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Category: Machine Learning

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q1 2025 VocTech Market Report: Policy Uncertainty, European Resurgence and the Continued Rise of AI Investment

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 22, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q1 2025 VocTech Market Report. The quarterly publication analyses economic, political and investment developments that are shaping the vocational learning and workforce development landscape across the UK, Europe and North America.

    The report arrives at a time of profound global uncertainty. Early 2025 has brought renewed inflationary pressure, shifting policy landscapes, and intensifying debate around the implications of artificial intelligence, both as a disruptor and an enabler of economic growth. Meanwhile, labour market fragility, skills shortages and social pressures continue to shape employer and policymaker priorities.

    Against this backdrop, Tyton and Ufi’s latest report identifies five major developments shaping the VocTech investment and innovation environment:

    Key Takeaways

    1. Inevitably, we need to talk about US trade tariffs. The disruption they may represent and the uncertainty of their introduction will weigh heavily on policy and investment decisions in the VocTech sector in the UK and Europe. Caution and delay are the most likely effects.
    2. By contrast, Germany’s loosening of governmental spending is likely to improve the outlook for the economic and investment environment and make Europe and the UK look like a reliable and interesting place to deploy capital, particularly relative to the US.
    3. Big AI-related venture rounds in education and the Future of Work continue to be made, predominantly in the US but also – patchily – in Europe.
    4. The UK Curriculum Review is progressing, but the interim report gave little away.
    5. Some organisations are forcing a full-time return to the office to increase productivity. This may, in fact, make them less attractive employers.

    Macroeconomic indicators across the UK, US and Eurozone reflect rising inflation and slowing growth. The UK’s core inflation reached 3.7% in January, while GDP forecasts were halved in the Spring Statement. Unemployment edged upwards to 4.4% and youth disengagement from education and employment reached nearly one million. Meanwhile, Germany’s €500B stimulus package and reform of its “debt brake” has positioned it—and, by association, Europe—as an increasingly attractive investment environment.

    Amid political turbulence, the report also notes significant shifts in defence and green economy priorities, the accelerating role of AI across sectors, and evolving models of work and training. Notably, while HR tech investments declined in the UK, both Europe and the US saw a strong rebound in Q1, with major funding rounds in AI-powered learning, recruitment and workforce management solutions.

    Helen Gironi, Director at Ufi Ventures, commented:
    “With macroeconomic headwinds and geopolitical uncertainty reshaping priorities, it is essential that VocTech investment adapts accordingly. This quarter’s report offers insight into the risks and opportunities that lie ahead for building a more inclusive and productive future of work.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “AI continues to attract capital at scale, especially in the US—but caution is warranted as political and trade dynamics grow more complex. Our goal is to equip investors, educators and policymakers with the insight needed to navigate this complexity and drive meaningful workforce innovation.”

    To access the full Q1 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q1-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI Economics: Five Toyota Group Companies to Accelerate Skill Development and Innovation in AI and Software

    Source: Toyota

    Headline: Five Toyota Group Companies to Accelerate Skill Development and Innovation in AI and Software

    AISIN Corporation, DENSO CORPORATION, Toyota Tsusho Corporation, Toyota Motor Corporation, and Woven by Toyota, Inc. (“Five Toyota Group Companies”) today announced the launch of the Toyota Software Academy to strengthen AI and software-centered human resource development. As a complementary effort, Toyota is also launching the Global AI Accelerator (GAIA) to significantly expand investments in AI research and development, accelerating innovation. Through both of these efforts, the Five Toyota Group Companies will collaborate to nurture AI and software professionals, and use AI to create better products (including AI-enabled products) aimed at achieving a society with safety, security, and freedom of mobility for all.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Speech by FS at International Forum for Patient Capital (English only)

    Source: Hong Kong Government special administrative region

         â€‹Following is the speech by the Financial Secretary, Mr Paul Chan, at the International Forum for Patient Capital today (May 22):
     
    Clara (Chief Executive Officer of the Hong Kong Investment Corporation, Ms Clara Chan), distinguished guests, ladies and gentlemen,
     
         Good morning.
     
         It is a great pleasure to welcome you all to the inaugural International Forum for Patient Capital, organised by the Hong Kong Investment Corporation Limited (HKIC).
     
         This gathering brings together a remarkable group of global patient capital leaders and enterprises at the forefront of cutting-edge technologies. We are delighted to host you in this dynamic city of opportunities and promise. 
     
    The case for patient capital
     
         Technological innovation is the engine of progress, and cutting-edge technologies are its spark. They ignite transformative change, turning bold imagination into world-changing reality. Yet, these frontier innovations often mean navigating uncharted waters. The risks are high, the outcomes are uncertain, and the timelines can be long – though the return could be huge.
     
         This is precisely where and why patient capital plays a critical role.
     
         Grounded in long-term vision, with the courage to weather the ups and downs of economic cycles and the willingness to embrace future possibilities, patient capital is guided not only by profits but more importantly, by purpose and impact.
     
         Around the world, governments and institutions are recognising the strategic importance of patient capital in powering technological advancement, industrial transformation and economic growth.
     
         For instance, our country, China, has emphasised the need to make long-term investments in nascent hard-tech enterprises, supporting deep-tech ecosystems and building new quality productive forces.
     
    Hong Kong’s vision and pathway
     
         Here in Hong Kong, we understand the importance of patient capital in our pursuit of a more diversified economic structure with leading-edge competitiveness.
     
         It is our aspiration not only to be a leading international financial, shipping and trade centre, but also a world-class innovation and technology (I&T) hub. Looking ahead, finance, trading and I&T will be the key engines powering Hong Kong’s economic growth
     
         Over the years, we have made substantial investments in the tech sector. We have formulated a comprehensive strategy to expedite I&T development across the entire spectrum. From supporting basic research and the commercialisation of research outcomes, to nurturing start-ups, attracting strategic enterprises and promoting advanced manufacturing, we are scaling the tech ecosystem in Hong Kong from upstream to downstream.
     
         Our edge in innovation is amplified by our synergistic development with sister cities in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area). In fact, the Shenzhen-Hong Kong-Guangzhou science and technology cluster has been ranked second globally by the Global Innovation Index for five consecutive years.   
     
         Our tech ecosystem benefits from a complete and deep funding chain, from angel investments, venture capital, private equity to IPOs. 
     
         However, at times traditional investors are hesitant to enter the early, risky stages of innovation, where potential may be the greatest, yet certainty is the lowest. To address this gap in the funding chain, the Government may need to take the lead.
     
         That is why we established the HKIC. One of its key priorities is to channel market capital into high-potential, nascent-stage industries, and attract innovative enterprises to help us build the related ecosystem in Hong Kong.
     
         The HKIC carries a dual mandate: to enhance the long-term competitiveness and economic vitality of Hong Kong and, at the same time, seek reasonable financial returns over the medium to long term.
         So far, the HKIC has participated in over 100 projects. It has drawn in four dollars of long-term private capital for every dollar it invested.
     
         On the tech front, the HKIC focuses on artificial intelligence (AI), hard tech, biotech, new materials and new energy. These sectors were chosen with strategic ambition. In AI, Hong Kong is home to outstanding academic institutions and uniquely positioned at the convergence of Mainland and international data and talent. In healthcare, we are proud to host two of the world’s top 40 medical schools, and maintain the highest regulatory and professional standards. In green tech, we have more than 300 such start-ups in our Science Park and Cyberport, and many of them are already exporting solutions overseas.
     
         Let me stress one point: the HKIC is not just an investor. It is a co-investor and a collaborator. We work alongside strategic partners to support sectors where we see long-term potential and where Hong Kong has distinct advantages.
     
         HKIC’s vision extends beyond borders. We are committed to supporting regional and global collaboration, guided by the conviction that openness and partnership are the best pathways to sustainable growth and shared success.
     
         I’m sure Clara will talk more about the work of the HKIC shortly.
     
    Opportunities ahead
     
         Looking to the future, geo-economic fragmentation has no doubt cast a shadow over global growth and investment flows. But even in fragmentation, opportunities emerge.
     
         As supply chains realign and countries localise critical industries, patient capital can fund scalable alternatives. As technological divides widen, new spaces are open for alternative platforms, creative new entrants and innovative breakthroughs.
     
         A compelling example is the “DeepSeek Moment”. Although start-ups may have a modest and recent beginning, DeepSeek demonstrates how ingenuity, creativity and agility can overcome resource constraints and lead to success on a global scale.
     
         What matters is whether we are willing and ready to support start-ups like them, and provide the capital bridge they need to succeed.
     
    Our appeal
     
         That brings us to today’s Forum. More than a dialogue, this event is a platform to connect global patient capital with the transformative ideas and projects that will shape our future.
     
         There is no better place than Hong Kong to host this initiative. 
     
         Under the“one country, two systems”framework, we remain firmly committed to our status as an open, diverse and international city, with free flow of capital, goods, talent and information. We uphold the common law system, underpinned by a judiciary exercising powers independently, with robust intellectual property rights protection. These are the foundations of Hong Kong’s success, and the reasons why we are trusted as a hub for global capital .
     
         We are also committed to working with international partners to chart new and sustainable pathways of growth, and to allow the dividends of innovation to transcend borders and benefit the people.
     
         I am therefore deeply encouraged to see so many leaders of capital and technology coming together today. The conversations you begin here will lead to partnerships, to investments, and to shared progress.
     
         Allow me to conclude by quoting an African proverb: “If you want to go fast, go alone. If you want to go far, go together.”
     
         Ladies and gentlemen, let us go far-together. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Alt Carbon raises $12 million seed round to scale Carbon Removal (CDR) in the Global South

    Source: GlobeNewswire (MIL-OSI)

    • $12 million seed will be the largest funding round for climate tech in India
    • Funding round led by Lachy Groom with participation from existing investors
    • To accelerate investments in CDR, Earth Sciences R&D and advanced hardware

    San Francisco and Bangalore, May 21, 2025 (GLOBE NEWSWIRE) — : Alt Carbon, a deep-tech science & data company, announced a $12 million seed funding round to build the agricultural infrastructure for climate action. The investment will help accelerate Carbon Dioxide Removal (CDR) in the Global South and expand Earth Sciences R&D, advance hardware innovations, and scale-up operations for durable climate action in India. The round was led by Lachy Groom, with participation from existing investors.

    This marks the largest seed round for climate tech in India, underscoring the novelty of the technology, growing demand for removal-based carbon credits, and the burgeoning opportunity for India to become the world’s frontier for climate action.

    “Alt Carbon is tackling a once-in-a-generation challenge. The personal journey of the founders, their technical approach, and ambitious vision will help us remove CO₂ from the atmosphere at gigaton scale — all while adapting agricultural land for climate impact. In just 18 months, the team has built a world-class lab, created proprietary models, and laid the foundation for a new class of carbon removal and agricultural infrastructure. This is a category-defining deep-tech company that will reshape how the world thinks about climate action,” said Lachy Groom, Investor and Co-founder of Physical Intelligence.

