Category: Internet

MIL-OSI USA: Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet
Source: US State of North Carolina

Headline: Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet

Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet
lsaito
Tue, 04/29/2025 – 16:28

Raleigh, NC
Governor Josh Stein announced today more than $63 million in Completing Access to Broadband (CAB) program projects to connect 18,889 households and businesses in 30 counties to high-speed internet.

“North Carolinians’ need access to high-speed internet to connect them with friends and family, business opportunities, telehealth, and more,” said Governor Josh Stein. “Broadband is key 21st Century infrastructure, and these partnerships between counties across the state and internet providers will help connect more North Carolinians.”

“Access to high-speed internet is not just about connectivity; it’s about empowering individuals and communities to thrive in the digital age,” said NCDIT Secretary and State Chief Information Officer Teena Piccione. “We will continue collaborating with counties and internet service providers to fund projects to expand high-speed internet access to all North Carolinians.”

These projects will be awarded by NCDIT and are funded by more than $44 million from the federal American Rescue Plan and nearly $19 million from selected broadband providers:
- Alamance: Connect Holding II, LLC (Brightspeed) and Spectrum Southeast, LLC These awards will provide high-speed internet access to 469 homes and businesses (20.51% of the county’s 2,287 eligible locations).
- Alexander: Yadkin Valley Telephone Membership Corporation (Zirrus) This award will provide high-speed internet access to 394 homes and businesses (14.78% of the county’s 2,665 eligible locations).
- Bertie: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 1,380 homes and businesses (91.39% of the county’s 1,510 eligible locations).
- Brunswick: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 192 homes and businesses (57.31% of the county’s 335 eligible locations).
- Burke: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 82 homes and businesses (3.32% of the county’s 2,473 eligible locations).
- Camden: Wilkes Telephone Membership Corporation (RiverStreet Networks) This award will provide high-speed internet access to 921 homes and businesses (82.97% of the county’s 1,110 eligible locations).
- Catawba: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 648 homes and businesses (28.38% of the county’s 2,283 eligible locations).
- Chowan: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 132 homes and businesses (91.67% of the county’s 144 eligible locations).
- Columbus: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 108 homes and businesses (14.86% of the county’s 727 eligible locations).
- Currituck: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,354 homes and businesses (83.94% of the county’s 1,613 eligible locations).
- Durham: Frontier Communications of the Carolinas, LLC This award will provide high-speed internet access to 123 homes and businesses (22.49% of the county’s 547 eligible locations).
- Franklin: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,415 homes and businesses (53.80% of the county’s 2,630 eligible locations).
- Granville: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 2,164 homes and businesses (90.96% of the county’s 2,379 eligible locations).
- Harnett: Spectrum Southeast, LLC This award will provide high-speed internet access to 300 homes and businesses (7.87% of the county’s 3,810 eligible locations).
- Jackson: ERC Broadband, LLC This award will provide high-speed internet access to 570 homes and businesses (12.63% of the county’s 4,512 eligible locations).
- Johnston: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,439 homes and businesses (24.10% of the county’s 5,970 eligible locations).
- Martin: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 215 homes and businesses (35.66% of the county’s 603 eligible locations).
- Montgomery: Connect Holding II, LLC (Brightspeed)This award will provide high-speed internet access to 1,661 homes and businesses (73.40% of the county’s 2,263 eligible locations).
- Northampton: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 288 homes and businesses (73.47% of the county’s 392 eligible locations).
- Perquimans: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 121 homes and businesses (77.07% of the county’s 157 eligible locations).
- Person: Spectrum Southeast, LLC This award will provide high-speed internet access to 240 homes and businesses (9.34% of the county’s 2,189 eligible locations).
- Rockingham: Spectrum Southeast, LLC This award will provide high-speed internet access to 198 homes and businesses (13.24% of the county’s 1,495 eligible locations).
- Rowan: Windstream North Carolina, LLC This award will provide high-speed internet access to 507 homes and businesses (17.51% of the county’s 2,896 eligible locations).
- Scotland: Spectrum Southeast, LLC This award will provide high-speed internet access to 135 homes and businesses (20.06% of the county’s 673 eligible locations).
- Union: Windstream North Carolina, LLC and Spectrum Southeast, LLC These awards will provide high-speed internet access to 1,189 homes and businesses (28.94% of the county’s 4,108 eligible locations).
- Watauga: SkyBest Communications, LLC This award will provide high-speed internet access to 178 homes and businesses (67.94% of the county’s 262 eligible locations).
- Washington: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,043 homes and businesses (96.48% of the county’s 1,081 eligible locations).
- Warren: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 793 homes and businesses (66.86% of the county’s 1,186 eligible locations).
- Wayne: Spectrum Southeast, LLC This award will provide high-speed internet access to 420 homes and businesses (13.96% of the county’s 3,008 eligible locations).
- Yadkin: Yadkin Valley Telephone Membership Corporation (Zirrus) This award will provide high-speed internet access to 210 homes and businesses (88.61% of the county’s 237 eligible locations).
The CAB program’s procurement process creates a partnership between counties and NCDIT to identify areas that need access, solicit proposals from prequalified internet service providers, and quickly make awards. Awardees must agree to provide high-speed service that reliably meets or exceeds speeds of 100 Mbps download and 100 Mbps upload.

Governor Stein is committed to closing the digital divide. Today’s awards add to the $533 million in Growing Rural Economies with Access to Technology (GREAT) grants and previous CAB projects that will connect more than 211,000 North Carolina households and businesses to high-speed internet. See progress here.

For more information about the NCDIT Division of Broadband and Digital Opportunity, visit ncbroadband.gov.
Apr 29, 2025

MIL OSI USA News –
April 30, 2025

MIL-OSI: Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) — Qorvo^® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025.

On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year. Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”

Financial Commentary and Outlook

Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.”

Qorvo’s current outlook for the June 2025 quarter is:

Quarterly revenue of approximately $775 million, plus or minus $25 million
Non-GAAP gross margin between 42% and 44%
Non-GAAP diluted earnings per share between $0.50 and $0.75

See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

Selected Financial Information

The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

SELECTED GAAP RESULTS
(In millions, except for percentages and EPS)
(Unaudited)

	Q4 Fiscal 2025			Q3 Fiscal 2025			Q4 Fiscal 2024			Sequential Change				Year-over-Year Change
Revenue	$	869.5		$	916.3		$	941.0		$	(46.8	)		$	(71.5	)
Gross profit	$	366.6		$	391.4		$	381.9		$	(24.8	)		$	(15.3	)
Gross margin		42.2	%		42.7	%		40.6	%		(0.5	)	ppt		1.6		ppt
Operating expenses	$	338.3		$	338.4		$	351.9		$	(0.1	)		$	(13.6	)
Operating income	$	28.2		$	53.0		$	30.0		$	(24.8	)		$	(1.8	)
Net income	$	31.4		$	41.3		$	2.7		$	(9.9	)		$	28.7
Weighted-average diluted shares		94.1			95.0			97.3			(0.9	)			(3.2	)
Diluted EPS	$	0.33		$	0.43		$	0.03		$	(0.10	)		$	0.30


SELECTED NON-GAAP RESULTS ⁽¹⁾
(In millions, except for percentages and EPS)
(Unaudited)

	Q4 Fiscal 2025			Q3 Fiscal 2025			Q4 Fiscal 2024			Sequential Change				Year-over-Year Change
Revenue	$	869.5		$	916.3		$	941.0		$	(46.8	)		$	(71.5	)
Gross profit	$	398.7		$	426.3		$	400.4		$	(27.6	)		$	(1.7	)
Gross margin		45.9	%		46.5	%		42.5	%		(0.6	)	ppt		3.4		ppt
Operating expenses	$	246.8		$	248.4		$	253.2		$	(1.6	)		$	(6.4	)
Operating income	$	151.8		$	177.9		$	147.2		$	(26.1	)		$	4.6
Net income	$	133.3		$	152.8		$	135.5		$	(19.5	)		$	(2.2	)
Weighted-average diluted shares		94.1			95.0			97.3			(0.9	)			(3.2	)
Diluted EPS	$	1.42		$	1.61		$	1.39		$	(0.19	)		$	0.03

(1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.


SELECTED GAAP RESULTS BY OPERATING SEGMENT
(In millions, except percentages)
(Unaudited)

	Q4 Fiscal 2025				Q3 Fiscal 2025				Q4 Fiscal 2024				Sequential Change			Year-over-Year Change
Revenue
HPA	$	187.9			$	171.7			$	164.6			9.4		%	14.2		%
CSG		101.3				109.5				122.8			(7.5	)	%	(17.5	)	%
ACG		580.3				635.1				653.6			(8.6	)	%	(11.2	)	%
Total revenue	$	869.5			$	916.3			$	941.0			(5.1	)	%	(7.6	)	%
Operating income (loss)
HPA	$	58.4			$	32.6			$	31.5			79.1		%	85.4		%
CSG		(15.6	)			(11.7	)			(15.2	)		(33.3	)	%	(2.6	)	%
ACG		109.7				161.2				134.3			(31.9	)	%	(18.3	)	%
Unallocated amounts ⁽¹⁾		(124.3	)			(129.1	)			(120.6	)		3.7		%	(3.1	)	%
Total operating income	$	28.2			$	53.0			$	30.0			(46.8	)	%	(6.0	)	%
Operating income (loss) as a % of revenue
HPA		31.1		%		19.0		%		19.1		%	12.1		ppt	12.0		ppt
CSG		(15.4	)			(10.7	)			(12.4	)		(4.7	)	ppt	(3.0	)	ppt
ACG		18.9				25.4				20.5			(6.5	)	ppt	(1.6	)	ppt
Total operating income as a % of revenue		3.3		%		5.8		%		3.2		%	(2.5	)	ppt	—		ppt

(1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business.

Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025.

About Qorvo

Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

# # #

Financial Tables to Follow


QORVO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended						Twelve Months Ended
	March 29, 2025			March 30, 2024			March 29, 2025			March 30, 2024
Revenue	$	869,474		$	940,988		$	3,718,971		$	3,769,506

Costs and expenses:
Cost of goods sold		502,911			559,131			2,183,382			2,281,011
Research and development		179,931			179,883			747,709			682,249
Selling, general and administrative		90,581			93,107			403,624			389,140
Other operating expense		67,830			78,889			288,729			325,405
Total costs and expenses		841,253			911,010			3,623,444			3,677,805

Operating income		28,221			29,978			95,527			91,701
Interest expense		(19,985	)		(17,282	)		(78,328	)		(69,245	)
Other income, net		6,987			16,818			48,700			51,104

Income before income taxes		15,223			29,514			65,899			73,560
Income tax benefit (expense)		16,142			(26,779	)		(10,284	)		(143,882	)
Net income (loss)	$	31,365		$	2,735		$	55,615		$	(70,322	)

Net income (loss) per share:
Basic	$	0.34		$	0.03		$	0.59		$	(0.72	)
Diluted	$	0.33		$	0.03		$	0.58		$	(0.72	)

Weighted-average shares of common stock outstanding:
Basic		93,249			96,277			94,586			97,557
Diluted		94,105			97,335			95,450			97,557


QORVO, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share data) (Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024			March 30, 2024

GAAP operating income	$	28,221		$	53,025		$	29,978
Stock-based compensation expense		27,415			28,384			21,581
Amortization of intangible assets		24,040			26,085			31,187
Restructuring-related (adjustments) charges		(17,252	)		68,072			55,535
Goodwill and intangible asset impairment		79,503			—			—
Acquisition and integration-related costs		4,395			1,382			6,596
Net adjustments related to a terminated capacity reservation agreement		(720	)		(1,253	)		(13,445	)
Other expense		6,247			2,216			15,792
Non-GAAP operating income	$	151,849		$	177,911		$	147,224

GAAP net income	$	31,365		$	41,271		$	2,735
Stock-based compensation expense		27,415			28,384			21,581
Amortization of intangible assets		24,040			26,085			31,187
Restructuring-related (adjustments) charges		(17,252	)		68,072			55,535
Goodwill and intangible asset impairment		79,503			—			—
Acquisition and integration-related costs		4,395			1,382			6,596
Net adjustments related to a terminated capacity reservation agreement		(720	)		(1,253	)		(13,445	)
Other expense		8,889			600			10,662
Loss (gain) on investment		802			(1,721	)		1,805
Adjustment of income taxes		(25,095	)		(10,067	)		18,874
Non-GAAP net income	$	133,342		$	152,753		$	135,530

GAAP weighted-average outstanding diluted shares		94,105			95,031			97,335
Dilutive stock-based awards		—			—			—
Non-GAAP weighted-average outstanding diluted shares		94,105			95,031			97,335

Non-GAAP net income per share, diluted	$	1.42		$	1.61		$	1.39


QORVO, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

	Three Months Ended
(in thousands, except percentages)	March 29, 2025						December 28, 2024						March 30, 2024
GAAP gross profit/margin	$	366,563		42.2		%	$	391,416		42.7		%	$	381,857		40.6		%
Stock-based compensation expense		5,645		0.7				5,742		0.6				3,444		0.3
Amortization of intangible assets		21,684		2.5				23,462		2.6				26,031		2.8
Restructuring-related charges		5,492		0.6				6,931		0.7				1,212		0.1
Acquisition and integration-related costs		1		—				1		—				1,281		0.1
Net adjustments related to a terminated capacity reservation agreement		(720	)	(0.1	)			(1,253	)	(0.1	)			(13,445	)	(1.4	)
Non-GAAP gross profit/margin	$	398,665		45.9		%	$	426,299		46.5		%	$	400,380		42.5		%

	Three Months Ended
Non-GAAP Operating Income	March 29, 2025
(as a percentage of revenue)

GAAP operating income	3.3		%
Stock-based compensation expense	3.2
Amortization of intangible assets	2.8
Restructuring-related adjustments	(2.0	)
Goodwill and intangible asset impairment	9.1
Acquisition and integration-related costs	0.5
Net adjustments related to a terminated capacity reservation agreement	(0.1	)
Other expense	0.7
Non-GAAP operating income	17.5		%

	Three Months Ended
Free Cash Flow ⁽¹⁾	March 29, 2025
(in millions)

Net cash provided by operating activities	$	199.2
Purchases of property and equipment		(28.5	)
Free cash flow	$	170.7

(1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.


QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands)
(Unaudited)

	Three Months Ended
	March 29, 2025			December 28, 2024		March 30, 2024
GAAP research and development expense	$	179,931		$	179,126	$	179,883
Less:
Stock-based compensation expense		14,364			13,650		11,812
Acquisition and integration-related costs		1			1		1
Non-GAAP research and development expense	$	165,566		$	165,475	$	168,070

	Three Months Ended
	March 29, 2025			December 28, 2024		March 30, 2024
GAAP selling, general and administrative expense	$	90,581		$	90,360	$	93,107
Less:
Stock-based compensation expense		7,576			8,985		6,291
Amortization of intangible assets		2,356			2,623		5,156
Non-GAAP selling, general and administrative expense	$	80,649		$	78,752	$	81,660

	Three Months Ended
	March 29, 2025			December 28, 2024		March 30, 2024
GAAP other operating expense	$	67,830		$	68,905	$	78,889
Less:
Stock-based compensation (adjustment) expense		(170	)		7		34
Restructuring-related (adjustments) charges		(22,744	)		61,141		54,323
Goodwill and intangible asset impairment		79,503			—		—
Acquisition and integration-related costs		4,393			1,380		5,314
Other expense		6,247			2,216		15,792
Non-GAAP other operating expense	$	601		$	4,161	$	3,426

	Three Months Ended
	March 29, 2025			December 28, 2024		March 30, 2024
GAAP total operating expense	$	338,342		$	338,391	$	351,879
Less:
Stock-based compensation expense		21,770			22,642		18,137
Amortization of intangible assets		2,356			2,623		5,156
Restructuring-related (adjustments) charges		(22,744	)		61,141		54,323
Goodwill and intangible asset impairment		79,503			—		—
Acquisition and integration-related costs		4,394			1,381		5,315
Other expense		6,247			2,216		15,792
Non-GAAP total operating expense	$	246,816		$	248,388	$	253,156


QORVO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	March 29, 2025		March 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,021,176	$	1,029,258
Accounts receivable, net		386,719		412,960
Inventories		640,992		710,555
Other current assets		118,388		133,983
Assets of disposal group held for sale		—		159,278
Total current assets		2,167,275		2,446,034

Property and equipment, net		801,895		870,982
Goodwill		2,389,741		2,534,601
Intangible assets, net		273,478		509,383
Long-term investments		23,433		23,252
Other non-current assets		277,309		170,383
Total assets	$	5,933,131	$	6,554,635

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	548,644	$	589,760
Current portion of long-term debt		—		438,740
Other current liabilities		234,538		113,215
Liabilities of disposal group held for sale		—		88,372
Total current liabilities		783,182		1,230,087

Long-term debt		1,549,215		1,549,272
Other long-term liabilities		208,422		218,904
Total liabilities		2,540,819		2,998,263

Stockholders’ equity		3,392,312		3,556,372
Total liabilities and stockholders’ equity	$	5,933,131	$	6,554,635

At Qorvo^®
Doug DeLieto
VP, Investor Relations
1.336.678.7968

The MIL Network –

April 30, 2025

MIL-OSI USA: SPC Severe Thunderstorm Watch 191

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.
SEL1

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 191
NWS Storm Prediction Center Norman OK
330 PM EDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Western and Northern New York
Western and Central Pennsylvania
Northern West Virginia
Lake Erie
Lake Ontario

* Effective this Tuesday afternoon and evening from 330 PM until
1000 PM EDT.

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

SUMMARY…Multiple lines and clusters of thunderstorms will traverse
the watch area through the afternoon and early evening. The
strongest storms will pose a risk of damaging winds gusts and some
hail.

The severe thunderstorm watch area is approximately along and 80
statute miles north and south of a line from 15 miles west northwest
of Pittsburgh PA to 60 miles south southeast of Massena NY. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU1).

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 187…WW 188…WW
189…WW 190…

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.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW1
WW 191 SEVERE TSTM NY PA WV LE LO 291930Z – 300200Z
AXIS..80 STATUTE MILES NORTH AND SOUTH OF LINE..
15WNW PIT/PITTSBURGH PA/ – 60SSE MSS/MASSENA NY/
..AVIATION COORDS.. 70NM N/S /20SW EWC – 49SSE MSS/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 41748049 45287437 42977437 39418049

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU1.

