Category: Internet

MIL-OSI: FormFactor, Inc. Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

LIVERMORE, Calif., April 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2025 ended March 29, 2025. Quarterly revenues were $171.4 million, a decrease of 9.6% compared to $189.5 million in the fourth quarter of fiscal 2024, and an increase of 1.6% from $168.7 million in the first quarter of fiscal 2024.

Foundry & Logic first-quarter demand increased low single digits sequentially
Experienced reduction in DRAM as export controls limited FormFactor’s ability to ship probe cards for advanced node designs to China
Closed acquisition of minority interest in FICT Limited, a key supplier of advanced probe card components

“As expected, FormFactor reported sequentially lower first-quarter revenue and profitability due to anticipated reductions in demand for both DRAM probe cards and Systems,” said Mike Slessor, CEO of FormFactor, Inc. “Longer-term, we remain confident in the growth prospects for FormFactor and the semiconductor industry overall, driven by the fundamental trends of Advanced Packaging, High-Bandwidth-Memory, and Co-Packaged Optics.”

The company also announced that its Board of Directors has authorized a $75 million stock repurchase plan. This new stock repurchase authorization will expire April 23, 2027, and may be suspended, modified or discontinued at any time. Under the new repurchase authorization, repurchases may be made both in the open market and through privately negotiated transactions.

First Quarter Highlights

On a GAAP basis, net income for the first quarter of fiscal 2025 was $6.4 million, or $0.08 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $9.7 million, or $0.12 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $21.8 million, or $0.28 per fully-diluted share. Gross margin for the first quarter of 2025 was 37.7%, compared with 38.8% in the fourth quarter of 2024, and 37.2% in the first quarter of 2024.

On a non-GAAP basis, net income for the first quarter of fiscal 2025 was $18.0 million, or $0.23 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2024 of $21.3 million, or $0.27 per fully-diluted share, and net income for the first quarter of fiscal 2024 of $14.3 million, or $0.18 per fully-diluted share. On a non-GAAP basis, gross margin for the first quarter of 2025 was 39.2%, compared with 40.2% in the fourth quarter of 2024, and 38.7% in the first quarter of 2024.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

GAAP net cash provided by operating activities for the first quarter of fiscal 2025 was $23.5 million, compared to $35.9 million for the fourth quarter of fiscal 2024, and $33.0 million for the first quarter of fiscal 2024. Free cash flow for the first quarter of fiscal 2025 was $6.3 million, compared to free cash flow for the fourth quarter of fiscal 2024 of $28.8 million, and free cash flow for the first quarter of 2024 of $19.7 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.

Outlook

Dr. Slessor added, “Although our sequential growth outlook is tempered by the uncertainty created by the current tariff situation, we expect to deliver double-digit sequential revenue growth, with increases across all our major served markets and segments.”

For the second quarter ending June 28, 2025, FormFactor is providing the following outlook*:

	GAAP	Reconciling Items**		Non-GAAP
Revenue	$190 million +/- $5 million		—	$190 million +/- $5 million
Gross Margin	38.5% +/- 1.5%	$3 million		40% +/- 1.5%
Net income per diluted share	$0.18 +/- $0.04		$0.12	$0.30 +/- $0.04

_{*This outlook assumes consistent foreign currency rates.}
_{**Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.}

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

Use of Non-GAAP Financial Information:

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and three months ended March 29, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

About FormFactor:

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

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, market trends, conditions in and the growth of the semiconductor industry and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

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

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025		December 28, 2024		March 30, 2024
Revenues	$	171,356	$	189,483	$	168,725
Cost of revenues		106,833		115,903		105,987
Gross profit		64,523		73,580		62,738
Operating expenses:
Research and development		27,800		30,504		28,627
Selling, general and administrative		33,454		35,226		33,079
Total operating expenses		61,254		65,730		61,706
Gain on sale of business		—		—		20,271
Operating income		3,269		7,850		21,303
Interest income, net		3,317		3,472		3,156
Other income, net		890		617		520
Income before income taxes		7,476		11,939		24,979
Provision for income taxes		1,075		2,234		3,198
Net income	$	6,401	$	9,705	$	21,781
Net income per share:
Basic	$	0.08	$	0.13	$	0.28
Diluted	$	0.08	$	0.12	$	0.28
Weighted-average number of shares used in per share calculations:
Basic		77,345		77,267		77,452
Diluted		77,884		77,982		78,490

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
GAAP Gross Profit	$	64,523		$	73,580		$	62,738
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		542			555			586
Stock-based compensation		2,005			1,944			1,928
Restructuring charges		60			32			44
Non-GAAP Gross Profit	$	67,130		$	76,111		$	65,296

GAAP Gross Margin		37.7	%		38.8	%		37.2	%
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		0.3	%		0.4	%		0.4	%
Stock-based compensation		1.2	%		1.0	%		1.1	%
Restructuring charges		—	%		—	%		—	%
Non-GAAP Gross Margin		39.2	%		40.2	%		38.7	%

GAAP operating expenses	$	61,254		$	65,730		$	61,706
Adjustments:
Amortization of intangibles		(191	)		(191	)		(191	)
Stock-based compensation		(7,791	)		(8,269	)		(8,477	)
Restructuring charges		(2,823	)		(371	)		(49	)
Costs related to sale and acquisition of businesses		(217	)		(1,689	)		(646	)
Non-GAAP operating expenses	$	50,232		$	55,210		$	52,343

GAAP operating income	$	3,269		$	7,850		$	21,303
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		733			746			777
Stock-based compensation		9,796			10,213			10,405
Restructuring charges		2,883			403			93
Gain on sale of business, net of cost related to sale and acquisition of businesses		217			1,689			(19,625	)
Non-GAAP operating income	$	16,898		$	20,901		$	12,953

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
GAAP net income	$	6,401		$	9,705		$	21,781
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		733			746			777
Stock-based compensation		9,796			10,213			10,405
Restructuring charges		2,883			415			93
Gain on sale of business, net of cost related to sale and acquisition of businesses		217			1,689			(19,625	)
Income tax effect of non-GAAP adjustments		(2,026	)		(1,445	)		913
Non-GAAP net income	$	18,004		$	21,323		$	14,344

GAAP net income per share:
Basic	$	0.08		$	0.13		$	0.28
Diluted	$	0.08		$	0.12		$	0.28

Non-GAAP net income per share:
Basic	$	0.23		$	0.28		$	0.19
Diluted	$	0.23		$	0.27		$	0.18

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

	Three Months Ended
	March 29, 2025			March 30, 2024
Cash flows from operating activities:
Net income	$	6,401		$	21,781
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		8,156			7,193
Amortization		674			640
Stock-based compensation expense		9,796			10,405
Provision for excess and obsolete inventories		2,879			3,146
Gain on sale of business		—			(20,271	)
Non-cash restructuring charges		2,102			—
Other activity impacting operating cash flows		(6,469	)		10,118
Net cash provided by operating activities		23,539			33,012
Cash flows from investing activities:
Acquisition of property, plant and equipment		(18,584	)		(13,436	)
Proceeds from sale of business		—			21,275
Purchase of equity investment		(67,156	)		—
Proceeds from (purchases of) marketable securities, net		1,080			(11,659	)
Net cash used in investing activities		(84,660	)		(3,820	)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program		(22,135	)		(17,334	)
Proceeds from issuances of common stock		21,576			4,948
Principal repayments on term loans		(273	)		(266	)
Tax withholdings related to net share settlements of equity awards		(2,132	)		(1,840	)
Net cash used in financing activities		(2,964	)		(14,492	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		180			(1,592	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(63,905	)		13,108
Cash, cash equivalents and restricted cash, beginning of period		197,206			181,273
Cash, cash equivalents and restricted cash, end of period	$	133,301		$	194,381

FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In thousands) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024
Net cash provided by operating activities	$	23,539		$	35,913		$	33,012
Adjustments:
Sale of business and acquisition related payments in working capital		1,221			506			47
Cash paid for interest		92			93			100
Capital expenditures		(18,584	)		(7,663	)		(13,436	)
Free cash flow	$	6,268		$	28,849		$	19,723

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

	March 29, 2025			December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	129,889		$	190,728
Marketable securities		169,099			169,295
Accounts receivable, net of allowance for credit losses		98,605			104,294
Inventories, net		109,965			101,676
Restricted cash		967			3,746
Prepaid expenses and other current assets		42,716			35,389
Total current assets		551,241			605,128
Restricted cash		2,445			2,732
Operating lease, right-of-use-assets		20,054			22,579
Property, plant and equipment, net of accumulated depreciation		208,317			210,230
Equity investment		68,667			—
Goodwill		199,700			199,171
Intangibles, net		9,681			10,355
Deferred tax assets		92,759			92,012
Other assets		3,303			4,008
Total assets	$	1,156,167		$	1,146,215

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	64,536		$	62,287
Accrued liabilities		34,909			43,742
Current portion of term loan, net of unamortized issuance costs		1,113			1,106
Deferred revenue		14,996			15,847
Operating lease liabilities		8,461			8,363
Total current liabilities		124,015			131,345
Term loan, less current portion, net of unamortized issuance costs		11,927			12,208
Long-term operating lease liabilities		15,980			17,550
Deferred grant		18,000			18,000
Other liabilities		20,371			19,344
Total liabilities		190,293			198,447

Stockholders’ equity:
Common stock		77			77
Additional paid-in capital		844,488			837,586
Accumulated other comprehensive loss		(6,037	)		(10,840	)
Accumulated income		127,346			120,945
Total stockholders’ equity		965,874			947,768
Total liabilities and stockholders’ equity	$	1,156,167		$	1,146,215

About our Non-GAAP Financial Measures:

We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

Source: FormFactor, Inc.
FORM-F

The MIL Network –

May 1, 2025

MIL-OSI Security: Hutchinson Man Sentenced for Child Pornography Distribution

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

WICHITA, KAN. – A Kansas man was sentenced to 151 months in prison for distributing child exploitation sexual abuse materials.

According to court documents, Zachary Charles Hiskey, 27, of Hutchinson pleaded guilty to one count of distribution of child pornography.

In June 2021, Hiskey used his account on a messaging app called Kik to share videos depicting adult males engaged in sexually explicit activities with prepubescent children. Kik detected the videos and reported the account to law enforcement through a cyber tipline. This led to the discovery of other child exploitation sexual abuse materials connected to Hiskey’s email account and to IP logs at his home in Hutchinson.

While executing a search warrant at Hiskey’s home, investigators found an electronic device with an Internet browser thumbnail of recently viewed child exploitation sexual abuse materials. A forensic examination revealed the Kik account in question had been installed and then deleted on his cell phone.

The Federal Bureau of Investigation (FBI) investigated the case.

Assistant U.S. Attorney Jason Hart prosecuted the case.

Project Safe Childhood
This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing 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, please visit https://www.justice.gov/psc.

###

MIL Security OSI –

May 1, 2025
MIL-OSI Security: Former Hospital Worker Sentenced to 20 Years in Prison for Producing Child Pornography

Source: Office of United States Attorneys

ST. LOUIS – U.S. District Judge Matthew T. Schelp on Wednesday sentenced a man who produced child pornography and secretly recorded women in the hospital where he worked to 20 years in prison.

Ian Wood, 45, of Rolla, Missouri, pleaded guilty in January to one count of production of child pornography and one count of receiving child pornography. He admitted producing child pornography by recording video of three girls when they were nude, including when one girl was 10 years old. He also admitted possessing images and videos in his Google account containing child sexual abuse material (CSAM).

The CSAM triggered an alert to the National Center for Missing and Exploited Children, which notified law enforcement. A court-approved search of Wood’s Google accounts uncovered the CSAM as well as video files of adult women being recorded by Wood without their consent in the hospital where he worked. The women were filmed in a room and shower in a state of full or partial nudity.

“The actions of this individual are not only reprehensible, but they are also a grotesque violation of human dignity and trust. We will relentlessly pursue anyone who preys on the innocent,” said ICE Homeland Security Investigations Kansas City Special Agent in Charge Mark Zito. “This case reflects the firm commitment of HSI and our law enforcement partners to ensure that predators are identified, apprehended, and brought to justice. We will not tolerate exploitation in any form and will use every resource at our disposal to protect our communities.”

Immigration and Customs Enforcement’s Homeland Security Investigations, the Phelps County Sheriff’s Department, the South-Central Missouri Computer Crimes Task Force and the Missouri Department of Social Services’ State Technical Assistance Team investigated the case. Assistant U.S. Attorney Jillian Anderson prosecuted the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, 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, please visit www.justice.gov/psc.

MIL Security OSI –

May 1, 2025
MIL-OSI Video: Ahead of the Threat Podcast: Episode Nine – Meredith Griffanti

Source: Federal Bureau of Investigation (FBI) (video statements)

Are you an expert in communications? Do you need communications help? Are you ready for how to communicate to employees, the government, or your customers if a crisis happens? Many agencies believe they have it covered but when a crisis does happens, the reality comes into focus that communications is a more nuanced and involved part of a response.

Meredith Griffanti and her team do this “all day, every day.” As FTI’s senior managing director for cybersecurity and data privacy communications, Griffanti discusses her observations about the industry, common pitfalls and some changing attitudes about communications with hosts Bryan Vorndran, FBI assistant director of the Cyber Division, and Jamil Farshchi, an FBI strategic engagement advisor.

Kicking off this episode’s Top Three segment with a look at current cybersecurity news, Bryan and Jamil assess the return of the LockBit ransomware group, a new tactic of “microransoms” targeting everyday users, and an FBI advisory warning people about fake FBI agents claiming to be from the Internet Crime Complaint Center (IC3): https://www.ic3.gov/PSA/2025/PSA250418#:~:text=Tips%20to%20Protect%20Yourself,or%20other%20law%20enforcement%20officers.

Listen to Ahead of the Threat episodes, read the transcripts, and find related material at https://www.fbi.gov/aheadofthethreat.
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https://www.youtube.com/watch?v=mCDi0KVOdhM

MIL OSI Video –

May 1, 2025
MIL-OSI Asia-Pac: PM chairs 46th PRAGATI Interaction

Source: Government of India

PM chairs 46th PRAGATI Interaction

PM reviews eight significant projects worth over Rs 90,000 crore

PM directs that all Ministries and Departments should ensure that identification of beneficiaries is done strictly through biometrics-based Aadhaar authentication or verification

Ring Road should be integrated as a key component of broader urban planning efforts that aligns with city’s growth trajectory: PM

PM reviews Jal Marg Vikas Project and directs that efforts should be made to establish a strong community connect along the stretches for boosting cruise tourism

PM reiterates the importance of leveraging tools such as PM Gati Shakti and other integrated platforms to enable holistic and forward-looking planning

Posted On: 30 APR 2025 8:41PM by PIB Delhi

Prime Minister Shri Narendra Modi earlier today chaired a meeting of the 46^th edition of PRAGATI, an ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.

In the meeting, eight significant projects were reviewed, which included three Road Projects, two projects each of Railways and Port, Shipping & Waterways. The combined cost of these projects, spread across different States/UTs, is around Rs 90,000 crore.

While reviewing grievance redressal related to Pradhan Mantri Matru Vandana Yojana (PMMVY), Prime Minister directed that all Ministries and Departments should ensure that the identification of beneficiaries is done strictly through biometrics-based Aadhaar authentication or verification. Prime Minister also directed to explore the potential for integrating additional programmes into the Pradhan Mantri Matru Vandana Yojana, specifically those aimed at promoting child care, improving health and hygiene practices, ensuring cleanliness, and addressing other related aspects that contribute to the overall well-being of the mother and newly born child.

During the review of infrastructure project concerning the development of a Ring Road, Prime Minister emphasized that the development of Ring Road should be integrated as a key component of broader urban planning efforts. The development must be approached holistically, ensuring that it aligns with and supports the city’s growth trajectory over the next 25 to 30 years. Prime Minister also directed that various planning models be studied, with particular focus on those that promote self-sustainability, especially in the context of long-term viability and efficient management of the Ring Road. He also urged to explore the possibility of integrating a Circular Rail Network within the city’s transport infrastructure as a complementary and sustainable alternative for public transportation.

During the review of the Jal Marg Vikas Project, Prime Minister said that efforts should be made to establish a strong community connect along the stretches for boosting cruise tourism. It will foster a vibrant local ecosystem by creating opportunities for business development, particularly for artisans and entrepreneurs associated with the ‘One District One Product’ (ODOP) initiative and other local crafts. The approach is intended to not only enhance community engagement but also stimulate economic activity and livelihood generation in the regions adjoining the waterway. Prime Minister stressed that such inland waterways should be drivers for tourism also.