    Alt Carbon uses a novel carbon removal method called Enhanced Rock Weathering (ERW), which involves sourcing waste basalt rock dust from mines and spreading it across agricultural fields. This volcanic rock not only improves soil health and crop yields but also reacts naturally with rainwater to remove carbon dioxide. When CO₂ in rainwater interacts with the basalt dust, a chemical reaction converts it into stable bicarbonate ions that are stored in the soil. Over time, these ions travel through river networks to the ocean, where they eventually reside as calcium carbonate (CaCO₃) for over 10,000 years.

    Alt Carbon’s flagship initiative, The Darjeeling Revival Project (DRP), is a first-of-its-kind effort to unite climate action with cultural and ecological restoration. With an ambitious goal to remove carbon dioxide at scale, the DRP aims to not just remove CO₂ but also restore livelihoods, revive degraded soils and ecosystems, and preserve India’s most valued export: Darjeeling’s tea. The project represents a new model for climate action — one that’s rooted in science, powered by community, and driven by the belief that revivals require ambition and audacious bets.

    “The climate crisis demands bold bets on science innovation, rethinking infrastructure, and deploying capital. Enhanced Rock Weathering is one of the most promising, permanent carbon removal pathways we have, and yet it’s vastly underbuilt. What sets us apart is our obsession with scientific depth: we’re building advanced labs and engineering the scientific backbone of a new era of climate action grounded in the Global South. Extraordinary crises require outsized ambition, and we now have the capital to kickstart a climate revolution and have a shot at gigaton-scale carbon removal,” said Co-founder & CEO Shrey Agarwal, Alt Carbon.

    In just the last two months, Alt Carbon signed two landmark agreements that signal a new chapter in climate collaboration between Japan and India. A strategic partnership with Mitsubishi Corporation marked a first of its kind framework for scaling Enhanced Rock Weathering (ERW) — a strong vote of confidence in both the science and Alt Carbon’s execution. This was followed by a historic offtake agreement with MOL Group to purchase 10,000 tonnes of carbon removal credits — the world’s first direct CDR offtake by a shipping company for ERW, and the first such deal between a Japanese and Indian company. Together, these partnerships not only validate ERW as a credible, scalable climate solution, but also mark the emergence of a robust Japan–India business corridor rooted in science-led, cross-border climate action.

    Alt Carbon has also received early catalytic support from ACT, a leading non-profit philanthropy platform, and participation from existing investors and leading angels, including Shastra VC, Jason Zhao (Co Founder, PIP Labs), Awais Ahmed (Co Founder, Pixxel Space), Amarendra Singh (Co Founder, DeHaat), among others.

    Nine months ago, Alt Carbon made history as the first India-headquartered company to be selected by Frontier, a $1 billion Advance Market Commitment backed by Stripe, Alphabet, Meta, Shopify, and McKinsey — to scale permanent carbon removal. Alt Carbon also became the first ERW company globally to receive an offtake agreement from the South Pole & Mitsubishi-led NextGen buyer’s coalition.

    Alt Carbon also announced the appointment of Yashovardhan Bhagat (former co-founder of ed-tech platform Seekho) as Chief Operating Officer to scale its carbon removal operations across India, Adithya Venkatesan (former brand head at Gojek, Meesho and Last9) to lead the in-house Climate Studio, and Dr. Sourav Ganguly (PhD, Indian Institute of Science, Bangalore) to lead the science & modelling team.

    “India needs $1 trillion of climate finance by 2030 alone to adapt our soil, rivers, and cities to climate impact. Globally, we need to remove 10 billion tons of CO₂ every year by 2050. We’re nowhere close to either of these targets. Our goal is to make India a hub for carbon removal. We plan to remove CO₂ at scale from the Global South, for the planet,” said Co-founder & President, Sparsh Agarwal. He added, “We thank the partners who have joined us in this ambitious, whirlwind journey, to revive Darjeeling, remove CO₂ and undo the clock for this planet.”

    –

    Notes to the editor
    For further information please contact the Alt Carbon press office:
    Adithya Venkatesan on adithya@alt-carbon.com
    Media images

    About Alt Carbon
    Alt Carbon is a deeptech science and data company, building agri infrastructure for climate action. We aim to make South Asia a hub for Carbon Dioxide Removal (CDR) through technology pathways like Enhanced Rock Weathering. We work with farmers and scientists in the Global South, to turn underutilized land into carbon sinks. Our flagship initiative, the Darjeeling Revival Project (DRP), is a first-of-its-kind effort to unite climate action with cultural and ecological restoration — by reviving degraded soils, restoring livelihoods, and rebuilding ecosystems. We’re rooted in science, powered by community, and driven by the belief that revivals require ambitious people and audacious bets. Our mission is to remove 5 million metric tons of CO₂ by 2030.

    For more information please visit https://www.alt-carbon.com/ or follow us via LinkedIn or X

    About Lachy Groom
    Lachy Groom has invested in over 200 companies including Anduril, OpenAI, Ramp, Notion, Figma, and Zepto. Lachy was previously an early employee at Stripe where he helped scale the company to over 2,500 employees. During his time there he led several teams, including Core Payments, Financial Partnerships, Stripe’s expansion into the Asia Pacific, and Stripe Issuing. Lachy is also one of the six co-founders of Physical Intelligence.

    About ACT
    ACT Capital Foundation is an Indian venture philanthropy platform that believes that an entrepreneurial mindset, technology and innovation and collective action have the power to create meaningful impact at scale. Driven by a bias for action, ACT funds and supports tech-first innovations that can address India’s most critical social need gaps at scale through capital, connections and collectives.

    “ACT’s belief in backing tech-first innovations has helped lay the groundwork for Alt Carbon’s first field deployments and validate the efficacy of ERW to remove carbon at scale. Philanthropic capital reflects a shared commitment to help the country meet its decarbonisation goals by accelerating climate solutions that are rooted in local realities and scalable across the Global South,” said Alankrita Khera, Director, ACT.

    Attachment

    The MIL Network –

  • MIL-OSI: DMG Blockchain Solutions Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 21, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal second quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s March 31, 2025 quarterly unaudited financial statements and management’s discussion and analysis thereof for an assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

    Q2 2025 Financial Results Highlights

    • Revenue: $12.6 million in Q2 2025, up 9% from $11.6 million in Q1 2025 and up 26% from $10.0 million in Q2 2024
    • Bitcoin Mined: 91 bitcoin mined in Q2 2025, down from 97 bitcoin in Q1 2025
    • Cash Flow from Operations: -$1.0 million in Q2 2025, as the Company mined $7.1 million more bitcoin than it sold
    • Hashrate: 1.76 EH/s average for Q2 2025, up 8% from Q1 2025 and up 82% from Q2 2024
    • Cash, Short-term Investments and Digital Assets: $61.9 million as of quarter-end Q2 2025, down 3% from Q1 2025 and up 42% from Q2 2024
    • Total Assets: $129.5 million as of quarter-end Q2 2025, down 6% from Q1 2025 and up 9% from Q2 2024
    • Net Income: -$0.02 per share in Q2 2025 versus -$0.02 in Q1 2025 and $0.00 per share in Q2 2024

    DMG’s CEO, Sheldon Bennett, commented: “In Q2, we continued to increase our Bitcoin mining hashrate, as we deployed our hydro direct-liquid-cooled miners. In addition, we advanced our AI strategy with the purchase of 2 megawatts of prefabbed data center infrastructure and have been making progress with respect to engaging Canadian public sector entities and private enterprises for off-take agreements, which we believe will be instrumental in aiding DMG in pursuing non-dilutive financing opportunities. Finally, the Systemic Trust, our digital asset custody platform, is currently focused on building on its platform development execution to gain customer adoption, ramp revenue and broaden its platform capabilities throughout calendar 2025.”

    Financial Second Quarter 2025 Financial Results Review

    Revenue increased by $1,011,749 to $12,644,574 for the three months ended March 31, 2025 compared to the prior quarter. During the three months ended March 31, 2025, the Company received in its wallets from mining activity 91.27 bitcoin and ended the period with a balance of 458.07 bitcoin.

    Operating and maintenance expenses for the three months ended March 31, 2025 were $7,625,097, up from $5,270,851 in the prior year period. This increase is primarily due to a $1,796,739 rise in utilities expenses, driven by expanded digital currency mining operations with additional operating miners and fluctuating energy prices. Furthermore, new hosting fees paid to third parties, totaling $682,756, also contributed to this increase.

    Research costs for the three months ended March 31, 2025 increased by $122,232 compared to the prior year period. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

    General and administrative costs for the three months ended March 31, 2025 were $1,936,402 in comparison to $1,846,398 in the prior year period. General and administrative costs consist mostly of wages, professional fees, consulting fees and financing costs. The overall increase of $90,004 is attributable mainly to financing costs related to the Company’s credit facility with Sygnum Bank.

    Depreciation for the three months ended March 31, 2025 was $4,314,108 compared to $3,805,988 in the prior year period.

    Net income decreased by $3,348,566 to a net loss of $3,346,351 for the three months ended March 31, 2025 from the prior year period.

    Total assets as of March 31, 2025 were $129,506,488, an increase of $25,637,507 from the end of the prior year end. The increase is mainly attributable to the Company’s purchase of $7,116.500 short-term investments and a net increase in digital currency of $19,695,408 due to the increased price of bitcoin.

    Second Quarter 2025 Results Conference Call Details

    The Company will host a conference call to review its results and provide a corporate update on May 22, 2025 at 4:30 PM ET. Participants should register for the call via the link.

