’s Inclusive Child Care Program and Access, Support and Participation Program, which provide ongoing supports to child-care providers and prevent the exclusion of children with diverse needs.

Every child deserves to feel seen, supported and included. Alberta’s government, in partnership with the federal government, is making that dream a reality – helping child-care centres across the province open their doors even wider.

Quick facts
- Alberta launched the $15-million Inclusive Spaces Program Grant in December 2024 in partnership with the federal government. Its funding is being distributed in three equal intakes of $5 million.
- Through this grant, Alberta’s government has already distributed $5 million across 105 programs, supporting projects that will make child care more welcoming and accessible to everyone.
  - 75 grants were issued for materials, with project costs ranging from $1,200 to $116,000.
  - 30 grants were issued for renovations, with project costs ranging from $9,700 to $256,000.
- The second of three $5-million intake periods is now open and will close on June 13.
  - This will be followed by one more intake period in fall 2025 to finish allocating the full $15 million in funding.
- Applications will be assessed through Alberta’s Ministry of Jobs, Economy and Trade.
Related information
- Child care – supports for inclusion
- Inclusive Spaces Program Grant
- Canada-Alberta Canada-Wide Early Learning and Child Care Agreement
Related news
- Alberta’s inclusive spaces transformation (Dec. 13, 2024)
MIL OSI Canada News –
May 8, 2025
MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts
Source: GlobeNewswire (MIL-OSI)

New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

Discover your destiny with the best fortune tellers online, offering accurate fortune telling that delivers clarity, truth, and trusted predictions.

⇒ Find out what your future holds – talk to the best fortune teller now!

As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

Now, people can experience the best fortune teller online and receive accurate fortune telling with clear answers to their most important life questions.

⇒ Don’t guess your future – ask the best fortune teller!

How The Psychic Experts Pick the Best Fortune Tellers

After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

1. Accuracy & Intuition

Do these psychic readers align their readings with events and real-life emotions?

2. Communication Style

Are they communicating with clarity, empathy, and honesty?

3. Reading Tools & Techniques

What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

4. Ratings & Reviews

Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

5. Ethics & Energy

Do they offer genuine spiritual service or try to upsell or manipulate their clients?

Find peace of mind with the best fortune tellers specializing in accurate fortune telling for love, career, and personal growth.

⇒ The answers you need are here – talk to a verified fortune teller!

What Is Fortune Telling and Why Does It Matter in 2025?

Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools.

This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

⇒ Real insights, real answers – start accurate fortune telling!

2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:
- New relationships
- Critical business and career decisions
- Spiritual or karmic guidance
- Emotional wounds from the past
- Dreams and their interpretation
- Complex situations arise with everyday choices.
⇒ Ask anything, get instant answers from the best fortune teller!

Why Online Fortune Telling Is Booming In 2025

With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

⇒ Wondering what’s next? Ask the best fortune teller now!

The rise of fortune teller online services in 2025 is more prominent than ever.

Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

There are many benefits of online fortune-telling in 2025, and some of them are:
- Instant access to fortune-telling: There is no need to book weeks in advance.
- Global Access: Connecting spiritual seekers with top psychics from all over the world.
- A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
- Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
- Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
- Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.
If you still don’t know where to begin, you can try the free fortune teller online feature on the-psychic-experts.com. It is risk-free and 100% genuine and authentic.

⇒ Discover your destiny with the best fortune teller today!

Why the Whole World Is Turning to Online Fortune Tellers in 2025

Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

So, whether it’s love, career, family, or personal growth, every modern spiritual guidance-seeking individual is turning to fortune teller online services for answers to their worldly and otherworldly problems.

⇒ Free fortune teller is live – ask your question now!

However, not all readers out there are genuine or exceptional. While many websites and apps have made access to fortune tellers quite easy and affordable, it is not necessary that the said fortune tellers will always turn out to be authentic or real. This is why it is important to make sure that the quality of fortune that you are going to get will be of the highest level.