Watch 191 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 (70%)

Probability of 1 or more wind events > 65 knots

Low (20%)

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 (90%)

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 Asia-Pac: Digital Policy Office leads I&T industry delegation to visit Fuzhou (with photos)

Source: Hong Kong Government special administrative region

Digital Policy Office leads I&T industry delegation to visit Fuzhou
The exhibits in the Hong Kong Pavilion mainly come from award-winning projects in local and international I&T competitions, including the Hong Kong ICT Awards, Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter, the Hong Kong/Shanghai Co-operation Open Data Challenge, and the Asia Pacific Information and Communications Technology Alliance Awards. They cover a wide range of cutting-edge technology fields, such as big data analysis, AI, blockchain, cloud computing and the Internet of Things. The applications of the exhibits are broad, spanning finance, healthcare, smart site management and digital entertainment, highlighting Hong Kong’s deep integration of the digital economy with the real economy, as well as high-quality development of new quality productive forces.

Addressing the opening ceremony of the Hong Kong Pavilion yesterday morning, Mr Wong said that this year marks the first time for the DPO to lead a delegation to showcase technology at the Summit’s Hong Kong Pavilion. The exhibition not only provides a valuable opportunity for Hong Kong’s I&T industry, allowing the Mainland I&T industry and investors to gain an in-depth understanding of Hong Kong’s excellent services and leading products, but also helps Hong Kong enterprises tap into the enormous Mainland market and its diverse business opportunities. In addition, the exhibition showcases the remarkable innovative capabilities of Hong Kong’s I&T industry, highlighting the city’s potential to integrate into the overall I&T development of the country.

Yesterday afternoon, Mr Wong visited the Fujian Artificial Intelligence Computing Center to gain an in-depth understanding of the Center’s facilities and technology applications, as well as the status of its support for the development of the AI industry. He then visited the Fujian Big Data Trading Center to learn about the Center’s experiences and practices in promoting the development of the data trading business. Finally, he visited China Unicom’s Fuzhou Smart Cloud Data Center to learn how the enterprise built a green and low-carbon data centre with high computing power and high security, as well as its latest technology deployment in promoting “Hong Kong data stored in Fujian, Hong Kong data computed in Fujian”.

Yesterday evening, Mr Wong attended the Digital China AI City Summit organised by Huawei Technologies Co, Ltd. He shared the latest developments in AI applications by the Hong Kong Special Administrative Region Government, as well as the Hong Kong Generative Artificial Intelligence Technical and Application Guideline released by the DPO on April 15, showcasing Hong Kong’s proactive measures in promoting the development of digital government and AI.

Mr Wong attended the opening ceremony of the Summit this morning (April 29). The Summit, under the theme “Digital Intelligence Leads High-quality Development”, was co-organised by the National Development and Reform Commission, the National Data Administration, the Cyberspace Administration of China (CAC), the Ministry of Industry and Information Technology and the Fujian Provincial People’s Government, and undertaken by the Fuzhou Municipal People’s Government and relevant units. In the afternoon, Mr Wong attended a sub-forum on e-government services, hosted by the CAC, where he delivered a keynote speech on strategies for enhancing public services through digital empowerment in Hong Kong.

Mr Wong concluded his visit today and returned to Hong Kong in the evening.
Issued at HKT 19:26

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 190

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.
SEL0

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 190
NWS Storm Prediction Center Norman OK
200 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southwest Oklahoma
West Central Texas

* Effective this Tuesday afternoon and evening from 200 PM until
900 PM CDT.

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

SUMMARY…Thunderstorms will increase in coverage and intensity
through the afternoon and early evening. Supercells capable of very
large hail are the main concern.

The severe thunderstorm watch area is approximately along and 80
statute miles east and west of a line from 35 miles south southeast
of Midland TX to 40 miles east northeast of Clinton OK. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU0).

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 187…WW 188…WW 189…

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
24035.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW0
WW 190 SEVERE TSTM OK TX 291900Z – 300200Z
AXIS..80 STATUTE MILES EAST AND WEST OF LINE..
35SSE MAF/MIDLAND TX/ – 40ENE CSM/CLINTON OK/
..AVIATION COORDS.. 70NM E/W /34SSE MAF – 47WNW OKC/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 31470333 35549997 35549712 31470062

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU0.

Watch 190 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

High (70%)

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 189

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.
SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 189
NWS Storm Prediction Center Norman OK
130 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast Illinois
Southern Indiana
Northwest Kentucky

* Effective this Tuesday afternoon and evening from 130 PM until
800 PM CDT.

* Primary threats include…
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible
Scattered large hail events to 1.5 inches in diameter possible
A tornado or two possible

SUMMARY…A cluster of thunderstorms over southeast Missouri will
track eastward through the afternoon, posing a risk of damaging wind
gusts and some hail.

The severe thunderstorm watch area is approximately along and 55
statute miles north and south of a line from 5 miles north of
Carbondale IL to 35 miles north northeast of Louisville KY. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU9).

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 187…WW 188…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
25035.

…Hart

SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 189
NWS Storm Prediction Center Norman OK
130 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast Illinois
Southern Indiana
Northwest Kentucky

* Effective this Tuesday afternoon and evening from 130 PM until
800 PM CDT.

* Primary threats include…
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible
Scattered large hail events to 1.5 inches in diameter possible
A tornado or two possible

SUMMARY…A cluster of thunderstorms over southeast Missouri will
track eastward through the afternoon, posing a risk of damaging wind
gusts and some hail.

The severe thunderstorm watch area is approximately along and 55
statute miles north and south of a line from 5 miles north of
Carbondale IL to 35 miles north northeast of Louisville KY. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU9).

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 187…WW 188…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
25035.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW9
WW 189 SEVERE TSTM IL IN KY 291830Z – 300100Z
AXIS..55 STATUTE MILES NORTH AND SOUTH OF LINE..
5N MDH/CARBONDALE IL/ – 35NNE SDF/LOUISVILLE KY/
..AVIATION COORDS.. 50NM N/S /48ENE FAM – 33N IIU/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 25035.

LAT…LON 38658925 39438548 37848548 37068925

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU9.

Watch 189 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 (70%)

Probability of 1 or more wind events > 65 knots

Mod (30%)

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 (90%)

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: Nomad Internet Launches the FWA Exchange Store, Helping Entrepreneurs to Build Their Wireless Empire
Source: GlobeNewswire (MIL-OSI)

NEW BRAUNFELS, Texas, April 29, 2025 (GLOBE NEWSWIRE) — Nomad Internet is proud to launch the FWA Exchange Store — the new way to buy, activate, and manage wireless services across the U.S.

This all-in-one platform is made for digital builders, resellers, and wireless operators who want full control without technical barriers. No license required. No coding skills needed. All that is required is a vision and internet access.

Unlimited 5G Plans at Fingertips

Choose from Verizon and T-Mobile nationwide plans:
- Verizon Unlimited 5G — $75/month
- T-Mobile Unlimited 5G — $60/month
Activate, suspend, or modify plans directly from the dashboard.

Bring Your Own Modem and Get Online Fast

If the device is already available, just buy a SIM, enter the SIM ID and IMEI, and activate instantly. There is no complex setup and no waiting around.

Special Launch Offer: Verizon Dragon Modem — Only $99

The Dragon Modem is built for the FWA Exchange.
Key Features:
- Real-time usage tracking
- Instant on/off toggling
- Future-ready for geofencing
Launch price: $99 — inventory is limited.

The FWA Dashboard: The Ultimate Wireless Control Hub

The FWA dashboard ties it all together:
- Activate or suspend services
- Assign stacks to customers
- Track data usage, billing, and balances
- Scale from 1 to 1,000 modems easily
The FWA Dashboard puts total control at fingertips.

What’s Coming Next

Nomad is already building next-gen features:
- Dual-SIM and antenna-enabled modems
- Bundle kits with wallet credit
- API tools and white-label dashboards
- Community leaderboards and bonuses
Join the movement, which is already 2,000+ resellers strong, at https://fwaexchange.com and be a part of the future of connectivity.

The FWA Exchange enhances the Nomad Wholesale Network, helping entrepreneurs across the U.S. launch and grow their own wireless services.

About Nomad Internet

Nomad Internet is America’s largest wireless internet provider for rural, remote, and underserved communities. We deliver high-speed, reliable connectivity where traditional providers cannot.

Media Contact:
Company Name: Nomad Internet
Contact Person: Manish Roshan
Email: manish.roshan@nomadinternet.email
Website: https://nomadinternet.com
Phone: +1 281 800 1000

Disclaimer: This content is provided by the Nomad Internet. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cfa4d6fa-2c6e-4a31-8add-b637fc3b9dad

The MIL Network –
April 30, 2025
MIL-OSI USA: Bilirakis Shepherds Bipartisan Bill to Protect Victims of Non-Consensual Intimate Imagery through House
Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

Washington, DC: This week, the House passed the TAKE IT DOWN ACT, a bill Congressman Gus Bilirakis has helped shepherd through the legislative process in the House. This bill would criminalize the publication of non-consensual, sexually exploitative images—including AI-generated deepfakes—and require platforms to remove images within 48 hours of notice. To see Congressman Bilirakis speaking on the House Floor in support of this important bill, click here. This bill will also help address a problem that recently occurred in Pasco County. The Pasco Sheriff’s Office acted quickly to investigate and arrest an elementary school teacher on child pornography charges. However, during its investigation, the Pasco County Sheriff’s Office discovered that the teacher was using yearbook photos of his students to create AI-generated child erotica. While the individual was able to be charged for some of the images, there were many more images in his possession that the police were unable to charge him for. The TAKE IT DOWN Act will help to close this loophole. The TAKE IT DOWN Act will protect and empower victims of real and deepfake NCII while respecting speech by:
1. 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.
2. Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
3. 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 FTC is charged with enforcement of this section.
4. 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.
“I am glad we are one step closer to protecting victims of online sexual exploitation. Giving victims rights to flag non-consensual images and requiring social media companies to remove that content quickly is a pivotal and necessary change to the online landscape,” said Congressman Gus Bilirakis (FL-12), who serves as Chairman of the Subcommittee on Commerce, Manufacturing, and Trade. “And by ensuring that AI-generated deep-fake content is included in these protections, Congress is showing its commitment to fighting 21st Century harms that are plaguing our children and grandchildren. I applaud Representatives María Elvira Salazar (R-FL), Madeleine Dean (D-PA), Vern Buchanan (R-FL), Debbie Dingell (D-MI), August Pfluger (R-TX), and Stacey Plaskett (D-VI) for their tireless work on this issue, as well as our entire Subcommittee for their efforts to ensure final passage in the House. I encourage my Senate colleagues to expedite passage so it can be signed into law by President Trump.”

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 has received widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders. Leaders from both large and small social media platforms, dating apps, and tech organizations, the U.S. Chamber of Commerce, and Internet Works, are rallying behind the bipartisan legislation. RAINN (Rape, Abuse & Incest National Network), the nation’s largest anti-sexual violence organization, spearheaded a letter with 23 additional groups calling for the swift passage of this bill. The National Fraternal Order of Police has also sent a letter to Senate leadership endorsing the legislation. In November 2024, the Cyber Civil Rights Initiative, Microsoft, and National Center for Missing and Exploited Children (NCMEC) sent a letter to Senate and House leadership urging the passage of the TAKE IT DOWN Act.

MIL OSI USA News –
April 30, 2025
MIL-OSI Economics: Samsung Expands Direct Access to AI Assistant With Side Button on Galaxy A Series

Source: Samsung

Samsung Electronics today announced that select Galaxy A series devices will soon support AI assistant activation through the side button, bringing a fan-favorite feature from the Galaxy S series to more users and furthering Samsung’s vision of democratizing the latest AI experiences. With this update,1 users will be able to enjoy smarter AI experiences, including launching Gemini,2 Google’s AI-powered assistant, by simply pressing and holding the side button. Samsung introduced Awesome Intelligence3 on the latest Galaxy A series – Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G – including select fan-favorite AI-powered features that open up Galaxy’s incredible mobile AI experiences to more users. Now, the upcoming update makes it easier for even more Galaxy A series users around the world to complete everyday tasks more intuitively with direct access to Gemini with the side button.

Known for its balance of performance and value, the Galaxy A series now offers a smarter mobile experience thanks to this update. With easier access to Gemini, users can effortlessly check their schedule, find nearby restaurants or get recommendations for birthday gifts using voice commands. They can also carry out tasks across apps4 with just a single command – like finding a dinner spot on Google Maps and sending the address to a friend through Messages – spanning Samsung, Google and select third-party apps.

“Samsung and Google have been working together to deliver seamless, intuitive and meaningful AI experiences, making the latest technology more accessible for more users,” said Jay Kim, Executive Vice President and Head of Customer Experience Office, Mobile eXperience Business at Samsung Electronics. “We’re excited that Galaxy A series users will now be able to activate Gemini faster and more naturally through a simple gesture that brings intelligent support into the flow of daily tasks.”

Faster access to Gemini means help is ready in everyday moments – like making last-minute dinner plans. With a simple voice command, users can say “Find French, pet-friendly restaurants with terrace seating nearby” to Gemini and get suggestions in seconds, making it easy to pick a spot and share it with a friend, without typing a single word.

The software update will roll out globally to select Galaxy A series models starting in early May.

For more information about the Galaxy A series, please visit: Samsung Newsroom, Samsungmobilepress.com and Samsung.com

1 Availability and supported features may vary by market, carrier and device model. This update will be only available on Galaxy A56 5G, A55 5G, A54 5G, A36 5G, A35 5G, A34 5G, A26 5G, A25 5G, A25e 5G and A24 running One UI 7, and is scheduled to begin rolling out in May. Timing subject to change.2 Internet connection and compatible operating system required. Availability may vary by device, country/region, and language.3 Awesome Intelligence is available on Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G. Availability of Awesome Intelligence features may vary by country/region, One UI/OS version, device model, and carrier.4 Requires internet connection and Google Account login. Service availability may vary by country/region, language, and device model. Works on compatible apps. Feature availability may differ depending on subscription and results may vary. Set up may be required for certain functions or apps. Accuracy of results is not guaranteed.

MIL OSI Economics –

April 30, 2025
MIL-OSI Security: Charlotte Man Pleads Guilty to Possessing AI-Generated Images of Minors Engaged in Sexually Explicit Conduct and Child Sexual Abuse Material

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

CHARLOTTE, N.C. –Daniel Joseph Broadway, 53, of Charlotte, appeared in federal court today and pleaded guilty to possessing AI-generated images of minors engaged in sexually explicit conduct and child sexual abuse material (CSAM), announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.

Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Chief Johnny Jennings of the Charlotte Mecklenburg Police Department (CMPD), join U.S. Attorney Ferguson in making today’s announcement.

According to plea documents and today’s court hearing, on December 12, 2023, CMPD officers executed a search warrant at Broadway’s Charlotte residence. From the residence, officers seized nine electronic devices that were later forensically analyzed and found to contain images and videos depicting child sexual abuse material. Some of the images and videos in Broadway’s possession had been AI-generated and some had not. A forensic analysis of the devices revealed that Broadway possessed 8,661 images and two videos of non-AI CSAM. Broadway also possessed 20,292 images and videos of AI-generated CSAM. Many of the non-AI and AI-generated CSAM depicted prepubescent minors that were nude or partially clothed, lasciviously displaying their genitals or engaging in sexual intercourse with adults.

Broadway pleaded guilty to possession and access with intent to view child pornography involving prepubescent minors and possession of obscene visual representations of the sexual abuse of children, each of which carry a maximum prison sentence of 20 years. Broadway was remanded into custody following his guilty plea. A sentencing date has not been set.

In making today’s announcement, U.S. Attorney Ferguson thanked FBI and CMPD for their investigation which led to the guilty plea.

Assistant U.S. Attorney Daniel Cervantes of the U.S. Attorney’s Office in Charlotte is prosecuting 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 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.

MIL Security OSI –

April 30, 2025
MIL-OSI Security: Texas Man Sentenced to 11 Years’ Imprisonment After Traveling to Utah to Sexually Abuse a 12-Year-Old

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

SALT LAKE CITY, Utah – Carl William Wyckoff, 25, of New Boston, Texas, was sentenced to 135 months’ imprisonment and a lifetime of supervised release, after he traveled to Utah and sexually abused a 12-year-old victim.

The sentence, imposed by U.S. District Court Chief Judge Robert J. Shelby, comes after Wyckoff pleaded guilty in November 2024 to transportation of a minor with intent to engage in criminal sexual activity.

According to court documents and statements made at Wyckoff’s change of plea and sentencing hearings, Wyckoff began exchanging messages with a 12-year-old girl he met playing an online game. The messages between Wyckoff and the victim became sexual, and images were exchanged. Initially, Wyckoff believed the child was an adult, but after she disclosed her true age, Wyckoff continued exchanging sexual messages and images. Wyckoff admitted that between April 13, 2024, and April 15, 2024, he then traveled from Texas to Arizona and then transported the 12-year-old victim to Utah to engage in sexual activity with her.

Acting U.S. Attorney Felice John Viti of the United States Attorney’s Office for the District of Utah made the announcement.

The case was investigated by the FBI Salt Lake City Field Office.

Assistant United States Attorney Chris Burton of the U.S. Attorney’s Office for the District of Utah 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 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 –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 187

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.
SEL7

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 187
NWS Storm Prediction Center Norman OK
855 AM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Northern Arkansas
Southwest Illinois
Southern Missouri

* Effective this Tuesday morning and afternoon from 855 AM until
300 PM CDT.

* Primary threats include…
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible
Scattered large hail events to 1.5 inches in diameter possible
A tornado or two possible

SUMMARY…A fast-moving line of thunderstorms over southwest
Missouri and northwest Arkansas will track eastward across the watch
today. Locally damaging wind gusts and hail are possible with this
activity.

The severe thunderstorm watch area is approximately along and 65
statute miles north and south of a line from 40 miles northwest of
Harrison AR to 20 miles south of Carbondale IL. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU7).

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 186…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
25035.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW7
WW 187 SEVERE TSTM AR IL MO 291355Z – 292000Z
AXIS..65 STATUTE MILES NORTH AND SOUTH OF LINE..
40NW HRO/HARRISON AR/ – 20S MDH/CARBONDALE IL/
..AVIATION COORDS.. 55NM N/S /34NE RZC – 48ESE FAM/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 25035.

LAT…LON 37629366 38438925 36558925 35749366

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU7.

Watch 187 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 ( 65 knots

Mod (30%)

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 (90%)

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: Coastal Financial Corporation Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended March 31, 2025, including net income of $9.7 million, or $0.63 per diluted common share, compared to $13.4 million, or $0.94 per diluted common share, for the three months ended December 31, 2024 and $6.8 million, or $0.50 per diluted common share, for the three months ended March 31, 2024.