During the interaction, Prime Minister reiterated the importance of leveraging tools such as PM GatiShakti and other integrated platforms to enable holistic and forward-looking planning. He emphasized that the use of such tools is crucial for achieving synergy across sectors and ensuring efficient infrastructure development.

Prime Minister further directed all stakeholders to ensure that their respective databases are regularly updated and accurately maintained, as reliable and current data is essential for informed decision-making and effective planning.

Up to the 46th edition of PRAGATI meetings, 370 projects having a total cost of around Rs 20 lakh crore have been reviewed.

***

MJPS/SR

(Release ID: 2125611) Visitor Counter : 84

MIL OSI Asia Pacific News –

May 1, 2025
MIL-OSI Security: New Englanders Report Over $446 Million in Losses According to Annual Internet Crime Report
Source: Federal Bureau of Investigation FBI Crime News (b)

Victims reported a 42 percent increase in losses from 2023
The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has released its latest annual report. The 2024 Internet Crime Report combines information from 859,532 complaints of suspected internet crime and details reported losses exceeding $16 billion—a 33 percent increase in losses from 2023.

In the Boston Division of the Federal Bureau of Investigation’s area of responsibility—which includes all of Massachusetts, Maine, New Hampshire and Rhode Island—20,373 people reported $446,736,666 in losses.
- 14,254 victims in Massachusetts reported $338,872,378 in losses
- 2,137 victims in Maine reported $31,455,797 in losses
- 2,340 victims in New Hampshire reported $52,811,455 in losses
- 1,642 victims in Rhode Island reported $23,597,036 in losses
The top three cybercrimes in all four states by number of complaints in 2024 (9,324), were phishing/spoofing, extortion, and personal data breaches.

The top three cybercrimes in all four states that cost victims the most money ($339.8 million) were investment fraud, business email compromise, and tech support scams.

“What we are seeing here in New England tracks with the trends we’re seeing nationwide. More and more folks are suffering staggering financial losses, including senior citizens, small businesses, and people whose entire livelihoods have been wiped out by scammers,” said James Crowley, acting special agent in charge of the FBI Boston Division. “While we recognize that it may be embarrassing for victims to report these crimes, it’s important to do so so that the FBI and our law enforcement partners can do everything in our power to ensure these fraudsters are brought to justice.”

To promote public awareness, the IC3 produces an annual report to aggregate and highlight the data provided by the public. The quality of the data is a direct reflection of the information the public provides through the IC3 website. The IC3 standardizes the data by categorizing each complaint and analyzes the data to identify and forecast trends in internet crime. The annual report helps the FBI develop effective relationships with industry partners and share information for investigative and intelligence purposes for law enforcement and public awareness.

The IC3, which was established in May 2000, houses nine million complaints from the public in its database and continues to encourage anyone who thinks they’ve been the victim of a cyber-enabled crime, regardless of dollar loss, to file a complaint through the IC3 website. The more comprehensive complaints the FBI receives, the more effective it will be in helping law enforcement gain a more accurate picture of the extent and nature of internet-facilitated crimes.

The FBI recommends that everyone frequently review consumer and industry alerts published by the IC3. If you or your business are a victim of an internet crime, immediately notify all financial institutions involved in the relevant transactions, submit a complaint to www.ic3.gov, contact your nearest FBI field office, and contact local law enforcement.

The full 2024 Internet Crime Report can be found here: https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

Additional resources are located here: https://www.ic3.gov/Outreach/Resources

MIL Security OSI –
May 1, 2025
MIL-OSI Economics: Meet Washington state’s 20 new winners of AI for Good Lab awards
Source: Microsoft

Headline: Meet Washington state’s 20 new winners of AI for Good Lab awards

This month, Microsoft is celebrating our 50th anniversary. To help commemorate fifty years of creating technology that empowers people to achieve more, our AI for Good Lab launched an open call to support innovative AI-based projects here in Washington State.

Our AI for Good Lab has been using AI to tackle global challenges and improve lives since 2018. We open-source our models, data, and tools so everyone can jump in, working together to make real impact. At a time when nonprofits, NGOs, and academic institutions are tasked with doing more with less, technology like AI offers a way forward.

Through these awards, we’re investing $5 million over the next two years. This open call allows us to expand our commitments to a number of amazing projects while engaging a wide range of new organizations across the state of Washington. The 20 awardees will receive Microsoft Azure credits and the ability to collaborate with AI for Good Lab scientists.

We’re thrilled to continue to cultivate relationships with innovative partners in this great state and the world at large. These game-changing organizations and projects are not only helping solve today’s challenges, they’re also paving the way for a brighter tomorrow. We are honored to share the following as our 2025 open call awardees.

Sustainability
1. Awardee: Stock-Smart.com – Washington State University Extension
  Project description: Washington State’s federal, state, tribal, and private land managers and livestock grazers are all beginning to use virtual fence systems to fine-tune ecological grazing management. Stock-Smart.com combines predicted livestock terrain use with satellite-based forage production data to inform grazing plans for livestock herds. By using AI-guided interpretation of virtual fence system geolocation data, Stock-Smart.com helps reduce wildfire risk, enhance wildlife habitats, and improve invasive species control.
2. Awardee: Long Live the Kings
  Project description: In the Puget Sound, the impacts of rapid urbanization are compounded by climate change. Long Live the Kings employs AI and machine learning to automatically calibrate a 3D ecosystem modeling program for Puget Sound. This project will use the emulator to explore how cumulative watershed impacts affect ecosystem services and biodiversity to advance natural resource management in Puget Sound.
3. Awardee: TealWaters
  Project description: TealWaters works to transform Washington State’s water management capacity by providing tools that inform and guide wetlands planning, protection, and restoration. TealWaters plans to support AI model testing beyond the scope of its existing tools to increase communities’ resilience to climate change and environmental stressors.
4. Awardee: Washington State University
  Project description: Climate change puts residents of Washington State at higher risk of dangerous wildfires. This project will develop cutting-edge AI models, fusing satellite imagery, weather data, building information, and wildfire simulation results to assess wildfire vulnerability of residential buildings in Washington State. By producing vulnerability assessments that include confidence scores, this multi-modal approach can help guide effective wildfire mitigation efforts.
5. Awardee: Cornell University, Circular Construction Lab
  Project description: Reusing materials is the most effective circular economy strategy: it reduces waste and emissions, creates local green jobs, and supports local reuse ecosystems. AR3-Lumber aims to develop and implement AI-powered technology to reuse salvaged lumber through a local partnership with the Seattle Salvaged Lumber Warehouse. This project will enable AR3-Lumber to offer essential technical and methodological support to the circular lumber economy.
6. Awardee: Woodland Park Zoo
  Project description: The Seattle Urban Carnivore Project aims to increase our understanding of and empathy for urban carnivores such as black bears by studying how these species live and interact with people across the greater Seattle region. This project will include a wildlife camera and bioacoustics monitoring program that collects data from green spaces across central King County and Bainbridge Island, utilizing AI to identify the diversity and density of species in urban corridors in a way that’s efficient and consumes fewer resources.
7. Awardee: Conservation X Labs
  Project description: Conservation X Labs aims to prevent the sixth mass extinction by creating and democratizing innovative technologies to change what’s possible in conservation. The project will develop and deploy a multi-species management detection algorithm on a smart camera system to create a first –of –its –kind, real-time monitoring system for disease in wildlife that can be utilized by veterinarians, ecologists, and conservationists across Washington State.
8. Awardee: NOAA-National Marine Fisheries Service – Habitat Conservation
  Project description: Current methods of water management and salmon habitat restoration in the Columbia River Basin tend to be either hyper-localized or computationally intensive. This project aims to use remote sensing and machine learning to classify wetlands to better predict how water management decisions and climate change impact salmon populations and support more effective conservation strategies.
9. Awardee: Information Communication and Technology for Development (ICTD) at the University of Washington
  Project description: More plant and animal species are threatened with extinction now than at any other time in human history. The Information Communication and Technology for Development department at the University of Washington plans to monitor wildlife using audiovisual channels on tiny compute devices, fostering a better understanding of animal populations intricately linked to food safety, disease spread, and biodiversity.
  
  Health
10. Awardee: Information Communication and Technology for Development (ICTD) at the University of Washington
  Project description: More plant and animal species are threatened with extinction now than at any other time in human history. The Information Communication and Technology for Development department at the University of Washington plans to monitor wildlife using audiovisual channels on tiny compute devices, fostering a better understanding of animal populations intricately linked to food safety, disease spread, and biodiversity.
11. Awardee: Providence
  Project description: Current methods for identifying patients for clinical trials rely on manual screening processes that miss many patients—especially those from underserved communities—or rely on sick patients and their doctors to do the work of seeking available trials. Providence and Microsoft Health Futures are collaboratively developing Trial Connect, an AI tool that scans population-level medical data across Washington State to identify patients who qualify for clinical trials that could save their lives.
12. Awardee: Institute for Health Metrics and Evaluation
  Project description: Data from the Institute for Health Metrics and Evaluation (IHME) are used by more than 13,000 researchers around the world. IHME plans to build a global cloud laboratory to examine health locally, using satellite imagery, AI, and spatial demography to predict risks like drought and food insecurity to specific populations. This project aims to put actionable, population-level health data into the hands of decision-makers to improve individuals’ health and wellbeing.
13. Awardee: University of Washington Radiology
  Project description: To improve public health and support patients in their most challenging moments, the University of Washington created self-improving large language models to translate radiology report findings into patient-friendly language. Patients will receive clear, lay-language explanations of their imaging results while healthcare providers provide feedback that will be used to refine the model, ensuring continuous improvement, reducing misunderstandings, and fostering better communication between patients and medical professionals.
14. Awardee: Institute for Protein Design – University of Washington
  Project description: Generative AI has already had a large impact ion protein structure prediction and protein design. This project aims to develop at least three specialized, open-source models, including a next-generation biomolecule design model, a model specialized for antibody/antigen structure and antibody design, and a model specialized for protein/ligand interactions to enable the next generation of therapeutics and biomaterials.
15. Awardee: Washington State University Department of Chemistry
  Project description: Heavy and radioactive metal contamination in Spokane and Hanford threatens community health. This project will leverage geochemistry and large language models to build a publicly accessible dataset that will aid in designing effective soil decontamination methods for Spokane and Hanford, contributing to a cleaner, healthier environment for Washington residents.
  
  Education/Public Good
16. Awardee: Washington State University
  Project description: Rural elementary teachers in Washington often struggle to design high-quality science assessments due to limitations around resources, professional development opportunities, and access to technology. This project will develop and deploy an AI-powered multi-agent assessment system to empower rural Washington elementary teachers and enhance accessibility, engagement, and instructional effectiveness.
17. Awardee: Evergreen Goodwill of Northwest Washington
  Project description: Rising labor and business costs have reduced the ability for Evergreen Goodwill to advance their mission of providing quality, free job training and basic education to people experiencing significant barriers to economic opportunity. The project will use an AI-powered automated donation ingestion and cataloging system to tackle the backlogged volumes of donated goods received by Evergreen Goodwill. By doing so, the project will reduce waste, increase efficiency, and unlock new opportunities for scale and profitability.
18. Awardee: Washington State University – Group Argumentation Coordinator
  Project description: This project provides science teachers in Washington State with an AI-powered tool called a Group Argumentation Coordinator that will reduce the burden on overwhelmed teachers and improve students’ learning experience in science classrooms across the state. The project promotes real-time support for argumentation-based science learning in diverse classrooms. The two-year plan supported by this award focuses on system development, small-scale classroom pilots, and teacher feedback integration to ensure usability, fairness, and transparency.
19. Awardee: Washington State University – WARNS
  Project description: The Washington Assessment of Risk and Needs of Students (WARNS) has effectively assessed the needs critical to healthy social, emotional, and educational development of middle school and high school students across the state. This project will develop an elementary-level version of this assessment, leveraging large language models to reduce absenteeism and prevent dropouts among elementary school students by initiating a dialogue with students about what they need to thrive in the classroom.
20. Awardee: Big Brothers Big Sisters of Puget Sound
  Project description: The Puget Sound branch of Big Brothers Big Sisters is faced with the challenge of a 100 –day-long waitlist for families looking to participate in their mentorship program. Through a partnership with KPMG and Microsoft, Big Brothers Big Sisters developed an AI tool, AIMRE, to process large datasets on their waitlist and increase both the quality and timeliness of youth/mentor matches. This award will allow Big Brothers Big Sisters to conduct further testing and deploy AIMRE locally, eventually scaling nationally to speed up the matching process for kids across the country.
We’re thrilled to support these 20 projects in their efforts to harness the transformative power of AI to solve challenges across Washington State and beyond.

Tags: AI for Good Lab, Innovation, Innovation Featured, quantum, Technology
MIL OSI Economics –
May 1, 2025
MIL-OSI: CIC – Issuer Call Notice (Titres Participatifs)
Source: GlobeNewswire (MIL-OSI)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT (SEE “DISCLAIMER” BELOW).

Paris, April 30^th, 2025

Notice of Early Redemption

To : (i)      The Noteholders of the below mentioned Notes;
(ii)      Euronext Paris
(iii)      Fiscal Agent.

Dear Sirs,

Crédit Industriel et Commecial S.A.,
€137,205,000 “Titres Participatifs” Variable Rate Notes issued on 28 May 1985 (the ‘’Notes”)

(ISIN Code: FR0000047805)

Crédit Industriel et Commercial S.A., (formerly “Compagnie Financière de Crédit Industriel et Commercial’’) is the issuer (the “Issuer’’) of the Notes.

In accordance with the terms and conditions of the Notes (the ‘’Conditions’’), the Issuer hereby gives notice that it is exercising in whole its right to redeem the Notes pursuant to the provision Redemption (‘’Remboursement’’) of the Listing Particulars (“Issuer Call Option”) of the Notes.

We, the Issuer, instruct you as Fiscal Agent, to authorise the French Central Securities Depository to cancel the Notes redeemed on 28 May, 2025 (“Early Redemption Date”).

For the purposes of the Issuer Call:

(i) the Issuer Call Date will be 28 May, 2025; and
(ii) the Optional Redemption Amount(s) or Early Redemption Amount excluding accrued interest is: EUR 300.68 per Denomination.

Unless otherwise defined in this notice, capitalised terms used in this notice shall have the meaning given to them in the Listing Particulars (‘’Note d’Information’’) dated Mai, 1985, as applicable, relating to the Notes.

Yours faithfully,

For and on behalf of

Crédit Industriel et Commercial

By: Alexandre SAADA

Duly authorised

DISCLAIMER
This press release does not constitute an offer to purchase, or the solicitation of an offer to sell, the Instruments in the United States, Canada, Australia, or Japan or in any other jurisdiction, including France. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves and observe any such restrictions. No communication may be distributed to the public in any jurisdiction in which registration or approval is required. No action has been or will be taken in any jurisdiction where such action would be required; CIC disclaims any liability for any violation by any person of such restrictions.

Contacts
Corporate Communications and Press Relations Department: +33 (0)1 53 48 26 00 – compresse@cic.fr
Investor Relations: bfcm-web@creditmutuel.fr

About CIC
CIC is a leading bank in France and internationally, and the bank of one in three businesses in France. It provides nearly 5.5 million customers with a French network of nearly 1,800 branches and 20,000 employees, as well as international branches in 37 countries. In order to meet the needs of all economic players and to build up a constantly efficient offer on a daily basis, it combines financial, insurance, telephony and cutting-edge technological services with a high level of financial solidity backed by that of its parent company, Crédit Mutuel Alliance Fédérale. For more information, visit cic.fr

Attachment
- Issue Call Notices_Titres Participatifs CIC_Signed
The MIL Network –
May 1, 2025
MIL-OSI: Evfarmer, an innovative agricultural finance company, announced its entry into the Sierra Leone market to expand its online business and support the country’s economic transformation and growth

Source: GlobeNewswire (MIL-OSI)

FREETOWN, Sierra Leone, April 30, 2025 (GLOBE NEWSWIRE) — Evfarmer, a global leader in innovative agricultural finance, today announced its official entry into the Sierra Leonean market, marking a significant milestone in its mission to support agricultural development and economic transformation in emerging markets. Building on this momentum, Evfarmer plans to further expand its online and offline operations within Sierra Leone, with the ultimate goal of gradually covering the entire African market. The company’s presence is expected to inject new vitality into Sierra Leone’s agricultural economy and support the transformation of local agricultural enterprises.

As part of its strategic expansion, Evfarmer will leverage its advanced fintech platform to connect local agricultural producers with a global community of agricultural supporters and investors. This initiative will provide Sierra Leonean farmers with much-needed financial support, cutting-edge technology, and sustainable farming solutions, helping to strengthen the country’s agricultural sector and drive broader economic growth.