The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

⇒ Talk to the best fortune teller now and change your life!

The readings provided by these spiritual professionals are very accurate because they go through an intensive screening process, which depends on detailed user review analysis and direct testing. The rigorous selection process is the reason why this platform is trustworthy and ensures that every online fortune teller it ranks is 100% experienced and effective.

Unlike random listings or paid placements, the list of best fortune tellers by the psychic experts in 2025 list represents the top 1% of spiritual advisors. The reason for their authenticity is vigorous testing for accuracy, communication levels with their clients, and spiritual alignment.

⇒ Don’t wait – get accurate fortune telling instantly online!

What Sets an Accurate Fortune Teller Apart in 2025?

What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction.

Fortune tellers also provide their clients with a better understanding of their future and correlate them with present circumstances so that the individual may make better decisions in their life, reflect on themselves, and grow personally, professionally, or spiritually.

⇒ Your answers are waiting – get a free fortune teller reading!

The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:
- Clarity in readings – There is no room for vague perceptions
- Emotional intelligence – alongside empathetic delivery
- Accurate predictions that match the desires and circumstances of the client
- Methodical tools – Using tarot, astrology, or numerology for fortune-telling
- Live interaction – Creating a real-time connection
Many top-rated psychics offer free fortune teller online sessions or discounted first readings, which greatly help users test their authenticity before committing.

⇒ Free, fast, and accurate – talk to a fortune teller now!

Top Features That Make a Fortune Teller Platform the Best

Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

Verified Reader Profiles
All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

Satisfaction Guarantee
Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

⇒ Let the best fortune teller guide your next move!

Real User Reviews
Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

Multiple Psychic Disciplines
From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

⇒ Take control of your destiny – try accurate fortune telling!

Most Popular Online Fortune Telling Methods in 2025

If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

Many online psychic platforms offer different ways to connect with fortune tellers.

Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:
- Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
- Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
- Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
- Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.
Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

⇒ Get life-changing clarity from the best fortune teller!

Most Popular Fortune Telling Services in 2025

People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

⇒ Discover the truth now with the best fortune teller online!

Pros

One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

Cons

One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

⇒ Experience accurate fortune telling that actually helps!

Different Types Of Fortune Telling Services In 2025

Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

Fortune Telling

This is the umbrella under which all other psychic and spiritual services fall.

Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user.

It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties.

Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

⇒ Get real answers fast from a free fortune teller!

Psychic Readings

Psychic readings go beyond what the eyes can see.

Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic.

The goal is not about prediction. Rather, it is about perspective.

A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision.

These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

Love Readings

Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated.

Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people.

These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

⇒ Reveal your future with accurate fortune telling!

Tarot Readings

Tarot is a timeless art of psychic reading.

It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message.

A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

Dream Analysis

Dreams are productions of the subconscious mind, but they always try to tell us something.

It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate.

Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

⇒ Find real clarity fast – talk to the best fortune teller today!

Astrology Readings

Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth.

An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns.

So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

Career Forecasts

Accurate fortune tellers can also help people align with their professional purpose.

These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie.

Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

⇒ Ready for answers? Connect with a free fortune teller today!

Numerology Readings

Numerology is the study of the energetic vibrations of numbers.

They govern how these numbers relate to human life.

Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons.

Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

Occult Readings

For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences.

These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems.

They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

⇒ Trusted and accurate fortune telling – start now!

Palmistry

Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client.

Every person’s palm is said to carry their narrative.

The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

Graphology

Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns.

Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

Paranormal Readings

Paranormal psychics explore realms that lie beyond the normal range of perception.

These readings focus on spiritual encounters, supernatural events, or unexplained phenomena.

For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

⇒ Get your personalized reading from a certified fortune teller!

Past Life Exploration

Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day.

Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history.

These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

Picture Readings

In picture readings, the fortune teller uses a photograph to measure the energy around a person.