    In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on May 22, 2025.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

    For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
    Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    DMG Blockchain Solutions Inc.
     Condensed Consolidated Interim Statements of Financial Position
    (Expressed in Canadian Dollars)
     

    Notes

    		 As at
    March 31, 2025
    (unaudited)    		   As at
    September 30,
    2024
    (audited)    		  
    ASSETS   $   $  
    Current      
    Cash and cash equivalents   804,771   1,679,060  
    Amounts receivable 6 3,888,754   4,910,251  
    Digital currency 5 54,023,111   34,327,703  
    Prepaid expense and other current assets   494,184   337,042  
    Marketable securities 8 231,944   316,803  
    Short-term investment 9 7,116,500   –  
    Assets held for sale   30,408   –  
    Total current assets   66,589,672   41,570,859  
           
    Long-term deposits 10 5,791,547   2,047,682  
    Property and equipment 11 50,066,817   53,798,978  
    Intangible asset   276,040   –  
    Long-term investments 12 45,000   45,000  
    Amount recoverable 7 6,737,412   6,406,462  
    Total assets   129,506,488   103,868,981  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current      
    Trade and other payables 13 5,024,344   5,183,107  
    Deferred revenue 19 113   –  
    Current portion of lease liability   99,641   43,483  
    Current portion of loans payable 14 20,421,551   13,928,462  
    Total current liabilities   25,545,649   19,155,052  
           
    Long-term lease liability   131,012   51,842  
    Total liabilities   25,676,661   19,206,894  
           
    Shareholders’ Equity      
    Share capital 15(a) 120,326,738   113,086,455  
    Reserves 15(b)(c) 55,773,443   45,853,100  
    Accumulated other comprehensive income   18,905,080   10,448,614  
    Accumulated deficit   (91,175,434 ) (84,726,082 )
    Total shareholders’ equity   103,829,827   84,662,087  
    Total liabilities and shareholders’ equity   129,506,488   103,868,981  
           

    The disclosed notes are integral to these condensed consolidated financial statements

     
    DMG Blockchain Solutions Inc.
    Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
    (Expressed in Canadian Dollars, except for number of shares)
    (Unaudited)
        For the Three Months Ended For the Six Months Ended
      Notes March 31,
    2025    		   March 31,
    2024    		   March 31,
    2025    		   March 31,
    2024    		  
        $   $   $   $  
    Revenue 17 12,644,574   10,015,659   24,277,399   19,706,423  
               
    Expenses          
    Operating and maintenance costs 18(a) 7,625,097   5,270,851   14,304,940   10,418,502  
    General and administrative 18(b) 1,936,402   1,846,398   3,773,081   2,732,459  
    Stock-based compensation   737,114   398,010   1,415,642   766,502  
    Research and development   608,448   486,216   1,162,412   924,395  
    Provision (recovery) for doubtful accounts   (1,976 ) 42   (6,719 ) 3,806  
    Depreciation 11 4,314,108   3,805,988   8,663,578   8,147,770  
    Total expenses   15,219,193   11,807,503   29,312,934   22,993,434  
               
    Loss before other items   (2,574,619 ) (1,791,844 ) (5,035,535 ) (3,287,011 )
               
    Other income (expense)          
    Interest and other income 7 166,648   170,044   330,950   335,825  
    Provision of sales tax receivable   (668,685 ) (381,690 ) (976,424 ) (635,590 )
    Gain (loss) on disposition of assets   (1,618 ) 4,809   (1,619 ) 4,809  
    Foreign exchange loss   7,414   (28,341 ) (901,975 ) (122,926 )
    Unrealized gain on revaluation of digital currency 5 –   1,019,456   28,083   9,182,316  
    Realized gain (loss) on sale of digital currency   (147,601 ) 1,143,489   154,208   1,995,359  
    Gain (loss) on change in fair value of marketable securities   (127,890 ) (133,708 ) (84,859 ) 111,043  
    Gain (loss) on fair value of investments   –   –   37,819   (609,120 )
    Net income (loss)   (3,346,351 ) 2,215   (6,449,352 ) 6,974,705  
               
    Other comprehensive income          
    Items that may be reclassified subsequently to income or loss:          
    Unrealized revaluation gain (loss) on digital currency 5 (6,830,755 ) 15,472,215   8,488,687   15,472,215  
    Cumulative translation adjustment   (810 ) (11,278 ) (32,221 ) (1,196 )
    Comprehensive income (loss)   (10,177,916 ) 15,463,152   2,007,114   22,445,724  
               
               
    Basic and diluted income (loss) per share 15(d) (0.02 ) 0.00   (0.03 ) 0.04  
    Weighted average number of shares outstanding 15(d)        
    – basic   203,242,018   169,029,065   194,424,988   168,585,910  
    – diluted   203,242,018   172,516,428   194,424,988   173,248,160  
                       

    The disclosed notes are integral to these condensed consolidated interim financial statements          

     
    DMG Blockchain Solutions Inc.
    Condensed Consolidated Interim Statements of Cash Flows
    (Expressed in Canadian Dollars)
    (Unaudited)   
      For the Six Months Ended
    		  
      March 31, 2025   March 31, 2024  
       $    $  
    OPERATING ACTIVITIES    
    Net income (loss) for the period (6,449,352 ) 6,974,705  
    Non-cash items:    
    Accretion 7,827   23,272  
    Depreciation 8,663,579   8,147,770  
    Share-based payments 1,415,642   766,502  
    Unrealized foreign exchange loss 911,046   40,351  
    Loss (gain) on disposition of assets 1,618   (4,809 )
    Loss (gain) on change in fair value of marketable securities 84,860   (111,043 )
    Loss (gain) on fair value of investment (37,819 ) 609,120  
    Provision for sales tax receivable 976,424   635,590  
    Bad debt (recovery) expense (6,719 ) 3,806  
    Digital currency related revenue (23,409,103 ) (18,355,313 )
    Unrealized gain on digital currency (28,083 ) (9,182,315 )
    Digital currency sold 12,389,905   20,173,781  
    Realized gain on sale of digital currency (154,208 ) (1,995,359 )
    Non-cash interest income (330,950 ) (329,914 )
    Accrued interest 748,459   –  
         
    Changes in non-cash operating working capital:    
    Prepaid expenses and other current assets 1,433,405   (144,388 )
    Amounts receivable 144,544   (212,015 )
    Deferred revenue 113   11,277  
    Trade and other payables (76,596 ) 1,144,920  
    Net cash provided by operating activities (3,715,408 ) 8,195,938  
         
    INVESTING ACTIVITIES    
    Purchase of property and equipment (4,772,107 ) (830,859 )
    Purchase of intangible assets (276,040 ) –  
    Deposits on mining equipment (7,324,024 ) (18,102,867 )
    Purchase of short-term investment (7,116,500 ) (609,120 )
    Refund of security deposits 1,792,907   –  
    Net cash used by investing activities (17,695,764 ) (19,542,846 )
         
    FINANCING ACTIVITIES    
    Proceeds from issuance of units 17,254,945   –  
    Share issuance costs (1,570,875 ) –  
    Proceeds from option exercises 60,913   438,024  
    Principal lease payments (37,596 ) (61,187 )
    Proceeds from secured loan 5,829,013   10,791,288  
    Repayment of loans payable (1,000,000 ) (1,668 )
    Net cash provided by financing activities 20,536,400   11,166,457  
         
    Impact of currency translation on cash 483   17  
    Change in cash (874,289 ) (180,434 )
    Cash, beginning 1,679,060   1,789,913  
    Cash, end 804,771   1,609,479  
             

    The disclosed notes are integral to these condensed consolidated interim financial statements

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, the development of Systemic Trust including generating revenues, the potential for a 2-megawatt prefabricated data center, improving fleet efficiency and continuing to execute on Core+ software initiatives and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs (which includes energy costs), increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

  • MIL-OSI Security: Military Sealift Command Changes Commanders in Far East [Image 2 of 3]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    SINGAPORE—Rear Adm. Todd F. Cimicata, Commander, Logistics Group Western Pacific/ Task Force 73, presents Capt. Robert R. Williams, outgoing commander, Military Sealift Command Far East, with the Legion of Merit medal during a change of command ceremony at the Singapore Naval Installation in Sembawang, April 30, 2025, recognizing his achievements over the past two and a half years as Commodore of MSC Far East. (Photo by MC2 Jordan Jennings)

    Date Taken: 04.30.2025
    Date Posted: 04.30.2025 02:09
    Photo ID: 9003796
    VIRIN: 250430-N-YV347-1001
    Resolution: 8495×5663
    Size: 32.58 MB
    Location: SG
    Web Views: 131
    Downloads: 3

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    MIL Security OSI –

  • MIL-OSI Security: Rear Adm. S.M. Waddell Visits COMLOG WESTPAC [Image 1 of 2]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    SINGAPORE (May 8, 2025) Rear Adm. S.M. Waddell, Deputy Commander, Royal Canadian Navy, signs a guest book during a scheduled visit to Sembawang Naval Installation, May 8, 2025. Commander, Logistics Group Western Pacific/Task Force 73 supports deployed maritime forces, along with regional allies and partners, to sustain Western Pacific operations. (U.S. Navy photo by Mass Communication Specialist 2nd Class Jordan Jennings)

    Date Taken: 05.08.2025
    Date Posted: 05.21.2025 22:17
    Photo ID: 9053728
    VIRIN: 250508-N-YV347-1022
    Resolution: 6395×4568
    Size: 4.74 MB
    Location: SG
    Web Views: 6
    Downloads: 0

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  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 22, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 22, 2025.

    Indonesian military operations spark concerns over displaced indigenous Papuans
    By Caleb Fotheringham, RNZ Pacific journalist A West Papua independence leader says escalating violence is forcing indigenous Papuans to flee their ancestral lands. It comes as the Indonesian military claims 18 members of the West Papua National Liberation Army (TPNPB) were killed in an hour-long operation in Intan Jaya on May 14. In a statement,

    Compression tights and tops: do they actually benefit you during (or after) exercise?
    Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia Olena Yakobchuk/Shutterstock You’ve seen them in every gym: tight black leggings, neon sleeves and even knee-length socks. Compression gear is everywhere, worn by weekend joggers, elite athletes and influencers striking poses mid-squat. But do

    Australia’s knowledge of Russia is dwindling. We need to start training our future experts now
    Source: The Conversation (Au and NZ) – By Jon Richardson, Visiting Fellow, Centre for European Studies, Australian National University Shutterstock Russia’s possible interest in basing long-range aircraft at an Indonesian airbase not far from Australian shores shook up a relatively staid election campaign last month. The news, which Jakarta immediately dismissed, caught many by surprise

    ‘Perfect bodies and perfect lives’: how selfie-editing tools are distorting how young people see themselves
    Source: The Conversation (Au and NZ) – By Julia Coffey, Associate Professor in Sociology, University of Newcastle Olena Yakobchuk/Shutterstock Like many of her peers, Abigail (21) takes a lot of selfies, tweaks them with purpose-made apps, and posts them on social media. But, she says, the selfie-editing apps do more than they were designed for:

    NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth
    Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury Hagen Hopkins/Getty Images Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests. This

    Evidence shows AI systems are already too much like humans. Will that be a problem?
    Source: The Conversation (Au and NZ) – By Sandra Peter, Director of Sydney Executive Plus, University of Sydney Studiostoks / Shutterstock What if we could design a machine that could read your emotions and intentions, write thoughtful, empathetic, perfectly timed responses — and seemingly know exactly what you need to hear? A machine so seductive,

    Playing the crime card: do law and order campaigns win votes in Australia?
    Source: The Conversation (Au and NZ) – By Chloe Keel, Lecturer in Criminology and Criminal Justice, Griffith University Crime and public safety are usually the domain of state politics. But the Coalition tried to elevate them as key issues for voters in the recent federal election. Claiming crime had been “allowed to fester” under Labor,

    Labor now has the political clout to reset Australia’s refugee policy. Here’s where to start
    Source: The Conversation (Au and NZ) – By Mary Anne Kenny, Associate Professor, School of Law, Murdoch University Australia’s policy towards refugees and asylum seekers stands at a critical juncture. Global displacement is at record highs and many countries are retreating from their responsibilities. At this moment, Australia can lead by example. As Australia’s prime