Management Discussion of the First Quarter Results

“First quarter of 2025 was impacted by elevated expenses related to the onboarding and implementation costs of several new partnerships and products within CCBX and investments in technology, however, we anticipate that the revenue and earnings from these investments will be highly valuable over the long-term,” stated CEO Eric Sprink. “We saw high quality deposit growth of $205.9 million during the first quarter, and our CCBX program fee income continued to increase, up 55.2% compared to the same period in 2024.”

Key Points for First Quarter and Our Go-Forward Strategy

Positive Growth Trends within CCBX Continue. As of March 31, 2025 we had two partners in testing, three in implementation/onboarding, one signed LOI and have an active pipeline of new partners and new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.3 million for the three months ended March 31, 2025, an increase of $724,000, or 13.0%, from the three months ended December 31, 2024. We remain fully indemnified against fraud and 98.8% indemnified against credit risk with our CCBX partners as of March 31, 2025.

Investments for Growth Continues. Total noninterest expense of $72.0 million was up $4.6 million, or 6.8%, as compared to $67.4 million in the quarter ended December 31, 2024, mainly driven by higher salaries and employee benefits, legal and professional expenses and BaaS loan expense partially offset by lower BaaS fraud expense. As we increase the number of new CCBX partners and products with existing partners launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new programs or products generate significant revenues. We remain focused on building our future revenue sources.

Strong Deposit Growth, Off Balance Sheet Activity Update. Total deposits of $3.79 billion, an increase of $205.9 million, or 5.7%, over the quarter ended December 31, 2024, driven primarily by growth in CCBX partner programs. On April 1, 2025 we launched the T-Mobile deposit program and those deposits will be reflected in the second quarter deposit totals. During the first quarter of 2025, we sold $744.6 million of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of March 31, 2025 there were 237,024 credit cards with fee earning potential, an increase of 54,575 compared to the quarter ended December 31, 2024 and an increase of 210,723 from March 31, 2024.

First Quarter 2025 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Income Statement Data:
Interest and dividend income	$	104,907		$	102,448		$	105,165		$	97,422		$	91,742
Interest expense		28,845			30,071			32,892			31,250			29,536
Net interest income		76,062			72,377			72,273			66,172			62,206
Provision for credit losses		55,781			61,867			70,257			62,325			83,158
Net interest (expense)/ income after provision for credit losses		20,281			10,510			2,016			3,847			(20,952	)
Noninterest income		63,477			74,100			78,790			69,138			86,176
Noninterest expense		71,989			67,411			64,424			57,964			56,509
Provision for income tax		2,039			3,832			2,926			3,425			1,915
Net income		9,730			13,367			13,456			11,596			6,800

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance Sheet Data:
Cash and cash equivalents	$	624,302		$	452,513		$	484,026		$	487,245		$	515,128
Investment securities		46,991			47,321			48,620			49,213			50,090
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total assets		4,339,282			4,121,208			4,064,472			3,959,549			3,863,062
Interest bearing deposits		3,251,599			3,057,808			3,047,861			2,949,643			2,888,867
Noninterest bearing deposits		539,630			527,524			579,427			593,789			574,112
Core deposits ⁽¹⁾		3,321,772			3,123,434			3,190,869			3,528,339			3,447,864
Total deposits		3,791,229			3,585,332			3,627,288			3,543,432			3,462,979
Total borrowings		47,923			47,884			47,847			47,810			47,771
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.65		$	0.97		$	1.00		$	0.86		$	0.51
Earnings per share – diluted	$	0.63		$	0.94		$	0.97		$	0.84		$	0.50
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Tangible book value per share ⁽⁴⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Weighted avg outstanding shares – basic		14,962,507			13,828,605			13,447,066			13,412,667			13,340,997
Weighted avg outstanding shares – diluted		15,462,041			14,268,229			13,822,270			13,736,508			13,676,917
Shares outstanding at end of period		15,009,225			14,935,298			13,543,282			13,453,805			13,407,320
Stock options outstanding at end of period		163,932			186,354			198,370			286,119			309,069

See footnotes that follow the tables below

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.30	%		1.52	%		1.63	%		1.34	%		1.42	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Allowance for credit losses to nonperforming loans		325.0	%		282.5	%		257.2	%		278.6	%		254.3	%
Allowance for credit losses to total loans receivable		5.21	%		5.08	%		5.03	%		4.45	%		4.35	%
Gross charge-offs	$	53,686		$	61,585		$	53,305		$	55,207		$	58,994
Gross recoveries	$	5,486		$	5,223		$	4,516		$	2,254		$	2,036
Net charge-offs to average loans ⁽⁶⁾		5.57	%		6.56	%		5.60	%		6.54	%		7.30	%

Capital Ratios:
Company
Tier 1 leverage capital		10.67	%		10.78	%		8.40	%		8.31	%		8.24	%
Common equity Tier 1 risk-based capital		12.13	%		12.04	%		9.24	%		9.03	%		8.98	%
Tier 1 risk-based capital		12.22	%		12.14	%		9.34	%		9.13	%		9.08	%
Total risk-based capital		14.73	%		14.67	%		11.89	%		11.70	%		11.70	%
Bank
Tier 1 leverage capital		10.57	%		10.64	%		9.29	%		9.24	%		9.19	%
Common equity Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Total risk-based capital		13.42	%		13.28	%		11.63	%		11.44	%		11.43	%

⁽¹⁾	Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾	Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾	We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾	Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾	Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾	Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 0.93% for the quarter ended March 31, 2025 compared to 1.30% and 0.73% for the quarters ended December 31, 2024 and March 31, 2024, respectively. ROA for the quarter ended March 31, 2025, decreased 0.37% and increased 0.19% compared to December 31, 2024 and March 31, 2024, respectively. Noninterest expenses were higher for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 largely due to higher salaries and employee benefits, due to annual pay increases and for new hires that contribute to our continued investments in growth, technology and risk management, legal and professional expenses and increased BaaS loan expense, which is directly related to interest earned on CCBX loans. These increases were partially offset by a decrease in BaaS fraud expense. Noninterest expenses were higher than the quarter ended March 31, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

Legal and professional fees in first quarter were elevated in multiple areas including compliance, BSA, audit, legal and projects as we prepare for new partners, and we may experience a similar level of expenses again in second quarter before returning to a more historical level in third quarter 2025.

Yield on earning assets and yield on loans receivable increased 0.07% and 0.23%, respectively, for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Average loans receivable as of March 31, 2025 increased $92.2 million compared to December 31, 2024 as net CCBX loans continue to grow, despite selling $744.6 million in CCBX loans during the quarter ended March 31, 2025.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Return on average assets ⁽¹⁾		0.93	%		1.30	%		1.34	%		1.21	%		0.73	%
Return on average equity ⁽¹⁾		8.91	%		14.90	%		16.67	%		15.22	%		9.21	%
Yield on earnings assets ⁽¹⁾		10.32	%		10.24	%		10.79	%		10.49	%		10.21	%
Yield on loans receivable ⁽¹⁾		11.33	%		11.12	%		11.44	%		11.22	%		11.01	%
Cost of funds ⁽¹⁾		3.11	%		3.24	%		3.62	%		3.60	%		3.52	%
Cost of deposits ⁽¹⁾		3.08	%		3.21	%		3.59	%		3.58	%		3.49	%
Net interest margin ⁽¹⁾		7.48	%		7.23	%		7.42	%		7.12	%		6.92	%
Noninterest expense to average assets ⁽¹⁾		6.87	%		6.54	%		6.42	%		6.05	%		6.10	%
Noninterest income to average assets ⁽¹⁾		6.06	%		7.19	%		7.85	%		7.22	%		9.30	%
Efficiency ratio		51.59	%		46.02	%		42.65	%		42.84	%		38.08	%
Loans receivable to deposits ⁽²⁾		93.89	%		97.82	%		94.33	%		93.75	%		92.29	%

⁽¹⁾	Annualized calculations shown for quarterly periods presented.
⁽²⁾	Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“Looking ahead to the balance of 2025, elevated onboarding activity is expected to continue into the second quarter as our CCBX pipeline remains very robust with high quality and potentially impactful opportunities. We plan to continue to invest in and enhance our technology and risk management infrastructure to support our next phase of CCBX growth. Our risk reduction efforts, namely our fraud and credit indemnifications via our partners, continued to function as expected despite the volatile macroeconomics conditions towards the end of first quarter. These efforts, plus additional growth in noninterest income should help mitigate the uncertainties associated with fluctuating interest rates and provide a stable, recurring income source.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 25 relationships, at varying stages, including two partners in testing, three in implementation/onboarding, one signed LOI as of March 31, 2025. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced . We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and will continue this strategy to provide an on-going and passive revenue source with no on balance sheet risk or capital requirement.

On April 1, 2025, we went live with the T-Mobile deposit program and our second quarter deposits will include those balances. As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At March 31, 2025 we swept off $406.3 million in deposits for FDIC insurance and liquidity purposes. We are also launching a new suite of deposit products with RobinHood, which are expected to launch in the back half of 2025. The introduction of theses products are expected to increase deposits.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	March 31, 2025	December 31, 2024	March 31, 2024
Active	19	19	19
Friends and family / testing	2	1	1
Implementation / onboarding	3	1	1
Signed letters of intent	1	3	0
Total CCBX relationships	25	24	21

CCBX loans increased $47.2 million, or 2.9%, to $1.65 billion despite selling $744.6 million in loans during the three months ended March 31, 2025. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At March 31, 2025 the portion of this portfolio for which we are responsible represented $19.9 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	133,466			8.1	%	$	109,017			6.8	%	$	135,671			10.3	%
All other commercial & industrial loans		29,702			1.8			33,961			2.1			47,160			3.6
Real estate loans:
Residential real estate loans		285,355			17.3			267,707			16.7			265,148			20.2
Consumer and other loans:
Credit cards		532,775			32.2			528,554			33.0			505,706			38.6
Other consumer and other loans		670,026			40.6			664,780			41.4			358,528			27.3
Gross CCBX loans receivable		1,651,324			100.0	%		1,604,019			100.0	%		1,312,213			100.0	%
Net deferred origination (fees) costs		(498	)					(442	)					(394	)
Loans receivable	$	1,650,826					$	1,603,577					$	1,311,819
Loan Yield – CCBX ⁽¹⁾⁽²⁾		16.88	%					16.81	%					17.74	%

⁽¹⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended March 31, 2025, includes an increase of $24.4 million, or 22.4%, in capital call lines as a result of normal balance fluctuations and business activities, an increase of $17.6 million, or 6.6%, in residential real estate loans and an increase of $9.5 million or 0.8%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $744.6 million in CCBX loans during the quarter ended March 31, 2025 compared to sales of $845.5 million in the quarter ended December 31, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield increased 0.07% for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024.

The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

The following table details the CCBX deposit portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	58,416			2.6	%	$	55,686			2.7	%	$	58,669			2.9	%
Interest bearing demand and money market		2,145,608			94.6			1,958,459			94.9			1,964,942			96.8
Savings		16,625			0.7			5,710			0.3			5,338			0.3
Total core deposits		2,220,649			97.9			2,019,855			97.9			2,028,949			100.0
Other deposits		46,359			2.1			44,233			2.1			—			—
Total CCBX deposits	$	2,267,008			100.0	%	$	2,064,088			100.0	%	$	2,028,949			100.0	%
Cost of deposits ⁽¹⁾		4.01	%					4.19	%					4.93	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $202.9 million, or 9.8%, in the three months ended March 31, 2025 to $2.27 billion as a result of growth and normal balance fluctuations. This excludes the $406.3 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $273.2 million for the quarter ended December 31, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended March 31, 2025, the community bank saw net loans decrease $16.5 million, or 0.9%, to $1.87 billion, as a result of normal balance fluctuations.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans	$	149,104			8.0	%	$	150,395			8.0	%	$	154,395			8.2	%
Real estate loans:
Construction, land and land development loans		166,551			8.9			148,198			7.8			160,862			8.5
Residential real estate loans		202,920			10.8			202,064			10.7			231,157			12.2
Commercial real estate loans		1,340,647			71.6			1,374,801			72.8			1,342,489			71.0
Consumer and other loans:
Other consumer and other loans		13,326			0.7			13,542			0.7			1,447			0.1
Gross Community Bank loans receivable		1,872,548			100.0	%		1,889,000			100.0	%		1,890,350			100.0	%
Net deferred origination fees		(6,015	)					(6,012	)					(7,068	)
Loans receivable	$	1,866,533					$	1,882,988					$	1,883,282
Loan Yield⁽¹⁾		6.53	%					6.53	%					6.46	%

⁽¹⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loans decreased $34.2 million in commercial real estate loans, $1.3 million in commercial and industrial loans and $216,000 in consumer and other loans, partially offset by an increase of $18.4 million in construction, land and land development loans, during the quarter ended March 31, 2025.

The following table details the community bank deposit portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	481,214			31.5	%	$	471,838			31.0	%	$	515,443			35.9	%
Interest bearing demand and money market		560,416			36.8			570,625			37.5			834,725			58.2
Savings		59,493			3.9			61,116			4.0			68,747			4.8
Total core deposits		1,101,123			72.2			1,103,579			72.5			1,418,915			99.0
Other deposits		407,391			26.7			400,118			26.3			1			0.0
Time deposits less than $100,000		5,585			0.4			5,920			0.4			7,199			0.5
Time deposits $100,000 and over		10,122			0.7			11,627			0.8			7,915			0.6
Total Community Bank deposits	$	1,524,221			100.0	%	$	1,521,244			100.0	%	$	1,434,030			100.0	%
Cost of deposits⁽¹⁾		1.76	%					1.86	%					1.66	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $3.0 million, or 0.2%, during the three months ended March 31, 2025 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $481.2 million, or 31.5%, of total community bank deposits, resulting in a cost of deposits of 1.76%, which compared to 1.86% for the quarter ended December 31, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024.

Net Interest Income and Margin Discussion

Net interest income was $76.1 million for the quarter ended March 31, 2025, an increase of $3.7 million, or 5.1%, from $72.4 million for the quarter ended December 31, 2024, and an increase of $13.9 million, or 22.3%, from $62.2 million for the quarter ended March 31, 2024. Net interest income compared to December 31, 2024, was higher due to an increase in average loans receivable, an increase in loan yield and a decrease in cost of funds. The increase in net interest income compared to March 31, 2024 was largely related to growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.

Net interest margin was 7.48% for the three months ended March 31, 2025, compared to 7.23% for the three months ended December 31, 2024, largely due to higher loan yield and lower cost of deposits. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.28% for the three months ended March 31, 2025, compared to 4.16% for the three months ended December 31, 2024. Net interest margin was 6.92% for the three months ended March 31, 2024. The increase in net interest margin for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $2.6 million, or 2.7%, to $98.1 million for the three months ended March 31, 2025, compared to $95.6 million for the three months ended December 31, 2024, as a result of loan growth. Interest and fees on loans receivable increased $12.3 million, or 14.3%, compared to $85.9 million for the three months ended March 31, 2024, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) increased 0.12% for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 and increased 0.26% compared the three months ended March 31, 2024.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense⁽²⁾	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income⁽²⁾	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations shown for periods presented.
⁽²⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $974,000 to $47.2 million compared to the three months ended December 31, 2024 and decreased $68.2 million compared to the three months ended March 31, 2024 as a result of principal paydowns and maturing securities.

Cost of funds was 3.11% for the quarter ended March 31, 2025, a decrease of 13 basis points from the quarter ended December 31, 2024 and a decrease of 42 basis points from the quarter ended March 31, 2024. Cost of deposits for the quarter ended March 31, 2025 was 3.08%, compared to 3.21% for the quarter ended December 31, 2024, and 3.49% for the quarter ended March 31, 2024. The decreased cost of funds and deposits compared to December 31, 2024 and March 31, 2024 were largely due to the recent reductions in the Fed funds rate.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾
Community Bank		6.53	%		1.76	%		6.53	%		1.86	%		6.46	%		1.66	%
CCBX ⁽¹⁾		16.88	%		4.01	%		16.81	%		4.19	%		17.74	%		4.93	%
Consolidated		11.33	%		3.08	%		11.12	%		3.21	%		11.01	%		3.49	%

⁽¹⁾	CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Annualized calculations for periods presented.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	67,855		16.88	%	$	64,532		16.81	%	$	55,839		17.74	%
Less: BaaS loan expense		32,507		8.09	%		30,720		8.00	%		26,107		8.29	%
Net BaaS loan income ⁽¹⁾	$	35,348		8.79	%	$	33,812		8.81	%	$	29,732		9.45	%
Average BaaS Loans⁽³⁾	$	1,630,088				$	1,527,178				$	1,265,857

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾	Annualized calculations shown for the periods presented.
⁽³⁾	Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $63.5 million for the three months ended March 31, 2025, a decrease of $10.6 million from $74.1 million for the three months ended December 31, 2024, and a decrease of $22.7 million from $86.2 million for the three months ended March 31, 2024. The decrease in noninterest income for the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024 was primarily due to a decrease of $10.8 million in total BaaS income. The $10.8 million decrease in total BaaS income included an $8.4 million decrease in BaaS credit enhancements related to the provision for credit losses and a $3.1 million decrease in BaaS fraud enhancements partially offset by an increase of $724,000 in BaaS program income. The $724,000 increase in BaaS program income is largely due to higher reimbursement of CCBX partner expenses and an increase in transaction and interchange fees and servicing and other BaaS fees, (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $22.7 million decrease in noninterest income over the quarter ended March 31, 2024 was primarily due to a $25.1 million decrease in BaaS credit and fraud enhancements and an increase of $2.2 million in BaaS program income.

Noninterest Expense Discussion

Total noninterest expense increased $4.6 million to $72.0 million for the three months ended March 31, 2025, compared to $67.4 million for the three months ended December 31, 2024, and increased $15.5 million from $56.5 million for the three months ended March 31, 2024. The $4.6 million increase in noninterest expense for the quarter ended March 31, 2025, as compared to the quarter ended December 31, 2024, was primarily due to a $3.5 million increase in salaries and benefits, $1.9 million increase in legal and professional fees, and $1.8 million increase in BaaS loan expense, partially offset by a $3.1 million decrease in BaaS fraud expense. The salaries and benefits and legal and professional fees increases were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

The increase in noninterest expenses for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was largely due to a $6.4 million increase in BaaS loan expense, a $1.1 million increase in BaaS fraud expense, a $2.8 million increase in legal and professional expenses, a $3.5 million increase in salary and employee benefits, and a $1.3 million increase in data processing and software licenses due to enhancements in technology all of which are related to the growth of Company and investments in technology and risk management.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands; unaudited)		2025		2024		2024
Total noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses (BaaS)		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	36,463	$	30,836	$	29,225

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $2.0 million for the three months ended March 31, 2025, $3.8 million for the three months ended December 31, 2024 and $1.9 million for the first quarter of 2024. The income tax provision was lower for the three months ended March 31, 2025 compared to the quarter ended December 31, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended March 31, 2025, and was higher compared to the quarter ended March 31, 2024, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.55% for calculating the provision for state income taxes.