Agriculture remains the cornerstone of Sierra Leone’s economy, providing employment for nearly two-thirds of the population and making a significant contribution to the country’s GDP. In recent years, the government has prioritized agricultural revitalization, investing heavily in rural development, modernization, and food security initiatives. Evfarmer’s market entry is a direct response to the government’s call for greater private sector participation in accelerating these efforts.

“We are honored to bring our innovative financial solutions to Sierra Leone at such a critical time,” said Jessica, Manager at Evfarmer. “Our goal is to empower local farmers by providing early-stage financing that overcomes traditional banking barriers, enhancing productivity, and unlocking new economic opportunities.”

Through its digital platform, Evfarmer enables individuals worldwide—whether corporate employees, entrepreneurs, or full-time parents—to participate in large-scale agricultural projects, earning stable returns while supporting global food production. This unique model allows agricultural supporters to invest in farm projects across multiple countries via the Internet. With Sierra Leone now part of its network, Evfarmer is fostering a mutually beneficial, resilient, and fast-growing ecosystem.

Evfarmer’s entry into Sierra Leone underscores its commitment to promoting financial inclusion, agricultural innovation, and sustainable economic development across emerging economies globally.

About Evfarmer
Headquartered in London, Evfarmer Capital Limited is a multinational agricultural finance company dedicated to bridging the gap between global investors and the agricultural sector. Through sustainable, technology-driven financing solutions, Evfarmer helps farmers worldwide boost productivity, access global markets, and build stronger rural economies.

For more information about Evfarmer’s expansion into Sierra Leone and its innovative agricultural finance solutions, visit www.evfarmer.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a50e309c-b9d8-4903-98ce-b910b68ccc0b

The MIL Network –

May 1, 2025
MIL-OSI: Landsbankinn hf.: Financial results of Landsbankinn for the first three months of 2025
Source: GlobeNewswire (MIL-OSI)
- Landsbankinn’s after-tax profit during the first three months of 2025 was ISK 7.9 billion, compared with ISK 7.2 billion for the same period of 2024.
- Return on equity (ROE) in the period was 10.0%, compared with 9.3% for the same period the previous year.
- Net interest margin as a ratio of average total asset position was 2.7%, compared with 2.9% for the same period of 2024. The net interest margin of domestic households was 2.1%, unchanged from 2024.
- Net interest income amounted to ISK 14.8 billion and net fee and commission income was ISK 3.0 billion. Both items are up between years.
- The cost-income ratio was 38.7%, compared with 33.6% for the same period of 2024.
- The total capital ratio was 23.6% at the end of the period. The Financial Supervisory Authority (FSA) of the Central Bank of Iceland sets the total capital requirement at 20.4%.
- In February, the Bank finalised the sale of Additional Tier 1 securities (AT1) in the amount of USD 100 million. This was the Bank’s inaugural AT1 issuance. The Bank also issued senior non-preferred bonds in the amount of NOK 500 million and SEK 1,300 million. There was considerable over-demand for the bonds.
- The Bank’s AGM on 19 March 2025 approved payment of a dividend of ISK 18.9 billion to shareholders. Total dividend paid by the Bank since 2013 will amount to ISK 210.6 billion at the end of the year.
- Settlement of the purchase by Landsbankinn of TM tryggingar hf. and delivery took place 28 February 2025 and the Bank has assumed operation of the company.
Lilja Björk Einarsdóttir, CEO of Landsbankinn:
“The Bank’s performance in the first three months of the year was solid. Profit amounted to ISK 7.9 billion and return on equity was 10.0%, compared with 9.3% in the same period last year.

This is the first financial statement since the Bank took over operation of TM and the collaboration is off to a good start. In the first few weeks since the acquisition, significant progress has been made, including the merger of three of the Bank’s and TM’s branches, and the completion of a complex IT systems transfer. We are experiencing goodwill and interest from customers regarding these changes and will be introducing various innovations in insurance services in the near future. The joint operation of an insurance company and a bank is a good fit and offers opportunities for better and more diverse financial services. TM is included in the Bank’s financial reporting from the beginning of March, so this financial statement reflects one month of its operations. The insurance segment performed well in March, but a decline in investment assets due to volatility in capital markets led to an overall negative result.

In Akureyri, Landsbankinn and TM have come together in new and impressive facilities at Hofsbót, in the town centre. Landsbankinn offers interconnected services across the country. In addition to an excellent app and online banking platform, customers can receive service from branch staff at 34 locations nationwide, through the Bank’s strong service centre and a chatbot capable of resolving various queries on landsbankinn.is. We see strong customer satisfaction with the Bank’s services, which we attribute directly to powerful and integrated service, fair terms and outstanding employees.

On Monday, it was announced that international rating agency S&P had upgraded the Bank’s credit rating to the A category, from BBB+ to A-. We are thrilled with this change, as we have taken strategic steps to improve the Bank’s credit rating by improving its capital structure. In recent years, requirements for systemically important banks regarding capital structure have increased and S&P’s rating is a significant recognition of our efforts. The higher credit rating reflects the Bank’s solid access to markets, sound operation and strong capital position.

Market volatility and global uncertainty impacted the quarter in various ways. Lending growth has slowed, both among individuals and corporates, some of which are holding off on investments and other decisions. Under such circumstances, it is reassuring to note that the overall financial position of both corporates and individuals remains strong. Uncertainty often brings opportunities as well and, during the quarter, Landsbréf completed the financing of a new ISK 15 billion private equity fund, Horn V, following the strong performance of the previous four Horn funds.

Landsbankinn continues to offer highly competitive interest rates on both deposits and loans. The Bank’s solid operation allows us to maintain a 2.1% interest margin for households while still delivering satisfactory profitability and consistent dividends to shareholders. The Bank has the most satisfied customers among the domestic commercial banks. The Bank’s performance is sound and our team is dedicated to providing customers with excellent service. Despite a challenging external environment, the Bank is in a strong position to support Icelandic society.”

Landsbankinn’s financial calendar
- Q2 2025 17 July 2025
- Q3 2025 23 October 2025
- Annual results 2025 29 January 2026
For further information contact:

Public Relations, pr@landsbankinn.is

Investor Relations, ir@landsbankinn.is

Attachments

The MIL Network –
May 1, 2025
MIL-OSI Security: West Virginia Man Faces Federal Sexual Exploitation of a Minor Charges

Source: Federal Bureau of Investigation (FBI) State Crime News

Baltimore, Maryland – A federal grand jury has indicted Donald Robert Wilt Edwards, Sr., 29, of West Virginia, for sexually exploiting a minor. The former Baltimore resident is charged with three counts of sexual exploitation of a minor, three counts of distribution of child sexual abuse material, and one count of possession of child pornography.

Kelly O. Hayes, U.S Attorney for the District of Maryland, announced the indictment with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office, Police Commissioner Richard Worley, Baltimore Police Department (BPD), and Colonel Jack Chambers, West Virginia State Police.

According to the indictment, on June 13, 2024 — while Edwards was still residing in Baltimore — Edwards persuaded, induced, enticed, and coerced a minor male to engage in sexually explicit conduct. Edwards produced and transmitted a visual depiction of the conduct. Further, the indictment alleges Edwards distributed the visual depictions using an internet-based account and he possessed child sexual abuse material on a digital device.

If convicted, Edwards faces a mandatory minimum sentence of 15 years and a maximum sentence of 30 years in federal prison for each of the three counts of sexual exploitation of a minor; a mandatory minimum sentence of five years and a maximum of 20 years for each of the three counts of distribution of child sexual abuse material; and a maximum of 20 years for possession of child sexual abuse material. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.

An indictment is not a finding of guilt. Individuals charged by indictment are presumed innocent until proven guilty at a later criminal proceeding.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc. Click the “Resources” tab on the left side of the page to learn about Internet safety education.

U.S. Attorney Kelly O. Hayes commended the FBI, BPD, the West Virginia State Police, and West Virginia Parole and Probation Office for their work in the investigation. Hayes also thanked Assistant U.S. Attorneys Reema Sood and Paul E. Budlow who are prosecuting the federal case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md/project-safe-childhood and https://www.justice.gov/usao-md/community-outreach.

# # #

MIL Security OSI –

May 1, 2025
MIL-OSI Security: FBI: Wyoming Ranks 3rd Per Capita in Losses to Scammers

Source: Federal Bureau of Investigation FBI Crime News (b)

Scammers stole $43,502,744 from Wyoming victims in 2024, according to the latest report from the FBI’s Internet Crime Complaint Center (IC3). Those losses made Wyoming the No. 3 state in the nation in terms of per capita losses. People filed 1,377 IC3 complaints in 2024.

Reported losses in the state increased nearly $30 million over the 2023 dollar amount.

The top schemes with the largest dollar amount losses in 2024 in Wyoming were data breach ($21 million) and investment fraud ($13 million).

The top schemes in terms of numbers of reports from Wyoming were extortion (193) and personal data breach (89).

The age group that made the most reports was people 40-49 years old, with 479 complaints. The age group with the most reported losses was those 60 and older, with $8,648,675.

“This report is a sobering reminder that people in Wyoming remain prime targets for scammers who will jump at every opportunity to defraud potential victims,” said Special Agent in Charge Mark Michalek, who oversees FBI operations in the Cowboy State. “It’s important for the public to remain vigilant to guard against ever-increasing cyber-enabled threats both at places of employment and in personal life.”

In 2024, the IC3 received 859,532 complaints nationally of suspected Internet crime with reported losses of $16.6 billion. That is a 33 percent increase in losses from 2023.

These are only the reports made to IC3; not every victim files a complaint—or even realizes he or she is a victim—so the actual numbers are probably higher in terms of victims and losses.

Nationwide, the top three scams most frequently reported by victims were phishing/spoofing, extortion, and personal data breaches. Victims of investment fraud, specifically those involving cryptocurrency, reported the most losses—totaling more than $6.5 billion.

Cryptocurrency investment fraud increased 29 percent over 2023. Ransomware complaints were up 9 percent across the country

As a group, people 60 and older suffered the most reported losses in 2024 at nearly $5 billion and submitted the greatest number of complaints.

If you feel you have been a victim of a cyber-enabled crime, file a complaint at IC3.gov.

Read the full IC3 report here: https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

Breakdowns by state are here: https://www.ic3.gov/AnnualReport/Reports/2024State/

MIL Security OSI –

May 1, 2025
MIL-OSI Security: FBI San Francisco Warns of Escalating Ransomware Threats
Source: Federal Bureau of Investigation FBI Crime News (b)

Highlights Private Sector Partnerships and Importance of Reporting
As ransomware threats continue to evolve and disrupt critical services across the country, the FBI San Francisco Field Office is reinforcing its message to businesses and infrastructure partners: strong collaboration and timely reporting are essential to protecting U.S. networks.

While participating in the RSA Cybersecurity Conference at the Moscone Center through May 1, 2025, FBI San Francisco is engaging cybersecurity professionals and industry leaders to strengthen partnerships and share information on the state of the cyber threat landscape.

“Our cyber strategy is focused on disrupting adversaries, building trusted partnerships, and removing threats from U.S. networks before they cause harm,” said FBI San Francisco Special Agent in Charge Sanjay Virmani. “We are proactively engaging not only major corporations but also small and mid-sized companies that form the bedrock of our economy.”

Ransomware Threat Landscape

The ransomware threat today is immense—measured by the amount of financial losses, the number of active variants, and the increasing sophistication of attacks. Ransomware is malicious software designed to infect a computer or server, encrypt its contents, and demand a ransom payment in exchange for a decryption key.

These attacks are often carried out by complex networks of criminal developers, affiliates, and service providers. Ransomware operations continue to adapt, emphasizing operational security and using layered tactics to extort victims. A growing trend is data theft and victim extortion without encryption, where criminals demand payment to avoid leaking sensitive or proprietary information—even when the victim has reliable backups.

Criminal groups are also resorting to harassment tactics, including contacting employees or customers directly to pressure organizations into paying.

According to the FBI’s Internet Crime Complaint Center (IC3):
- In 2024, cyber incidents and internet-enabled frauds cost victims more than $16.6 billion.
- IC3 received over 3,100 ransomware complaints in 2024—an increase of nearly 12% over the prior year.
- IC3 received over 86,000 extortion complaints in 2024—an increase of nearly 79% over the prior year.
- Ransomware remains the most persistent cyber threat to critical infrastructure, with complaints rising 9% from 2023.
- In 2024, 14 of the 16 U.S. critical infrastructure sectors experienced ransomware att
From 2022 to 2024, IC3 received ransomware complaints totaling more than $106 million in reported losses—though the actual impact is likely higher, as many incidents are never reported.

FBI Strategy: Disrupt, Partner, Protect

The FBI’s cyber strategy focuses on disrupting cybercriminal infrastructure, building enduring partnerships, and making it harder and costlier for adversaries to succeed. The FBI targets the key services ransomware groups rely on: digital infrastructure, tools, communications, and money.

By combining the capabilities of domestic and international partners and imposing costs on cybercriminals, including seizing illicit funds, the FBI is taking proactive steps to degrade their operations and reduce future attacks. This work requires help from the public and private sectors alike.

“Together, we can dismantle these operations and protect the systems Americans rely on,” Virmani added. “But we can only do it if incidents are reported. If we don’t know it happened, we can’t act—and we can’t stop the next one.”

Reporting To The FBI

Despite the growing number of attacks, the FBI continues to face challenges with underreporting. After the FBI gained visibility into a major ransomware group’s infrastructure, investigators found that only about 20% of that group’s U.S. victims had reported the attack to law enforcement—a pattern consistent across multiple operations.

Organizations may avoid reporting due to reputational concerns, quick internal recovery, or payment decisions. However, reporting cyberattacks helps the FBI track evolving threats, identify patterns, and support victims.

The FBI urges victims of cyber incidents to report as soon as possible through the Internet Crime Complaint Center at www.ic3.gov. Prompt reporting allows FBI cyber squads to assess threats, provide appropriate assistance, and minimize disruption.

MIL Security OSI –
May 1, 2025
MIL-OSI Security: Missouri Registered Sex Offender Charged with Distributing and Possessing Child Pornography

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

KANSAS CITY, Mo. – A Kansas City, Mo., man has been charged in a federal criminal complaint for child pornography offenses.

Jeffrey Lynn Petrie, 40, of Kansas City, Mo., was charged in a two-count criminal complaint filed in the U.S. District Court in Kansas City, Mo., on Friday, April 25.

The federal criminal complaint charges Petrie with one count of distributing child pornography over the internet in May 2024, and one count of possessing child pornography from Dec. 9, 2024, to April 24, 2025.

According to an affidavit filed in support of the criminal complaint, law enforcement officers received a Cybertip reporting that a user, “kinkypopper69,” was uploading video files depicting child sexual abuse materials. Petrie was later identified as the user “kinkypopper69.”

On Thursday, April 24, the FBI conducted a search at Petrie’s residence and seized a cell phone.

Petrie is a registered sex offender in Missouri based on prior convictions for child molestation in the 2nd degree.

The charges contained in this complaint are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

This case is being prosecuted by Assistant U.S. Attorney Teresa A. Moore. This case was investigated by the Federal Bureau of Investigation, and the Franklin County, Missouri Sheriff’s Office.

Project Safe Childhood

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc. For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

MIL Security OSI –

May 1, 2025
MIL-OSI: BYDFi Partners with Ledger to Launch Limited Edition Hardware Wallet, Debuts at TOKEN2049 Dubai
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, April 30, 2025 (GLOBE NEWSWIRE) — As an official sponsor of TOKEN2049 Dubai, global crypto exchange BYDFi has teamed up with industry-leading hardware wallet provider Ledger to release a limited edition co-branded Ledger Nano X. The exclusive wallets made their debut at the TOKEN2049 event, where attendees had the chance to receive them for free through on-site interactive activities.

This special edition wallet retains the advanced security features of the original Ledger Nano X, while incorporating custom BYDFi design elements, including visual branding and customized packaging. Symbolizing a deep collaboration on user asset protection and Web3 innovation, the wallet is equipped with a secure element chip, supports the offline storage of a wide range of digital assets, and defends against common forms of cyberattack—offering users an enhanced standard of self-custody.

Secure by Design: Ledger x BYDFi Hardware Wallet Makes Its Official Launch

The launch drew large crowds to the BYDFi booth at TOKEN2049, where many attendees successfully received the limited edition wallet by completing live interactions. Designed for secure self-custody, the Ledger x BYDFi wallet gives users full control over their private keys and assets, reducing reliance on centralized platforms and elevating personal asset sovereignty.

Michael, Co-founder of BYDFi, commented at the event:

“TOKEN2049 coincides with BYDFi’s fifth anniversary, making this a milestone moment for us. This collaboration with Ledger reflects our continued commitment to asset security. The limited edition wallet is designed especially for high-net-worth individuals who demand institutional-grade protection for their digital assets.”