    Please don’t tape your mouth at night, whatever TikTok says. A new study shows why this viral trend can be risky
    Source: The Conversation (Au and NZ) – By Moira Junge, Adjunct Clincal Associate Professor (Psychologist), Monash University K.IvanS/Shutterstock You might have heard of people using tape to literally keep their mouths shut while they sleep. Mouth taping has become a popular trend on social media, with many fans claiming it helps improve sleep and overall

    E-bikes for everyone: 3 NZ trials show people will make the switch – with the right support
    Source: The Conversation (Au and NZ) – By Caroline Shaw, Associate Professor in Public Health, University of Otago Getty Images Anyone who uses city roads will know e-bikes have become increasingly popular in Aotearoa New Zealand. But we also know rising e-bike sales have been predominantly driven by financially well-off households. The question now is,

    Drivers of SUVs and pick-ups should pay more to be on our roads. Here’s how to make the system fairer
    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne In the year 2000, almost 70% of all new cars sold in Australia were small passenger vehicles – mainly sedans and hatchbacks. But over 25 years, their share has dropped dramatically

    Australia’s Wong condemns ‘abhorrent, outrageous’ Israeli comments over blocked aid
    Asia Pacific Report Australia’s Foreign Minister Penny Wong has released a statement saying “the Israeli government cannot allow the suffering to continue” after the UN’s aid chief said thousands of babies were at risk of dying if they did not receive food immediately. “Australia joins international partners in calling on Israel to allow a full

    The West v China: Fight for the Pacific – Episode 1: The Battlefield
    Al Jazeera How global power struggles are impacting in local communities, culture and sovereignty in Kanaky, New Caledonia, the Solomon Islands and Samoa. In episode one, The Battlefield, tensions between the United States and China over the Pacific escalate, affecting the lives of Pacific Islanders. Key figures like former Malaita Premier Daniel Suidani and tour

    Windows are the No. 1 human threat to birds – an ecologist shares some simple steps to reduce collisions
    Source: The Conversation (Au and NZ) – By Jason Hoeksema, Professor of Ecology, University of Mississippi Birds are drawn to the mirror effect of windows. That can turn deadly when they think they see trees. CCahill/iStock/Getty Images Plus When wood thrushes arrive in northern Mississippi on their spring migration and begin to serenade my neighborhood

    Politics with Michelle Grattan: Jim Chalmers on keeping Australia out of recession amid the ‘dark shadow’ of global instability
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra This week, the Reserve Bank delivered welcome news for mortgage holders, with another 25 basis points rate cut. With this cut, some are hoping that the cost-of-living pain will start to finally ease. Economists, however, are still wary of celebrating

    40 years on – reflecting on Rainbow Warrior’s legacy, fight against nuclear colonialism
    Report by Dr David Robie – Café Pacific. – A forthcoming new edition of David Robie’s Eyes of Fire honours the ship’s final mission and the resilience of those affected by decades of radioactive fallout. PACIFIC MORNINGS: By Aui’a Vaimaila Leatinu’u The Greenpeace flagship Rainbow Warrior III ship returns to Aotearoa this July, 40 years

    Gordon Campbell: NZ’s silence over Gaza genocide, ethnic cleansing
    COMMENTARY: By Gordon Campbell Since last Thursday, intensified Israeli air strikes on Gaza have killed more than 500 Palestinians, and a prolonged Israeli aid blockade has led to widespread starvation among the territory’s two million residents. Belatedly, Israel is letting in a token amount of food aid that UN Under-Secretary Tom Fletcher has called a

    View from The Hill: Coalition split puts Victorian and NSW Nationals Senate seats at high risk
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The Victorian and NSW Nationals senators due to face the voters at the 2028 election will struggle to hold their seats if the former partners do not re-form the Coalition before then. Under usual Coalition arrangements, Bridget McKenzie, from Victoria,

    New Caledonia, French Polynesia at UN decolonisation seminar in Dili
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk New Caledonia and French Polynesia have sent strong delegations this week to the United Nations Pacific regional seminar on the implementation of the Fourth International Decade for the Eradication of Colonialism in Timor-Leste. The seminar opened in Dili today and ends on Friday. As French Pacific

    NSW is copping rain and flooding while parts of Australia are in drought. What’s going on?
    Source: The Conversation (Au and NZ) – By Andrew King, Associate Professor in Climate Science, ARC Centre of Excellence for 21st Century Weather, The University of Melbourne Emergency crews were scrambling to rescue residents trapped by floodwaters on Wednesday as heavy rain pummelled the Mid North Coast of New South Wales. In some areas, more

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: 05.21.2025 ICYMI: Sen. Cruz’s No Tax on Tips Passes Senate Unanimously — Coverage Roundup

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    Washington, D.C. – Yesterday, the No Tax on Tips Act passed the Senate by a vote of 100-0. The bill had been introduced in the U.S. Senate by Sen. Ted Cruz (R-Texas), and co-led by Sen. Jacky Rosen (D-Nev.). It now heads to the U.S. House of Representatives for a vote.
    The No Tax on Tips Act exempts “cash tips”—cash, credit and debit card charges, and checks—from federal income tax by allowing taxpayers to claim a 100% deduction at filing for tipped wages.
    Here is what they are saying about the No Tax on Tips Act:
    FOX BUSINESS: Trump and Cruz’s ‘No Tax on Tips’ plan passes Senate with unexpected help from Dem
    “Sen. Ted Cruz’s “No Tax on Tips” plan, a concurrent campaign promise of President Donald Trump, got an unexpected boost late Tuesday when a Democratic supporter quickly got it passed through the Senate as a standalone bill.
    “Cruz’s bill, which Rosen signed onto, would exempt cash tips and card-charged gratuities from federal income tax via a 100% deduction come Tax Day.”
    SEMAFOR: Rosen and Cruz deliver a Senate surprise: Unanimous passage of a Trump priority
    “…The entire chamber signed off on Rosen’s attempt, and the Senate unanimously passed the legislation led by Sen. Ted Cruz, R-Texas, that the Nevada Democrat has also long supported.…‘What we just saw is the Senate passing No Tax on Tips 100-0,’ Cruz said on the Senate floor. ‘And now we are sending it to the House of Representatives.’”
    NBC News: Senate unexpectedly passes the No Tax on Tips Act in a unanimous vote
    “‘Whether it passes free-standing or as part of the bigger bill, one way or another, No Tax on Tips is going to become law and give real relief to hard-working Americans,’ Cruz said on the floor. ‘So I’m proud of what the Senate just did, and I commend Democrats and Republicans, even at a time of partisan division, coming together and agreeing on this commonsense policy.’”
    DALLAS MORNING NEWS: Senate passes Ted Cruz bill to exempt tips from federal income tax
    “U.S. Sen. Ted Cruz, R-Texas, authored the bill, which was approved by unanimous consent, meaning no senator objected to its passage. Cruz cast the show of bipartisan solidarity as a miracle and said the policy is now almost certain to pass the House and become law.
    “The exemption on tips will have a lasting effect on millions of Americans, Cruz said.”
    DAILY CALLER: Senate Democrats Join Republicans To Approve Major Trump Campaign Promise
    “Republican Texas Sen. Ted Cruz’s No Taxes on Tips Act would exempt tips from taxation under the federal income tax. The legislation’s passage delivers on a central pledge of President Donald Trump’s 2024 presidential campaign to provide tax relief to tipped workers.
    “Cruz spoke shortly after Rosen to praise the legislation’s passage, which he called ‘commonsense, bipartisan tax reform.’”
    AXIOS: Senate passes “No Tax on Tips” in surprise move
    “It came as a genuine surprise to many in the chamber: The expectation was that at least one senator would object to passage of the measure. But when Sen. Jacky Rosen (D-Nev.) asked unanimous consent to pass the bill, no lawmakers on either side of the aisle objected.
    “The No Tax on Tips Act was introduced by Sen. Ted Cruz (R-Texas) and sponsored by a bipartisan group of senators.”
    BACKGROUND:
    Sen. Cruz has consistently prioritized tax cuts and job access:
    Sen. Cruz helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas.
    He has fought to make permanent the 2017 historic tax cuts for individuals.
    Sen. Cruz also helped pass the USMCA trade agreement, which was signed by President Trump, a decisive victory for Texas farmers, ranchers, businesses, and manufacturers.
    For his efforts to support Texas businesses large and small, Sen. Cruz received the U.S. Chamber of Commerce’s prestigious “Spirit of Enterprise” award.
    To read the bill text, click HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Energy Secretary Wright Testifies Before Senate Appropriations Subcommittee on FY2026 Budget Request

    Source: US Department of Energy

    WASHINGTON— U.S. Secretary of Energy Chris Wright testified today before the U.S. Senate Appropriations Subcommittee on Energy and Water Development on the Department of Energy’s Fiscal Year 2026 budget request.

    Earlier this month, Secretary Wright testified before the House Appropriations Subcommittee on Energy and Water Development to outline the Department’s priorities and provide an overview of the FY2026 request.

    The FY2026 Budget aligns with President Trump’s directive to restore American energy dominance and rein in bloated federal spending. It brings non-defense discretionary spending to the most disciplined level since 2017 and redirects more than $15 billion away from Green New Scam programs that drive up costs and weaken the U.S. energy system. For more details, view the budget toplines here.

    Secretary Wright’s opening remarks:

    Chairman Kennedy, Ranking Member Murray, and members of the committee, it is an honor to appear before you today as Secretary of Energy to discuss the President’s Fiscal Year 2026 Budget request for the Department of Energy. I want to commend this committee for its longstanding commitment to energy policy and to the mission of the Department.

    Energy is the backbone of civilization. It is the essential catalyst of human progress— enabling everything we do, everything. From the lights in our home, the heat in our homes, the process heat in our factories, and the innovation in our National Laboratories. I’ve dedicated my life to increasing access to energy and bettering human lives, and I’m thrilled to carry my work forward at the Department of Energy.

    My priorities for the Department are clear— to unleash a golden era of American energy dominance, strengthen our national security, and lead the world in innovation. A reliable and abundant energy supply is the foundation of a strong and prosperous nation. When America leads in energy, we lead in prosperity, security and human flourishing.

    America has the historic opportunity to secure our energy systems, lead the world in scientific and technological innovation; maintain and strengthen our weapons stockpile, and meet Cold War legacy waste commitments. The Department of Energy will advance these critical missions while cutting red tape, increasing efficiency, and unleashing innovation and ensuring we are better stewards of taxpayer dollars.

    The President’s Fiscal Year ’26 budget will ensure taxpayer resources are allocated appropriately and cost-effectively. This budget will return DOE to its core mission of advancing energy innovation and global competitiveness through research and development. We will invest DOE’s resources in sources and technologies that support affordable, reliable, and secure energy and provide a return on investment for the American taxpayers.

    Achieving this vision means fully leveraging the resources that have powered our country for generations. The United States is blessed with an abundance of coal, oil, and natural gas,

    Every one of these resources was unleashed through the world-changing power of American innovation. Our National Labs are the engine that drives research and development to expand our energy dominance. When it comes to our National Labs, we are undeniably capable of doing more with less. We can both increase efficiency and drive innovation. We will prioritize research that supports true technological breakthroughs and maintains America’s global competitiveness.