Financial Condition Overview

Total assets increased $218.1 million, or 5.3%, to $4.34 billion at March 31, 2025 compared to $4.12 billion at December 31, 2024. The increase is primarily comprised of a $171.8 million increase in cash and a $30.8 million increase in loans receivable. Total loans receivable increased to $3.52 billion at March 31, 2025, from $3.49 billion at December 31, 2024.

As of March 31, 2025, in addition to the $624.3 million in cash on hand the Company had the capacity to borrow up to a total of $662.4 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of March 31, 2025.

The Company, on a stand alone basis, had a cash balance of $45.5 million as of March 31, 2025, which is retained for general operating purposes, including debt repayment, for funding $468,000 in commitments to bank technology investment funds and $40.0 million is available to be contributed to the Bank as capital.

Uninsured deposits were $558.8 million as of March 31, 2025, compared to $543.0 million as of December 31, 2024.

Total shareholders’ equity as of March 31, 2025 increased $11.2 million since December 31, 2024. The increase in shareholders’ equity was primarily comprised of an increase of $1.5 million in common stock outstanding as a result of equity awards exercised during the three months ended March 31, 2025 combined with $9.7 million in net earnings.

The Company and the Bank remained well capitalized at March 31, 2025, as summarized in the following table.

(unaudited)	Coastal Community Bank			Coastal Financial Corporation			Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)		10.57	%		10.67	%		5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)		12.12	%		12.13	%		6.50	%
Tier 1 Capital (to risk-weighted assets)		12.12	%		12.22	%		8.00	%
Total Capital (to risk-weighted assets)		13.42	%		14.73	%		10.00	%

⁽¹⁾

Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The total allowance for credit losses was $183.2 million and 5.21% of loans receivable at March 31, 2025 compared to $177.0 million and 5.08% at December 31, 2024 and $139.9 million and 4.38% at March 31, 2024. The allowance for credit loss allocated to the CCBX portfolio was $164.2 million and 9.95% of CCBX loans receivable at March 31, 2025, with $19.0 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of March 31, 2025									As of December 31, 2024									As of March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,866,533		$	1,650,826		$	3,517,359		$	1,882,988		$	1,603,577		$	3,486,565		$	1,883,282		$	1,311,819		$	3,195,101
Allowance for credit losses		(18,992	)		(164,186	)		(183,178	)		(18,924	)		(158,070	)		(176,994	)		(21,384	)		(118,557	)		(139,941	)
Allowance for credit losses to total loans receivable		1.02	%		9.95	%		5.21	%		1.00	%		9.86	%		5.08	%		1.14	%		9.04	%		4.38	%

Net charge-offs totaled $48.2 million for the quarter ended March 31, 2025, compared to $56.4 million for the quarter ended December 31, 2024 and $57.0 million for the quarter ended March 31, 2024. Net charge-offs as a percent of average loans decreased to 5.57% for the quarter ended March 31, 2025 compared to 6.56% for the quarter ended December 31, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $299.8 million loan portfolio. At March 31, 2025, our portion of this portfolio represented $19.9 million in loans. Net charge-offs for this $19.9 million in loans were $1.1 million for the three months ended March 31, 2025 and December 31, 2024 and $2.1 million for the three months ended March 31, 2024.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	March 31, 2025									December 31, 2024									March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	4		$	53,682		$	53,686		$	139		$	61,446		$	61,585		$	15		$	58,979		$	58,994
Gross recoveries		(7	)		(5,479	)		(5,486	)		(3	)		(5,220	)		(5,223	)		(4	)		(2,032	)		(2,036	)
Net charge-offs	$	(3	)	$	48,203		$	48,200		$	136		$	56,226		$	56,362		$	11		$	56,947		$	56,958
Net charge-offs to average loans ⁽¹⁾		0.00	%		11.99	%		5.57	%		0.03	%		14.65	%		6.56	%		0.00	%		18.09	%		7.30	%

⁽¹⁾	Annualized calculations shown for periods presented.

During the quarter ended March 31, 2025, a $54.3 million provision for credit losses was recorded for CCBX partner loans, compared to the $63.7 million provision for credit losses was recorded for CCBX partner loans for the quarter ended December 31, 2024. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $164.2 million at March 31, 2025 compared to $158.1 million at December 31, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

The factors used in management’s analysis for community bank credit losses indicated that a provision of $65,000 was needed for the quarter ended March 31, 2025 compared to a provision recapture of $1.1 million and $199,000 for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision in the current period was due to a change in the mix of the community bank loan portfolio and growth in construction loans.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024			March 31, 2024
Community bank	$	65	$	(1,071	)	$	(199	)
CCBX		54,319		63,741			79,717
Total provision expense	$	54,384	$	62,670		$	79,518

A provision for unfunded commitments of $613,000 was recorded for the quarter ended March 31, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $784,000 was recorded for the quarter ended March 31, 2025 on CCBX loans.

At March 31, 2025, our nonperforming assets were $56.4 million, or 1.30%, of total assets, compared to $62.7 million, or 1.52%, of total assets, at December 31, 2024, and $54.9 million, or 1.42%, of total assets, at March 31, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of March 31, 2025, $54.1 million of the $56.2 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

Nonperforming assets decreased $6.3 million during the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This change is due to a decrease in CCBX loans 90 days or more past due and still on accrual. Community bank nonperforming loans increased $89,000 from December 31, 2024 to $189,000 as of March 31, 2025, and CCBX nonperforming loans decreased $6.4 million to $56.2 million from December 31, 2024. The decrease in CCBX nonperforming loans is due to a $7.1 million decrease in CCBX loans that are past due 90 days or more and still accruing interest partially offset by an increase of $707,000 in nonaccrual loans from December 31, 2024 to $20.2 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $16.1 million of these loans are less than 90 days past due as of March 31, 2025. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at March 31, 2025. Our nonperforming loans to loans receivable ratio was 1.60% at March 31, 2025, compared to 1.80% at December 31, 2024, and 1.72% at March 31, 2024. The lower nonperforming loans to loans receivable ratio is a reflection of our on-going risk reduction efforts.

For the quarter ended March 31, 2025, there were $3,000 community bank net recoveries and $48.2 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	381		$	334		$	—
Real estate loans:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,359			19,563			7,943
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,367			62,656			54,866
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,367		$	62,656		$	54,866
Total nonaccrual loans to loans receivable		0.58	%		0.56	%		0.25	%
Total nonperforming loans to loans receivable		1.60	%		1.80	%		1.72	%
Total nonperforming assets to total assets		1.30	%		1.52	%		1.42	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	192		$	234		$	—
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,170			19,463			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,178			62,556			46,923
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,178		$	62,556		$	46,923
Total CCBX nonperforming assets to total consolidated assets		1.29	%		1.52	%		1.21	%

Community Bank	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	189		$	100		$	—
Real estate:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Total nonaccrual loans		189			100			7,943
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		189			100			7,943
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	189		$	100		$	7,943
Total community bank nonperforming assets to total consolidated assets		0.01	%		—	%		0.21	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.34 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Cash and due from banks	$	43,467		$	36,533		$	45,327		$	59,995		$	32,790
Interest earning deposits with other banks		580,835			415,980			438,699			427,250			482,338
Investment securities, available for sale, at fair value		34			35			38			39			41
Investment securities, held to maturity, at amortized cost		46,957			47,286			48,582			49,174			50,049
Other investments		12,589			10,800			10,757			10,664			10,583
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total loans receivable, net		3,334,181			3,309,571			3,242,220			3,172,935			3,055,160
CCBX credit enhancement asset		183,377			181,890			173,600			149,096			142,412
CCBX receivable		12,685			14,138			16,060			11,520			10,369
Premises and equipment, net		28,639			27,431			25,833			24,526			22,995
Lease right-of-use assets		5,117			5,219			5,427			5,635			5,756
Accrued interest receivable		21,109			21,104			22,315			21,620			22,485
Bank-owned life insurance, net		13,501			13,375			13,255			13,132			12,991
Deferred tax asset, net		3,912			3,600			3,083			2,221			2,221
Other assets		10,747			13,646			11,711			11,742			12,075
Total assets	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,791,229		$	3,585,332		$	3,627,288		$	3,543,432		$	3,462,979
Subordinated debt, net		44,331			44,293			44,256			44,219			44,181
Junior subordinated debentures, net		3,592			3,591			3,591			3,591			3,590
Deferred compensation		310			332			369			405			442
Accrued interest payable		1,107			962			1,070			999			1,061
Lease liabilities		5,293			5,398			5,609			5,821			5,946
CCBX payable		29,391			29,171			37,839			32,539			30,899
Other liabilities		14,112			13,425			12,520			11,850			10,255
Total liabilities		3,889,365			3,682,504			3,732,542			3,642,856			3,559,353
SHAREHOLDERS’ EQUITY
Common Stock		229,659			228,177			134,769			132,989			131,601
Retained earnings		220,259			210,529			197,162			183,706			172,110
Accumulated other comprehensive loss, net of tax		(1	)		(2	)		(1	)		(2	)		(2	)
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709
Total liabilities and shareholders’ equity	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	98,147	$	95,575	$	99,676	$	90,879		$	85,891
Interest on interest earning deposits with other banks		6,070		6,021		4,781		5,683			4,780
Interest on investment securities		650		661		675		686			1,034
Dividends on other investments		40		191		33		174			37
Total interest income		104,907		102,448		105,165		97,422			91,742
INTEREST EXPENSE
Interest on deposits		28,185		29,404		32,083		30,578			28,867
Interest on borrowed funds		660		667		809		672			669
Total interest expense		28,845		30,071		32,892		31,250			29,536
Net interest income		76,062		72,377		72,273		66,172			62,206
PROVISION FOR CREDIT LOSSES		55,781		61,867		70,257		62,325			83,158
Net interest income/(expense) after provision for credit losses		20,281		10,510		2,016		3,847			(20,952	)
NONINTEREST INCOME
Service charges and fees		860		932		952		946			908
Loan referral fees		—		—		—		—			168
Unrealized gain (loss) on equity securities, net		16		1		2		9			15
Other income		682		473		486		257			308
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,558		1,406		1,440		1,212			1,399
Servicing and other BaaS fees		1,419		1,043		1,044		1,525			1,131
Transaction and interchange fees		3,833		3,699		3,549		2,934			2,661
Reimbursement of expenses		1,026		812		565		857			254
BaaS program income		6,278		5,554		5,158		5,316			4,046
BaaS credit enhancements		53,648		62,097		70,108		60,826			79,808
BaaS fraud enhancements		1,993		5,043		2,084		1,784			923
BaaS indemnification income		55,641		67,140		72,192		62,610			80,731
Total noninterest income		63,477		74,100		78,790		69,138			86,176
NONINTEREST EXPENSE
Salaries and employee benefits		21,532		17,994		17,101		17,005			17,984
Occupancy		1,034		958		964		985			1,518
Data processing and software licenses		4,232		4,010		4,297		3,625			2,892
Legal and professional expenses		6,488		4,606		3,597		3,631			3,672
Point of sale expense		107		89		73		72			90
Excise taxes		722		778		762		(706	)		320
Federal Deposit Insurance Corporation (“FDIC”) assessments		755		750		740		690			683
Director and staff expenses		631		683		559		470			400
Marketing		50		28		67		14			53
Other expense		1,938		1,752		1,482		1,383			1,867
Noninterest expense, excluding BaaS loan and BaaS fraud expense		37,489		31,648		29,642		27,169			29,479
BaaS loan expense		32,507		30,720		32,698		29,011			26,107
BaaS fraud expense		1,993		5,043		2,084		1,784			923
BaaS loan and fraud expense		34,500		35,763		34,782		30,795			27,030
Total noninterest expense		71,989		67,411		64,424		57,964			56,509
Income before provision for income taxes		11,769		17,199		16,382		15,021			8,715
PROVISION FOR INCOME TAXES		2,039		3,832		2,926		3,425			1,915
NET INCOME	$	9,730	$	13,367	$	13,456	$	11,596		$	6,800
Basic earnings per common share	$	0.65	$	0.97	$	1.00	$	0.86		$	0.51
Diluted earnings per common share	$	0.63	$	0.94	$	0.97	$	0.84		$	0.50
Weighted average number of common shares outstanding:
Basic		14,962,507		13,828,605		13,447,066		13,412,667			13,340,997
Diluted		15,462,041		14,268,229		13,822,270		13,736,508			13,676,917

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393		$	6,070		4.45	%	$	501,654		$	6,021		4.77	%	$	350,868		$	4,780		5.48	%
Investment securities, available for sale ⁽²⁾		37			1		10.96			39			—		—			64,878			349		2.16
Investment securities, held to maturity ⁽²⁾		47,154			649		5.58			48,126			661		5.46			50,490			685		5.46
Other investments		11,757			40		1.38			10,783			191		7.05			10,262			37		1.45
Loans receivable ⁽³⁾		3,511,724			98,147		11.33			3,419,476			95,575		11.12			3,137,271			85,891		11.01
Total interest earning assets		4,124,065			104,907		10.32			3,980,078			102,448		10.24			3,613,769			91,742		10.21
Noninterest earning assets:
Allowance for credit losses		(170,542	)							(156,687	)							(114,985	)
Other noninterest earning assets		296,993								277,922								229,437
Total assets	$	4,250,516							$	4,101,313							$	3,728,221

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,166,384		$	28,185		3.61	%	$	3,068,357		$	29,404		3.81	%	$	2,728,884		$	28,867		4.25	%
FHLB advances and other borrowings		—			1		—			—			1		—			5			—		—
Subordinated debt		44,309			598		5.47			44,272			599		5.38			44,159			598		5.45
Junior subordinated debentures		3,592			61		6.89			3,591			67		7.42			3,590			71		7.95
Total interest bearing liabilities		3,214,285			28,845		3.64			3,116,220			30,071		3.84			2,776,638			29,536		4.28
Noninterest bearing deposits		543,784								577,453								595,693
Other liabilities		49,624								50,824								58,829
Total shareholders’ equity		442,823								356,816								297,061
Total liabilities and shareholders’ equity	$	4,250,516							$	4,101,313							$	3,728,221
Net interest income				$	76,062							$	72,377							$	62,206
Interest rate spread							6.68	%							6.40	%							5.93	%
Net interest margin ⁽⁴⁾							7.48	%							7.23	%							6.92	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾	Includes loans held for sale and nonaccrual loans.
⁽⁴⁾	Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,881,636	$	30,292	6.53	%	$	1,892,298	$	31,043	6.53	%	$	1,871,414	$	30,052	6.46	%
Total interest earning assets		1,881,636		30,292	6.53			1,892,298		31,043	6.53			1,871,414		30,052	6.46
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,045,971		6,604	2.56	%		1,029,346		7,161	2.77	%		922,340		6,013	2.62	%
Intrabank liability		356,337		3,909	4.45			357,442		4,290	4.77			410,993		5,599	5.48
Total interest bearing liabilities		1,402,308		10,513	3.04			1,386,788		11,451	3.28			1,333,333		11,612	3.50
Noninterest bearing deposits		479,329						505,510						538,081
Net interest income			$	19,779					$	19,592					$	18,440
Net interest margin⁽³⁾					4.26	%					4.12	%					3.96	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,630,088	$	67,855	16.88	%	$	1,527,178	$	64,532	16.81	%	$	1,265,857	$	55,839	17.74	%
Intrabank asset		554,781		6,085	4.45			583,776		7,007	4.78			598,299		8,151	5.48
Total interest earning assets		2,184,869		73,940	13.72			2,110,954		71,539	13.48			1,864,156		63,990	13.81
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,120,413		21,581	4.13	%		2,039,011		22,243	4.34	%		1,806,544		22,854	5.09	%
Total interest bearing liabilities		2,120,413		21,581	4.13			2,039,011		22,243	4.34			1,806,544		22,854	5.09
Noninterest bearing deposits		64,455						71,943						57,612
Net interest income			$	52,359					$	49,296					$	41,136
Net interest margin⁽³⁾					9.72	%					9.29	%					8.88	%
Net interest margin, net of BaaS loan expense⁽⁵⁾					3.68	%					3.50	%					3.24	%

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393	$	6,070	4.45	%	$	501,654	$	6,021	4.77	%	$	350,868	$	4,780	5.48	%
Investment securities, available for sale ⁽⁶⁾		37		1	10.96			39		—	—			64,878		349	2.16
Investment securities, held to maturity ⁽⁶⁾		47,154		649	5.58			48,126		661	5.46			50,490		685	5.46
Other investments		11,757		40	1.38			10,783		191	7.05			10,262		37	1.45
Total interest earning assets		612,341		6,760	4.48	%		560,602		6,873	4.88	%		476,498		5,851	4.94	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	—		1	—	%	$	—		1	—	%	$	5		—	—	%
Subordinated debt		44,309		598	5.47	%		44,272		599	5.38	%		44,159		598	5.45	%
Junior subordinated debentures		3,592		61	6.89			3,591		67	7.42			3,590		71	7.95
Intrabank liability, net ⁽⁷⁾		198,444		2,176	4.45			226,334		2,717	4.78			187,306		2,552	5.48
Total interest bearing liabilities		246,345		2,836	4.67			274,197		3,384	4.91			235,060		3,221	5.51
Net interest income			$	3,924					$	3,489					$	2,630
Net interest margin⁽³⁾					2.60	%					2.48	%					2.22	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	Includes loans held for sale and nonaccrual loans.
⁽³⁾	Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾	Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾	Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		16.88	%		16.81	%		17.74	%
Total average CCBX loans receivable	$	1,630,088		$	1,527,178		$	1,265,857
Interest and earned fee income on CCBX loans (GAAP)		67,855			64,532			55,839
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net BaaS loan income	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.79	%		8.81	%		9.45	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		9.72	%		9.29	%		8.88	%
CCBX earning assets		2,184,869			2,110,954			1,864,156
Net interest income (GAAP)		52,359			49,296			41,136
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	19,852		$	18,576		$	15,029
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.68	%		3.50	%		3.24	%