Expanding Horizons: BYDFi’s Vision for Global Growth and Market Leadership

In addition to the co-branded wallet, BYDFi showcased its on-chain trading solution, MoonX, at the event. As a flagship product of BYDFi’s “CEX + DEX” dual-engine strategy, MoonX merges the transparency of on-chain execution with the high-speed performance of centralized systems—delivering an ultra-smooth, seamless trading experience tailored to the rising demands of DeFi users.

The launch of MoonX not only expands the boundaries of BYDFi’s trading ecosystem, but also promotes greater diversity in trading methods and empowers users with more choice and flexibility.

Looking ahead, BYDFi will continue to strengthen collaborations with global partners and infrastructure providers, accelerating the deployment of innovative products and further solidifying its global service capabilities.

About Ledger Nano X

The Ledger Nano X is a hardware wallet certified by independent security labs. It features a tamper-proof secure element chip that safely stores users’ private keys. Any unauthorized access attempts trigger a self-destruct mechanism, ensuring maximum protection. Additional features include PIN protection, a 24-word recovery phrase, encrypted Bluetooth connectivity, and hidden wallets accessible via separate PINs—delivering comprehensive security for crypto asset holders.
More info: https://www.ledger.com

About BYDFi

Founded in 2020, BYDFi has been recognized by Forbes as one of the world’s top 10 crypto exchanges, officially listed on CoinMarketCap and CoinGecko, and holds MSB licenses in multiple jurisdictions. It is also a member of South Korea’s CODE VASP Alliance.

Today, BYDFi serves users in 190+ countries, with a global user base exceeding 1,000,000. The platform supports spot, perpetual, and on-chain trading, enabling access to over 600 cryptocurrencies and 500,000+ memecoin pairs. BYDFi is committed to delivering a world-class crypto trading experience. BUIDL Your Dream Finance.
- Website: https://www.bydfi.com
- Support Email: cs@bydfi.com
- Business Partnerships: bd@bydfi.com
- Media Inquiries: media@bydfi.com
Twitter( X )| LinkedIn| Facebook | Telegram| YouTube

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a0f58b8-d323-40de-b689-70c3558a6f89
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9a49e6b-ad0d-4464-8213-42e029343cae

The MIL Network –
May 1, 2025
MIL-OSI Global: In the $250B influencer industry, being a hater can be the only way to rein in bad behavior

Source: The Conversation – USA – By Jessica Maddox, Assistant Professor of Journalism and Creative Media, University of Alabama

Influencer Alix Earle, a self-described ‘hot mess,’ has legions of online haters. Greg Doherty/Getty Images for Revolve

Since 2020, content creator Remi Bader had accumulated millions of TikTok followers by offering her opinions on the fits of popular clothing brands as a plus-size woman.

In 2023, however, Bader appeared noticeably thinner. When some fans asked her whether she’d undergone a procedure, she blocked them. Later that year, she announced that she would no longer be posting about her body.

Enter snark subreddits. On Reddit, these forums exist for the sole purpose of calling out internet celebrities, whether they’re devoted to dinging the late-night antics of self-described “hot mess” Alix Earle or venting over Savannah and Cole LaBrant, a family vlogging couple who misleadingly implied that their daughter had cancer.

While the internet is synonymous with fan culture, snark subreddits aren’t for enthusiasts. Instead, snarkers are anti-fans who hone the art of hating.

Remi Bader attends New York Fashion Week on Feb. 10, 2025.
Dimitrios Kambouris/Getty Images for Tory Burch

After Bader’s refusal to talk about her weight loss, the Remi Bader snark subreddit blew up. Posters weren’t upset that Bader had lost weight or had stopped posting about her body size. Instead, they believed Bader the influencer, who’d built her brand on plus-size inclusion in fashion, wasn’t being straight with her fans and needed to be taken to account.

It worked. During a March 2025 appearance on Khloe Kardashian’s podcast, Bader finally revealed that she had, in fact, had weight-loss surgery.

Some critics see snarkers as a big problem and understandably denounce their tendency to harass, body shame and try to cancel influencers.

But completely dismissing snark glosses over the fact that it can serve a purpose. In our work as social media researchers, we’ve written about how snark can actually be thought of as a way to call out bad actors in the largely unregulated world of influencing and content creation.

Grassroots policing

Before there were influencers, there were bloggers. While bloggers covered topics that ranged from entertainment to politics to travel, parenting and fashion bloggers probably have the closest connection to today’s influencers.

After Google introduced AdSense in 2003, bloggers were easily able to run advertising on their websites. Then brands saw an opportunity. Parenting and fashion bloggers had large, loyal followings. Many readers felt an intimate connection to their favorite bloggers, who seemed more like friends than out-of-touch celebrity spokespersons.

Brands realized they could send bloggers their products in exchange for a write-up or a feature. Furthermore, advertisers understood that parenting and fashion bloggers didn’t have to adhere to the same industry regulations or code of ethics as most news media outlets, such as disclosing payments or conflicts of interest.

This changed the dynamic between bloggers and their fans, who wondered whether bloggers could be trusted if they were sometimes being paid to promote certain products.

In response, websites emerged in 2009 to critique bloggers. “Get Off My Internets,” for example, fashioned itself as a “quality control watchdog” to provide constructive criticism and call out deceptive practices. As Instagram and YouTube became more popular, the subreddit “r/Blogsnark” launched in 2015 to critique early influencers, in addition to bloggers.

Few guardrails in place

Today the influencer industry has a valuation of over US$250 billion in the U.S. alone, and it’s on track to be worth over $500 billion by 2027.

Yet there are few regulations in place for influencers. A few laws have emerged to protect child influencers, and the U.S. Federal Trade Commission has established legal guidelines for sponsored content.

That said, the influencing industry remains rife with exploitation.

It goes both ways: Corporations can exploit influencers. For example, a 2021 study found that Black influencers receive below-market offers compared with white influencers.

Savannah and Cole LaBrant came under fire for implying that their daughter had cancer, in what their critics called a ploy for attention.
Danielle Del Valle/Getty Images for Lionsgate

Likewise, influencers can deceive or exploit their followers. They might use unrealistic body filters to appear thinner than they are. They could hide who’s paying them. They may promote health misinformation such as the controversial ParaGuard cleanse, a fake treatment pushed by wellness influencers that claimed to rid its users of parasites.

Or, in the case of Remi Bader, they might gain a huge following by promoting body positivity, only to conceal a weight-loss procedure from their fans.

For disappointed fans or followers who feel burned, snark can seem like the only regulatory guardrail in an industry that has gone largely unchecked. Think of snark as a Better Business Bureau for the untamable world of influencing – a form of accountability that brings attention to the scammers and hustlers.

Keeping it real

Todays’s snark exists at the intersection of gossip and cancel culture.

Though cancel culture certainly has its faults, we approach cancel culture in our writing as a worthy tool that allows audiences to hold the powerful accountable. For example, communities of color have joined forces to call out racists, as they did in 2024 when they exposed lifestyle influencer Brooke Schofield’s anti-Black tweets.

Influencers build trust with their audiences based on being “real” and relatable. But there’s nothing preventing them from breaking that trust, and snarkers can swoop in to point out bad behavior or hypocrisy.

Within the competitive world of family vlogging, snarkers see themselves as doing more than stirring the pot. They’re truth-tellers who bring injustices to light, such as abuse and child labor exploitation. Some of this exposure is paying off, with more and more states introducing and passing family vlogger laws that require children to one day receive a portion of their parents’ earnings or restrict how often children can appear in their parents’ videos.

Yes, snark can veer into cyberbullying. But that shouldn’t discount its value as a tool for transparency. Influencers are ultimately brands. They sell audiences ideas, lifestyles and products.

When people feel as if they’ve been misled, we think they have every right to call it out.

Jess Rauchberg receives funding from Microsoft Research.

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

– ref. In the $250B influencer industry, being a hater can be the only way to rein in bad behavior – https://theconversation.com/in-the-250b-influencer-industry-being-a-hater-can-be-the-only-way-to-rein-in-bad-behavior-253010

MIL OSI – Global Reports –

May 1, 2025

MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions will take place on 30.04.2025

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

Application selection parameters
Date of the selection of applications	04/30/2025
Unique identifier of the application selection	22025110
Deposit currency	rubles
Type of funds	funds of the single treasury account
Maximum amount of funds placed in bank deposits, million monetary units	480,000
Placement period, in days	6
Date of deposit	04/30/2025
Refund date	06/06/2025
Interest rate for placement of funds (fixed or floating)	Fixed
Minimum fixed interest rate for placement of funds, % per annum	20.05
Basic floating interest rate for placement of funds	–
Minimum spread, % per annum	–
Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special)	Urgent
Minimum amount of funds placed for one application, million monetary units	1,000
Maximum number of applications from one credit institution, pcs.	5
Application selection form (open or closed)	Open
Application selection schedule (Moscow time)
Venue for the selection of applications	PAO Moscow Exchange
Applications accepted:	from 09:30 to 09:40
Pre-applications:	from 09:30 to 09:35
Applications in competition mode:	from 09:35 to 09:40
Formation of a consolidated register of applications:	from 09:40 to 09:50
Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful:	from 09:40 to 10:00
Submission to credit institutions of an offer to conclude a bank deposit agreement:	from 10:00 to 10:50
Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions:	from 10:00 to 10:50
Deposit transfer time	In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

Application selection parameters
Date of the selection of applications	04/30/2025
Unique identifier of the application selection	22025111
Deposit currency	rubles
Type of funds	funds of the single treasury account
Maximum amount of funds placed in bank deposits, million monetary units	700,000
Placement period, in days	14
Date of deposit	04/30/2025
Refund date	05/14/2025
Interest rate for placement of funds (fixed or floating)	Floating
Minimum fixed interest rate for placement of funds, % per annum	–
Basic floating interest rate for placement of funds	Ruonmds
Minimum spread, % per annum	0.00
Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special)	Urgent
Minimum amount of funds placed for one application, million monetary units	1,000
Maximum number of applications from one credit institution, pcs.	5
Application selection form (open or closed)	Open
Application selection schedule (Moscow time)
Venue for the selection of applications	PAO Moscow Exchange
Applications accepted:	from 12:00 to 12:10
Preliminary applications:	from 12:00 to 12:05
Applications in competition mode:	from 12:05 to 12:10
Formation of a consolidated register of applications:	from 12:10 to 12:20
Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful:	from 12:10 to 12:30
Submission to credit institutions of an offer to conclude a bank deposit agreement:	from 12:30 to 13:20
Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions:	from 12:30 to 13:20
Deposit transfer time	In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

RUONmDS = RUONIA – DS, where

RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

Application selection parameters
Date of the selection of applications	04/30/2025
Unique identifier of the application selection	22025112
Deposit currency	rubles
Type of funds	funds of the single treasury account
Maximum amount of funds placed in bank deposits, million monetary units	100,000
Placement period, in days	182
Date of deposit	04/30/2025
Refund date	29.10.2025
Interest rate for placement of funds (fixed or floating)	Floating
Minimum fixed interest rate for placement of funds, % per annum	–
Basic floating interest rate for placement of funds	Ruonmds
Minimum spread, % per annum	0.00
Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special)	Special
Minimum amount of funds placed for one application, million monetary units	1,000
Maximum number of applications from one credit institution, pcs.	5
Application selection form (open or closed)	Closed
Application selection schedule (Moscow time)
Venue for the selection of applications	PAO Moscow Exchange
Applications accepted:	from 16:00 to 16:10
Formation of a consolidated register of applications:	from 16:10 to 16:20
Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful:	from 16:10 to 16:30
Submission to credit institutions of an offer to conclude a bank deposit agreement:	from 16:30 to 17:20
Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions:	from 16:30 to 17:20
Deposit transfer time	In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

RUONmDS = RUONIA – DS, where

Application selection parameters
Date of the selection of applications	04/30/2025
Unique identifier of the application selection	22025113
Deposit currency	rubles
Type of funds	funds of the single treasury account
Maximum amount of funds placed in bank deposits, million monetary units	10,000
Placement period, in days	6
Date of deposit	04/30/2025
Refund date	06/06/2025
Interest rate for placement of funds (fixed or floating)	Fixed
Minimum fixed interest rate for placement of funds, % per annum	20.05
Basic floating interest rate for placement of funds	–
Minimum spread, % per annum	–
Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special)	Urgent
Minimum amount of funds placed for one application, million monetary units	1,000
Maximum number of applications from one credit institution, pcs.	5
Application selection form (open or closed)	Open
Application selection schedule (Moscow time)
Venue for the selection of applications	PAO Moscow Exchange
Applications accepted:	from 18:30 to 18:40
Preliminary applications:	from 18:30 to 18:35
Applications in competition mode:	from 18:35 to 18:40
Formation of a consolidated register of applications:	from 18:40 to 18:50
Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful:	from 18:40 to 18:50
Submission to credit institutions of an offer to conclude a bank deposit agreement:	from 18:50 to 19:30
Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions:	from 18:50 to 19:30
Deposit transfer time	In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

Contact information for media 7 (495) 363-3232Pr@moex.kom

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.MO/N89940

MIL OSI Russia News –

May 1, 2025

MIL-OSI: OTC Markets Group Welcomes Datatec Ltd to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Datatec Ltd (JSE: DTC; OTCQX: DTTLF, DTTLY), an international ICT solutions and services group, has qualified to trade on the OTCQX® Best Market.

Datatec Ltd begins trading today on OTCQX under the symbols “DTTLF and DTTLY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Admission to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Datatec management commented:
“We are delighted to begin trading on the OTC Market’s premier tier, OTCQX. This additional trading venue will allow US investors access to Datatec shares quoted in US dollars and provides a platform to disseminate Datatec’s corporate disclosure to US investors with transparency. The company remains committed to maintaining the best possible disclosure for its shareholders.”

About Datatec Ltd
Datatec is a global digital channels group providing Cybersecurity, Networking and Hybrid Cloud infrastructure solutions and services in more than 50 countries across North America, Latin America, Europe, Africa, Middle East and Asia-Pacific. Through its core divisions, the group offers Value-added Technology Distribution (Westcon International) and Integration and Managed Services (Logicalis International and Logicalis Latin America). Datatec has been listed on the JSE Limited for the past 30 years.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS^TM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

April 30, 2025
MIL-OSI Russia: From idea to tradition: the student physics olympiad was held at the Polytechnic for the tenth time

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On the last Saturday of April, the Polytechnic University hosted the tenth anniversary student physics olympiad.

The idea of holding a physics olympiad at SPbPU arose in 2015. By that time, experience had been accumulated in participating in such competitions – since the early 2000s, Polytechnic students had participated in the inter-university physics olympiad. It was held in September, and preparations began in advance – teachers from the physics and technology faculty (now the physics department) worked specifically with the students. As a result, the Polytechnic students confidently performed at each olympiad, taking prizes.

Professor Yuri Mamaev, scientific director of the physics practical laboratory, associate professor Sergei Starovoitov, and associate professor Tatyana Vorobyeva made a great contribution to the Olympiad movement at the Physics Department, including the emergence of their own Olympiad at the Polytechnic University.

In 2015, together with Mikhail Voronov, a research fellow at the Physics and Technology Institute, the team of organizers began organizing the Olympiad at the Polytechnic, selecting tasks and criteria for their evaluation. The preparation of student participants was carried out at an optional club. The head of the department, Vadim Ivanov, helped with the audience, and also provided other organizational assistance.

And so, 10 years ago, on the last Saturday of April 2015, the first student Olympiad in Physics took place. More than a hundred people took part in the competition. The winners from the department were awarded books – dictionaries and encyclopedias on physics.

According to the rules, the participants of the competition could only use reference books on physics and mathematics. This tradition has been preserved to this day: the use of textbooks or notes is not allowed. Although this will not help the participants much, since solving the Olympiad problems requires systematic knowledge and understanding of physical laws. To the question: “Is it possible to cheat at the Olympiad?” Sergey Starovoytov answers with a smile: All Olympiad problems are author’s, so it is impossible to find their solution on the Internet.

The authors of the problems are a group of young teachers and postgraduate students of the Department of Physics, who develop unique problems from the physics course that require an original solution. A careful approach to the selection of tasks allows us to create conditions for equal and fair participation in the competition. A team is formed from among the SPbPU students who successfully performed at the Physics Olympiad for subsequent participation in the Interuniversity Physics Olympiad. It is prepared by a senior teacher of the Department of Physics Vadim Kozhevnikov.

The solution to each problem is presented by the authors-developers after the end of the Olympiad. Not only participants, but also anyone who wishes can attend the event with the analysis of the problems.