That photograph could be of a person, place, or object, and it acts as an energetic anchor.

The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections.

This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

Faith-Based and Spiritual Readings

For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance.

These readings center around faith, life purpose, and spiritual alignment.

They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

⇒ Ask anything – the best fortune teller is online now!

Frequently Asked Questions

What exactly does a fortune teller do?

Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed.

They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

Are fortune-telling services accurate?

Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision.

However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions.

The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

What types of questions can I ask a fortune teller?

You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

The more specific your question is, the better, insightful, and more resourceful your reading will be.

Do I need to believe in the supernatural for a reading to work?

Not at all.

You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making.

All you need to do is come with an open mind and a willingness to explore new insights.

How do I choose the right type of reading?

Fortune telling or psychic reading is the safest and common method of reading.

If you’re unsure, start with a general fortune-telling or psychic reading.

However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field.

Many services also offer short and free trial readings, so you can test the reader before paying in full.

Is my information kept confidential?

Yes.

Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential.

So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

How long does a typical reading last?

Psychic reading times can vary from person to person.

While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

Many platforms offer flexible time slots depending on your needs and budget.

What’s the difference between a psychic and a fortune teller?

The term “fortune teller” is a broad term. It includes many types of intuitive readers.

Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person.

While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

Can I get a reading online or over the phone?

Absolutely. You can read online by availing yourself of the service of online fortune tellers.

Many fortune tellers offer remote services through online chat, phone calls, or email.

These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

How often should I get a reading?

There’s no right or wrong answer.

You can have readings as many times as you like or as your situation and personal needs demand.

Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

Final Words

Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

These services aren’t just for the mystically inclined.

Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity.

Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

Media Contact
Company: The Psychic Experts
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Email: support@the-psychic-experts.com
Address: 1 Fremont St, Las Vegas, NV 89101, USA
URL: https://the-psychic-experts.com/
Phone: +1 414-203-2598
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The MIL Network –
May 8, 2025

MIL-OSI: Symbotic Reports Second Quarter Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Mass., May 07, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its second quarter of fiscal year 2025, which ended on March 29, 2025. Symbotic posted revenue of $550 million, a net loss of $21 million and adjusted EBITDA¹ of $35 million for the second quarter of fiscal year 2025.

By comparison, in the second quarter of fiscal year 2024, Symbotic had revenue of $393 million, a net loss of $55 million and adjusted EBITDA¹ of $9 million.

Cash and cash equivalents increased by $52 million from the prior quarter to $955 million at the end of the second quarter of fiscal year 2025.

“Our execution has improved, and our margins expanded,” said Symbotic Chairman and Chief Executive Officer Rick Cohen. “With stronger project execution and a compelling roadmap of product innovation, we remain well-positioned to deliver increasing value to our stakeholders.”

“Second quarter revenue grew by 40% year-over-year, and we delivered a record number of system starts and completes,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking forward, we remain committed to delivering improved execution while investing to support our future growth and innovation.”

OUTLOOK

For the third quarter of fiscal 2025, Symbotic expects revenue of $520 million to $540 million, and adjusted EBITDA² of $26 million to $30 million.

WEBCAST INFORMATION

Symbotic will host a webcast today at 5:00 pm ET to discuss its second quarter of fiscal year 2025 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q2-2025.

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.

USE OF NON-GAAP FINANCIAL INFORMATION

Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.

Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; equity method investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to:

meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;
expand its target customer base and maintain its existing customer base;
realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;
realize its outlook, including its system gross margin;
anticipate industry trends;
maintain and enhance its system;
maintain the listing of the Symbotic Class A Common Stock on Nasdaq;
execute its growth strategy;
develop, design and sell systems that are differentiated from those of competitors;
execute its research and development strategy;
acquire, maintain, protect and enforce intellectual property;
attract, train and retain effective officers, key employees or directors;
comply with laws and regulations applicable to its business;
stay abreast of modified or new laws and regulations applying to its business;
successfully defend litigation;
issue equity securities in connection with future transactions;
meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
timely and effectively remediate any material weaknesses in its internal control over financial reporting;
anticipate rapid technological changes; and
effectively respond to general economic and business conditions.