    We are also taking steps to accelerate innovation in commercial nuclear development. America must lead the commercialization of affordable and abundant nuclear energy. DOE is working to advance the rapid deployment of next-generation nuclear technology, including small modular reactors.

    I am proud to report that we have officially ended the previous administration’s reckless pause on LNG export permits and are returning to regular order for reviewing and approving new permits. DOE will also work to replenish the Strategic Petroleum Reserve— a national asset that protects our security in times of crisis.

    We are advancing President Trump’s pledge to lower the cost of living and expand consumer choice for all Americans by rightsizing DOE’s approach to home efficiency standards and regulations. This month, DOE proposed the elimination or reduction of 47 regulations – the largest deregulatory effort in history. Once finalized, these actions are projected to save the American people approximately $11 billion while restoring consumer freedom and lowering costs.

    The responsible stewardship and modernization of the nation’s nuclear weapons systems is paramount for the Department of Energy and this Administration. DOE is focused on addressing critical upgrades for the U.S. nuclear stockpile and maintaining our engine powerhouses for submarines and aircraft carriers. Both tasks will become even more crucial in the next few years.

    Our nuclear innovation is a nation that began with the Manhattan Project, and the next Manhattan Project is clearly AI. DOE has a significant role to play in driving AI innovation for scientific discovery and national security. Our agency has world-class, high-performance computing capabilities, including four of the world’s top ten supercomputers. 
    Harnessing our energy potential to power global AI leadership while meeting growing energy demand will be the challenge of our time. But America doesn’t back down from big challenges or big builds.

    As Secretary of Energy, I am honored by the responsibility to help meet the American people’s growing needs for energy and lead the world in energy development. Thank you for the opportunity to testify before the committee today.

    MIL OSI USA News –

  • MIL-OSI Security: Mobile Diving and Salvage Unit 1 and the Republic of Korea Navy’s Sea Salvage and Rescue Unit conclude SALVEX Korea 2025 [Image 3 of 3]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    JINHAE NAVAL BASE, Republic of Korea (April 11, 2025) U.S. Navy Divers assigned to Mobile Diving and Salvage Unit 1, tour a Republic of Korea submarine museum during a joint dive and salvage exercise at Jinhae Naval Base, Republic of Korea, April 11, 2025. Commander, Logistics Group Western Pacific/Task Force 73 sustains the U.S. Navy’s maritime forces and is responsible for all diving and salvage operations in the Western Pacific in support of a free and open Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist 2nd Class Jordan Jennings)

    Date Taken: 04.11.2025
    Date Posted: 04.18.2025 01:49
    Photo ID: 8981205
    VIRIN: 250411-N-YV347-1076
    Resolution: 7705×5137
    Size: 21.12 MB
    Location: JINHAE, KR
    Web Views: 14
    Downloads: 1

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  • MIL-OSI Security: COMLOG WESTPAC/CTF 73 Attend SEACAT 2025

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    SINGAPORE (May 15, 2025) Participants of Southeast Asia Cooperation and Training (SEACAT) 2025 hold a final planning conference in Singapore, May 15, 2025. SEACAT is a multilateral, multi-platform exercise including ashore and at sea training evolutions that emphasizes real-world engagements to enhance cooperation and maritime security capabilities in the Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist 2nd Class Jordan Jennings)

    Date Taken: 05.15.2025
    Date Posted: 05.21.2025 22:04
    Photo ID: 9053710
    VIRIN: 250515-N-YV347-1008
    Resolution: 7507×5005
    Size: 19.4 MB
    Location: SG
    Web Views: 0
    Downloads: 0

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  • MIL-OSI USA: Murray Slams Rubio’s Defiance of Congress & Federal Law, Says Trump Admin Has Undermined American Leadership and Caused Preventable Suffering

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “Secretary Rubio… you have overseen a systematic campaign to dismantle USAID, impound billions of dollars that this Committee actually provided, and unilaterally remake the Department of State—without the slightest bit of concern that you lack the authority to do that without Congress. It has created chaos, it’s caused preventable deaths across the globe, and it has undermined American leadership… what you have done is outright illegal.”

    Murray calls for bipartisan pushback: “Are we going to roll over as Trump tramples our laws, and undermines our U.S. leadership, burns down what we’ve spent decades building, and lets millions of people across the globe suffer and die? Or are we going to stand up, push back, assert our constitutional power of the purse? And to my colleagues on both sides: this is the moment to decide whether this Committee continues to be a powerful bipartisan force. A force that I think we’ve all been proud of for a very long time.”

    ***WATCH: Senator Murray’s remarks and questioning***

    Washington, D.C. — Today, at a Senate Appropriations State, Foreign Operations, and Related Programs Subcommittee hearing on the fiscal year 2026 budget request for the Department of State, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, called Secretary Marco Rubio out for flagrantly defying federal laws, ignoring Congress, undermining American leadership and our national security, and causing untold preventable suffering and death in his four months as secretary thus far.

    In opening comments, Vice Chair Murray said:

    “Secretary Rubio, I am deeply concerned that you have overseen a systematic campaign to dismantle USAID, impound billions of dollars that this Committee actually provided, and unilaterally remake the Department of State—without the slightest bit of concern that you lack the authority to do that without Congress. It has created chaos, it’s caused preventable deaths across the globe, and it has undermined American leadership.

    “As Ranking Member Schatz noted, what you have done is outright illegal. A complete violation of bipartisan appropriations laws, the Impoundment Control Act, and the Anti-Deficiency Act.

    “Within hours of taking office, President Trump halted all foreign aid—in flagrant defiance of the law. Now, under your watch, Secretary Rubio, that freeze was implemented with chaos and cruelty.

    “And then, you illegally shuttered USAID—placing everyone on leave, halting lifesaving work, literally locking people out of the building and out of their devices—even in dangerous corners of our world.

    “You paid people not to work, abandoned our partners across the globe, and chaotically recalled global staff—putting more than 1,600 Americans who served our country abroad in limbo.

    “And when you shut down the USAID payment system, you even refused to pay for services provided before the illegal freeze. You fought all the way to the Supreme Court against paying for services U.S. businesses already rendered, with funding that Congress already provided. And I know you know, Mr. Secretary, but you lost.

    “And I assume you need the reminder, because to this day, you have not made all the payments that are required by our nation’s highest court, and as a result American companies continue to layoff American workers. And, by the way, you do continue to lose in court—including just yesterday over your move to illegally replace U.S. Institute of Peace leadership, and in recent cases, over international broadcasting.

    “Now, eventually, Mr. Secretary, you sent Congress notice of your intent to collapse USAID into State. Only: you didn’t consult with this Committee—that’s required by law. It came without justification—also required by law. And it came long after USAID was reduced to rubble.

    “So, sadly disregard for our laws and values, to me, has sort of become a pattern of your tenure: revoking visas when someone writes an op-ed you don’t like, or reaching a secret deal to use taxpayer dollars to jail U.S. residents in a notorious foreign prison—no due process. Or pointlessly leaving food assistance to rot in storage. Actually, in Dubai, we now have 500 tons of high energy biscuits that expire in July—they’re bought, they’re shipped, they’re stored all at taxpayer expense. But you’ve condemned them to waste. And that’s one example of many. 

    “Now, another pattern that I am deeply worried about is transparency. We have pressed you for information. Our staffs have sent you countless emails and briefing requests so we can do our job here. There are hundreds of unanswered requests, and no effort to address them. And Mr. Secretary, that’s got to change.

    “Even your plan to reorganize the State Department came with no information on the 270 offices you are moving or eliminating, the proposed layoffs, or how USAID would be merged into State.

    “I won’t ask you whether impounding billions of dollars is legal. It is not.

    “I won’t ask whether it’s efficient to pay people not to work or fire them without even determining staffing needs.

    “And I won’t ask if cutting 91% of our counternarcotic and law enforcement programs makes us safer, abruptly abandoning agreements with allies makes us stronger, or ceding our global leadership to China makes us more prosperous.

    “Of course not—we know that.

    “We have worked together for years in a bipartisan way to advance U.S. interests and fund those programs. So, with respect to my colleagues, how long are we going to sit here and watch this silently?

    “Are we going to roll over as Trump tramples our laws, and undermines our U.S. leadership, burns down what we’ve spent decades building, and lets millions of people across the globe suffer and die? Or are we going to stand up, push back, assert our constitutional power of the purse?

    “And to my colleagues on both sides: this is the moment to decide whether this Committee continues to be a powerful bipartisan force. A force that I think we’ve all been proud of for a very long time. A force that is focused on safety, economic strength, and national security—focused on leading the world in research and development, and countering China and others with our soft power and our military power. 

    “Every single member of this committee knows what we are risking by letting this administration tear down so much.   

    “On USAID and other programs, we can always talk about how we can make things work better and other reforms. I don’t think any of us are opposed to any of those considerations—we have been doing that in a bipartisan way for a long time. But that is not actually what Trump’s fiscal year 2026 budget proposes.”

    Senator Murray began her questioning by pressing Secretary Rubio on the secretive deal the United States inked with El Salvador to jail U.S. residents in the country’s notorious mega-prison, stating: “Will you share the text and details with my staff of your agreement with El Salvador and any other similar arrangements, including the funding details that we need to have?”

    Secretary Rubio ignored the question, defending his Department’s actions and falsely claiming he’s provided transparency to Congress, stating in part: “We’ve done nothing that’s illegal… We’ve answered questions repeatedly. We get hundreds of questions a day. We respond [to] them as quickly as possible.”

    “Mr. Secretary, I will tell you we are here because we need the information so that we can write our budget and in a bipartisan way move forward,” Senator Murray responded.

    “Well, you’ll have the information you need to write a budget,” Secretary Rubio interrupted.

    “Okay, so will we get the details on the El Salvador arrangement?” Senator Murray pressed.

    “Which El Salvador arrangement?” Secretary Rudio dodged.

    “Your agreement that you’ve made with them [to detain people the U.S. sends there],” Senator Murray pressed.

    “What agreement?” replied Secretary Rubio, in part, ducking the question.

    “The funding details, we have not gotten. We need to see what the costs are,” Senator Murray responded.

    Secretary Rubio again dodged the question, refusing to acknowledge an agreement or to confirm he’d share its details while confirming the U.S. has indeed paid El Salvador. He stated in part: “We’ve provided them law enforcement assistance. …. They have the right to spend that money any way they wish, but they did us a big favor…” He then falsely claimed the U.S. has not sent U.S. residents to El Salvador.

    Senator Murray pressed again: “I’m asking you whether we can see the details of the arrangements, including the funding details.”

    “I’m giving you the details. The arrangements are, we provide law enforcement funding to El Salvador, among other countries. How they choose to spend that money entirely is up to them,” Secretary Rubio deflected.

    Senator Murray moved on, “I’ll take that as a no. Can you give me the details on the 200 plus offices you’re proposing to eliminate? We need that. Can I get your commitment to giving us those?”