The Olympiad is open to everyone, so there is a special atmosphere here: not so much a rivalry as a celebration of knowledge and science! This idea is confirmed by the feedback from the participants of the tenth anniversary Olympiad.

Danil, 2nd year, Physics and Mechanics Institute, winner of the 2024 Physics Olympiad: I have attended various Physics Olympiads. This is not my first time participating in this Olympiad and I am very pleased! First of all, I feel joy from solving interesting problems.

Matvey, 1st year, Institute of Electronics and Telecommunications: For me, the Physics Olympiad is an opportunity to discover something new.

Daria, 1st year, Institute of Electronics and Telecommunications: I believe that you need to strive for something more than just solving problems, so I am participating in this Olympiad.

The results of the Olympiad will be announced very soon. Let us wish the participants great achievements. Could the teachers who were at the origins of the Olympiad have imagined that it would become a tradition of the Physics Department and would be held annually? However, that is exactly what happened! Students still wait for the last Saturday of April to test their knowledge of physics in a fair competition.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 30, 2025
MIL-OSI Asia-Pac: LCQ19: Services and facilities provided by Government in new towns

Source: Hong Kong Government special administrative region

Following is a question by the Hon Chan Hok-fung and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (April 30):

Question:

There are views pointing out that the Government has proposed to construct the second government complex in Tseung Kwan O, a new town with a population of nearly 500 000, while it has no plan to provide any government complex in Tung Chung, even though there will be a population of almost 300 000 in Tung Chung upon completion of the expansion of Tung Chung East and Tung Chung West. In this connection, will the Government inform this Council:

(1) of the criteria for providing government complexes in new towns (e.g. the population in and accessibility of the district, etc); whether it has plans to construct a government complex in Tung Chung Area 1; if so, of the timetable; if not, the reasons for that;

(2) given that the proposed second government complex in Tseung Kwan O will provide medical and health facilities, day care centre for the elderly, government offices, a public vehicle park and other facilities, how the Government determines the services and facilities to be provided in the government complex, so as to realise the land use principle of “single site, multiple use”;

(3) given that some residents of Tung Chung have relayed to me that they need to go to the Immigration Department’s Regional Office in Tuen Mun for registration of persons and travel document applications, whether the Government will consider providing services in relation to registration of persons and travel document applications in Tung Chung; if so, of the implementation timetable;

(4) whether the Government had extensively promoted the use of electronic government services (e-government services) in Tung Chung in the past three years; if so, of the details; whether the Government has formulated any publicity plan for the coming year to promote the use of e-government services by more Tung Chung residents, so as to fill the service gap arising from the Government’s failure to provide a government complex in the district; and

(5) given that the Leisure and Cultural Services Department currently provides different types of leisure and cultural services facilities in Tung Chung (e.g. Tung Chung North Park, Tung Chung Road Soccer Pitch, Tung Chung Man Tung Road Sports Centre, Tung Chung Public Library, etc), whether the Government has plans to extensively cultivate iconic species of plants at such facilities, so as to create a scenic landscape comprising government facilities in Tung Chung; if so, of the details?

Reply:

President,

After consultation with the relevant policy bureaux and departments, the reply to the questions is as follows:

(1) When developing New Towns/New Development Areas, the Government reserves sufficient land for “Government, Institution or Community” uses so as to meet the daily needs of the public. In general, the Government will take into account the population density of the relevant area when determining the type and quantity of facilities to be provided. With reference to the actual needs of local users, the supply of land or space, and views from other relevant departments, the departments responsible for providing the relevant services would plan accordingly, including whether developing Joint-user Complexes (JUCs) is the suitable approach to provide the public services needed by the relevant community.

For the site of Tung Chung Area 1, nearby sits the Tung Chung Municipal Services Building, which is around 500 metres away. The building is near the MTR Tung Chung Station, within which there are various facilities such as a community hall, a public library, a sports centre, and elderly care facilities. In fact, within the public housing estates and private developments of the Tung Chung area, many community facilities have been provided, including health centres and post offices, etc, so as to serve the needs of Tung Chung residents. While there are currently no plans to develop JUCs at the site of Tung Chung Area 1, the Government will continue to take note of the view from the community on how this lot can be effectively utilised.

(2) When considering the mix of services and facilities to be provided in a JUC, the Government mainly considers factors including local demand for public services, the space requirements of departments for providing such public services and setting up offices, compatibility of different facilities, and cost effectiveness, etc.

(3) According to the Immigration Department (ImmD), there are currently seven Registration of Persons Offices and seven Immigration Branch Offices throughout Hong Kong Island, Kowloon, and the New Territories, providing registration of persons and document services to members of the public in various districts. These offices are of high accessibility, located near MTR stations and Public Transport Interchanges. Since the ImmD has already set up offices serving the public in areas conveniently accessible to Tung Chung residents, the Government does not have plans to set up additional offices in Tung Chung at the moment. The ImmD will continue to review the service demand in each district to ensure the continuous provision of efficient and high-quality services to the public while making optimal use of resources.

In fact, to facilitate the public and align with the Government’s objective of full digitalisation of services, the ImmD has been proactively promoting electronic services. Members of the public can submit applications for the Hong Kong Special Administrative Region Passport through the Internet or the ImmD Mobile Application. In recent years, the ImmD has also launched various electronic services, obviating the need for residents to visit the offices in person and thus saving queuing and form-filling time. These online services include birth registration, death registration, and application for Certificate of Registered Particulars, where applicants may also choose to receive relevant certificates by mail. Starting from January 2025, applications for certain visas/entry permits and extensions of stay will only be accepted electronically, and applicants will not need to visit ImmD offices in person throughout the entire process.

(4) The Government has been striving to drive the full digitalisation of government services, and whether there is a JUC in a particular district has no bearing on the Government’s effort in this regard. According to the information provided by the Digital Policy Office (DPO), all licences and government services involving application and approval (about 1 480 items in total) and forms (over 3 800) have been digitalised since mid-2024, thereby enabling submission of application, payment and collection of documents by electronic means for relevant licences and services. If in-person submission or collection of documents is required by law or international practices, applicants will only need to visit the relevant government office no more than once.

The DPO will strengthen the promotion of “iAM Smart” and related online services, and work with Care Teams to assist citizens and elderly people in various districts in registering and using “iAM Smart”. Moreover, the DPO has set up community-based help desks in suitable locations across all districts to provide regular and fixed-point training and technical support, teaching elderly people to use various digital government service applications.

(5) The Development Bureau advocates the policy of “Right Plant, Right Place”, which involves taking into account planting space, adaptability, characteristics and matching of species, as well as compatibility with landscape designs and the surrounding environment. In this regard, the Leisure and Cultural Services Department (LCSD) has been planting various conspicuous flowering or foliage plants in its recreational venues to beautify the environment. When pursuing recreational facility projects, the LCSD collaborates with works departments and design teams to select suitable plants based on factors including site condition, etc. When choosing plant species for open spaces in the Tung Chung area, the LCSD will make reference to the Greening Theme, Theme Plants, and Recommended Tree List for the Islands District in the Greening Master Plan drawn up by the Civil Engineering and Development Department (CEDD).

Currently, over 30 Tabebuia chrysantha trees have been planted in Man Tung Road Park in Tung Chung, attracting many residents of the district during their spring blossom. In Tung Chung North Park, various themed trees have been planted, including nearly 50 Liquidambar formosana trees, the leaves colour of which changes through seasons. The red foliage in late autumn is particularly popular among visitors. For the Open Space Development in Tung Chung New Town Extension (East), the works of which will commence shortly, the LCSD plans to plant Pennisetum alopecuroides, Melastoma sanguineum, Cassia bakeriana, and other species, as well as install trellises adorned with distinctive climbers, to create a richly layered and vibrantly coloured landscape and greenery in Tung Chung. In addition to the above plants, in early 2023, the CEDD set up a trial nursery at the seafront of the newly reclaimed land in Tung Chung East to assess the growth performance of different tree species, with a view to selecting more suitable species for the Open Space Development in Tung Chung New Town Extension (East).

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Dr. Sukanta Majumdar inaugurates two-day National Workshop on Multi-Disciplinary Education and Research Universities under PM-USHA

Source: Government of India

Posted On: 30 APR 2025 2:42PM by PIB Delhi

Union Minister of State for Education and Development of the North Eastern Region, Dr. Sukanta Majumdar, inaugurated a two-day National Workshop on Multi-Disciplinary Education and Research Universities (MERU) under Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA) today at ICAR, New Delhi. Secretary, Department of Higher education, GoI, Dr. Vineet Joshi; Additional Secretary, Ministry of Education, Shri Sunil Kumar Barnwal; Chairman, AICTE, Prof. T G Sitharam; Chair Person, NETF, Prof. Anil Sahasrabudhe; Former Chairman, UGC, Prof. M. Jagadesh Kumar; and other dignitaries and Vice chancellors of the Universities were present at the event. Joint Secretary, Ministry of Education, Shri Armstrong Pame, presented the Vote of Thanks.

Dr. Sukanta Majumdar, while addressing the event, highlighted the importance of NEP 2020, which empowers the youth, modernizes institutions, and blends India’s ancient wisdom with modern innovation. Through focused efforts on research, innovation, and international collaboration, NEP 2020 aims to equip India’s students with the skills and knowledge needed to meet global challenges, he added.

He noted that with the participation of over 64 Vice Chancellors from over 64 different universities, along with State officials represented by State Project Directors of Higher Education, the national workshop will provide essential guidance on how best to implement various elements of the NEP in collaboration with central and state government funding. Dr. Majumdar also said that for 35 universities, the Ministry is providing Rs. 100 crore each for implementing 44 mandatory activities under the Multidisciplinary Education and Research University (MERU) components. He urged everyone to move forward with commitment and collaboration to realize the dream of a Viksit Bharat by 2047, where every university becomes a hub of innovation, inclusion, and global excellence.

Dr. Vineet Joshi, in his speech, emphasised the importance of NEP 2020 in preparing students for the 21st century. He also highlighted the significance of research in higher educational institutes and urged the participants to learn and adopt best practices from other institutions, replicating them in their specific context. This collaborative approach, he noted, will ensure the rapid improvement of the country. He also emphasised the need for teaching-learning material in the mother tongue to achieve better outcomes.

During this two-day seminar twelve important sessions will be held on UGC Regulations for NEP Implementation (Status and Challenges); Clustering and Collaboration for Multidisciplinary Education; Holistic Education through Integration of Skilling and Industry Connect (NHEQF, NCrF); Employability through apprenticeship & internship and Future of Work and Courses in Emerging Areas; Digital Initiatives (SWAYAM, SWAYAM-Plus, SATHEE, APAAR, AI); Equity and Access to Higher Education; Indian Knowledge System; e-Governance (SAMARTH); Research, Innovation & Internationalization; Promoting Indian Languages in Higher Education; Malaviya Mission Teacher Training Program – Capacity Building of Faculty of Higher Education; and Providing Quality Education: Accreditation and Ranking (NAAC, NIRF, IQAC). Eminent academicians and officials will share their insight in these sessions.

PM-USHA, or Pradhan Mantri Uchchatar Shiksha Abhiyan, is a centrally sponsored scheme launched by the Indian Ministry of Education to improve the quality of higher education in state-run institutions. It aims to enhance accessibility, equity, and excellence in higher education while ensuring efficiency, transparency, accountability, and responsiveness.

*****

MV/AK

MOE/DoHE/30 April 2025/12

(Release ID: 2125442) Visitor Counter : 58

MIL OSI Asia Pacific News –

April 30, 2025

MIL-OSI: High Arctic Overseas Announces 2024 Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its financial and operating results for the quarter and year ended December 31, 2024. The Corporation’s audited consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the three months and year ended December 31, 2024, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

Mike Maguire, Chief Executive Officer commented on the Corporation’s fourth quarter 2024 financial and operating results:

“We have finished the spin-out transaction and have established High Arctic Overseas Holdings Corp. with dedicated Management and have trimmed our recurring G&A on a go forward basis. We have maintained the Corporation’s cash balance thanks to solid contribution from our manpower services & equipment rentals.

The Corporation is now well placed to participate meaningfully in anticipated future drilling activity, with a resilient core business. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

We are heartened by announced LNG developments including key environmental approvals for Papua LNG and positive public statements by the PNG Prime Minister following meetings with senior executives from the major project participants in January.

I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

HIGHLIGHTS

Adjusted EBITDA for the Quarter and full year of ($482) and $4,290 as a result of low drilling activity and costs associated with the close out of the spin-out.
Significant adjustments to inventory carrying value as a result of confirmation of the terms of contracts which resulted in a one-time positive non-cash impact to earnings of $3.4 million;
Post the spin-out we have established independent management team and expect to see General and Administrative costs normalise moving forward; and
Exited the quarter with a strong liquidity position with a working capital balance of $20.6 million which includes a cash balance of $14.9 million and no debt.

2024 FOURTH QUARTER RESULTS

Drilling rig 103 remained suspended and drilling rigs 115 and 116 remained cold-stacked. Manpower services and rental services continued with other customers. Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024. The net result was a substantial reduction to revenue and the generation of a significantly lower EBITDA in the quarter:
- Revenue for the quarter of $2,421, a decrease of $10,112 or 81% compared to Q4 2023 at $12,533, and
- Adjusted negative EBITDA of $482, decrease of $3,418 or 116% compared to Q4 2023 at $2,936.

The reduced revenue generating activities in Q4 2024 were offset by the significant adjustments to inventory and reported obligations that were the result of renegotiated terms of contracts related to spares inventory, this resulted in:
- Net income of $1,806 in Q4 2024 compared to net income of $1,907 realized in Q4 2023.

2024 YEAR TO DATE RESULTS

Drilling Rig 103 operated through into Q2 2024 when drilling was suspended at which point it was cold stacked. Manpower services and rentals with other customers continued at similar run rates through the remainder of 2024. Operating margins improved from 2023 of 33.2% to 37.7% in 2024 as a result of reduced material and supply costs and higher proportional contribution from higher margin rentals.
- Revenue for 2024 was $24,075, a reduction of $19,305 or 45% compared to 2023,
- Adjusted EBITDA for 2024 was $4,290, a 60% reduction compared to 2023 as a result of general and administrative costs not reducing proportionally to revenue, and
- General and administrative costs were impacted by additional expenses related to the Arrangement.

The reduced operating activities combined with the Q4 2024 significant adjustments to inventory and reported obligations drove the following results for the Corporation:
- Net income of $2,857 for 2024 compared to a net loss of $8,623 for the same period 2023 which included an impairment charge of $15,200.
Improved liquidity with a working capital balance of $20.6 million, which includes a cash balance of $14.9 million.

Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three and twelve months ended December 31, 2024, including all comparative periods.

In the above results discussion, the three months ended December 31, 2024 may be referred to as the “quarter” or “Q4 2024” and the comparative three months ended December 31, 2023 may be referred to as “Q4 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. Additionally, the twelve months ended December 31, 2024 may be referred to as “YTD” or “YTD 2024”. References to other twelve-month periods ended December 31 may be presented as “YTD 20XX” with XX being the year to which the twelve-month period ended December 31 commentary relates.

FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024	2023
Operating results
Revenue	2,421		12,533		24,075	43,380
Net income (loss)	1,806		1,907		2,857	(8,623	)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69	)
Operating margin ⁽²⁾	693		4,037		9,069	14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%	33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733	11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290	10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%	24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455	4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112	8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770	10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652	1,080

(thousands of USD)					As at Dec 31, 2024	As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602	20,335
Cash and cash equivalents					14,930	10,958
Total assets					35,287	43,374
Shareholder’s equity					30,953	33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448	12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539	12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this MD&A and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this MD&A for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024		2023
Operating results
Revenue	2,421		12,533		24,075		43,380
Net income (loss)	1,806		1,907		2,857		(8,623)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69)
Operating margin ⁽²⁾	693		4,037		9,069		14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%		33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733		11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290		10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%		24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455		4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112		8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770		10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652		1,080

(thousands of USD)					As at Dec 31, 2024		As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602		20,335
Cash and cash equivalents					14,930		10,958
Total assets					35,287		43,374
Shareholder’s equity					30,953		33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448		12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539		12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this Press Release and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

Liquidity and Capital Resources

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD)	2024	2023	2024	2023
Cash provided by (used in) operations:
Operating activities	248	6,131	10,112	8,906
Investing activities	(62)	(93)	(652)	(1,080)
Financing activities	(113)	(179)	(5,487)	(714)
Effect of exchange rate changes	(1)	–	(1)	–
Increase (decrease) in cash	72	5,859	3,972	7,112

(thousands of USD, unless otherwise noted)	As at Dec 31, 2024	As at Dec 31, 2023
Current assets	24,706	30,090
Working capital⁽¹⁾	20,602	20,335
Working capital ratio⁽¹⁾	6.0:1	3.1:1
Cash and cash equivalents	14,930	10,958

⁽¹⁾See “Non-IFRS Measures”

Liquidity and Capital Resources
Cashflows from Operating Activities
For the three months and year ended December 31, 2024, cash generated from operating activities was $248 (Q4 2023 $6,131) and $10,112 (YTD-2023 $8,906), respectively. The change in operating cash flow was largely driven by changes in working capital related to the timing of drilling activity in the respective years with a cash drawdown in 2023 as operations ramped up and a cash harvesting in 2024 as operations were ceased.