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	36,463	$	30,836	$	29,225

APPENDIX A –
As of March 31, 2025

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.52 billion in outstanding loan balances. When combined with $2.14 billion in unused commitments the total of these categories is $5.67 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 38.0% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $29.4 million, and the combined total in commercial real estate loans represents $1.37 billion, or 24.2% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	392,740	$	4,488	$	397,228	7.0	%	$	3,927	100
Hotel/Motel		149,859		61		149,920	2.6			6,516	23
Convenience Store		138,838		561		139,399	2.5			2,314	60
Office		121,346		7,183		128,529	2.3			1,379	88
Retail		101,118		744		101,862	1.8			972	104
Warehouse		103,813		—		103,813	1.8			1,790	58
Mixed use		91,025		5,220		96,245	1.7			1,167	78
Mini Storage		73,172		8,022		81,194	1.4			3,659	20
Strip Mall		43,678		—		43,678	0.8			6,240	7
Manufacturing		36,887		370		37,257	0.7			1,272	29
Groups < 0.70% of total		88,171		2,752		90,923	1.6			1,145	77
Total	$	1,340,647	$	29,401	$	1,370,048	24.2	%	$	2,082	644

Consumer loans comprise 34.5% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $910.8 million, and the combined total in consumer and other loans represents $2.13 billion, or 37.5% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	532,775	$	868,969	$	1,401,744	24.7	%	$	1.7	314,203
Installment loans		654,844		29,027		683,871	12.1			0.8	776,669
Lines of credit		627		2		629	0.0			1.3	477
Other loans		14,555		—		14,555	0.3			0.1	185,894
Community bank consumer loans
Installment loans		1,846		3		1,849	0.0			65.9	28
Lines of credit		173		357		530	0.0			5.2	33
Other loans		11,307		12,400		23,707	0.4			34.6	327
Total	$	1,216,127	$	910,758	$	2,126,885	37.5	%	$	1.0	1,277,631

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $529.3 million, and the combined total in residential real estate loans represents $1.02 billion, or 18.0% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	285,355	$	481,778	$	767,133	13.5	%	$	28	10,291
Community bank residential real estate loans
Closed end, secured by first liens		164,284		1,649		165,933	3.0			533	308
Home equity line of credit		27,931		45,016		72,947	1.3			115	242
Closed end, second liens		10,705		892		11,597	0.2			357	30
Total	$	488,275	$	529,335	$	1,017,610	18.0	%	$	45	10,871

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

Commercial and industrial loans comprise 8.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $601.0 million, and the combined total in commercial and industrial loans represents $913.2 million, or 16.1% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $133.5 million in outstanding capital call lines, with an additional $514.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX C&I Loans
Capital Call Lines	$	133,466	$	514,864	$	648,330	11.4	%	$	1,019	131
Retail and other loans		29,702		21,736		51,438	0.9			10	3,002
Community bank C&I Loans
Construction/Contractor Services		30,768		31,642		62,410	1.1			152	202
Financial Institutions		48,648		—		48,648	0.9			4,054	12
Medical / Dental / Other Care		6,721		2,739		9,460	0.2			517	13
Manufacturing		5,611		4,022		9,633	0.2			156	36
Groups < 0.20% of total		57,356		25,969		83,325	1.4			222	258
Total	$	312,272	$	600,972	$	913,244	16.1	%	$	85	3,654

⁽¹⁾ Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 4.7% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $72.5 million, and the combined total in construction, land and land development loans represents $239.0 million, or 4.2% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	96,716	$	41,654	$	138,370	2.4	%	$	6,908	14
Residential construction		39,375		22,253		61,628	1.1			2,316	17
Developed land loans		7,788		2		7,790	0.1			556	14
Undeveloped land loans		16,684		4,185		20,869	0.4			1,112	15
Land development		5,988		4,382		10,370	0.2			665	9
Total	$	166,551	$	72,476	$	239,027	4.2	%	$	2,414	69

Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Commercial construction	$	96,716	$	83,216	$	97,792	$	110,372	$	102,099
Residential construction		39,375		40,940		35,822		34,652		28,751
Undeveloped land loans		16,684		8,665		8,606		8,372		8,190
Developed land loans		7,788		8,305		14,863		13,954		14,307
Land development		5,988		7,072		5,968		5,714		7,515
Total	$	166,551	$	148,198	$	163,051	$	173,064	$	160,862

Commitments to extend credit total $2.14 billion at March 31, 2025, however we do not anticipate our customers using the $2.14 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of March 31, 2025:

Consolidated
(dollars in thousands; unaudited)	As of March 31, 2025
Commitments to extend credit:
Commercial and industrial loans	$	86,108
Commercial and industrial loans – capital call lines		514,864
Construction – commercial real estate loans		50,221
Construction – residential real estate loans		22,255
Residential real estate loans		529,335
Commercial real estate loans		29,401
Credit cards		868,969
Consumer and other loans		41,789
Total commitments to extend credit	$	2,142,942

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of March 31, 2025, capital call lines outstanding balance totaled $133.5 million and, while commitments totaled $514.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	133,466		8.1	%	$	514,864	$	350,000	$	—
All other commercial & industrial loans		29,702		1.8			21,736		475,720		541
Real estate loans:
Home equity lines of credit ⁽³⁾		285,355		17.3			481,778		375,000		33,436
Consumer and other loans:
Credit cards – cash secured		339					—				—
Credit cards – unsecured		532,436					868,969				27,589
Credit cards – total		532,775		32.2			868,969		850,000		27,589
Installment loans – cash secured		127,426					29,027				—
Installment loans – unsecured		527,418					—				1,175
Installment loans – total		654,844		39.7			29,027		1,814,541		1,175
Other consumer and other loans		15,182		0.9			2		4,739		419
Gross CCBX loans receivable		1,651,324		100.0	%		1,916,376		3,870,000	$	63,160
Net deferred origination fees		(498	)
Loans receivable	$	1,650,826

(1)	Remaining commitment available, net of outstanding balance.
(2)	Balances are as of April 9, 2025.
(3)	These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of March 31, 2025

CCBX – BaaS Reporting Information

During the quarter ended March 31, 2025, $53.6 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Yield on loans ⁽¹⁾		16.88	%		16.81	%		17.74	%
BaaS loan interest income	$	67,855		$	64,532		$	55,839
Less: BaaS loan expense		32,507			30,720			26,107
Net BaaS loan income ⁽²⁾	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.79	%		8.81	%		9.45	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. The increase in average CCBX loans receivable was primarily due to our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans also have lower stated rates and expected losses than some of our CCBX loans historically. Our yield on loans and our net interest margin net of BaaS loan expense slightly increased, as our CCBX portfolio is leveling out. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024.

The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Loan interest income	$	67,855	$	64,532	$	55,839
Total BaaS interest income	$	67,855	$	64,532	$	55,839

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS interest expense	$	21,581	$	22,243	$	22,854
Total BaaS interest expense	$	21,581	$	22,243	$	22,854

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS program income:
Servicing and other BaaS fees	$	1,419	$	1,043	$	1,131
Transaction and interchange fees		3,833		3,699		2,661
Reimbursement of expenses		1,026		812		254
Total BaaS program income		6,278		5,554		4,046
BaaS indemnification income:
BaaS credit enhancements		53,648		62,097		79,808
BaaS fraud enhancements		1,993		5,043		923
BaaS indemnification income		55,641		67,140		80,731
Total noninterest BaaS income	$	61,919	$	72,694	$	84,777

Servicing and other BaaS fees increased $376,000 and transaction and interchange fees increased $134,000 in the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS loan expense	$	32,507	$	30,720	$	26,107
BaaS fraud expense		1,993		5,043		923
Total BaaS loan and fraud expense	$	34,500	$	35,763	$	27,030

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7ee4c-99dc-493e-8703-90dc906581e2

The MIL Network –

April 30, 2025

MIL-OSI USA: House Passes Latta’s ROUTERS Act and NTIA Reauthorization Act

Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

House Passes Latta’s ROUTERS Act and NTIA Reauthorization Act

Washington, April 28, 2026 | Ashley Juhn (202-225-6405)

Today, the House of Representatives passed Congressman Bob Latta’s (R-OH5) ROUTERS Act and the National Telecommunications Information Administration (NTIA) Reauthorization Act, two bipartisan pieces of legislation that will safeguard and increase American taxpayer access to connectivity.

The ROUTERS ACT will safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both. This legislation was previously passed by the House of Representatives in the last Congress.

TheNTIA Reauthorization Act will reauthorize the NTIA for the first time in 30 years and improve the management of spectrum as well as update the mission and functions of the agency. Similar legislation was previously passed by the House of Representatives in the last Congress.

“Routers and modems are critical components of our communications network—they serve as the gateway through which the public accesses the Internet. Today’s House passage of my bill, the ROUTERS Act, brings us one step closer to protecting American privacy by ensuring that bad actors cannot exploit vulnerabilities in routers to infect users’ computers, steal their information, or disrupt their networks,” Latta said. “The National Telecommunications and Information Administration plays a vital role in safeguarding and advancing our nation’s telecommunications infrastructure, and my resolution will reauthorize the NTIA for the first time in 30 years. I applaud my House colleagues for supporting this important resolution.”

“The NTIA Reauthorization Act and the ROUTERS Act are critical pieces of legislation for securing our communications infrastructure and improving America’s economic competitiveness. I thank Rep. Latta for his work pushing these bills across the finish line, as they will set our country up for continued success in the digital age,” said Congressman Brett Guthrie (KY-02), Chairman of the Committee on Energy and Commerce.

To read the bill text of the ROUTERS Act, click HERE.

To read the bill text of the NTIA Resolution, click HERE.

MIL OSI USA News –

April 30, 2025

MIL-OSI: Vodafone Business and Fortinet Expand Global Partnership to Secure Hybrid Work
Source: GlobeNewswire (MIL-OSI)
- Vodafone Business expands its converged networking and cybersecurity services powered by the Fortinet Unified SASE solution to new global markets.
- Vodafone Business has been also designated “Fortinet Global Partner” due to its expertise in designing, deploying, and managing secure connected enterprise solutions globally.
LONDON and SUNNYVALE, Calif., April 29, 2025 (GLOBE NEWSWIRE) —

News Summary

Vodafone Business and Fortinet^® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced an expanded global partnership, extending the reach of their converged networking and cybersecurity services to additional countries across Europe and Asia, as well as the United States. Together, the two companies are helping businesses deliver on the connectivity needs of today’s hybrid workforce and confront the growing volume and sophistication of cyberthreats by converging networking and security into a single, seamless service.

Large and medium-sized enterprises in Germany and in other European markets as well as multinational businesses served through Vodafone Business International can now benefit from Vodafone Business Secure Networking Services.

These services integrate Fortinet’s industry-leading software-defined wide area network (SD-WAN) and FortiSASE cloud-based security solutions to help organizations secure their networks. They provide employees with the same secure, reliable access to their work applications regardless of their location all with a single view across network health visibility, performance dashboards, and customizable reports. With connectivity across 192 countries, Vodafone Business offers the scale and reach needed to support secure digital transformation worldwide.

Today’s announcement, with Vodafone Business attaining the “Fortinet Global Partner” status, underscores both companies’ commitment to supporting regional and international organizations across their IT and operational technology (OT) environments. The value proposition also helps enterprises in meeting cybersecurity compliance standards and requirements.

This milestone comes amid a surge in cybersecurity incidences, including malware, data breaches, and social engineering, which rose significantly in the European Union in the first half of 2024, according to the European Union Agency for Cybersecurity (ENISA).

Marika Auramo, CEO of Vodafone Business, said: “Cybersecurity is an increasing concern for our customers both in-country and cross-border. The breadth and depth of our global partnership with Fortinet means we can provide customers with the benefits of new digital connectivity to more places whilst ensuring that their digital assets, employees, partners and users are protected.”

Joe Sarno, Executive Vice President, International Sales, Fortinet added: “As organizations digitize and scale across borders, secure connectivity is no longer optional—it’s essential. Our expanded partnership with Vodafone enables us to deliver unified SASE solutions that combine advanced security with exceptional performance so enterprises can confidently connect users, devices, and apps anywhere in the world.”

Under the Vodafone Business and Fortinet partnership, businesses can purchase integrated services tailored to their needs and supported by Vodafone Business cybersecurity and managed network service experts. Customers can choose from four management options, including 24×7, co-managed network and security, various service-level guarantees, and professional services, including service discovery, design, implementation, and training.

By combining their global reach and deep security expertise, Vodafone Business and Fortinet empower companies to detect and respond to threats swiftly, reducing risk while protecting operations and customer trust.

Notes to Editors
Vodafone Business and Fortinet will work together to further enhance sovereign compliant network operations center (NOC) and secure operations center (SOC) services. Vodafone Business recently opened a cybersecurity center in Düsseldorf, Germany, which will be home to more than 100 cybersecurity experts to help protect enterprise customers of all sizes from online threats.

Increased automation and AI networking experiences as part of Vodafone Business Network-as-a-Service (NaaS) Platform is another area of focus for Vodafone Business and Fortinet. NaaS meets customer digital transformation needs by bringing together Vodafone’s software-based connectivity products and services, including SD-WAN, SASE/SSE, and Wireless and Fixed Internet Transport Services. It gives customers, or Vodafone Business managed services teams on their behalf, greater flexibility to buy, configure, and manage services to meet their specific dynamic business and AI application demands.

Vodafone Business Secure Networking offers organizations several future-proofed managed solutions connecting their users, devices, and machinery. They are:
- Vodafone Business Secure Firewall with Fortinet delivers a comprehensive managed security service to set up, operate, run, manage, and maintain customer firewalls in a highly secure manner.
- Vodafone Business Secure SD-WAN with Fortinet, which is ideal for organizations that need to ensure that their operations meet security and compliance regulation, and who need a secure, reliable, and agile network as they embrace the advantages of moving workloads to the cloud.
- Vodafone Business FortiSASE is aimed at customers looking to adopt flexible, robust, and secure hybrid work.
More information around the partnership and Vodafone Business’ offerings can be found here.

Contact details

About Vodafone Group
everyone.connected

Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers in 15 countries, partner with mobile networks in over 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 83 million customers across seven countries – managing more transactions than any other provider.

Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

About Fortinet
Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ^® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

The MIL Network –
April 30, 2025
MIL-OSI: NB Private Equity Partners Announces Updated Company Operating Metrics

Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

St Peter Port, Guernsey 29 April 2025

RNS Announcement of Audited 2024 Results and 31 March 2025 Est. NAV and investor presentation dated 28 April 2025. NB Private Equity Partners (“NBPE” or the “Company”) today announces an update to previously published portfolio performance metrics, valuation and leverage statistics following the receipt of additional information. The updated metrics are LTM Revenue and LTM EBITDA growth¹ as of 31 December 2024 of 8.1% and 12.1%, respectively, and 15.3x EV/EBITDA valuation multiple², and 5.3x net debt/EBITDA². An updated investor presentation is available on the Company’s website.
For further information, please contact:

NBPE Investor Relations        +44 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com

Kaso Legg Communications        +44 (0)20 3882 6644

Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

¹ Revenue & EBITDA Growth: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and the data is subject to the following adjustments: 1) Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA. 2) Analysis based on 66 private companies. 3) The private companies included in the data represent approximately 89% of the total direct equity portfolio. 4) The following exclusions to the data were made: a) growth of one company ($5 million of value) was excluded from the data as the Manager believed the EBITDA growth rate was an outlier due to an extraordinary percentage change c) four companies (8% of direct equity fair value) were held less than one year and excluded from the growth rates d) three companies (1% of direct equity fair value) were excluded with non-comparable time frames of LTM revenue and/or LTM EBITDA data or insufficient information to calculate a growth rate. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and based on as reported by the lead private equity sponsor to the Manager as of 28 April 2025. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 31/12/24 and 30/9/24 and 31/12/23 and 30/9/23. LTM revenue and LTM EBITDA growth rates are weighted by fair value. Growth rate data is based on 66 companies and subject to the aforementioned exclusions; underlying EBITDA reported by the GPs may include pro forma or other adjustments to LTM EBITDA in one or both periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable.

² Valuation & Leverage: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and subject to the following adjustments. 1) Excludes public companies, Marquee Brands and other investments not valued on a multiple of EBITDA. 2) Based on 58 private companies which are valued based on EV/EBITDA metrics 3) The private companies included in the data represents 79% of direct equity investment fair value. 4) Companies not valued on multiples of trailing EBITDA are excluded from valuation statistics. 5) Leverage statistics exclude companies with net cash position and leverage data represents 78% of direct equity investment fair value. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and are as reported by the lead private equity sponsor to the Manager as of 28 April 2025, based on reporting periods as of 31 December 2024 and 30 September 2024. EV and leverage data is weighted by fair value. LTM EBITDA used by underlying GPs for valuation purposes may differ from EBITDA used to calculate growth rates due to pro forma or other adjustments and therefore the two data sets are not directly comparable.
^.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

The MIL Network –

April 30, 2025
MIL-OSI: Locus Technologies Releases the First Fully Integrated Software Suite for Water Quality, Water Compliance, and Water Sustainability Programs

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, announced the release of Locus Water, the first end-to-end, AI-ready software that has been future-proofed for the water utility industry. The suite is uniquely built upon state-of-the-art multitenant cloud, metadata-driven software-as-a-service (SaaS) architecture, empowering water and wastewater utilities to adapt to shifting priorities and address current demands without redundant data entry, compatibility issues, or technical gaps.

“Utilities have struggled with fragmented, outdated, or single-purpose systems for too long,” said Neno Duplan, founder and CEO of Locus Technologies. “That’s why Locus Water is a game-changer for water pros trying to keep up with everything from DMRs, CCRs, PFAS and compliance to cyber security and customer outreach. We’re unifying the entire water lifecycle – from source to discharge and from metrics to quality.”

Locus Water is comprised of eight optional and unified software apps: Drinking Water Compliance, Backflow Prevention, Industrial Pretreatment, Water Metrics, Stormwater Inspections, Test Equipment Management, Watershed Maintenance, and Customer Complaints to help water professionals efficiently leverage the data generated by diverse water initiatives for tracking, tasking, and reporting. Additional purpose-built apps are slated for release after the completion of ongoing beta tests with several water districts. As part of the software release, Locus also announced an incentive program to help water utilities quickly migrate to the new technology.

“Water is the world’s most precious resource, and it warrants technology that rises to that level of significance,” said Duplan. “Locus Water enables true digital transformation and raises the bar for the entire industry.”