    “Sure, of course. That’s part of our reorg,” replied Secretary Rubio, who thus far has failed to provide the details to the Committee or Congress.

    “How about the details and justifications of your proposed rescissions from programs you claim are out of alignment with administration priorities. Are we going to get the details of that funding priorities?” asked Senator Murray.

    “On rescissions and empowerment, things of this nature? That’s obviously an OMB function, and I would talk to them about that, what’s going to go on with that money. I can tell you the contracts we canceled. And I can list to you the contracts we canceled and the rationale why, because I went through them myself,” replied Secretary Rubio.

    Senator Murray followed up, “Will you get those to us—like today?”

    Secretary Rubio did not provide a straight answer. Murray then pressed again on the need for transparency and more details, and Secretary Rubio ultimately committed: “Sure, you’re going to have all that information.”

    MIL OSI USA News –

  • MIL-OSI: Apollo Capital Issues a With Prejudice Offer to MediPharm Labs and Its Board of Directors to Ensure Shareholder Rights Are Protected at the 2025 Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    Believes the Board Continues to Take Oppressive Actions Which Fundamentally Disregard the Rights and Interests of Shareholders

    Asserts the Board’s Unlawful, Desperate and Self-Serving Tactics Clearly Indicate That the Current Directors Will Go to Any Lengths Necessary to Entrench Themselves

    Requests that MediPharm Agree to Conduct the June 16th Annual Meeting Under the Oversight of an Independent Chair to Ensure Shareholders Have the Opportunity to Hold the Current Board Accountable and Elect New Leaders

    TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”) which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a “With Prejudice” offer to MediPharm’s Board of Directors (the “Board”) in order to ensure that the rights of shareholders are protected in connection with the Company’s upcoming 2025 Annual and Special Meeting of Shareholders to be held on June 16, 2025 (the “Annual Meeting”).

    CEO and Chairman Regan McGee of Apollo Capital commented:

    After disastrous Q1 2025 financial results and 22 consecutive quarters of losses, rather than assume accountability for its value-destructive decisions, we believe that the Board continues to take oppressive actions against shareholders, demonstrating that its sole priority is self-preservation and entrenchment.

    All indications point to the Board’s desire to run a corrupt election process to ensure their victory so that they can continue to siphon the remainder of MediPharm’s cash reserves into their own pockets until the Company runs out of money in November.

    What possible objection could they have to an independent chair running the meeting if this was not the case?

    This is why we have taken the step of publicly extending this offer which can be accessed at this LINK.

    While we expect Chairman Chris Taves (Managing Director and Head of Asia for Bank of Montreal, BMO Capital Markets) to continue to obstruct the appointment of an independent chair, Apollo Capital will not be deterred and will continue to do whatever is necessary to ensure that all shareholders have an opportunity to replace the directors whose decisions have completely destroyed shareholder value.

    MediPharm and its Board have consistently acted in a manner that unfairly disregards the rights and interests of shareholders by pursuing a strategy of entrenchment, obfuscation and character assassination of dissenting shareholders, improperly placing their own personal interests ahead of the interests of the Company and its shareholders, including by:

    • Undermining and disenfranchising Apollo Capital and all other MediPharm shareholders from exercising their rights to hold the board accountable for running the Company into the ground;
    • Making groundless public attacks on Apollo Capital, including false allegations of us acting jointly or in concert with other understandably disgruntled shareholders, and fabricating malicious and completely meritless accusations of criminal behaviour like harassment and the utterance of threats;
    • This is nothing less than thug behaviour and a menacing attempt to deter and silence any shareholders from raising their valid concerns in a public forum.

    Apollo Capital urges all of our fellow shareholders to reject the Board’s intimidation tactics, which are evidently geared to silencing anyone who demands change and accountability. It is sad that this is the tactic that the board has resorted to in an attempt shift attention away from their own epic failures and to discourage other shareholders from speaking out.

    It is Apollo Capital’s belief that not accepting this offer would clearly demonstrate that the board of directors of MediPharm’s only priority is self-preservation and entrenchment, improperly placing their own personal interests ahead of the law and the interests of the company and its shareholders.

    What possible objection could they have to a lawful and fair election with an independent Chair if this is not the case?

    All MediPharm stakeholders, including its employees and shareholders, deserve an independent third party running the Annual Meeting to ensure a fair, transparent and lawful process.

    Shareholders can visit www.CureMediPharm.com, to sign up for important campaign updates.

    To access Apollo Capital’s Circular and related proxy materials, including a proxy or voting instruction form, visit SEDAR+ at www.sedarplus.ca.

    Contacts

    For Shareholders:
    Carson Proxy
    North American Toll-Free Phone: 1-800-530-5189
    Local or Text Message: 416-751-2066 (collect calls accepted)
    E: info@carsonproxy.com

    For Media:
    CureMediPharm@gasthalter.com

    Legal Disclosures

    Information in Support of Public Broadcast Exemption under Canadian Law

    In connection with the Annual Meeting, Apollo Capital has filed an amended and restated dissident information circular (the “Circular”) in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

    SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.

    Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

    The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

    This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

    Apollo Capital has entered into an agreement with Carson Proxy Advisors (“Carson Proxy”) for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo Capital’s nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses.

    No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Apollo Capital nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors, the election of directors, the appointment of auditors and the approval of the ordinary resolution approving, among other things, the Company’s amended and restated equity incentive plan dated May 8, 2025 and the unallocated awards available thereunder.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo Capital disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law.

    The MIL Network –

  • MIL-OSI China: Trump confronts South African president with conspiracy claims

    Source: People’s Republic of China – State Council News

    U.S. President Donald Trump confronted visiting South African President Cyril Ramaphosa on Wednesday with conspiracy theories on “white genocide” in South Africa, which Ramaphosa firmly denied.

    During their meeting in the Oval Office, Trump accused South Africa of “white genocide” and unfair land seizures, and then unexpectedly presented a video and a stack of printed news articles which he said proved his allegations.

    Ramaphosa, who arrived in Washington in hopes of improving trade terms and easing bilateral tensions, rejected Trump’s assertions during the meeting. He refuted the notion that white South Africans are fleeing the country due to racist policies. He said there was crime in South Africa and the majority of victims were Black.

    News outlets were shocked by Trump’s rudeness, saying most of the information that he used during the meeting to try to prove that “white genocide” was happening in South Africa had “repeatedly been disproven.”

    “Of the laundry list of conspiracy theories brought out at Trump’s meeting with South African President Cyril Ramaphosa today, almost everything has been debunked. Some South Africans have said that they believe that the information is ‘AfriForum propaganda’ — a White Afrikaner lobby group criticized as being a White nationalist group,” the CNN reported.

    The clash came at a time of strained relations between the two countries. Since Ramaphosa signed the Expropriation Act into law in January, Trump has criticized the land reform law for “discriminating” against the country’s white people.

    In recent months, Trump has repeatedly criticized South Africa, most notably by canceling the U.S. President’s Emergency Plan for AIDS Relief funding and claiming that a “genocide” against white South Africans is underway, an allegation denied by the South African government.

    In March, the United States expelled then South African Ambassador Ebrahim Rasool, further straining their relations. The expulsion came after Rasool addressed a webinar organized by the Mapungubwe Institute for Strategic Reflection, commenting on the Trump administration.

    “What Donald Trump is launching is an assault on incumbency, those who are in power, by mobilizing a supremacism against the incumbency at home and I think I’ve illustrated abroad as well,” Rasool said during the webinar.

    U.S. Secretary of State Marco Rubio said Tuesday that Trump would not participate in the upcoming meeting of the Group of 20 (G20) leaders in South Africa later this year.

    “We decided not to participate in this year’s G20 hosted by South Africa, either at the level of the Ministry of Foreign Affairs or at the level of the president, and this was largely due to some of these issues that they put on their agenda and which, as we think, they do not reflect the priorities of this administration,” Rubio told a Senate Foreign Relations Committee hearing.

    South Africa has pushed back against the Trump administration’s accusations, saying the executive order of freezing aid “lacks factual accuracy and fails to recognize South Africa’s profound and painful history of colonialism and apartheid.”

    “We are concerned by what seems to be a campaign of misinformation and propaganda aimed at misrepresenting our great nation. It is disappointing to observe that such narratives seem to have found favor among decision-makers in the United States of America,” said the country’s Ministry of International Relations and Cooperation in a statement in February. 

    MIL OSI China News –

  • MIL-OSI USA: Senator Murray Opening Remarks at Hearing on the Department of Energy’s Budget