Cashflows from Investing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in investing activities was $62 (Q4 2023 $93) and $652 (YTD-2023 $1,080), respectively. Cash outflows associated with investing activities were directed towards capital expenditures on rental assets. The reduction in capital expenditures in 2024 is due to reduced customer activity. The Corporation will continue to seek opportunities to invest in additional capital assets, in particular where it can do so under take-or-pay agreements.

Cash flows from Financing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in financing activities was $113 (Q4 2023 $179) and $5,487 (YTD-2023 $714) respectively. Excluding the impact of a $5,000 dividend paid by HAES-Cyprus to HWO prior to the completion of the Arrangement transaction, cash outflows associated with finance activities were directed towards lease obligation payments.

Outlook
Consistent with the outlook provided by the Corporation in the third quarter of 2024, the outlook for the Corporation’s core business in PNG for 2025 remains subdued. The Corporation’s 2024 fourth quarter and annual results were impacted by the completion of customer drilling activity during the second quarter of 2024, with Rig 103 being relocated to the customer’s forward base location and cold-stacked. With no near-term drilling activity currently anticipated, the Corporation expects equipment rental and manpower to be the primary revenue generating activity for 2025. Quarterly revenues for 2025 are anticipated to be consistent with third and fourth quarters of 2024.

The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings.

The Corporation also continues to pursue business expansion opportunities in PNG, actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defence projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

NON-IFRS MEASURES
This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q3 2024 MD&A, which is available online at www.sedarplus.ca.

About High Arctic ‎Overseas Holdings Corp.

High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

For further information, please contact:

Mike Maguire
Chief Executive Officer
1.587.320.1301

High Arctic Overseas Holdings Corp.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
www.higharctic.com
Email: info@higharctic.com

Forward-Looking Statements

This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: future energy projects including drilling activity and LNG projects in PNG; the Corporation’s ability to participate in the energy industry in PNG; potential future contracts with existing or new customers of the Corporation; future infrastructure and defence projects in PNG and the ability of the Corporation to participate in same; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the ability of the Corporation to expand its geographic customer base outside of PNG; and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk, raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the Corporation’s ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. While the Corporation considers these assumptions to be reasonable, the assumptions are inherently subject to significant uncertainties and contingencies.

A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

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

The MIL Network –

April 30, 2025

MIL-OSI USA: SPC Severe Thunderstorm Watch 196

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL6

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 196
NWS Storm Prediction Center Norman OK
1255 AM CDT Wed Apr 30 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southwest and South-Central Oklahoma
Northwest and North-Central Texas

* Effective this Wednesday morning from 1255 AM until 800 AM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2
inches in diameter likely
Scattered damaging wind gusts to 70 mph likely
A tornado or two possible

SUMMARY…Strong to severe thunderstorms are expected to persist
throughout the night in the vicinity of an outflow boundary that
extends across the region. Hail will be the primary risk with this
more cellular development. There is also some potential for the
storms in west TX to evolve into an organized line segment that
could progress across the region later. Damaging gusts would be the
primary risk with this more linear activity.

The severe thunderstorm watch area is approximately along and 50
statute miles north and south of a line from 50 miles south
southwest of Altus OK to 30 miles south southeast of Mcalester OK.
For a complete depiction of the watch see the associated watch
outline update (WOUS64 KWNS WOU6).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 194…WW 195…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
24035.

…Mosier

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW6
WW 196 SEVERE TSTM OK TX 300555Z – 301300Z
AXIS..50 STATUTE MILES NORTH AND SOUTH OF LINE..
50SSW LTS/ALTUS OK/ – 30SSE MLC/MCALESTER OK/
..AVIATION COORDS.. 45NM N/S /41SE CDS – 24SSE MLC/
HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 34709960 35209558 33759558 33259960

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU6.

Watch 196 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (20%)

Probability of 1 or more strong (EF2-EF5) tornadoes

Low (5%)

Wind

Probability of 10 or more severe wind events

Mod (60%)

Probability of 1 or more wind events > 65 knots

Low (10%)

Hail

Probability of 10 or more severe hail events

Mod (60%)

Probability of 1 or more hailstones > 2 inches

Mod (60%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 195

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL5

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 195
NWS Storm Prediction Center Norman OK
1050 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast New Mexico
West Texas

* Effective this Tuesday night and Wednesday morning from 1050 PM
until 600 AM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2.5
inches in diameter possible
Isolated damaging wind gusts to 70 mph possible
A tornado or two possible

SUMMARY…Strong to severe thunderstorms are expected to redevelop
across the region the remainder of the evening into the overnight,
with large hail as the most common hazard.

The severe thunderstorm watch area is approximately along and 65
statute miles north and south of a line from 5 miles south southwest
of Hobbs NM to 50 miles north of Abilene TX. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU5).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 194…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
23030.

…Guyer

SEL5

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 195
NWS Storm Prediction Center Norman OK
1050 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast New Mexico
West Texas

* Effective this Tuesday night and Wednesday morning from 1050 PM
until 600 AM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2.5
inches in diameter possible
Isolated damaging wind gusts to 70 mph possible
A tornado or two possible

SUMMARY…Strong to severe thunderstorms are expected to redevelop
across the region the remainder of the evening into the overnight,
with large hail as the most common hazard.

The severe thunderstorm watch area is approximately along and 65
statute miles north and south of a line from 5 miles south southwest
of Hobbs NM to 50 miles north of Abilene TX. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU5).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 194…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
23030.

…Guyer

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW5
WW 195 SEVERE TSTM NM TX 300350Z – 301100Z
AXIS..65 STATUTE MILES NORTH AND SOUTH OF LINE..
5SSW HOB/HOBBS NM/ – 50N ABI/ABILENE TX/
..AVIATION COORDS.. 55NM N/S /45N INK – 41NNE ABI/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 23030.

LAT…LON 33550325 34089968 32209968 31670325

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU5.

Watch 195 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (20%)

Probability of 1 or more strong (EF2-EF5) tornadoes

Low (10%)

Wind

Probability of 10 or more severe wind events

Mod (30%)

Probability of 1 or more wind events > 65 knots

Low (10%)

Hail

Probability of 10 or more severe hail events

Mod (50%)

Probability of 1 or more hailstones > 2 inches

Mod (40%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (80%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 30, 2025
MIL-OSI Security: New Paltz Man Charged with Online Sexual Exploitation of a Minor

Source: Office of United States Attorneys

ALBANY, NEW YORK – Max Fishkind, age 24, of New Paltz, New York, was charged today with sexual exploitation of a child. United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

According to a complaint filed today, on September 23, 2024, Fishkind used, persuaded, induced, enticed and coerced a child into creating and sending him self-produced child sexual abuse material over Snapchat. The child, who was 15 years old at the time of the crime, reported that Fishkind initially told the child he was 17 years old, but the child later learned that Fishkind was not a minor and stopped communicating with him.

The investigation into Fishkind began after the parents of a minor child residing in the state of Maryland reported to the FBI that their child had engaged in inappropriate sexual messaging with Fishkind, which included self-produced nude images of the minor that had been sent to Fishkind over Snapchat. When the FBI learned that Fishkind had since moved from Houston, Texas, to New Paltz, FBI Albany took over the investigation, which resulted in the charge filed today. The charges against Fishkind are merely accusations. The defendant is presumed innocent unless and until proven guilty.

Fishkind made his initial appearance before U.S. Magistrate Judge Daniel J. Stewart today. He was detained pending a detention hearing scheduled for May 5.

If convicted of the offense, Fishkind faces at least 15 years and up to 30 years in prison, a fine of up to $250,000, and a supervised release term of at least 5 years and up to life. Fishkind may also be ordered to pay restitution to the victim of his offense and forfeit any devices used in the offense. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors. Fishkind would also have to register as a sex offender upon his release from prison.

The FBI is investigating this case. Assistant U.S. Attorney Benjamin S. Clark is prosecuting the case as part of Project Safe Childhood.

Launched in May 2006 by the Department of Justice, Project Safe Childhood is led by United States Attorney’s offices and the Criminal Division’s Child Exploitation and Obscenity Section (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, please visit https://www.justice.gov/psc. Lead with the action and the most basic information – who, what, when and where.

MIL Security OSI –

April 30, 2025
MIL-OSI USA: 04.29.2025 WTAS: Bipartisan, Bicameral TAKE IT DOWN Act to Criminalize the Spread of Deepfake Revenge Porn Heads to President Trump’s Desk

US Senate News:

Source: United States Senator for Texas Ted Cruz

Washington, D.C. – Yesterday, the bipartisan, bicameral TAKE IT DOWN Act, introduced in the Senate by Commerce Committee Chairman Ted Cruz (R-Texas) and co-led by Sen. Amy Klobuchar (D-Minn.), passed the U.S. House of Representatives by a vote of 409-2 and heads to President Trump’s desk. The legislation unanimously passed the Senate in February.
The TAKE IT DOWN Act criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
The House companion was introduced by Reps. Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.).
Here is what they are saying about the TAKE IT DOWN Act:

TIME: Inside the First Major U.S. Bill Tackling AI Harms—and Deepfake Abuse
“In January, however, Cruz was promoted to become the chair of the Senate Commerce Committee, giving him a major position of power to set agendas. His office rallied the support for Take it Down from a slew of different public interest groups. They also helped persuade tech companies to support the bill, which worked: Snapchat and Meta got behind it.
“‘Cruz put an unbelievable amount of muscle into this bill,’ says Sunny Gandhi, vice president of political affairs at Encode, an AI-focused advocacy group that supported the bill. ‘They spent a lot of effort wrangling a lot of the companies to make sure that they wouldn’t be opposed, and getting leadership interested.’”

THE DALLAS MORNING NEWS: House passes Ted Cruz bill cracking down on deepfake nudes
“U.S. Sen. Ted Cruz’s bill targeting the publication of nonconsensual deepfake pornography will soon be federal law.
“The House voted 409-2 Monday to approve the bill, which already passed the Senate, sending it to President Donald Trump’s desk.
“Elliston was 14 years old in October 2023 when a classmate used an artificial intelligence program to turn innocent photos of her and her friends into realistic-looking nudes and distributed the images on social media.
“They were only removed after they shared the story with Cruz and he pushed for action.
“First lady Melania Trump participated in an event highlighting the issue and Elliston sat with her as a guest for the president’s joint address to Congress.
“Trump gave Elliston a shout-out during the speech, saying he looked forward to signing Cruz’s proposal into law after the House passed it.”

USA TODAY: With rare bipartisan support, Congress passes bill to outlaw deepfake pornography
“A bill to criminalize AI-generated explicit images, or ‘deepfakes,’ is headed to President Donald Trump’s desk after sailing through both chambers of Congress with near-unanimous approval.
“The Take It Down Act has enjoyed uncommon bipartisan support, along with a key endorsement from the first lady.
“The newly-passed bill will require technology platforms to remove reported “non-consensual, sexually exploitative images” within 48 hours of receiving a valid request. Sens. Ted Cruz, R-Texas, and Amy Klobuchar, D-Minnesota, introduced the legislation in August.”

The New York Times: House Passes Bill to Ban Sharing of Revenge Porn, Sending It to Trump
“The legislation, introduced by Senators Ted Cruz, Republican of Texas, and Amy Klobuchar, Democrat of Minnesota, is the first internet content law to clear Congress since 2018, when lawmakers approved legislation to fight online sex trafficking. And though it focuses on revenge porn and deepfakes, the bill is seen as an important step toward regulating internet companies that have for decades escaped government scrutiny.”

CBS NEWS: House passes “Take it Down Act,” sending revenge porn bill backed by Melania Trump to president’s desk
“‘If you’re a victim of revenge porn or AI-generated explicit imagery, your life changes forever,’ Sen. Ted Cruz, a Texas Republican, said at a March 3 roundtable promoting the bill.
“Cruz, who introduced the bill, recalled the experience of a teenage victim, Elliston Berry, whose classmate used an app to create explicit images of her and then sent them to her classmates. Berry’s mother had tried unsuccessfully to get Snapchat to remove the images for months before she contacted Cruz’s office for help.
“‘It should not take a sitting senator or sitting member of Congress picking up the phone to get a picture down or video down,’ Cruz said.”

CNN: House passes bill aimed at protecting victims of deepfake and revenge porn
“Republican Sen. Ted Cruz of Texas introduced the bill, and a bipartisan group of lawmakers, including Democratic Sen. Amy Klobuchar of Minnesota and Rep. Madeleine Dean of Pennsylvania, have supported the effort.
“According to Cruz’s office, the bill ‘would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or ‘deepfake pornography’), and require social media and similar websites to have in place procedures to remove such content upon notification from a victim.’”

THE HILL: Bill criminalizing deepfake revenge porn passes House, heads to Trump’s desk
“Cruz celebrated the bill’s passage on Monday, calling it a ‘historic win in the fight to protect victims of revenge porn and deepfake abuse.’
“‘By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,’ he wrote in a statement.”
More than 120 organizations representing victim advocacy groups, law enforcement, and tech industry leaders have voiced their support for the legislation, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse, & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).
In March, Sen. Cruz and Rep. Salazar hosted a bipartisan roundtable with First Lady Melania Trump to hear from victims of revenge and deepfake pornography and urge the House to pass the bipartisan TAKE IT DOWN Act. During his State of the Union address, President Trump emphasized the bill’s importance and said, “I look forward to signing it into law.”
Other notable endorsements came from the bipartisan Problem Solvers Caucus, a group of House lawmakers evenly split between Republicans and Democrats, and Paris Hilton, who called the bill “a crucial step toward ending non-consensual image sharing online.”
During the 118th Congress, the bill unanimously passed the Senate Commerce Committee and the full Senate.
BACKGROUND:
While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII.
The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:

Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement.
Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The Federal Trade Commission is charged with enforcement of this section.
Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.

To read the bill text, click HERE.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 193

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL3

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 193
NWS Storm Prediction Center Norman OK
525 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
South-central and Eastern Kentucky

* Effective this Tuesday afternoon from 525 PM until Midnight
CDT.

* Primary threats include…
Scattered damaging wind gusts to 70 mph possible
Isolated large hail events to 1.5 inches in diameter possible

SUMMARY…Clusters of storms will progress eastward across the
region this evening with isolated wind damage as the main severe
risk.

The severe thunderstorm watch area is approximately along and 50
statute miles north and south of a line from 25 miles northwest of
Bowling Green KY to 40 miles south of Huntington WV. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU3).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 189…WW 190…WW
191…WW 192…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
26025.

…Guyer

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW3
WW 193 SEVERE TSTM KY 292225Z – 300500Z
AXIS..50 STATUTE MILES NORTH AND SOUTH OF LINE..
25NW BWG/BOWLING GREEN KY/ – 40S HTS/HUNTINGTON WV/
..AVIATION COORDS.. 45NM N/S /23NW BWG – 63SSW HNN/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 26025.

LAT…LON 37958674 38508255 37068255 36508674

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU3.

Watch 193 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low ( 65 knots

Low (20%)

Hail

Probability of 10 or more severe hail events

Low (20%)

Probability of 1 or more hailstones > 2 inches

Low (

MIL OSI USA News –

April 30, 2025

MIL-OSI: GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended March 31, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024.

First Quarter 2025 Financial Highlights (Unaudited)

Net income of $4.5 million and diluted earnings per share of $0.31

Net revenue⁽¹⁾of $17.4 million, an increase of 31.4% compared to the first quarter of 2024

SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024

Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024

Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024

Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date

Net interest margin of 4.47%

Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024

Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024

Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets

Edward M. Nigro, Executive Chairman, stated, “While quarterly net revenues⁽¹⁾ increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.”

Registration Statement on Form S-1

On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 (the “Form S-1”) related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company’s Private Placement Offering (the “Offering”) which closed on October 11, 2024.

The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.

Financial Results

Income Statement

Net interest income totaled $11.9 million for the first quarter of 2025, reflecting an increase of $105 thousand, or 0.9%, compared to $11.8 million for the fourth quarter of 2024, and an increase of $1.1 million, or 10.1%, compared to the first quarter of 2024.