All applications in the Locus Water collection support data capture from mobile, IoT devices, and API connectors, and they share a common user interface, a workflow engine, a reporting dashboard, GIS, Single Sign-On (SSO) and enterprise-grade security, and configuration tools for power users to adjust the software. The configurable nature of the metadata-driven architecture positions Locus clients to quickly respond to regulatory changes, emerging contaminants, and EHS compliance and ESG/CSRD requirements from the same interface.

To learn more about Locus Water and its water quality and analytical software that has been used by municipal water districts across the U.S. for more than a decade, please visit http://www.locustec.com.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit http://www.locustec.com or email info@locustec.com.

The MIL Network –

April 30, 2025
MIL-OSI: Alpha Sigma Capital Research Publishes New Report on Bittensor (TAO), Decentralized “Neural Internet” Model
Source: GlobeNewswire (MIL-OSI)

Tampa, FL, April 29, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report on Bittensor (TAO), a pioneering project aiming to build a decentralized, open-source “neural internet” to democratize AI development and access. The report highlights how Bittensor contrasts sharply with the prevailing model—where a handful of corporate giants control data, compute, and advanced models—by implementing a peer-to-peer network in which AI models collaborate, compete, and are financially rewarded according to the value they contribute to the system. .

Key Findings

Decentralization vs. Centralization
- Problem with Current AI Landscape: Corporate titans (e.g., OpenAI, Google, Meta) aggregate massive datasets, proprietary compute resources, and closed-source models, creating high barriers to entry for smaller innovators.
- Bittensor’s Alternative: A peer-to-peer network where any participant can contribute compute or model outputs; contributions are evaluated and rewarded in TAO tokens governed by the network’s Yuma Consensus.
The “Neural Internet” Vision
- Collaborative Competition: Models hosted on Bittensor compete across subnets, specialized mini-markets within the broader network, ranked by validators on criteria like accuracy, efficiency, and novelty.
- Incentive Alignment: TAO tokens facilitate staking, governance, transaction fees, and reward distribution—mirroring Bitcoin’s proof-of-work incentives but for machine intelligence.
Founding and Governance
- Leadership: Co-founded in 2019 by Jacob Robert Steeves (ex-Google engineer) and Ala Shabaana, operating under the OpenTensor Foundation.
- Decentralized Governance: TAO token holders vote on protocol upgrades, emission schedules, and subnet parameters through on-chain governance proposals.
To read the full research report, visit [LINK].
Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

About Alpha Sigma Capital Research
Active Investing in the Blockchain Economy.™

Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund. Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

DISCLAIMER

This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

The MIL Network –
April 30, 2025
MIL-OSI Economics: Catch the Replay: 10 U.S. Public Schools. 1 Impactful STEM Competition. 3 National Winners.

Source: Samsung

Relive the excitement as Samsung Electronics America hosted the final round of its 15th annual Samsung Solve for Tomorrow competition on April 28, 2025 at Samsung DC in the heart of our nation’s capital. Ten National Finalist teams—each already awarded a $50,000 prize package of Samsung technology and classroom supplies—took the stage to pitch their groundbreaking STEM (Science, Technology, Engineering, and Mathematics) solutions to community challenges. But only three emerged as National Winners, each securing a $100,000 prize package for their schools—part of more than $2 million in prizes up for grabs.
Revisit the big moments —watch the livestream replay right here:
National Finalists Pitch Event: Monday, April 28, 2025 |9:00 a.m. – 11:30 a.m. ET
National Winners Reveal Event: Monday, April 28, 2025 | 5:30 p.m. – 7:00 p.m. ET

National Finalists Pitch Event
Celebrating its 15th year, Samsung Solve for Tomorrow empowers public school students in grades 6-12 to apply STEM skills to tackle real-world problems and drive positive change in their communities. Representing the very best from this year’s competition, the 10 student teams—hailing from middle and high schools in Alaska, Arkansas, Colorado, Connecticut, Delaware, Indiana, Louisiana, Minnesota, Nevada, and Wyoming—presented their groundbreaking STEM solutions at a live morning pitch event on April 28. These Gen Z and Gen Alpha student innovators have created game-changing solutions to tackle challenges such as healthcare access, accessibility in sports, gaming, and music, climate-driven heat disparities, youth mental health, and more—demonstrating the power of STEM to drive real-world impact.
Their projects, developed using cutting-edge technologies like artificial intelligence (AI), machine learning (ML), 3D modeling and printing, the Internet of Things (IoT), and robotics, were evaluated by a panel of esteemed judges, including Charlotte Dungan, Chief Learning Officer at the Mark Cuban Foundation; Enobong Etteh, YouTube Creator; Hope King, Macro Talk News Founder and Axios Contributor; Rameen Rana, Investor at Samsung NEXT; and Renzo Villavicencio, Vice President of Process Innovation & Procurement at Samsung Electronics America. Kicking off the event, Alix Guerrier, CEO of DonorsChoose—the leading education nonprofit for teachers and a long-time Solve for Tomorrow partner—delivered the opening remarks.

National Winners Reveal Event
Evening festivities kicked off with an inspiring keynote from Gitanjali Rao, a 19-year-old MIT sophomore, innovator, author, and changemaker. Named TIME’s Kid of the Year and a UNICEF Youth Advocate, Gitanjali has been recognized globally for her groundbreaking work in STEM taking on issues ranging from contaminated drinking water to opioid addiction and cyberbullying. With accolades like Forbes 30 Under 30, America’s Top Young Scientist, Stephen Hawking Medal Junior for Science Communications, and the Muhammad Ali Humanitarian Award, she embodies the next generation of problem-solvers harnessing technology for good.
Following the keynote, the “AI for Good: Empowering the Next Generation of Problem-Solvers” panel explored how AI can drive positive impact while addressing key challenges like bias, energy consumption, and ethical responsibility. Moderated by Allison Stransky, CMO of Samsung Electronics America, the panel featured Charlotte Dungan from the Mark Cuban Foundation, Paul Kim, Vice President of Corporate Strategy at Samsung Electronics America, and Jordan Harrod, AI Strategist and Ph.D. Candidate in Medical Engineering and Medical Physics at the Harvard-MIT Health Sciences and Technology program.

MIL OSI Economics –

April 30, 2025
MIL-OSI Economics: Samsung Awards $300K to National Winners in 15th Annual Solve for Tomorrow STEM Competition

Source: Samsung

Today, Samsung Electronics America proudly names the winners of the 15th annual Samsung Solve for Tomorrow STEM competition—a national education program that challenges public middle and high school students to turn science, technology, engineering, and math concepts into real-world solutions for challenges in their local communities. The three National Winners—each awarded a $100,000 prize package for their schools—were announced by Yoonie Joung, President and CEO of Samsung Electronics North America: Bentonville West High School from Centerton, AR; Bloomington High School South from Bloomington, IN; and Charter School of Wilmington from Wilmington, DE.
Reflecting on the achievement and the promise of student-driven STEM solutions, Yoonie Joung shared, “These students are a profound reminder of why Samsung Solve for Tomorrow exists—to ignite innovation, inspire action, and ensure all young people have access to the tools they need to shape a better future. As they embrace emerging technologies like AI, Samsung is focused on helping close both the knowledge and resource gaps in STEM education—ensuring educators are equipped and students are empowered to apply these tools in transformative ways. Fifteen years in, Solve for Tomorrow continues to demonstrate what’s possible when we invest in youth, education, and bold thinking.”
At the core of Samsung Solve for Tomorrow is a mission to advance STEM literacy, proficiency, and equity—and this year marks a celebration of its 15-year legacy of student-driven innovation. To date, Samsung has provided more than $29 million in technology and classroom resources to nearly 4,300 public schools across the U.S. This year’s three National Winners rose to the top from thousands of bold, imaginative entries—emerging from a highly competitive journey that began with 300 State Finalists, narrowed to 50 State Winners, and culminated in 10 National Finalists who pitched their visions for a brighter tomorrow.

10 National Finalists. 1 Unforgettable Pitch Event. Endless Impact.
Representing the next generation of changemakers, these 10 standout Gen Z and Gen Alpha student teams tackled issues like healthcare access, accessibility in sports, climate-driven heat disparities, and public safety on frozen lakes—using cutting-edge technologies such as artificial intelligence (AI), Internet of Things (IoT), 3D modeling and printing, machine learning (ML), and robotics to bring their ideas to life.
Their innovations took center stage at a live Solve for Tomorrow Pitch Event on April 28 at Samsung DC, where a panel of distinguished judges—including Charlotte Dungan from the Mark Cuban Foundation; YouTube creator Enobong Etteh; Hope King, founder of Macro Talk News and Axios contributor; Rameen Rana from Samsung NEXT; and Renzo Villavicencio from Samsung Electronics America—evaluated each team’s project. The event began with opening remarks from Alix Guerrier, CEO of DonorsChoose, a long-time Solve for Tomorrow partner dedicated to expanding access to classroom resources.
“Every year, I’m inspired by the incredible ingenuity, empathy, and determination these students bring to solving real-world problems in their communities. At Samsung, we believe in the power of technology as a force for good for all—and these young innovators are living proof of that. Watching them harness STEM to build a better future is not only hopeful—it’s a reminder of what’s possible when we invest in the next generation of problem-solvers,” said Allison Stransky, CMO of Samsung Electronics America.

MIL OSI Economics –

April 30, 2025
MIL-OSI: From Vision to 36 Million Users: MEXC Celebrates 7 Years of Exponential Growth
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, April 29, 2025 (GLOBE NEWSWIRE) — MEXC, a leading cryptocurrency exchange, witnessed impressive growth throughout 2024, with its global user base soaring to 36 million and trading volumes surging across the board. The platform recorded a 143% increase in Spot trading volume and a 118% jump in Futures trading volume, reflecting its rising dominance in the digital asset space. As MEXC celebrates its 7th anniversary, it has not only weathered the challenges of a highly competitive industry but has firmly positioned itself as one of the top-performing exchanges worldwide—driven by innovation, scalability, and user-first service.

Key Highlights:
- Spot Trading Volume: +143% YoY
- Futures Trading Volume: +118% YoY
- Market Share: Jumped from 2.4% in 2023 to 13.06% in Q1 2025
- User Base: Reached 36 million globally
- Listed Assets: Over 3,000
- Employees: Doubled to 2,000+
- Recovered User Assets: Over $1.8 million
- Customer Service Tickets Resolved: 1.1 million+
Unprecedented Trading Volume Growth: Dominating Market Share

MEXC has demonstrated exceptional performance in its core trading business, with remarkable growth metrics that reflect its increasing dominance in the cryptocurrency exchange landscape. According to the latest data, the platform achieved an impressive 143% growth in Spot trading volume and a substantial 118% increase in Futures trading volume over the past year.

According to TokenInsight’s industry report, MEXC’s market share surged from 2.4% in 2023 to 11.6% in 2024, and further increased to 13.06% in 2025 Q1. The CoinGecko Q1 2025 report also highlighted MEXC’s expanding market presence and growing influence in the global cryptocurrency exchange ecosystem, noting its leap into 3rd place in terms of futures trading volume.

This impressive growth is well above the industry average, showing that more and more traders are choosing MEXC for its strong trading tools. With high liquidity, low fees, and reliable performance in both Spot and Futures markets, the platform continues to attract a wide range of users—from everyday investors to major institutions.

36 Million Users and Counting: MEXC’s Global Expansion

In a testament to its expanding influence, MEXC has witnessed phenomenal user adoption over the past year. The platform welcomed an impressive number of new users, significantly expanding its ecosystem. This substantial influx has propelled the exchange to reach a cumulative user base of 36 million globally.

This rapid growth isn’t just about the numbers—it shows that millions of people and institutions are choosing to trust MEXC for its reliable infrastructure, strong security, and quality service. The platform’s success in gaining and keeping users from around the world highlights its broad appeal and the increasing trust it’s earning from crypto enthusiasts, traders, and investors everywhere.

Strategic Organizational Expansion: Scaling with Purpose

Understanding that technological innovation is driven by human talent, MEXC has undertaken a strategic workforce expansion, nearly doubling its staff to 2,000 employees. This deliberate scaling has focused on strengthening three critical operational pillars:

1. Growth Center – A specialized division dedicated to accelerating user acquisition, enhancing platform adoption strategies, and exploring new market opportunities. This team spearheads MEXC’s expansion into emerging cryptocurrency markets while strengthening its position in established ones.

2. R&D Center – The innovation engine of MEXC, where talented engineers and developers work tirelessly to enhance the platform’s technological infrastructure, develop cutting-edge features, and implement security protocols that safeguard user assets. The R&D team’s commitment to excellence ensures that MEXC remains at the technological vanguard of the crypto exchange landscape.

3. Business Support – The operational backbone ensuring seamless platform functionality, superior customer experience, and efficient business processes. This division works behind the scenes to maintain the high standards of service that users have come to expect from MEXC.

Diverse Asset Offerings with Reward Programs

MEXC continues to enhance its position as a versatile and comprehensive trading platform, offering sophisticated Spot and Futures trading services that cater to both novice and experienced traders. The exchange has significantly expanded its asset portfolio to include an impressive 3,000+ listed assets, providing users with unparalleled diversity in trading options across various cryptocurrencies, tokens, and digital assets. This extensive listing strategy reflects MEXC’s commitment to offering users access to emerging projects and established cryptocurrencies alike, creating a dynamic marketplace where traders can diversify their portfolios and capitalize on market opportunities.

Complementing this diverse asset ecosystem, MEXC has implemented one of the industry’s most comprehensive reward programs, successfully orchestrating 2,293 airdrop events through its innovative token airdrop program, distributing a substantial prize pool valued at $136 million. These strategic initiatives serve multiple purposes: rewarding loyal users, incentivizing platform participation, and introducing the community to promising new projects. By consistently sharing value with its user base while maintaining robust liquidity and advanced trading infrastructure, MEXC has cultivated a culture of reciprocity and mutual growth that strengthens user loyalty and platform advocacy.

Thriving Community: Nurturing Global Connections

MEXC’s vibrant community continues to flourish across multiple social platforms, with its X account followers almost doubling to 2.25 million. This substantial social media presence amplifies the exchange’s voice in cryptocurrency discourse and facilitates direct engagement with users and stakeholders.

Complementing its social media presence, MEXC’s Telegram ecosystem has expanded to include 193,000 membersacross various groups, creating dynamic spaces for real-time discussions, market insights, educational content, and peer support. These community hubs foster a sense of belonging among users while serving as valuable channels for information dissemination and feedback collection.

The robust growth of MEXC’s community ecosystem reflects the platform’s success in transcending its role as a mere trading venue to become a vibrant hub for cryptocurrency enthusiasts and professionals worldwide.

Customer-Centric Service: Setting Industry Standards

MEXC’s unwavering commitment to customer satisfaction is evidenced by its responsive and resourceful customer service team, which has successfully addressed over 1.1 million customer service requests in the past year. This volume underscores both the scale of MEXC’s operations and its dedication to providing timely assistance to users navigating the complexities of cryptocurrency trading.

Beyond routine support, MEXC’s customer service team has demonstrated exceptional value by helping users recover over $1.8 million in assets that might otherwise have been lost due to user errors, technical issues, or misconceptions. This recovery effort exemplifies MEXC’s proactive approach to customer service and its genuine concern for user welfare beyond transactional relationships.

The quality and effectiveness of MEXC’s customer service infrastructure set new benchmarks for the industry, reinforcing user confidence and contributing significantly to the platform’s reputation for reliability and trustworthiness.

Looking Ahead: Charting the Course for Future Growth

Behind the impressive growth figures lies the comprehensive result of MEXC’s ongoing investment in core trading infrastructure, rapid asset listings, enhanced user experience, and region-specific strategies. MEXC has evolved from its former position as a market follower to establish itself firmly among the world’s elite cryptocurrency trading platforms, demonstrating leadership through innovation and consistent performance excellence.

As MEXC embarks on its eighth year, the exchange stands poised for continued innovation and market leadership. Built on a foundation of user trust, technological excellence, and community engagement, MEXC is strategically positioned to navigate the evolving cryptocurrency landscape.

The impressive metrics across all business areas highlight MEXC’s successful execution of its strategic roadmap and adaptability in a dynamic industry. With its proven track record and clear vision, MEXC remains committed to providing a secure, efficient platform for cryptocurrency enthusiasts worldwide, continuing to shape the future of digital finance.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Source

Contact:
Lucia Hu
lucia.hu@mexc.com

Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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The MIL Network –
April 29, 2025
MIL-OSI Asia-Pac: President Lai meets NBR delegation

Source: Republic of China Taiwan

Details
2025-04-28
President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward. Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-04-23
President Lai delivers remarks at International Holocaust Remembrance Day event
On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

Details
2025-04-23
President Lai pays respects to Pope Francis
On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.

Details
2025-04-23
President Lai meets US CNAS NextGen fellows
On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties. Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

Details
2025-04-18
President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

Details
2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

April 29, 2025
MIL-OSI USA: Take It Down Act Passes the House and Heads to President’s Desk
Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

strong>(Washington, D.C.) – Today, the House of Representatives passed the Senate version of the bipartisan, bicameral TAKE IT DOWN Act (S.146), completing its passage through Congress. The bill passed unanimously in the Senate in February 2025. The TAKE IT DOWN Act protects victims of real and deepfake ‘revenge pornography’ by criminalizing the publication of these harmful images, in addition to requiring websites to quickly remove them. The rising popularity of AI requires decisive federal legal protections that will empower victims of these heinous crimes, most of whom are women and girls.

You can see Rep. Salazar’s remarks in front of the House of Representatives here.

“This is a historic day for parents and children facing unprecedented new challenges with technology. My TAKE IT DOWN Act will finally give innocent victims real protection from online exploitation. Websites and platforms like Snapchat, Instagram, and TikTok must remove fake, compromising pornographic images within 48 hours or face consequences. No more inaction. No more excuses: if you exploit an innocent child, you will face jail time,” said Rep. Salazar (FL-27).

“The TAKE IT DOWN Act’s passage is a significant step forward in Congress’ responsibility to protect the privacy and dignity of Americans against bad actors and the most harmful developments of AI. It takes only minutes to create a deepfake or share intimate images without consent, yet the lasting consequences devastate its victims — often girls and women. Our bill requires platforms to remove these horrifying images and videos from the internet within 48 hours. I’m deeply grateful to work with Sen. Klobuchar, Sen. Cruz, and Rep. Salazar to create this bipartisan federal law,” said Rep. Dean (PA-04).