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***WATCH: Senator Murray’s opening remarks***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Ranking Member of the Energy and Water Development Subcommittee, kicked off a hearing on the fiscal year 2026 budget request for the Department of Energy (DOE), emphasizing in her opening remarks how important the Department’s work is—and how this administration’s illegal funding freeze, mass reductions in staffing, and steep proposed budget cuts jeopardize essential efforts to drive innovation, reduce dependence on foreign energy sources, and lower Americans’ monthly energy bills.
    Senator Murray’s opening remarks, as delivered, are below:
    “Thank you, Chair Kennedy. I am pleased to serve as Ranking Member of this important Subcommittee, and I hope we can continue our track record of writing bipartisan spending bills that make crucial investments in our communities that we need.
    “DOE’s work is far reaching with major implications for how much families spend on their energy bills, the reliability of our energy grid, whether we lead the world in clean energy, AI, and quantum computing, and our national security and nuclear waste cleanup program. In my home state of Washington, we see this firsthand at the Bonneville Power Administration, which provides power to families across the region. At the Pacific Northwest National Lab, which is pioneering cutting edge research, and at Hanford, where we have the biggest nuclear clean-up site in the country—a moral and legal obligation we must never shortchange.
    “So, we must give the programs DOE manages their due in terms of funding, and in terms of the oversight necessary to ensure that funding actually gets to our communities. But these goals are in jeopardy because of your actions over the last few months like a truly sweeping funding freeze, unprecedented contract cancellations, mass staffing reductions, and uncertainty that is hurting communities across our country.
    “Now, Secretary Wright, my colleagues and I have been pressing you for information on staffing, funds signed into law you are holding up or straight up cancelling, and more. I’ve only received two responses so far, both of them yesterday—clearly to get ahead of today’s hearing. And ‘response’ is being charitable, since you failed to provide any real answers. Last week, you told the House you have ignored basic inquiries from lawmakers because you are apparently too busy, and you mentioned you don’t want to spend time on false premises. So, I thought we could save some time today by debunking a few false premises.
    “It is false for you to say less than a thousand people have left since you took over when we know over 3,500 DOE employees have taken the so-called buyout you offered and we know you fired 500 more. It is false for you to say no contracts have been cancelled when you have plainly cancelled electric vehicle and low-income energy assistance grants in Colorado, to give one example. And it is false for you to say there are no unpaid invoices when we have heard from organizations still waiting on payments—including Hydrogen Hubs, which have unpaid invoices.
    “Now, in addition to ignoring requests from Congress, your FY25 spend plan which is required by law is completely inadequate. That is a critical document for us to understand how you are spending—or illegally blocking and cancelling—billions of dollars Congress has provided for critical projects across the country. I’ve heard you say you are merely conducting a review as if that magically makes it okay. Call it whatever you want, the bottom line is the money isn’t moving. And as a former businessman, you know perfectly well that uncertainty alone has a massive cost.
    “Jobs are already being lost because of your actions. Private investment in critical energy projects is being cancelled, delayed, or threatened to the tune of $71 billion so far this year. And as electric prices hit record highs, you are halting progress on investments that would lower people’s bills. Meanwhile, you are letting thousands of critical staff go—encouraging folks to leave—with no regard for if they do their work well, or if the work is important.
    “I still don’t know how you could do something as crazy as try to fire Bonneville Power Administration workers, in the name of efficiency! I mean these are literally the people who keep the lights on and they aren’t even paid by taxpayer dollars! Eventually, you reversed those firings, but the fact they happened at all was the first in a parade of red flags.
    “Now, we are here to talk about another red flag—a budget that completely guts the non-defense half of your mission. Overall, you want to slash $20 billion from DOE’s science and energy programs. Your budget proposes ripping 75% out of the energy efficiency and renewable energy program and shuttering important clean energy and manufacturing programs. I don’t know who is telling you people want to pay higher electric bills?
    “Your budget slashes $1.1 billion from the Office of Science. Who is telling you we should cede ground to China in the race for innovation, and layoff scientists at our national labs? Your budget cuts $15 billion from programs we created in the bipartisan infrastructure law—hydrogen hubs, battery storage, advanced manufacturing and supply chains, and other programs to lower energy costs. Who told you we don’t want those manufacturing jobs? Who told you we don’t want to strengthen our energy production and reduce our dependence on foreign oil?
    “Here is what I will tell you, if you were to follow through with this disaster of a budget the only energy you are going to save is from the lights that go out at factories across the country. Those lights are going to go off, as China swoops in to take the lead in the technologies that will define the 21st century. I don’t see any efficiency in this budget—but there is a heavy cost.
    “There is the cost you are going to pass on to our constituents in the form of higher electric bills, higher gas bills, more power outages. Not to mention the cost when manufacturing moves elsewhere, and we have to pay Trump’s absurd tariffs for technology we could, and should, be making right here. Or the cost to our country. Discoveries we could be making here, jobs we could be creating here, goods we could be making here and selling across the world. Instead, it feels like you want to gift wrap the future and hand it to China.
    “Your budget also flat-funds the Hanford clean-up. That has serious repercussions. They recently finalized milestones they have to meet on the High Level Waste mission. Flat funding means the only way to hit those targets is to pull funding from other priorities which would have ripple effects for workers carrying out critical projects across the site and ultimately would delay remediation along the Columbia River. That is unacceptable. We cannot rob Peter to pay Paul.
    “Secretary, I know you talk about energy abundance, but talk is cheap. Doing this work takes investments—investments you are ripping to shreds. So, I want to see less talk and more money getting out the door the way Congress wrote and intended. There is common ground in this space. I know because we have found it before. The very last bill Chair Kennedy and I wrote together passed out of this committee unanimously, and I want to see us do it again. Because this is genuinely important work.
    “Now, before I conclude, I would be remiss if I did not address the outrageously corrupt news we got last week on the Army Corps work plan. This administration is ripping away hundreds of millions of dollars from projects that were in the House bill and Senate Energy and Water FY25 bills and funding other projects which were not funded in any bill that we approved!
    “This includes scrapping funds for the Howard Hanson Dam in Washington state. This is a vital project that has to get done and I will keep working with you Mr. Chairman to get this done because this Committee and this Subcommittee have long come together to fund projects vital to communities across this country and I know no member appreciates any administration playing games with our communities for political reasons—as is the case with the work plan released last week. It’s brazen abuse—pure and simple. I am going to keep digging into how that decision was made, demanding answers, speaking out about this, and fighting for my state of Washington.
    “Thank you, and now I will turn it back to Chair Kennedy.”

    MIL OSI USA News –

  • MIL-OSI USA: Murray Grills Secretary Wright on Illegal Funding Freeze, Mass Firings, Devastating Proposed Funding Cuts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray highlights how DOE’s actions and proposals undermined American innovation and will raise energy costs for American families
    ***WATCH AND READ: Senator Murray’s opening remarks***
    ***WATCH: Senator Murray questioning Secretary Wright***
    ***WATCH: Senator Murray’s closing remarks***
    Washington, D.C. — Today, at a Senate Appropriations Energy and Water Development Subcommittee hearing on the fiscal year 2026 budget request for the Department of Energy (DOE), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Ranking Member of the Subcommittee, called out Secretary Chris Wright for creating chaos by forcing out thousands of critical employees, undermining American innovation and raising consumers’ costs by illegally blocking funds, blatantly ignoring Congress, and more.
    [MASS LAYOFFS]
    Senator Murray turned her questioning to how Secretary Wright is pushing out employees at DOE, “Secretary Wright, despite your claims to the contrary, more than 3500 employees have taken the deferred resignation offer—that’s over 20 percent of your staff. And we know that you fired several hundred probationary employees as well. This has meant some offices are now gutted, there’s nobody there, and others are in turmoil. For example, the Office of Clean Energy Demonstrations, which manages $20 billion in grants from the bipartisan infrastructure law, has lost more than 77 percent of its staff. It will be nearly impossible for that Office to accomplish its basic functions, let alone oversee any massive and complex energy construction projects. Your firings have been really arbitrary even firing some of our grid operators and linemen at the Bonneville Power Administration—which are not paid for by taxpayer dollars. I know you scrambled to get those people back. Several weeks ago, you said no more firings will occur at Bonneville—these positions are absolutely critical to the reliability of the grid in Washington state and the Pacific Northwest. Will you commit to exempting BPA from your hiring freeze, so they can bring on mission critical staff and keep the Northwest grid running?”
    Secretary Wright refused to make that commitment but replied: “We are very concerned about the power marketing agencies. They are critical to our country, Bonneville being one of them. We have been careful that their operations have not been disrupted. They were short-staffed when I arrived in this chair, and we will continue to treat them as the critical assets they are. Headcount is one input, it’s an important input, but it’s not the only input in running a successful business or a successful agency and again you brought up people that have provisionally elected to do a deferred resignation program and many of them still have the option to decide whether they really are staying or they really are leaving, they are in transition, we are engaged with them, they are not fired, they are not gone from the Department of Energy yet—”
    “There are a lot of folks still on the payroll at the expense of the taxpayer. We were told that over $70 million worth that are on administrative leave now. They are at home, they are not working, they are not processing anything, they are not doing any work, and as a result, offices across the department are not able to function because those people are not there. Even though taxpayers are still telling them to. On BPA, in terms of that, I do look forward to DOE hiring back sufficient staff. We have got to cover these critical responsibilities,” said Senator Murray.
    [PROPOSED BUDGET CUTS]
    Senator Murray then asked about Secretary Wright’s sweeping proposed budget cuts at DOE: “President Trump’s skinny budget really doubles down on cuts DOGE has already made to the Department. You propose cutting $2.5 billion from the Office of Energy Efficiency and Renewable Energy—74% of its overall budget—eliminating programs that reduce energy prices for businesses and families. On the one hand: you and the President say you support U.S. dominance in emerging technologies, but then, on the other, you propose cutting over $1 billion in funding to the Office of Science—undermining critical research programs for AI, fusion, quantum computing, nuclear energy, and critical minerals. Typically, new administrations craft budget requests that actually reflect their alleged priorities. You talk a lot about lowering costs for consumers and creating the ‘next Manhattan Project’ for AI, but this budget request includes across the board cuts to the very programs that would help you achieve your stated goals. I want to get this straight, you are asking Congress to cut the budget for the Office of Science by more than a billion dollars—that will help advance AI research and quantum computing?”
    Secretary Wright responded, “It [the over $1 billion plus proposed cut] won’t inhibit them at all. In fact, I think that on the margin it will help. Cause of course all the things you listed like fusion, quantum computing, fundamental basic science, none of those things will be cut. The problem is the labs drifted into things that are not fundamental basic science—that are political science. That is just not the missions of the labs.”
    Senator Murray pressed, “Do you have examples of those that you’d like to share with us?”
    “We have a crazy range of things on climate change. There is science around climate change that I write about and have studied for two decades, there’s real science there, but it has become a political game more than a real science game. That’s not the business of the national labs, and we’re going to shrink that activity,” said Secretary Wright, in part, admitting to planning to cut projects related to critical renewable energy research and climate science.
    Senator Murray continued: “You talk about the importance of nuclear power and small modular reactors. Just yesterday, you said you were in favor of ‘every incentive we can get from the federal government to restart this industry.’ Yet, in your budget you’re proposing you cut the Office of Nuclear Energy by $408 million. How are investors and companies supposed to have confidence in partnering with you, when what you say and what your budget says are two different things?”
    Secretary Wright replied, “Each individual line item does not indicate a policy. I think the nuclear industry is quite enthusiastic and quite confident they are going to have the best environment ever for commercial nuclear power under this administration, under my leadership at the DOE. What we are doing is mobilizing tens of billions of dollars of private capital using the government—”
    “The private capital is counting on us to make that investment; otherwise, we see them pull out. We have actually seen companies in the country now pulling out of projects because of the chaos in your department. As a businessman, you said that you should know more than anyone the importance of certainty. When they see the chaos and they see them pulling back, then they’re not going to invest their private money either,” Senator Murray pushed back.
    Secretary Wright again stood by the proposed budget cut for the Office of Nuclear Science.
    [LACK OF FULL BUDGET REQUEST]
    “We are having a budget hearing today. We have not seen your full budget request. We need that in front of us. It is required. It is critical information. When are we going to see your full budget request?” inquired Senator Murray.
    Secretary Wright was unable to provide details and responded, “I’m working with OMB right now to get that out as soon as we can. I understand your urgency.”
    [CLOSING COMMENTS]
    Senator Murray concluded by saying, “You have heard from my side, one after the other, of contracts that were canceled or frozen. These are real. You said no grants are frozen, no invoices unpaid. I don’t know if you’re not paying attention or you haven’t seen it, but I just want to remind you, it is illegal to ignore the clear directions of Congress. These are programs, spending bills that we passed through this committee. They were signed into law, and if you’re canceling them or freezing them or whatever, that is impoundment, and it is illegal. And I don’t raise that concern lightly. I am deeply concerned, and we are hearing the same stories over and over again. I do have a list, you said you hadn’t seen any. I will submit it for the record of canceled and frozen grants. These are just a handful that we know about. So, we expect your office to follow through and to do it quickly.
    “Secondly, on the CR spend plan, that was required within 45 days, that’s by law. Your department still has not given that to us. And again, I don’t raise this lightly, this committee, all of our committees, need to know where that money is going, where it’s being spent. Hanford Site is on the brink of having to lay off subcontractors and restart an entire procurement process on an important project because they are being directed now to hold off on implementing projects at FY 25 spend levels. So, this is not efficient, and Congress requires that, and we need those fixed. So that is really critical, and we expect a real response, not, you know, a nice little phrase.
    “And finally, on communication, you’ve heard it from several people. I appreciate that you’re telling everybody, ‘Call my office, we’ll call you back.’ But two-way communication is two-way communication. You told me you’d pick up the phone whenever, but we’re not getting calls back. People are not getting calls back. And I think it’s really important that you know that. I know you told some people that you were too busy, but you told me to call whenever. I have tried to get in touch with you. It took us a month and a half to get a call scheduled. Communication is not someday I’ll call you back. It’s unacceptable. And I do want to enter seven letters into the record that I have sent with colleagues over the past several months requesting information about what is going on at DOE—radio silence until yesterday—that was convenient. So, we need to get responses back to those letters, and I want to be on record saying that communication is not ignoring us.”