The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of $305 thousand was the result of (i) the redemption of $20 million of certain higher-cost callable brokered deposits during the quarter having a weighted-average interest rate of 4.95%, (ii) rate decreases on interest-bearing deposits resulting from the 50 basis point decrease in the federal funds rate enacted during the fourth quarter 2024 by the Federal Open Market Committee (“FOMC”), and (iii) the non-recurring effect of accelerated recognition of certain premiums on brokered certificates of deposits during the fourth quarter of 2024 totaling $170 thousand. The favorable decrease in the cost of deposits was partially offset by a decrease in interest income on loans of $395 thousand primarily due to the full-quarter impact of the previously mentioned 50 basis point decrease in the federal funds rate on the Bank’s variable rate loan portfolio. Interest income for the first quarter of 2025 reflects the net effect of the reversal of $100 thousand of interest accruals, deferred fees, and deferred costs attributable to $2.8 million of commercial loans placed on nonaccrual status during the first quarter of 2025. Comparatively, the fourth quarter of 2024 reflects the net effect of the reversal of $342 thousand of interest accruals, deferred fees, and deferred costs attributable to $12.4 million of commercial loans placed on nonaccrual status.

The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

Investment securities yield was 4.94% for the first quarter of 2025, compared to 4.74% for the fourth quarter of 2024 and 4.16% for the first quarter of 2024. The increase in investment securities yield when compared to the previous linked quarter and to the same quarter of 2024 was driven by the purchase of $72.9 million of investment securities over the previous twelve months to replace certain lower-yielding U.S. Treasury securities that matured during 2024.

The Company’s net interest margin for the first quarter of 2025 decreased to 4.47%, compared to 4.53% for the fourth quarter of 2024 and 4.85% for the first quarter of 2024. The decrease in net interest margin when compared to the fourth and first quarters of 2024 is reflective of the full-quarter impact of the 50 basis point decrease in the federal funds rate enacted in during the fourth quarter of 2024 by the FOMC on variable rate loans, investment securities, and interest bearing cash balances and interest income reversals relating to loans placed on nonaccrual status during the quarter.

The Company recorded a provision for credit losses on loans of $710 thousand for the first quarter of 2025, a decrease of $627 thousand compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. The provision for credit losses on loans recorded in the first quarter of 2025 reflects quarterly growth in non-guaranteed loans of $24.4 million.

Non-interest income was $5.5 million for the first quarter of 2025, compared to $5.8 million for the fourth quarter of 2024, and $2.4 million for the first quarter of 2024. The $301 thousand decrease in non-interest income when compared to the fourth quarter of 2024 was driven by a $1.5 million decrease in income from gain on sale of loans due to a decrease in average pretax gain on sale margin and lower sales volume quarter-over-quarter. The decrease in gain on sale of loans was partially offset by an increase in credit card net interchange fees of $1.1 million quarter-over-quarter due to increased credit card transaction volume. The $3.1 million increase in non-interest income when compared to the first quarter of 2024 was driven by (i) an increase in credit card net interchange fees of $2.0 million, (ii) a $643 thousand increase in loan servicing income as the first quarter of 2024 reflected the write-off of certain loan servicing assets totaling $401 thousand relating to the repurchase of the guaranteed portion of previously sold SBA loans, and (iii) a $454 thousand increase in income from gain on sale of loans.

Net revenue⁽¹⁾ totaled $17.4 million for the first quarter of 2025, representing a decrease of $196 thousand, or 1.1%, compared to $17.6 million for the fourth quarter of 2024. Net revenue⁽¹⁾ for the first quarter of 2025 increased $4.2 million, or 31.4%, when compared to $13.2 million for the first quarter of 2024.

Non-interest expense was $10.9 million during the first quarter of 2025, compared to $9.7 million for the fourth quarter of 2024 and $8.4 million for the first quarter of 2024. The Company’s efficiency ratio was 62.8%, compared to 55.4% for the fourth quarter of 2024 and 63.4% for the first quarter of 2024. The increase in non-interest expense from the fourth quarter of 2024 is primarily due to an increase of $587 thousand in employee compensation costs attributable to higher commission expenses related to loan production. The increase in non-interest expense also reflects extraordinary legal, professional, and audit fees incurred to date totaling $1.1 million associated with the preparation and filing of the registration statement with the Securities and Exchange Commission on Forms S-1 and S-1/A, approximately $786 thousand of these expenses were incurred during the first quarter of 2025. Additionally, data processing expenses increased $201 thousand when compared to the fourth quarter of 2024 related mainly to higher credit card volume. The increase in non-interest expense from the first quarter of 2024 was driven by a $1.1 million increase in employee compensation costs due to increased staffing levels, as well as a $1.5 million increase in other expenses due to the previously mentioned legal, professional, and audit fees associated with the registration statement filing and increases in data processing, supplies, and other non-interest expenses to support the growth of the organization.

Income tax expense was $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024, and $1.1 million for the first quarter of 2024. The Company’s effective tax rate was 21.4% for the quarter ended March 31, 2025 compared to 19.1% for the quarter ended December 31, 2024 and 23.1% for the quarter ended March 31, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

Net income was $4.5 million for the first quarter of 2025, a decrease of $774 thousand from $5.2 million for the fourth quarter of 2024, and an increase of $769 thousand from $3.7 million for the first quarter of 2024. Diluted earnings per share totaled $0.31 for the first quarter of 2025, compared to $0.37 for the fourth quarter of 2024 and $0.29 for the first quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously mentioned Offering.

The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.

Balance Sheet

Total loans, net of deferred fees and costs were $843.4 million as of March 31, 2025, compared to $816.0 million as of December 31, 2024, and $733.6 million as of March 31, 2024. Loans, net of deferred fees and costs increased $27.4 million during the first quarter of 2025 as increases in commercial real estate loans more than offset decreases in commercial and industrial and residential loans. The increase in loans, net of deferred fees and costs of $109.8 million from March 31, 2024 was primarily driven by increases of $97.7 million in commercial real estate loans. Total guaranteed loans as a percentage of loans⁽¹⁾ were 24.2% as of March 31, 2025, compared to 24.7% as of December 31, 2024, and 29.8% as of March 31, 2024.

The Company’s allowance for credit losses totaled $9.0 million as of March 31, 2025, compared to $9.1 million as of December 31, 2024 and $7.1 million as of March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.07% as of March 31, 2025, compared to 1.12% as of December 31, 2024, and 0.97% as of March 31, 2024. The allowance for loan losses as a percentage of total loans, excluding guaranteed portions⁽¹⁾, was 1.41% as of March 31, 2025, compared to 1.48% as of December 31, 2024, and 1.38% as of March 31, 2024.

Deposits totaled $995.9 million as of March 31, 2025, an increase of $60.9 million from $935.1 million as of December 31, 2024, and an increase of $189.0 million from $806.9 million as of March 31, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $40.7 million in certificates of deposit and a $23.3 million increase in savings and money market accounts. From March 31, 2024, certificates of deposit increased by $83.9 million, and savings and money market accounts increased by $80.5 million. Noninterest-bearing deposits totaled $242.7 million as of March 31, 2025, an increase of $3.0 million from $239.7 million as of December 31, 2024, and an increase of $26.3 million from $216.3 million as of March 31, 2024.

The Company’s ratio of loans to deposits was 84.7% as of March 31, 2025, compared to 87.3% as of December 31, 2024, and 90.9% as of March 31, 2024.

The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of $10.0 million as of March 31, 2024. As of March 31, 2025, the Company had approximately $488.3 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines.

Subordinated notes totaled $26.1 million as of March 31, 2025 and December 31, 2024, compared to $26.0 million as of March 31, 2024.

Stockholders’ equity was $146.6 million as of March 31, 2025, compared to $140.7 million as of December 31, 2024, and $102.6 million as of March 31, 2024. The increase in stockholders’ equity from December 31, 2024 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since March 31, 2024 was driven by the previously mentioned Offering, net income earned during the previous twelve months, as well as an increase in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BankCard Services, LLC (“BCS“) during the second quarter of 2024.

The Company’s common equity to tangible assets ratio was 12.3% as of March 31, 2025, compared to 12.5% as of December 31, 2024, and 10.6% as of March 31, 2024. The Bank’s Tier 1 leverage ratio was 14.2% as of March 31, 2025, compared to 12.9% as of December 31, 2024, and 13.0% as of March 31, 2024. The increase in the Bank’s Tier 1 leverage ratio was the result of the downstream of $15.0 million in additional capital from the holding company to the Bank during the first quarter of 2025. The Company’s book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024. The increase in tangible book value per share from December 31, 2024 is attributable to net income and increases in additional paid in capital resulting from certain stock-based compensation activity during the quarter. The increase since March 31, 2024 is attributable to net income, the Offering, and the increases in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter of 2024.

Total assets increased 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased 23.5% from $963.4 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in loans and interest-bearing deposits with banks. The increase in total assets from March 31, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, and investment securities.

Asset Quality

The provision for credit losses on loans totaled $710 thousand for the first quarter of 2025, compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. Net loan charge-offs in the first quarter of 2025 totaled $828 thousand, or 0.39% of average net loans (annualized), compared to net loan charge-offs of $157 thousand, or 0.07% of average net loans (annualized) in the fourth quarter of 2024 and no net loan charge-offs or recoveries during the first quarter of 2024.

Nonaccrual loans increased $5.1 million during the quarter to $19.2 million as of March 31, 2025, and increased $13.1 million from $6.1 million as of March 31, 2024. Loans past due 90 days and accruing interest totaled $1.2 million as of March 31, 2025, compared to $40 thousand as of December 31, 2024, and $33 thousand as of March 31, 2024. The balance of loans past due 90 days and accruing of $1.2 million at March 31, 2025 was comprised of one commercial real estate loan totaling $1.1 million and certain credit card balances totaling $49 thousand.

The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.

Total non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024. Non-performing assets, excluding guaranteed portions, totaled $5.7 million as of March 31, 2025, an increase of $839 thousand from $4.8 million as of December 31, 2024 and an increase of $4.1 million from $1.6 million as of March 31, 2024.

Loans past due between 30 and 89 days and accruing interest totaled $14.9 million as of March 31, 2025, an increase of $3.0 million from $11.8 million as of December 31, 2024, and an increase of $11.4 million from $3.4 million as of March 31, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest totaled $11.9 million as of March 31, 2025.

The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets⁽¹⁾ was 0.48% as of March 31, 2025, compared to 0.43% as of December 31, 2024, and 0.16% as of March 31, 2024.

Other Financial Highlights

SBA Lending and Commercial Banking

SBA Lending and Commercial Banking loan originations totaled $133.0 million for the first quarter of 2025, compared to $120.0 million for the fourth quarter of 2024 and $136.6 million for the first quarter of 2024. Loan sale volume decreased to $68.7 million during the first quarter of 2025, compared to $98.5 million for the fourth quarter of 2024, and increased slightly from $68.6 million during the first quarter of 2024. Gain on sale of loans decreased 36.5% to $2.5 million, compared to $4.0 million for the fourth quarter of 2024, and increased 21.8% from $2.1 million for the first quarter of 2024. The average pretax gain on sale of loans margin was 3.69% for the first quarter of 2025, compared to 4.06% for the fourth quarter of 2024 and 3.04% for the first quarter of 2024.

Gaming FinTech

GBank’s partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.

BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.1 million for the first quarter of 2025, compared to $30.5 million for the fourth quarter of 2024.

The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.

Credit card charge transactions were $105.6 million for the first quarter of 2025, compared to $51.7 million for the fourth quarter of 2024 and $1.1 million for the first quarter of 2024. Credit card balances were $2.3 million as of March 31, 2025, compared to $1.6 million as of December 31, 2024 and $542 thousand as of March 31, 2024. Through March 31, 2025, and since launch, the Bank has processed over $172 million in gaming transactions through its credit card product.

GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.

Non-Voting Equity Investment in BankCard Services, LLC

On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BCS. This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.

Earnings Call

The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

ZOOM Conference ID 826 3030 7240
Passcode: 549549

Joining by ZOOM Conference (audio only):

Log in on your computer at
https://us02web.zoom.us/j/82630307240?pwd=TU4yZXJqMEc2VGZoUm5rRTl0OVFxdz09
or use the ZOOM app on your smartphone.

Joining by Telephone

Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.

Click here to learn more about GBank Financial Holdings Inc.

Notice Regarding Disclosures and Forward-Looking Statements

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

GBank Financial Holdings Inc.
9115 West Russell Road, Suite 110
Las Vegas, Nevada 89148
https://www.gbankfinancialholdings.com/

FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)

Quarter Highlights:
Net Income	Earnings per diluted share	Net revenue⁽¹⁾	Net interest margin	On-balance sheet guaranteed loans	Book value per common share
$4.5 million	$0.31	$17.4 million	4.47%	$245.6 million	$10.27

CEO COMMENTARY:

“Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately $1.1 million to date,” stated T. Ryan Sullivan, President/CEO

LINKED QUARTER BASIS

QTD YEAR-OVER-YEAR

FINANCIAL HIGHLIGHTS:
Net income of $4.5 million and earnings per diluted share of $0.31, compared to $5.2 million and $0.37, respectively Net interest income of $11.9 million, an increase of 0.9%, or $105 thousand	Net income of $4.5 million and earnings per diluted share of $0.31, compared to $3.7 million and $0.29, respectively Net interest income of $11.9 million, an increase of 10.1%, or $1.1 million
Gain on sale of loans of $2.5 million, a decrease of 36.5%, or $1.5 million	Gain on sale of loans of $2.5 million, an increase of 21.8%, or $454 thousand
Noninterest income of $5.5 million, a decrease of 5.2%, or $301 thousand	Noninterest income of $5.5 million, an increase of 127.2%, or $3.1 million
Net revenue⁽¹⁾ of $17.4 million, a decrease of 1.1%, or $196 thousand	Net revenue⁽¹⁾ of $17.4 million, an increase of 31.4%, or $4.2 million
Noninterest expense of $10.9 million, an increase of 12.2%, or $1.2 million	Noninterest expense of $10.9 million, an increase of 30.2%, or $2.5 million

FINANCIAL POSITION RESULTS:
On-balance sheet guaranteed loans of $245.6 million, an increase of 5.0%, or $11.6 million	On-balance sheet guaranteed loans of $245.6 million, a decrease of 6.8%, or $18.0 million
Total deposits of $996.0 million, an increase of 6.5%, or $60.9 million	Total deposits of $996.0 million, an increase of 23.4%, or $189.0 million
Stockholders’ equity of $146.6 million, an increase of 4.2%, or $5.9 million	Stockholders’ equity of $146.6 million, an increase of 42.9%, or $44.0 million

LOANS AND ASSET QUALITY:
Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 1.26% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.43%	Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 0.64% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.16%
ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.48%	ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.38%

KEY PERFORMANCE METRICS:
Net interest margin decreased to 4.47%, compared to 4.53%	Net interest margin decreased to 4.47%, compared to 4.85%
Loan originations of $133.0 million, an increase of 10.9%, or $13.0 million	Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million
Return on average assets and equity was 1.61% and 12.59%, compared to 1.93% and 15.13%, respectively	Return on average assets and equity was 1.61% and 12.59%, compared to 1.59% and 14.67%, respectively
Book value per share of $10.27, an increase of 4.1% from $9.87	Book value per share of $10.27, an increase of 28.4% from $8.00

GBank Financial Holdings Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

																Linked Quarter					Quarter YOY
																3/31/25 vs. 12/31/24					3/31/25 vs. 3/31/24
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			$ Var			% Var		$ Var			% Var
Assets
Cash and Due From Banks	$	6,701		$	9,262		$	5,798		$	5,409		$	8,334		$	(2,561	)	-27.6	%	$	(1,633	)	-19.6	%
Interest-Bearing Deposits With Other Financial Institutions		140,270			114,860			65,160			82,749			45,844			25,410		22.1	%		94,426		206.0	%
Total Cash and Cash Equivalents		146,971			124,122			70,958			88,158			54,178			22,849		18.4	%		92,793		171.3	%

Investment Securities:
Available For Sale, at Fair Value		71,468			65,609			39,381			2,330			2,588			5,859		8.9	%		68,880		2661.5	%
Held to Maturity, at Amortized Cost		39,903			40,569			46,043			56,520			86,999			(666	)	-1.6	%		(47,096	)	-54.1	%