“The publication of sexually exploitative images—including AI-generated deepfakes—is a terrifying reality of the digital age. I applaud the First Lady for her leadership and the Problem Solvers Caucus for working across party lines to pass the TAKE IT DOWN Act. This is a critical first step, and we must continue working together to protect people from these reprehensible acts,” said Rep. Suozzi (NY-03).

“As a father, husband, and proud South Texan, I’m glad we got this important bill across the finish line in the House and the Senate in a bipartisan way. The TAKE IT DOWN Act is a vital step in safeguarding the dignity and safety of individuals, particularly our most vulnerable. It ensures the swift removal of harmful content and holds perpetrators accountable—prioritizing the protection and well-being of those affected by deepfakes and non-consensual intimate imagery,” said Rep. Cuellar, Ph.D. (TX-28).

“The increasing use of artificial intelligence to create and circulate deep fake pornography threatens the wellbeing and security of its victims, primarily women. Perpetrators have used deep fake pornography as a tool to harass, humiliate, and intimidate women and children online, and we need to work together to protect against these threats. This is a serious and growing issue that requires urgent action, which is why I introduced the Take It Down Act. I am thankful it has been passed by the House, and I look forward to it promptly being signed into law,”said Rep. Dingell (MI-12)

“In an age where personal privacy can be violated with a click, the House’s passage of the TAKE IT DOWN Act marks a critical step forward. This bipartisan legislation creates long-overdue federal safeguards against non-consensual intimate imagery and the growing threat of AI-generated deepfakes. It establishes a clear legal standard: victims have the right to have these exploitative images removed, and perpetrators will be held accountable. This is a commonsense, essential measure to protect Americans, empower survivors, uphold justice, and bring our laws in line with the realities of the digital era,” said Rep. Fitzpatrick (PA-01).

“There is nothing more personal than one’s image and dignity. NCII is a cruel and deeply violating issue, and with the rapid advancement of artificial intelligence, there has been a disturbing increase in these images online. The Take It Down Act is a crucial step in personal and internet security, and I am proud to help send this bill to President Trump’s desk. By introducing new protections against NCII content and criminalizing the publication of such content, we are making our world, both in person and online, safer for everyone,” said Rep. Bresnahan (PA-08)

“Congress must make sure there are protections in place, especially for minors, as technology rapidly evolves. Bipartisan support for and House passage of the TAKE IT DOWN Act is a critical step toward providing individuals who are victimized and inappropriately distorted through AI strong mechanisms to take action and remedy such traumatic situations,” said Rep. Edwards (NC-11).

“The passage of the TAKE IT DOWN Act is a historic win in the fight to protect victims of revenge porn and deepfake abuse. This victory belongs first and foremost to the heroic survivors who shared their stories and the advocates who never gave up. By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable. This day would not have been possible without the courage and perseverance of Elliston Berry, Francesca Mani, Breeze Liu, and Brandon Guffey, whose powerful voices drove this legislation forward. I am especially grateful to my colleagues—including Sen. Amy Klobuchar, Rep. Maria Salazar, Rep. Madeleine Dean, First Lady Melania Trump, and House Leadership—for locking arms in this critical mission to protect Americans from online exploitation,” said Sen. Ted Cruz (TX).

“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse. These images can ruin lives and reputations, but now that our bipartisan legislation is becoming law, victims will be able to have this material removed from social media platforms and law enforcement can hold perpetrators accountable,” said Sen. Klobuchar (MN).

Over 120 organizations representing victim advocacy groups, law enforcement, and leaders in the tech industry have voiced their support for the TAKE IT DOWN Act, 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 National 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).

The TAKE IT DOWN Act addresses these issues while protecting lawful speech by:
- Criminalizing the publication of non-consensual intimate images (NCII), or the threat to publish NCII, in interstate commerce;
- Permitting the good faith disclosure of NCII to assist victims including for law enforcement or medical treatment purposes;
- Requiring websites to take down NCII within 48 hours of receiving notice from victims; and
- Requiring that computer-generated NCII meet a “reasonable person” standard for appearing to realistically depict an individual, consistent with current First Amendment jurisprudence.
Rep. Salazar reintroduced this bill in January and led the effort in the House to get it signed into law. President Trump endorsed the TAKE IT DOWN Act during a recent address to Congress. You can see his remarks here. The Act has been a legislative priority of former First Lady Melania Trump. Thanks to her strong advocacy, including a roundtable on Capitol Hill last month, this bill has now passed.

More information about the TAKE IT DOWN Act can be found here.

The full text of the bill can be found here.

The passage of the TAKE IT DOWN Act is Congresswoman Salazar’s ninth bill to be signed into law. Other key policies sponsored by Rep. Salazar that have been enacted into law include:
- The COVID Economic Injury Disaster Loan (EIDL) Relief Act to provide economic relief for Floridians. Implemented by the Biden Administration in March 2021.
- The Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform (RENACER) Act to sanction the Ortega Regime in Nicaragua. Signed into law in November 2021.
- The PRICE Act to make it easier for small businesses to get federal contracts. Signed into law in February 2022.
- The Summer Barrow Prevention, Treatment, and Recovery Act to reauthorize critical funding for programs that address mental health and substance abuse issues. Signed into law in December 2022.
- The REEF Act to incentivize retired Navy ships to be sunk and used as artificial reefs in marine ecosystems across America. Signed into law in December 2023.
- The RECLAIM Taxpayer Funds Act to recover billions in fraudulent government loans and restore fiscal responsibility and government accountability. Implemented by the Biden Administration in December 2023.
- The Migratory Birds of the Americas Conservation Enhancements Act to protect migratory birds and their habitat, which is critical for the Everglades. Signed into law April 2024.
- The Forgotten Heroes of the Holocaust Congressional Gold Medal Act honors 60 diplomats who risked their lives during World War II to save Jews from Nazi persecution. Signed into law December 2024.
You can read more about Congresswoman Salazar’s legislative victories here.

MIL OSI USA News –
April 29, 2025
MIL-OSI United Nations: Tonga: Building infrastructure resilience in an isolated, hazardous world
Source: UNISDR Disaster Risk Reduction

Tonga: Building infrastructure resilience in an isolated, hazardous world

(In collaboration with UNDRR and CDRI)

When an underwater volcano erupted about 65 kilometres north of Tonga’s main island, Tongatapu, in January 2022, it sent ash high into the atmosphere and triggered a tsunami that struck the archipelago nation with waves as high as 15 metres. While the waves killed four people directly in Tonga, the eruption and consequent tsunami smashed into residential and non-residential buildings alike, damaged other infrastructure such as submarine cables, and contaminated water supplies with ashfall.

Tonga

is one of the most disaster-prone countries in the world.

85,000 people

in Tonga affected by the 2022 volcano eruption.

The event also highlighted how Tonga must quickly build more resilience into its infrastructure and economy if it wants to improve the quality of life for its roughly 100,000 population.

The country is a lower-middle income nation, constrained by its geographic isolation, small market size, and high cost of basic services. A Pacific archipelago of 172 islands, whose nearest neighbours – Fiji and Samoa – are more than 700 kilometres away, Tonga is highly dependent on climate sensitive-sectors such as agriculture, fisheries, and tourism. Its economy is sensitive to external shocks.

Cyclones, tsunamis, and volcanoes cause serious damage every time they hit Tonga, and yet – in recent years – the Pacific nation has experienced more extreme weather events than usual. Cyclone Gita, a category 4 tropical cyclone which hit Tonga in February 2018, was one of the most powerful storms to hit Tonga in decades, killing two, destroying at least 171 homes, and damaging more than 1,100 others.

This immense vulnerability to multiple natural hazards – and the dangers of cascading impacts – led Tonga to become one of four countries – together with Bhutan, Chile, and Madagascar – pioneering the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritise the strategies that will build their infrastructure resilience through a five-step approach.

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1

Stakeholder mapping
Key ministries, regulators and operators in infrastructure development

Cross-sector coordination mechanisms
Review of existing policies and regulations
Policies and regulations shaping infrastructure resilience

Integration of disaster risks in national plans and strategies
Identification of vulnerabilities (Stress Testing)
Data collection on hazards and vulnerabilities

Multi-hazard resilience testing of infrastructure systems
Principles for resilient infrastructure
Infrastructure resilience assessment using the UNDRR Resilience Principles

Identification of resilience-building interventions
Development of an Implementation plan
Results validation and prioritization

Implementation plan with assigned responsibilities
“The infrastructure resilience review process is already helping us to do that,” he said.

Advancing Infrastructure Resilience in Tonga
The process

The process

In 2021, Tonga enacted the Disaster Risk Management (DRM) 2021 Act, replacing the Emergency Management Act 2007, signaling a new ambition to manage risk instead of reacting to disaster.

After the 2022 volcano eruption, it also connected quickly with international partners. With World Bank support, it upgraded its ports, roads, and an airport, making them more resilient to storm surges, floods, and high winds. The Asian Development Bank has also helped with grants to help the country recover from disasters and health emergencies, including the COVID-19 pandemic.

The infrastructure resilience assessment approach in the Global Methodology, provided Tonga with the opportunity to take a holistic look at their infrastructure and risk, identify the gaps, and then fill them.

Stress-testing of Critical Infrastructure against Identified Hazard, Tonga

In the first phase, a technical working group was set up with representatives from 21 departments and agencies across six ministries. Supported by this working group, the review process began with a kick-off meeting that included key stakeholders for infrastructure development, disaster risk reduction, and sectoral operations. Next, in phase two, it reviewed existing policies and regulations, assessing the extent to which they address disaster risks and support infrastructure resilience.

In the third phase, stakeholders conducted stress tests and gap analysis on ten critical infrastructure functions against a range of hazards, including cyclones, droughts, underground water / seawater intrusion, tsunamis, volcanic eruptions, non-communicable diseases, land degradation and erosion, floods, sea level rises, and cybersecurity breaches. By identifying these vulnerabilities, interdependences, and cascading risks, the participants were able to seriously consider the economic impacts and interdependences of different hazards throughout.

Fourth, Tonga’s current resilient infrastructure practices were assessed against the UNDRR Principles for Resilient Infrastructure. These six principles set out the key conditions for sustainable infrastructure resilience. They support the Sendai Framework for Disaster Risk Reduction and Sustainable Development Goals, as well as the G20 Principles for Investing in Quality Infrastructure.

Finally, stakeholders drafted an implementation plan, consolidating the findings and providing a road map for enhancing infrastructure resilience.

“By prioritising resilience, the country can support sustainable economic growth, adapt to climate change, and protect communities, while minimising economic and human losses.”

Water sector

Water sector

One of the sectors examined was the water sector, including a deep dive analysis. Water is everywhere in a small island development state (SIDS) like Tonga, of course, but securing a stable supply remains difficult. Water in Tonga comes from ground water and rainwater, which are both vulnerable to impacts from climate change.

Rising sea-levels mean that many assets are at risk of flooding, while soil erosion is also a threat. When sea levels rise, salt water can enter some freshwater supplies, reducing the available water for drinking.

Funding the necessary upgrades, however, is a challenge. The Tonga Water Board (TWB) operates without subsidies, making capital investment difficult.

Meanwhile, the lack of a centralised infrastructure database complicates the assessment and management of existing resources. Multiple institutions manage water resources across the archipelago’s 45 or so inhabited islands, doing so with varying levels of expertise. While integrated planning and coordination should be essential for efficiency, the system is fragmented. Integrated planning and management are urgently needed to ensure resilience in the water sector. Equally as importantly, there’s a need for more data and information, and for a better understanding of how to use the already available data, which does not capture all boreholes and rainwater harvesting.

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Challenges are even greater on the outer islands. Most villages lack a formalised tariff system, complicating the collection of revenue for repairs and maintenance. Composed of local residents, Village Water Committees (VWCs) play a crucial role, but they often lack financial and other supporting skills. Without structured regulations and trained personnel, infrastructure upkeep is inconsistent.

“But at the same time, it takes four or five hours by boat to reach some of these communities,” he said. “It is not an easy job.” The support system for water infrastructure needs to be planned, designed, and monitored more effectively to become more resilient to hazards, which is an area of need for VWC.

Finally, the water pumping stations are dependent on electricity. This means that if a cyclone damages the power lines and impacts electricity supply, then water supply would also be affected. The disaster responses are complicated by limited standard operating procedures (SOPs) as cyclones, volcanoes, and tsunamis all affect the water infrastructure in different ways. Take a look at how some of the most recent events have affected Tonga’s water infrastructure:

Hazard-related disruptions in Tonga’s water sector

TROPICAL CYCLONES:

Cyclone Gita (2018) damaged water distribution systems and rainwater tanks, while other cyclones have led to extensive system failures.

VOLCANIC ERUPTIONS AND ASHFALL:

The 2022 eruption of Hunga Tonga-Hunga Ha’apai severely impacted water punps and contaminated rainwater tanks, leading to supply disruptions.

DROUGHTS:

Prolonged droughts in 2023 have affected rainwater collection systems, exacerbating water shortages.

TSUNAMIS:

The 2022 tsunami contamined groundwater sources in southern islands and destroyed coastal water infrastructure.

Several resilience measures do exist. Desalination units provide emergency water, even if their maintenance or repairs sometimes fall on untrained community members, causing delays and potential safety issues. Overall, however, these are uneven and insufficient.

Some development support has been provided, but the projects are also unevenly distributed. They tend to focus mostly on the main island, leaving outer islands underserved.

From the Infrastructure Resilience Review, several recommendations emerged:

Build Village Water Committee capacity by developing management manuals, training, and emergency water plans for climate and disaster events.

Establish standard procedures for Village Water Committees to capture and share water data, linking it into a centralised system. Procure and distribute the necessary hardware, then train the VWCs in its use.

Set up processes to coordinate donor projects across the water sector.

Review the complete water sector for exposure to hazards, including its dependencies on other sectors such as transport, ICT and energy.

Find ways to improve the management of both rainwater and groundwater.

Improve water security on the outer islands by increasing water storage volumes, testing new solutions such as hydro panels and mobile desalination units.

Transport

Transport

The Infrastructure Resilience Review also looked at transport, given the importance and vulnerabilities of Tonga’s ports, airports, and roads.

On the one hand, Tonga’s geographic isolation makes it highly dependent on its ports and airports for imports of food, fuel, and spare parts. In 2000, the last available energy balance showed that 75 percent of the country’s energy depends on imported petroleum products. Over 98 percent of Tonga’s grid-supplied electricity is generated using imported diesel.

On the other hand, those ports and airports are highly vulnerable to disruption of the other critical infrastructure functions, including transport. The ports and airports both depend on Tonga’s roads, for example, to connect them with the rest of the country.

Multi Hazards Disaster Risk Assessment, ARUP 2021

However, while Tonga’s climate is already tropical, climate change is expected to bring heavier and more frequent rainfall, damaging roads in the low-lying areas. Inadequate drainage will compound this damage, disrupting transport and mobility to the ports and airports.

In turn, this could also disrupt Tonga’s electricity, which relies heavily on diesel imports, as well as the delivery of clean water to remote areas or even – in case of emergencies – access to evacuation centres.

The Roadmap for Infrastructure Resilience has multiple recommendations for improving road transport resilience, including the following:

Improve data on infrastructure quality to understand better which rural and urban roads are exposed to flooding.

Produce geohazard maps to enable monitoring of infrastructure resilience and vulnerability.

Develop mitigation measures based on assessments of the road quality.

Integrate climate safety factors into road design.

Additionally, the Roadmap for Infrastructure Resilience in the Kingdom of Tonga makes specific priority recommendations for individual sectors, including the development of a national resilient critical infrastructure strategy, the establishment of a critical infrastructure working group, and the establishment of a central disaster data centre.

“The infrastructure resilience review reminds us that we are not passive actors, but that to a much greater extent we are masters of our own destiny,” said Sione Pulotu ‘Akau’ola, CEO for Ministry of MEIDECC.

“In the long run, building resilience into our infrastructure will save us lives, destruction, and economic damage,” he said.
Download the full report:
Roadmap for Infrastructure Resilience in the Kingdom of Tonga

MIL OSI United Nations News –
April 29, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave

Source: Government of India

Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave

Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub: PM

We are modernizing the country’s education system according to the needs of the 21st century: PM

A new National Education Policy has been introduced in the country, It has been prepared keeping in mind the global standards of education: PM

One Nation, One Subscription has given the youth the confidence that the government understands their needs, today students pursuing higher education have easy access to world class research journals: PM

India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations: PM

The trinity of Talent, Temperament and Technology will transform India’s future: PM

It is crucial that the journey from idea to prototype to product is completed in the shortest time possible: PM

We are working on the vision of Make AI in India, And our aim is- Make AI work for India: PM

Posted On: 29 APR 2025 12:44PM by PIB Delhi

Prime Minister Shri Narendra Modi addressed the YUGM Innovation Conclave at Bharat Mandapam in New Delhi today. Addressing the gathering on the occasion, he highlighted the significant gathering of government officials, academia, and science and research professionals, emphasizing the confluence of stakeholders as a “YUGM”—a collaboration aimed at advancing future technologies for a developed India. The Prime Minister expressed confidence that the efforts to enhance India’s innovation capacity and its role in deep-tech would gain momentum through this event. He remarked on the inauguration of super hubs at IIT Kanpur and IIT Bombay, focusing on AI, intelligent systems, and biosciences, biotechnology, health, and medicine. He also mentioned the launch of the Wadhwani Innovation Network, which reaffirms the commitment to advancing research in collaboration with the National Research Foundation. The Prime Minister congratulated the Wadhwani Foundation, IITs, and all stakeholders involved in these initiatives. He also extended a special appreciation to Shri Romesh Wadhwani for his dedication and active role in fostering positive changes in the country’s education system through collaboration between the private and public sectors.

Quoting the scriptures in Sanskrit meaning true life is lived in service and selflessness, Shri Modi remarked that science and technology should also serve as mediums for service. He expressed his satisfaction witnessing institutions like the Wadhwani Foundation, and the efforts of Shri Romesh Wadhwani and his team, steering science and technology in the right direction in India. He highlighted Mr. Wadhwani’s remarkable journey, marked by struggles, including the aftermath of partition, displacement from his birthplace, battling polio in childhood, and rising above these challenges to build a massive business empire. Shri Modi commended Shri Wadhwani for dedicating his success to India’s education and research sectors, calling it an exemplary act. He acknowledged the foundation’s contributions to school education, Anganwadi technologies, and Agri-Tech initiatives. He noted his earlier participation in events like the establishment of the Wadhwani Institute of Artificial Intelligence and expressed confidence that the foundation would continue achieving numerous milestones in the future and extended his best wishes to the Wadhwani Foundation for their endeavors.