Forward-looking statements also include, but are not limited to, statements with respect to:

the future performance of Symbotic’s business and operations;
expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;
expectations regarding cash flow, liquidity and sources of funding;
expectations regarding capital expenditures;
the anticipated benefits of Symbotic’s leadership structure;
the effects of pending and future legislation, regulation and trade practices, including tariffs;
business disruption;
disruption to the business due to Symbotic’s dependency on certain customers;
increasing competition in the warehouse automation industry;
any delays in the design, production or launch of Symbotic’s systems and products;
the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;
any defects in new products or enhancements to existing products;
the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; and
any consequences associated with joint ventures and legislative and regulatory actions and reforms.

Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition.

Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.

Annualized, projected and estimated numbers are not forecasts and may not reflect actual results.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

INVESTOR RELATIONS CONTACT

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

MEDIA INQUIRIES
mediainquiry@symbotic.com

Symbotic Inc. and Subsidiaries Consolidated Statements of Operations

	Three Months Ended									Six Months Ended
(in thousands, except share and per share information)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024
Revenue:
Systems	$	513,372		$	464,059		$	370,693		$	977,431		$	718,398
Software maintenance and support		6,685			5,525			2,566			12,210			4,735
Operation services		29,594			17,109			20,073			46,703			30,142
Total revenue		549,651			486,693			393,332			1,036,344			753,275
Cost of revenue:
Systems		414,560			381,819			342,124			796,378			626,071
Software maintenance and support		2,095			1,884			1,936			3,979			3,662
Operation services		25,168			22,951			19,052			48,120			29,266
Total cost of revenue		441,823			406,654			363,112			848,477			658,999
Gross profit		107,828			80,039			30,220			187,867			94,276
Operating expenses:
Research and development expenses		61,540			43,592			46,462			105,133			88,606
Selling, general, and administrative expenses		78,347			61,076			48,652			139,421			95,663
Total operating expenses		139,887			104,668			95,114			244,554			184,269
Operating loss		(32,059	)		(24,629	)		(64,894	)		(56,687	)		(89,993	)
Other income, net		11,714			7,823			9,812			19,536			16,011
Loss before income tax and equity method investment		(20,345	)		(16,806	)		(55,082	)		(37,151	)		(73,982	)
Income tax expense (benefit)		1,397			(150	)		252			1,248			80
Loss from equity method investment		(2,490	)		(1,564	)		—			(4,055	)		—
Net loss		(21,438	)		(18,520	)		(54,830	)		(39,958	)		(73,902	)
Net loss attributable to noncontrolling interests		(17,513	)		(15,044	)		(46,021	)		(32,557	)		(62,257	)
Net loss attributable to common stockholders	$	(3,925	)	$	(3,476	)	$	(8,809	)	$	(7,401	)	$	(11,645	)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.04	)	$	(0.03	)	$	(0.09	)		(0.07	)	$	(0.13	)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted		107,726,978			106,098,566			93,043,769			106,900,622			88,155,791

Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

The following table reconciles GAAP net loss to Adjusted EBITDA:

	Three Months Ended									Six Months Ended
(in thousands)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024
Net loss	$	(21,438	)	$	(18,520	)	$	(54,830	)	$	(39,958	)	$	(73,902	)
Interest income		(7,229	)		(7,769	)		(9,795	)		(14,998	)		(15,944	)
Income tax expense (benefit)		(1,397	)		150			(252	)		(1,248	)		(80	)
Depreciation and amortization		11,169			6,860			2,468			18,029			5,033
Stock-based compensation		47,962			28,741			34,726			76,703			64,188
Business Combination transaction expenses		3,298			3,802			—			7,100			—
Equity method investment		2,490			1,564			—			4,055			—
Internal control remediation		2,175			3,076			—			5,251			—
Business transformation costs		2,400			—			—			2,400			—
Fair value adjustments on strategic investments		(4,481	)		—			—			(4,481	)		—
Restructuring charges		(231	)		—			34,206			(231	)		34,206
Joint venture formation fees		—			—			—			—			1,089
Equity financing transaction costs		—			—			1,985			—			1,985
Adjusted EBITDA	$	34,718		$	17,904		$	8,508		$	52,622		$	16,575

The following table reconciles GAAP gross profit to Adjusted gross profit:

	Three Months Ended									Six Months Ended
(in thousands)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024
Gross profit	$	107,828		$	80,039		$	30,220		$	187,867		$	94,276
Depreciation		2,949			2,469			88			5,418			181
Stock-based compensation		11,264			3,709			5,156			14,973			8,587
Restructuring charges		(231	)		—			34,206			(231	)		34,206
Adjusted gross profit	$	121,810		$	86,217		$	69,670		$	208,027		$	137,250

Gross profit margin		19.6	%		16.4	%		7.7	%		18.1	%		12.5	%
Adjusted gross profit margin		22.2	%		17.7	%		17.7	%		20.1	%		18.2	%

The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:

	Three Months Ended									Six Months Ended
(in thousands)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024

Net cash provided by (used in) operating activities	$	269,575		$	205,027		$	21,072		$	474,602		$	(9,078	)
Purchases of property and equipment and capitalization of internal use software development costs		(20,560	)		(7,357	)		(2,871	)		(27,917	)		(5,864	)
Free cash flow	$	249,015		$	197,670		$	18,201		$	446,685		$	(14,942	)

Symbotic Inc. and Subsidiaries
Supplemental Common Share Information

Total Common Shares issued and outstanding:

	March 29, 2025	September 28, 2024
Class A Common Shares issued and outstanding	108,380,772	104,689,377
Class V-1 Common Shares issued and outstanding	76,223,325	76,965,386
Class V-3 Common Shares issued and outstanding	404,309,196	404,309,196
	588,913,293	585,963,959

Symbotic Inc. and Subsidiaries Consolidated Balance Sheets

(in thousands, except share data)	March 29, 2025			September 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	954,944		$	727,310
Accounts receivable		137,562			201,548
Unbilled accounts receivable		160,248			218,233
Inventories		146,281			106,136
Deferred expenses		4,979			1,058
Prepaid expenses and other current assets		93,966			101,252
Total current assets		1,497,980			1,355,537
Property and equipment, net		123,706			97,109
Intangible assets, net		125,793			3,664
Goodwill		68,669			—
Equity method investment		85,323			81,289
Other assets		62,714			40,953
Total assets	$	1,964,185		$	1,578,552
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	220,027		$	175,188
Accrued expenses and other current liabilities		166,269			165,644
Deferred revenue		1,086,297			676,314
Total current liabilities		1,472,593			1,017,146
Deferred revenue		8,152			129,233
Other liabilities		61,866			42,043
Total liabilities		1,542,611			1,188,422
Commitments and contingencies		—			—
Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 108,380,772 and 104,689,377 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively		13			13
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,223,325 and 76,965,386 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively		7			7
Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 shares issued and outstanding at March 29, 2025 and September 28, 2024		40			40
Additional paid-in capital		1,539,378			1,523,692
Accumulated deficit		(1,331,326	)		(1,323,925	)
Accumulated other comprehensive loss		(2,698	)		(2,594	)
Total stockholders’ equity		205,414			197,233
Noncontrolling interest		216,160			192,897
Total equity		421,574			390,130
Total liabilities and equity	$	1,964,185		$	1,578,552