Loans Held For Sale		41,313			32,649			68,317			40,489			44,901			8,664		26.5	%		(3,588	)	-8.0	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		56,885			64,000			53,490			50,498			46,863			(7,115	)	-11.1	%		10,022		21.4	%
Commercial Real Estate – Non-owner Occupied		672,379			630,551			607,864			583,463			546,408			41,828		6.6	%		125,971		23.1	%
Commercial Real Estate – Owner Occupied		81,768			88,802			86,785			106,595			110,065			(7,034	)	-7.9	%		(28,297	)	-25.7	%
Construction and Land Development		3,201			2,934			2,161			529			386			267		9.1	%		2,815		729.3	%
Multifamily		19,011			17,374			17,398			17,420			17,037			1,637		9.4	%		1,974		11.6	%
Residential		7,619			10,584			12,025			13,443			12,281			(2,965	)	-28.0	%		(4,662	)	-38.0	%
Consumer		2,502			1,713			1,276			909			549			789		46.1	%		1,953		355.7	%
Total Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589			27,407		3.4	%		109,776		15.0	%
Less: Allowance for Credit Losses		(8,997	)		(9,114	)		(7,934	)		(7,342	)		(7,088	)		117		-1.3	%		(1,909	)	26.9	%
Total Net Loans		834,368			806,844			773,065			765,515			726,501			27,524		3.4	%		107,867		14.8	%

Loan Servicing Asset		9,231			8,976			8,046			7,698			7,124			255		2.8	%		2,107		29.6	%
Restricted Investment in Bank Stock		4,652			4,652			4,652			4,652			3,222			–		0.0	%		1,430		44.4	%
All Other Assets		42,106			38,943			37,540			43,992			37,937			3,163		8.1	%		4,169		11.0	%
Total Assets	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%
Liabilities
Non-Interest Bearing Demand	$	242,650		$	239,672		$	229,875		$	220,438		$	216,307		$	2,978		1.2	%	$	26,343		12.2	%
Interest Bearing Demand		62,035			68,132			65,623			65,120			63,740			(6,097	)	-8.9	%		(1,705	)	-2.7	%
Savings and Money Market		280,056			256,724			244,091			222,115			199,549			23,332		9.1	%		80,507		40.3	%
Certificates of Deposit		411,201			370,552			343,931			332,695			327,326			40,649		11.0	%		83,875		25.6	%
Total Deposits		995,942			935,080			883,520			840,368			806,922			60,862		6.5	%		189,020		23.4	%

Short-Term Borrowings		–			–			–			12,000			10,000			–		0.0	%		(10,000	)	-100.0	%
Subordinated Debt		26,107			26,088			26,070			26,051			26,032			19		0.1	%		75		0.3	%
Operating Lease Liability		6,299			4,839			5,032			5,221			5,409			1,460		30.2	%		890		16.5	%
Other Liabilities		15,048			15,657			16,997			14,769			12,521			(609	)	-3.9	%		2,527		20.2	%
Total Liabilities		1,043,396			981,664			931,619			898,409			860,884			61,732		6.3	%		182,512		21.2	%

Equity
Common Stock		1			1			1			1			1			–		0.0	%		–		0.0	%
Additional Paid-in Capital		78,718			77,571			57,287			56,966			53,322			1,147		1.5	%		25,396		47.6	%
Retained Earnings		68,906			64,437			59,192			54,177			49,501			4,469		6.9	%		19,405		39.2	%
Accumulated Other Comprehensive Loss		(1,009	)		(1,309	)		(97	)		(199	)		(258	)		300		-22.9	%		(751	)	291.1	%
Total Stockholders’ Equity		146,616			140,700			116,383			110,945			102,566			5,916		4.2	%		44,050		42.9	%
Total Liabilities & Stockholders’ Equity	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%

Book Value Per Common Share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00		$	0.40		4.1	%	$	2.27		28.4	%

GBank Financial Holdings Inc.
Condensed Consolidated Income Statements
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest Income
Loans	$	16,836		$	17,231		$	17,347		$	16,360		$	15,330
Deposits With Other Financial Institutions		1,192			1,099			1,367			1,165			972
Investment Securities		1,281			1,177			924			868			1,014
Other Interest Bearing Balances		100			103			102			96			74
Total Interest Income		19,409			19,610			19,740			18,489			17,390

Interest Expense
Deposits		7,230			7,535			7,194			6,848			6,198
Short-term Borrowings and Subordinated Debt		285			286			287			293			390
Total Interest Expense		7,515			7,821			7,481			7,141			6,588

Net Interest Income		11,894			11,789			12,259			11,348			10,802
Provision for Credit Losses – Loans		(710	)		(1,337	)		(570	)		(283	)		–
Provision for Credit Losses – Unfunded Commitments		(11	)		(13	)		(8	)		(12	)		(20	)
Net Interest Income after Provision for Credit Losses		11,173			10,439			11,681			11,053			10,782

Other Income
Gain on Sales of Loans		2,537			3,998			2,838			3,163			2,083
Loan Servicing Income		703			597			566			534			60
Service Charges and Fees		56			54			48			41			41
Net Interchange Fees		2,003			947			284			146			20
Other Income		164			168			166			282			201
Total Other Income		5,463			5,764			3,902			4,166			2,405

Noninterest Expenses
Salaries and Employee Benefits		6,400			5,813			5,495			5,752			5,290
Occupancy Expenses		392			398			404			417			447
Other Expenses		4,115			3,509			3,156			2,963			2,637
Total Noninterest Expenses		10,907			9,720			9,055			9,132			8,374

Income Before Provision For Income Taxes		5,729			6,483			6,528			6,087			4,813
Provision For Income Taxes		(1,224	)		(1,239	)		(1,513	)		(1,411	)		(1,112	)
Net Income Before Equity Investment Loss		4,505			5,244			5,015			4,676			3,701
Net Loss Attributable to Equity Investment		(35	)		–			–			–			–
Net Income	$	4,470		$	5,244		$	5,015		$	4,676		$	3,701

Earnings Per Share	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29
Earnings Per Share (Diluted)	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29

GBank Financial Holdings Inc.
Average Balances, Rates, and Interest Income and Expense
(Unaudited)

				For the Three Months Ended
				March 31, 2025						December 31, 2024						March 31, 2024
(Dollars in thousands)				Average				Yield/		Average				Yield/		Average				Yield/
				Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾
ASSETS:
	Interest Bearing Deposits			$	102,628	$	1,192	4.71	%	$	85,424	$	1,099	5.12	%	$	66,100	$	972	5.91	%
	Investment Securities:
		Taxable			105,222		1,281	4.94	%		98,712		1,177	4.74	%		98,084		1,014	4.16	%
	Loans and Loans Held For Sale				866,690		16,836	7.88	%		846,583		17,231	8.10	%		727,786		15,330	8.47	%
	Restricted Investment in Bank Stock				4,652		100	8.72	%		4,652		103	8.81	%		3,222		74	9.24	%
		Total Earning Assets			1,079,192		19,409	7.29	%		1,035,371		19,610	7.53	%		895,192		17,390	7.81	%

	Cash and Due From Banks				6,216						5,938						5,935
	Other Assets				39,177						38,753						33,602
			Total Assets	$	1,124,585					$	1,080,062					$	934,729

LIABILITIES & SHAREHOLDERS’ EQUITY
	Deposits:
		Interest-bearing Demand		$	65,693	$	355	2.19	%	$	64,453	$	385	2.38	%	$	65,303	$	393	2.42	%
		Money Market and Savings			264,085		2,411	3.70	%		255,068		2,496	3.89	%		186,372		1,759	3.80	%
		Certificates of Deposit			385,704		4,464	4.69	%		359,285		4,654	5.15	%		309,221		4,046	5.26	%
			Total Interest-Bearing Deposits		715,482		7,230	4.10	%		678,806		7,535	4.42	%		560,896		6,198	4.44	%

	Short-Term Borrowings				–		–	0.00	%		2		–	0.00	%		7,583		104	5.52	%
	Subordinated Debt				26,095		285	4.43	%		26,076		286	4.36	%		26,021		286	4.42	%
			Total Interest-Bearing Liabilities		741,577		7,515	4.11	%		704,884		7,821	4.41	%		594,500		6,588	4.46	%

	Noninterest-bearing Deposits				218,874						214,880						220,767
	Other Liabilities				20,139						22,403						18,003
	Shareholders’ Equity				143,995						137,895						101,459
			Total Liabilities & Shareholders’ Equity	$	1,124,585					$	1,080,062					$	934,729

	Net Interest Income					$	11,894					$	11,789					$	10,802

	Total Yield on Earning Assets							7.29	%					7.53	%					7.81	%
	Cost on Interest-Bearing Liabilities							4.11	%					4.41	%					4.46	%
	Average Interest Spread							3.18	%					3.12	%					3.35	%
	Net Interest Margin							4.47	%					4.53	%					4.85	%
	Net Interest Margin (Bank Only)							4.58	%					4.64	%					4.98	%

GBank Financial Holdings Inc.
Additional Financial Information
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Key Performance Metrics
Return on Average Assets-Net Income ⁽²⁾		1.61	%		1.93	%		1.96	%		1.90	%		1.59	%
Return on Average Stockholders’ Equity⁽²⁾		12.59	%		15.13	%		17.29	%		17.59	%		14.67	%
Efficiency Ratio		62.84	%		55.38	%		56.03	%		58.86	%		63.41	%
Net Interest Margin⁽²⁾		4.47	%		4.53	%		5.00	%		4.82	%		4.85	%
Net Revenue⁽¹⁾	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207
Common Equity / Assets		12.3	%		12.5	%		11.1	%		11.0	%		10.6	%
Tier 1 Leverage Ratio – Bank		14.23	%		12.90	%		13.08	%		12.88	%		13.03	%

Selected Loan Metrics
Guaranteed Portion of Loans Held for Sale	$	41,313		$	32,649		$	68,317		$	40,489		$	44,901
Guaranteed Portion of Loans Held for Investment		204,239			201,267			203,027			215,382			218,619
Total Guaranteed Loans		245,552			233,916			271,344			255,871			263,520
Guaranteed Loans as a Percent of Loans⁽¹⁾		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Asset Quality
Total nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Loans past due 90 days and still accruing		1,153			40			27			1,142			33
Other real estate owned		–			–			–			–			–
Total non-performing assets		20,373			14,168			5,408			7,612			6,129
Non-performing assets: guaranteed portion		14,687			9,321			3,838			5,396			4,572
Non-performing assets: non-guaranteed portion		5,686			4,847			1,570			2,216			1,557

Non-performing assets to total assets		1.71	%		1.26	%		0.52	%		0.75	%		0.64	%
Non-performing assets, excluding guaranteed, to total assets⁽¹⁾		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%
Net charge-offs (recoveries)	$	828		$	157		$	(22	)	$	29		$	–

Loans past due 30-89 days and accruing	$	14,853		$	11,822		$	12,390		$	1,054		$	3,428
Loans past due 30-89 days and accruing: guaranteed portion	$	11,915		$	8,713		$	8,535		$	–		$	1,028
Loans past due 30-89 days and accruing: non-guaranteed portion	$	2,938		$	3,109		$	3,855		$	1,054		$	2,400

Allowance for Credit Losses (ACL)	$	8,997		$	9,114		$	7,934		$	7,342		$	7,088
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
ACL to nonaccrual loans		47	%		65	%		147	%		113	%		116	%
ACL to nonaccrual loans, excluding guaranteed⁽¹⁾		168	%		190	%		514	%		130	%		465	%
ACL to loans		1.07	%		1.12	%		1.02	%		0.95	%		0.97	%
ACL to loans, excluding guaranteed⁽¹⁾		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

Book Value
Stockholders’ Equity	$	146,616		$	140,700		$	116,383		$	110,945		$	102,566
Common shares outstanding		14,271			14,252			13,067			13,061			12,824
Book value per common share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00
Employees – FTE		175			169			159			155			150

GBank Financial Holdings Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Net Revenue⁽³⁾
Net Interest Income	$	11,894		$	11,789		$	12,259		$	11,348		$	10,802
Non-Interest Income		5,463			5,764			3,902			4,166			2,405
Net Revenue	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207

Guaranteed Loans as a Percent of Loans⁽⁴⁾
SBA and USDA Guaranteed Loans	$	204,239		$	201,267		$	203,027		$	215,382		$	218,619
Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589
Guaranteed Loans as a % of Loans		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Non-performing assets, excluding guaranteed, to total assets⁽⁴⁾
Non-performing assets	$	20,373		$	14,168		$	5,408		$	7,612		$	6,129
Less: SBA and USDA guaranteed portions of non-performing assets		14,687			9,321			3,838			5,396			4,572
Non-performing assets, excluding guaranteed portions		5,686			4,847			1,570			2,216			1,557
Total assets		1,190,012			1,122,364			1,048,002			1,009,354			963,450
Non-performing assets, excluding guaranteed, to total assets		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed⁽⁴⁾
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Less: SBA and USDA guaranteed portions of nonaccrual loans		13,859			9,321			3,838			833			4,572
Nonaccrual loans, excluding guaranteed portions		5,361			4,807			1,543			5,637			1,524
ACL to nonaccrual loans, excluding guaranteed		168	%		190	%		514	%		130	%		465	%

ACL to loans, excluding guaranteed⁽⁴⁾
Loans, net of deferred fees and costs	$	843,365		$	815,958		$	780,999		$	772,857		$	733,589
Less: SBA and USDA guaranteed portions of loans		204,239			201,267			203,027			215,382			218,619
Loans, excluding guaranteed		639,126			614,691			577,972			557,475			514,970
ACL to loans, excluding guaranteed		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

	⁽¹⁾	See Reconciliation of Non-GAAP Financial Measures
	⁽²⁾	Ratios are annualized on an actual/actual basis
	⁽³⁾	We believe this non-GAAP measurement presents trends in income generation of the Company.
	⁽⁴⁾	We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company.

The MIL Network –

April 30, 2025

MIL-OSI Security: Hammond Man Sentenced for Receipt of Materials Involving Sexual Exploitation of Minors

Source: Office of United States Attorneys

NEW ORLEANS, LA – Acting U.S. Attorney Michael M. Simpson announced that JOSEPH AUTHEMENT (“AUTHEMENT”), age 25, of Hammond, LA, was sentenced on April 16, 2025, for Receipt of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Sections 2252(a)(2) and (b)(1).

According to court documents, on March 11, 2024, Homeland Security Investigations (“HSI”) obtained a federal search warrant to seize AUTHEMENT’s Apple iPhone. On March 12, 2024, HSI special agents (“SA”) located AUTHEMENT at his residence in Hammond, LA. The agents seized AUTHEMENT’s iPhone and located images and videos depicting the sexual exploitation of minors on that phone. SAs later determined AUTHEMENT used a messaging application to download and purchase child sex abuse materials.

United States District Judge Jane Triche Milazzo sentenced AUTHEMENT to sixty (60) months imprisonment, supervised release for (10) ten years upon release from imprisonment and payment of a $100 mandatory special assessment fee.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (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, please visit www.projectsafechildhood.gov.

The U.S. Attorney’s Office would like to acknowledge the assistance of the U.S. Department of Homeland Security, Homeland Security Investigations, and the Rio Grande Valley Child Exploitation Investigations Task Force. The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Chief of the Financial Crimes Unit.

MIL Security OSI –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 192

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL2

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 192
NWS Storm Prediction Center Norman OK
450 PM EDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast Indiana
Northern Kentucky
Southwest Ohio

* Effective this Tuesday afternoon from 450 PM until Midnight
EDT.

* Primary threats include…
Widespread damaging wind gusts to 70 mph likely
Scattered large hail events to 1.5 inches in diameter possible
A tornado or two possible

SUMMARY…Clusters of thunderstorms are expected to develop across
southern Indiana and shift east into southwest Ohio through this
evening. Damaging gusts and isolated large hail will accompany this
activity.

The severe thunderstorm watch area is approximately along and 65
statute miles east and west of a line from 60 miles north northeast
of Cincinnati OH to 50 miles southeast of Cincinnati OH. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU2).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 188…WW 189…WW
190…WW 191…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
24035.

…Leitman

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW2
WW 192 SEVERE TSTM IN KY OH 292050Z – 300400Z
AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
60NNE LUK/CINCINNATI OH/ – 50SE LUK/CINCINNATI OH/
..AVIATION COORDS.. 55NM E/W /23S ROD – 51ESE CVG/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 39908276 38588256 38588497 39908521

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU2.

Watch 192 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (20%)

Probability of 1 or more strong (EF2-EF5) tornadoes

Low (5%)

Wind

Probability of 10 or more severe wind events

High (80%)

Probability of 1 or more wind events > 65 knots

Low (10%)

Hail

Probability of 10 or more severe hail events

Mod (40%)

Probability of 1 or more hailstones > 2 inches

Low (20%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 30, 2025

Category: Internet

PM chairs 46th PRAGATI InteractionPM reviews eight significant projects worth over Rs 90,000 crore

Sustainability

Health

Education/Public Good

Grassroots policing

Few guardrails in place

Keeping it real

PM chairs 46th PRAGATI Interaction

PM reviews eight significant projects worth over Rs 90,000 crore