Underlining that the future of any nation depends on its youth and marking the importance of preparing them for the future, the Prime Minister remarked that the education system plays a crucial role in this preparation and underscored efforts to modernize India’s education system to meet 21st-century needs. He highlighted the introduction of the New National Education Policy, designed with global education standards in mind, and noted the significant changes it has brought to the Indian education system. He remarked on the development of the National Curriculum Framework, Learning Teaching Material, and new textbooks for classes one to seven. He highlighted the creation of AI-based and scalable digital education infrastructure platform – ‘One Nation, One Digital Education Infrastructure’ under PM e-Vidya and DIKSHA platforms, enabling the preparation of textbooks in over 30 Indian languages and seven foreign languages. The Prime Minister remarked that the National Credit Framework has made it easier for students to study diverse subjects simultaneously, providing modern education and opening new career paths. He stressed the importance of strengthening India’s research ecosystem to achieve national goals, highlighting the doubling of gross expenditure on R&D from ₹60,000 crore in 2013-14 to over ₹1.25 lakh crore, the establishment of state-of-the-art research parks, and the creation of Research and Development Cells in nearly 6,000 higher education institutions. He remarked on the rapid development of an innovation culture in India, citing the increase in patent filings from around 40,000 in 2014 to over 80,000, reflecting the support provided by the intellectual property ecosystem to the youth. The Prime Minister further highlighted the establishment of the ₹50,000 crore National Research Foundation to promote research culture and the One Nation, One Subscription initiative, which has facilitated access to world-class research journals for higher education students. He emphasised on the Prime Minister’s Research Fellowship, which ensures that talented individuals face no obstacles in advancing their careers.

Shri Modi highlighted that the youth today excel not only in Research & Development but have become Ready and Disruptive themselves, emphasizing the transformative contributions of India’s young generation to research across various sectors. He cited milestones like the commissioning of the world’s longest hyperloop test track, a 422-meter hyperloop developed at IIT Madras in collaboration with Indian Railways. He remarked on groundbreaking achievements such as nanotechnology developed by scientists at IISc Bangalore to control light at the nano-scale and the ‘brain on a chip’ technology, capable of storing and processing data across 16,000+ conduction states in a molecular film. He further highlighted the development of India’s first indigenous MRI machine just weeks ago. “India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations”, said Shri Modi, showcasing India’s representation in Higher Education Impact Rankings, with over 90 universities listed among 2,000 institutions globally. He noted the growth in QS world rankings, where India moved from having nine institutions in 2014 to 46 in 2025, alongside the increasing representation of Indian institutions among the world’s top 500 higher education institutes over the past decade. He also remarked on Indian institutions establishing campuses abroad, such as IIT Delhi in Abu Dhabi, IIT Madras in Tanzania, and upcoming IIM Ahmedabad in Dubai. He underscored that leading global universities are also opening campuses in India, promoting academic exchange, research collaboration, and cross-cultural learning opportunities for Indian students.

“The trinity of Talent, Temperament and Technology will transform India’s future”, stressed the Prime Minister, highlighting initiatives such as Atal Tinkering Labs, with 10,000 labs already operational, and the announcement of 50,000 more in this year’s budget to provide early exposure to children. He noted the launch of the PM Vidya Lakshmi scheme to provide financial support to students and the establishment of internship cells in over 7,000 institutions to transform students’ learning into real-world experience. He remarked that every effort is being made to develop new skills among the youth, whose combined talent, temperament, and technological strength will lead India to the pinnacle of success.

Underscoring the importance of meeting the goal of a developed India within the next 25 years, the Prime Minister said, “it is crucial that the journey from idea to prototype to product is completed in the shortest time possible”. He stressed that reducing the distance from lab to market ensures faster delivery of research outcomes to the people, motivates researchers, and provides tangible incentives for their work. This accelerates the cycle of research, innovation, and value addition. The Prime Minister called for a robust research ecosystem, urging academic institutions, investors, and industry to support and guide researchers. He highlighted the potential role of industry leaders in mentoring youth, providing funding, and collaboratively developing new solutions. He reaffirmed the government’s commitment to simplifying regulations and fast-tracking approvals to further these efforts.

Emphasising the need to consistently promote AI, quantum computing, advanced analytics, space tech, health tech, and synthetic biology, Shri Modi highlighted India’s leading position in AI development and adoption. He mentioned the launch of the India-AI Mission to build world-class infrastructure, high-quality datasets, and research facilities. He remarked on the increasing number of AI Centres of Excellence being developed with the support of leading institutions, industries, and startups. He reiterated the commitment to the vision of “Make AI in India” and the goal to “Make AI work for India.” He further noted the budgetary decision to expand IIT seat capacities and introduce Meditech courses, combining medical and technology education, in collaboration with IITs and AIIMS. The Prime Minister urged the timely completion of these initiatives, with a focus on positioning India among the “best in the world” in future technologies. Concluding his address, the Prime Minister remarked that initiatives like YUGM, a collaboration between the Ministry of Education and Wadhwani Foundation, can revitalize India’s innovation landscape. He expressed gratitude to the Wadhwani Foundation for their continued efforts and highlighted the significant impact of today’s event in furthering these objectives.

Union Ministers Shri Dharmendra Pradhan, Dr. Jitendra Singh, Shri Jayant Chaudhary, Dr. Sukanta Majumdar were present among others at the event.

Background

YUGM (meaning “confluence” in Sanskrit) is a first-of-its-kind strategic conclave convening leaders from government, academia, industry, and the innovation ecosystem. It will contribute to India’s innovation journey, driven by a collaborative project of around Rs 1,400 crore with joint investment from the Wadhwani Foundation and Government Institutions.

In line with Prime Minister’s vision of a self-reliant and innovation-led India, various key projects will be initiated during the conclave. They include Superhubs at IIT Kanpur (AI & Intelligent Systems) and IIT Bombay (Biosciences, Biotechnology, Health & Medicine); Wadhwani Innovation Network (WIN) Centers at top research institutions to drive research commercialization; and partnership with Anusandhan National Research Foundation (ANRF) for jointly funding late-stage translation projects and promoting research and innovation.

The conclave will also include High-level Roundtables and Panel Discussions involving government officials, top industry and academic leaders; action-oriented dialogue on enabling fast-track translation of research into impact; a Deep Tech Startup Showcase featuring cutting-edge innovations from across India; and exclusive networking opportunities across sectors to spark collaborations and partnerships.

The Conclave aims to catalyze large-scale private investment in India’s innovation ecosystem; accelerate research-to-commercialization pipelines in frontier tech; strengthen academia-industry-government partnerships; advance national initiatives like ANRF and AICTE Innovation; democratize innovation access across institutions; and foster a national innovation alignment toward Viksit Bharat@2047.

Addressing the YUGM Conclave. Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub. https://t.co/J8kaoynOo9

— Narendra Modi (@narendramodi) April 29, 2025

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(Release ID: 2125090) Visitor Counter : 95

MIL OSI Asia Pacific News –

April 29, 2025
MIL-OSI Asia-Pac: President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae

Source: Republic of China Taiwan

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2025-04-23
President Lai delivers remarks at International Holocaust Remembrance Day event
On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

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2025-04-23
President Lai pays respects to Pope Francis
On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.

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2025-04-23
President Lai meets US CNAS NextGen fellows
On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties. Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

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2025-04-18
President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

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2025-04-17
President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan
On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.

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2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

April 29, 2025
MIL-OSI USA: Bipartisan Klobuchar Bill to Protect Online Privacy and Combat Explicit Deepfakes Passes Congress
US Senate News:
Source: United States Senator for Minnesota Amy Klobuchar

The TAKE IT DOWN Act criminalizes the nonconsensual publication of explicit images, real and AI-generated, and requires websites to remove them

WASHINGTON – Today, U.S. Senators Amy Klobuchar (D-MN) and Ted Cruz (R-TX) announced that their bipartisan TAKE IT DOWN Act passed the House and is headed to the President’s desk to be signed into law. Representatives Maria Elvira Salazar (R-FL) and Madeleine Dean (D-PA) led the companion legislation that passed today.

The bill unanimously passed the Senate in February, and it includes the Klobuchar and Senator John Cornyn’s (R-TX) Stopping Harmful Image Exploitation and Limiting Distribution (SHIELD) Act, which addresses the online exploitation of explicit, private images and passed the Senate last July.

The TAKE IT DOWN Act would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII, and require social media and similar websites to have in place procedures to remove such content within 48 hours of notice from a victim.

“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse,” said Sen. Klobuchar. “These images can ruin lives and reputations, but now that our bipartisan legislation is becoming law, victims will be able to have this material removed from social media platforms and law enforcement can hold perpetrators accountable. ”

“The passage of the TAKE IT DOWN Act is a historic win in the fight to protect victims of revenge porn and deepfake abuse. This victory belongs first and foremost to the heroic survivors who shared their stories and the advocates who never gave up. By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,”said Sen. Cruz. “This day would not have been possible without the courage and perseverance of Elliston Berry, Francesca Mani, Breeze Liu, and Brandon Guffey, whose powerful voices drove this legislation forward. I am especially grateful to my colleagues—including Sen. Amy Klobuchar, Rep. Maria Salazar, Rep. Madeleine Dean, First Lady Melania Trump, and House Leadership—for locking arms in this critical mission to protect Americans from online exploitation.”

“The TAKE IT DOWN Act’s passage is a significant step forward in Congress’ responsibility to protect the privacy and dignity of Americans against bad actors and the most harmful developments of AI,” said Rep. Dean. “It takes only minutes to create a deepfake or share intimate images without consent, yet the lasting consequences devastate its victims — often girls and women. Our bill requires platforms to remove these horrifying images and videos from the Internet within 48 hours. I’m deeply grateful to work with Sen. Klobuchar, Sen. Cruz, and Rep. Salazar to create this bipartisan federal law.”

“The TAKE IT DOWN Act’s passage is a bipartisan victory to protect victims of real and deepfake revenge pornography,” said Rep. Salazar. “This bill shows Congress at its best, working together to empower victims, especially women and girls. It equally holds offenders and Big Tech accountable.”

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, or threaten to 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, in narrow cases.
- 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 FTC 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.
The legislation is co-sponsored by Shelley Moore Capito (R-WV), Richard Blumenthal (D-CT), Bill Cassidy (R-LA), Cory Booker (D-NJ), John Barrasso (R-WY), Jacky Rosen (D-NV), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), Ted Budd (R-NC), Marsha Blackburn (R-TN), Roger Wicker (R-MS), Todd Young (R-IN), John Curtis (R-UT), Tim Sheehy (R-MT), Raphael Warnock (D-GA), Martin Heinrich (D-NM), Gary Peters (D-MI), Adam Schiff (D-CA), Catherine Cortez Masto (D-NV), and Jeanne Shaheen (D-NH).

In 2024, at a Senate Judiciary Committee hearing titled “Big Tech and the Online Child Sexual Exploitation Crisis,” Senator Klobuchar was part of a hearing that questioned the CEO of Discord Inc., Jason Citron, the CEO of TikTok Inc., Shou Chew, the Co-founder and CEO of Snap Inc., Evan Spiegel, the CEO of X (formerly Twitter), Linda Yaccarino, and the Founder and CEO of Meta (formerly Facebook), Mark Zuckerberg, about their companies turning a blind eye when young children joined their platforms, the risk of sexual exploitation, using algorithms that push harmful content, and providing a venue for drug traffickers to sell deadly narcotics like fentanyl.

In 2017, Klobuchar and former Senators Richard Burr (R-NC) and Kamala Harris (D-CA), introduced the first version of this legislation, the bipartisan Ending Nonconsensual Online User Graphic Harassment (ENOUGH) Act.
MIL OSI USA News –
April 29, 2025
MIL-OSI USA: SPC Tornado Watch 185

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
Tornado Watch Number 185
NWS Storm Prediction Center Norman OK
730 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Far Northeast Iowa
Extreme Southeast Minnesota
Western and Northern Wisconsin

* Effective this Monday night and Tuesday morning from 730 PM
until 200 AM CDT.

* Primary threats include…
A few tornadoes likely with a couple intense tornadoes possible
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible
Scattered large hail likely with isolated very large hail events
to 2 inches in diameter possible

SUMMARY…A broken line of thunderstorms will continue to move
quickly east-northeastward this evening and into the early overnight
hours. A few tornadoes and scattered severe/damaging should be the
main threats with this activity, but some large hail may also occur
with any embedded supercells.

The tornado watch area is approximately along and 50 statute miles
east and west of a line from 55 miles north northeast of Wausau WI
to 45 miles south of La Crosse WI. For a complete depiction of the
watch see the associated watch outline update (WOUS64 KWNS WOU5).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…WW
182…WW 183…WW 184…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 2 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 26040.

…Gleason

SEL5

URGENT – IMMEDIATE BROADCAST REQUESTED
Tornado Watch Number 185
NWS Storm Prediction Center Norman OK
730 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Tornado Watch for portions of
Far Northeast Iowa
Extreme Southeast Minnesota
Western and Northern Wisconsin

* Effective this Monday night and Tuesday morning from 730 PM
until 200 AM CDT.

* Primary threats include…
A few tornadoes likely with a couple intense tornadoes possible
Scattered damaging winds likely with isolated significant gusts
to 75 mph possible
Scattered large hail likely with isolated very large hail events
to 2 inches in diameter possible

SUMMARY…A broken line of thunderstorms will continue to move
quickly east-northeastward this evening and into the early overnight
hours. A few tornadoes and scattered severe/damaging should be the
main threats with this activity, but some large hail may also occur
with any embedded supercells.

The tornado watch area is approximately along and 50 statute miles
east and west of a line from 55 miles north northeast of Wausau WI
to 45 miles south of La Crosse WI. For a complete depiction of the
watch see the associated watch outline update (WOUS64 KWNS WOU5).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Tornado Watch means conditions are favorable for
tornadoes and 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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 180…WW 181…WW
182…WW 183…WW 184…

AVIATION…Tornadoes and a few severe thunderstorms with hail
surface and aloft to 2 inches. Extreme turbulence and surface wind
gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
storm motion vector 26040.

…Gleason

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW5
WW 185 TORNADO IA MN WI 290030Z – 290700Z
AXIS..50 STATUTE MILES EAST AND WEST OF LINE..
55NNE AUW/WAUSAU WI/ – 45S LSE/LA CROSSE WI/
..AVIATION COORDS.. 45NM E/W /11E RHI – 42SSE ODI/
HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 26040.

LAT…LON 45658816 43229026 43229224 45659023

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

Watch 185 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Mod (60%)

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

Mod (40%)

Wind

Probability of 10 or more severe wind events

High (70%)

Probability of 1 or more wind events > 65 knots

Mod (30%)

Hail

Probability of 10 or more severe hail events

Mod (60%)

Probability of 1 or more hailstones > 2 inches

Mod (30%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (90%)

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 29, 2025
MIL-OSI USA: Feenstra Votes to Protect Iowa Kids from Graphic Deepfake Pornography

Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) voted for, and the U.S. House of Representatives passed, the TAKE IT DOWN Act.

This legislation would make the publication of deepfake pornography and other nonconsensual, sexually explicit images a federal crime and require online platforms to take these false depictions down.

“As a father of four, keeping our kids safe is an important priority for me, which includes prosecuting criminals who violate others by unlawfully disseminating deepfake pornography and other nonconsensual, sexually explicit images. With the proliferation of AI-generated images on social media platforms, we must do a better job of removing these false depictions online as quickly as possible,” said Rep. Feenstra. “That’s why I voted for the TAKE IT DOWN Act to keep these manipulative and manufactured images off the Internet and protect our kids and their identities. I look forward to seeing President Trump sign this important legislation into law to deliver the harshest punishment possible for criminals who take advantage of our kids.”

###

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 184

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.
SEL4

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 184
NWS Storm Prediction Center Norman OK
600 PM CDT Mon Apr 28 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Northwest Iowa
Northeast Nebraska
Southeast South Dakota

* Effective this Monday evening from 600 PM until 1100 PM CDT.

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

SUMMARY…Multiple supercells along and near a cold front should
pose a threat for mainly large hail up to 1-2 inches in diameter
through the evening. Occasional severe/damaging winds may also
occur.

The severe thunderstorm watch area is approximately along and 45
statute miles north and south of a line from 45 miles west southwest
of Yankton SD to 20 miles south of Spencer IA. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU4).

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 180…WW 181…WW
182…WW 183…

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
26040.

…Gleason

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW4
WW 184 SEVERE TSTM IA NE SD 282300Z – 290400Z
AXIS..45 STATUTE MILES NORTH AND SOUTH OF LINE..
45WSW YKN/YANKTON SD/ – 20S SPW/SPENCER IA/
..AVIATION COORDS.. 40NM N/S /25ENE ONL – 41WNW FOD/
HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 26040.

LAT…LON 43329820 43539515 42239515 42029820

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU4.

Watch 184 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (10%)

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

Low (5%)

Wind

Probability of 10 or more severe wind events

Mod (40%)

Probability of 1 or more wind events > 65 knots

Low (20%)

Hail

Probability of 10 or more severe hail events

Mod (50%)

Probability of 1 or more hailstones > 2 inches

Mod (30%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (70%)

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 29, 2025

Category: Internet

House Passes Latta’s ROUTERS Act and NTIA Reauthorization Act

Tonga

85,000 people

1

Stakeholder mapping

Review of existing policies and regulations

Identification of vulnerabilities (Stress Testing)

Principles for resilient infrastructure

Development of an Implementation plan

“The infrastructure resilience review process is already helping us to do that,” he said.

Advancing Infrastructure Resilience in Tonga

The process

Stress-testing of Critical Infrastructure against Identified Hazard, Tonga

“By prioritising resilience, the country can support sustainable economic growth, adapt to climate change, and protect communities, while minimising economic and human losses.”

Water sector

Hazard-related disruptions in Tonga’s water sector

TROPICAL CYCLONES:

VOLCANIC ERUPTIONS AND ASHFALL:

DROUGHTS:

TSUNAMIS:

Transport

“The infrastructure resilience review reminds us that we are not passive actors, but that to a much greater extent we are masters of our own destiny,” said Sione Pulotu ‘Akau’ola, CEO for Ministry of MEIDECC.

“In the long run, building resilience into our infrastructure will save us lives, destruction, and economic damage,” he said.

Prime Minister Shri Narendra Modi addresses YUGM Innovation conclaveOur endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub: PM

Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave

Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub: PM