Symbotic Inc. and Subsidiaries Consolidated Statements of Cash Flows

	Three Months Ended									Six Months Ended
(in thousands)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024
Cash flows from operating activities:
Net loss	$	(21,438	)	$	(18,520	)	$	(54,830	)	$	(39,958	)	$	(73,902	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		12,279			7,645			3,155			19,924			6,352
Equity in net loss from equity method investment		4,055			—			—			4,055			—
Foreign currency (gains) losses, net		20			(32	)		(30	)		(12	)		(8	)
Gain on investments		—			—			(8,745	)		—			(8,745	)
Loss on disposal of assets		—			201			—			201			—
Provision for excess and obsolete inventory		292			688			34,206			980			34,276
Stock-based compensation		43,355			26,773			28,065			70,128			57,527
Gain from strategic investment fair value adjustment		(4,481	)		—			—			(4,481	)		—
Changes in operating assets and liabilities:
Accounts receivable		(3,195	)		67,376			25,328			64,181			(58,461	)
Inventories		(23,232	)		(10,425	)		(16,353	)		(33,657	)		(17,920	)
Prepaid expenses and other current assets		89,491			10,317			(9,777	)		99,808			(42,430	)
Deferred expenses		(1,757	)		(2,164	)		2,106			(3,921	)		(5,046	)
Other assets		(6,400	)		(1,079	)		440			(7,479	)		(5,466	)
Accounts payable		13,806			31,145			30,576			44,951			23,315
Accrued expenses and other current liabilities		(65,685	)		45,540			(17,600	)		(20,145	)		(1,884	)
Deferred revenue		230,283			58,336			2,678			288,619			72,644
Other liabilities		2,182			(10,774	)		1,853			(8,592	)		10,670
Net cash provided by (used in) operating activities		269,575			205,027			21,072			474,602			(9,078	)
Cash flows from investing activities:
Purchases of property and equipment and capitalization of internal use software development costs		(20,560	)		(7,357	)		(2,871	)		(27,917	)		(5,864	)
Proceeds from maturities of marketable securities		—			—			140,000			—			290,000
Purchases of marketable securities		—			—			(343	)		—			(48,660	)
Acquisitions of strategic investments		—			(17,992	)		—			(17,992	)		—
Cash paid for business acquisitions		(200,000	)		—			—			(200,000	)		—
Net cash provided by (used in) investing activities		(220,560	)		(25,349	)		136,786			(245,909	)		235,476
Cash flows from financing activities:
Payment for taxes related to net share settlement of stock-based compensation awards		—			(3,012	)		(3,125	)		(3,012	)		(3,181	)
Net proceeds from issuance of common stock under employee stock purchase plan		3,233			—			3,435			3,233			3,435
Distributions to or on behalf of Symbotic Holdings LLC partners		(382	)		(850	)		—			(1,232	)		—
Proceeds from issuance of Class A Common Stock		—			—			257,985			—			257,985
Proceeds from exercise of warrants		—			—			—			—			158,702
Net cash provided by (used in) financing activities		2,851			(3,862	)		258,295			(1,011	)		416,941
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		50			(84	)		(13	)		(34	)		(15	)
Net increase in cash, cash equivalents, and restricted cash		51,916			175,732			416,140			227,648			643,324
Cash, cash equivalents, and restricted cash – beginning of period		906,086			730,354			488,102			730,354			260,918
Cash, cash equivalents, and restricted cash – end of period	$	958,002		$	906,086		$	904,242		$	958,002		$	904,242


	Three Months Ended									Six Months Ended
(in thousands)	March 29, 2025			December 28, 2024			March 30, 2024			March 29, 2025			March 30, 2024
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	954,944		$	903,034		$	901,382		$	954,944		$	901,382
Restricted cash		3,058			3,052			2,860			3,058			2,860
Cash, cash equivalents, and restricted cash	$	958,002		$	906,086		$	904,242		$	958,002		$	904,242

¹ Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.

² Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as the provision for stock-based compensation.

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May 8, 2025

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