    MIL OSI USA News –

  • MIL-Evening Report: ‘Perfect bodies and perfect lives’: how selfie-editing tools are distorting how young people see themselves

    Source: The Conversation (Au and NZ) – By Julia Coffey, Associate Professor in Sociology, University of Newcastle

    Olena Yakobchuk/Shutterstock

    Like many of her peers, Abigail (21) takes a lot of selfies, tweaks them with purpose-made apps, and posts them on social media. But, she says, the selfie-editing apps do more than they were designed for:

    You look at that idealised version of yourself and you just want it – you just want it to be real […] the more you do it, the better you get at it and the more subtle your editing is the easier it is to actually see yourself as that version.

    Abigail was one of nearly 80 young people my colleagues and I interviewed as part of research into selfie-editing technologies. The findings, recently published in New Media & Society, are cause for alarm. They show selfie-editing technologies have significant impacts for young people’s body image and wellbeing.

    Carefully curating an online image

    Many young people carefully curate how they appear online. One reason for this is to negotiate the intense pressures of visibility in a digitally-networked world.

    Selfie-editing technologies enable this careful curation.

    The most popular selfie-editing apps include Facetune, Faceapp, and Meitu. They offer in-phone editing tools from lighting, colour and photo adjustments to “touch ups” such as removing blemishes.

    These apps also offer “structural” edits. These mimic cosmetic surgery procedures such as rhinoplasty (more commonly known as nose jobs) and facelifts. They also offer filters including an “ageing” filter, “gender swap” tool, and “make up” and hairstyle try-ons.

    The range of editing options and incredible attention to details and correction of so-called “flaws” these apps offer encourage the user to forensically analyse their face and body, making a series of micro changes with the tap of a finger.

    Facetune is one of the most popular selfie-editing apps among young people.
    Facetune

    A wide range of editing practices

    The research team I led included Amy Dobson (Curtin University), Akane Kanai (Monash University), Rosalind Gill (University of London) and Niamh White (Monash University). We wanted to understand how image-altering technologies were experienced by young people, and whether these tools impacted how they viewed themselves.

    We conducted in-depth semi-structured interviews with 33 young people aged between 18-24. We also ran 13 “selfie-editing” group workshops with 56 young people aged 18–24 who take selfies, and who use editing apps in Melbourne and Newcastle, Australia.

    Most participants identified as either “female” or “cis woman” (56). There were 12 who identified as either “non-binary”, “genderfluid” or “questioning”, and 11 who identified as “male” or “cis man”. They identified as from a range of ethnic, racial and cultural backgrounds.

    Facetune was the most widely-used facial-editing app. Participants also used Snapseed, Meitu, VSCO, Lightroom and the built-in beauty filters which are now standard in newer Apple or Samsung smartphones.

    Editing practices varied from those who irregularly made only minor edits such as lighting and cropping, to those who regularly used beauty apps and altered their faces and bodies in forensic detail, mimicking cosmetic surgical interventions.

    Approximately one third of participants described currently or previously making dramatic or “structural” edits through changing the dimensions of facial features. These edits included reshaping noses, cheeks, head size, shoulders or waist “cinching”.

    Showcasing your ‘best self’

    Young people told us that selfie taking and editing was an important way of showing “who they are” to the world.

    As one participant told us, it’s a way of saying “I’m here, I exist”. But they also said the price of being online, and posting photos of themselves, meant they were aware of being seen alongside a set of images showing “perfect bodies and perfect lives”.

    Participants told us they assume “everyone’s photos have been edited”. To keep up with this high standard, they needed to also be adept at editing photos to display their “best self” – aligning with gendered and racialised beauty ideals.

    Photo-editing apps and filters were seen as a normal and expected way to achieve this. However, using these apps was described as a “slippery slope”, or a “Pandora’s box”, where “once you start editing it’s hard to stop”.

    Young women in particular described feeling that the “baseline standard to just feel normal” feels higher than ever, and that appearance pressures are intensifying.

    Many felt image-altering technologies such as beauty filters and editing apps are encouraging them to want to change their appearance “in real life” through cosmetic non-surgical procedures such as fillers and Botox.

    As one participant, Amber (19), told us:

    I feel like a lot of plastic surgeries are now one step further than a filter.

    Another participant, Freya (20), described a direct link between editing photos and cosmetic enhancement procedures.

    Ever since I started [editing my body in photos], I wanted to change it in real life […] That’s why I decided to start getting lip and cheek filler.

    Editing apps are encouraging some young people to want to change their appearance by using Botox.
    Thiti Sukapan/Shutterstock

    Altering the relationship between technology and the human experience

    These findings suggest image-editing technologies, including artificial intelligence (AI) filters and selfie-editing apps, have significant impacts for young people’s body image and wellbeing.

    The rapid expansion of generative AI in “beauty cam” technologies in the cosmetic and beauty retail industries makes it imperative to study these impacts, as well as how young people experience these new technologies.

    These cameras are able to visualise “before and after” on a user’s face with minute forensic detail.

    These technologies, through their potential to alter relationship between technology and the human experience at the deepest level, may have devastating impacts on key youth mental health concerns such as body image.

    Julia Coffey receives funding from the Australian Research Council.

    – ref. ‘Perfect bodies and perfect lives’: how selfie-editing tools are distorting how young people see themselves – https://theconversation.com/perfect-bodies-and-perfect-lives-how-selfie-editing-tools-are-distorting-how-young-people-see-themselves-257134

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Durbin, Graham, Reps. Ocasio-Cortez & Lee Introduce Bipartisan Legislation To Combat Non-Consensual, Sexually-Explicit Deepfake Imagery

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    May 21, 2025

    The DEFIANCE Act would give survivors a tool to reclaim their image and freedom

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, U.S. Representative Alexandria Ocasio-Cortez (D-NY-14), U.S. Senator Lindsey Graham (R-SC), and U.S. Representative Laurel Lee (R-FL-15) today reintroduced the Disrupt Explicit Forged Images and Non-Consensual Edits Act(DEFIANCE Act), bipartisan, bicameral legislation that would grant survivors the right to take civil action against individuals who knowingly produce, distribute, solicit andreceive, or possess with the intent to distribute nonconsensual sexually-explicit digital forgeries. Last July, the Senate unanimously passed the DEFIANCE Act of 2024.

    “Sexually-explicit ‘deepfake’ content is often used to exploit and harass women and girls, and no one should have their privacy and autonomy violated by someone else generating explicit AI-generated content of them,” said Durbin. “Although the imagery may be fake, the harm to the victims is very real. Victims have lost their jobs, their reputations, and many have suffered from life-altering depression or anxiety. By introducing the DEFIANCE Act, we’re giving power back to the victims; cracking down on the production, receipt, distribution, and possession of ‘deepfake’ images; and holding those responsible for the images accountable.”

    “We’re reintroducing the DEFIANCE Act to empower survivors of nonconsensual deepfake pornography with the right to take civil action so they can pursue justice for themselves,” said Ocasio-Cortez. “I’m proud to lead this legislation with Representative Lee, and Senators Durbin and Graham to provide victims with the federal protections they deserve.”

    “I am proud to co-lead the bipartisan DEFIANCE Act, which gives victims a civil right of action when predators attempt to use exploitative AI-generated intimate images—so-called deepfakes—to intimidate, shame, or harm them,” said Lee. “We’ve seen stories across the country of women and girls as young as 12 years old victimized by this new and growing form of sexual violence. The time for action is now. This legislation will complement the TAKE IT DOWN Act, which was recently signed into law. Together, they both create both accountability and recourse. I am grateful for my colleagues’ work on these issues, and look forward to moving this bill through Committee.”

    The bill text is available here. 

    In addition to Durbin and Graham, the DEFIANCE Act is cosponsored by Senators Amy Klobuchar (D-MN), Angus King (I-ME), Mike Lee (R-UT), Martin Heinrich (D-NM), and Peter Welch (D-VT).

    In addition to Ocasio-Cortez and Lee, the DEFIANCE Act is cosponsored by Representatives Kat Cammack (R-FL-03), Chris Deluzio (D-PA-17), Debbie Dingell (D-MI-12), Mike Lawler (R-NY-17), Ted Lieu (D-CA-36), Nancy Mace (R-SC-06), Max Miller (R-OH-07), Brittany Pettersen (D-CO-07), and Jeff Van Drew (R-NJ-02).

    The legislation is endorsed by the National Women’s Law Center, National Center on Sexual Exploitation (NCOSE), Raven, Public Citizen, Sexual Violence Prevention Association, Democratic Women’s Caucus, UltraViolet, Joyful Heart Foundation, My Image My Choice, Reclaim Coalition, SIECUS: Sex Ed for Social Change, American Association of University Women (AAUW), End Rape on Campus, Foundation Ra, Explain the Asterisk, Protect America’s Daughters, Sexual Assault Response Coalition (SARC), Students Against Sexual Assault, What Were You Wearing, Rooting Movements, Recognize Violence, Change Culture (RVCC), and Street Grace. Quotes from these organizations follow.

    “As a survivor of deepfake pornography, I know the trauma of having your body and identity manipulated and weaponized. It is a violation that leaves you feeling powerless. The DEFIANCE Act changes that. It empowers victims to seek justice through a civil right of action, finally giving us a path to hold perpetrators accountable. With the number of deepfakes doubling every six months—and over 98% of them being pornographic—we are in a crisis. This bipartisan bill addresses the creation, distribution, and solicitation of nonconsensual deepfake pornography. It’s not just necessary—it’s urgent. Survivors deserve justice. Congress must act swiftly to pass the DEFIANCE Act and take a meaningful stand against digital sexual violence,” said Omny Miranda Martone, Founder & CEO of the Sexual Violence Prevention Association (SVPA).

    “Survivors of image-based sexual abuse deserve a clear path to civil justice,” said Stefan Turkheimer, VP of Public Policy at RAINN, the nation’s largest anti-sexual violence organization. “The DEFIANCE Act is the right solution — and now is the right time to build on the growing momentum to ensure survivors have real power to hold offenders accountable, including the ability to pursue civil remedies against those who use AI to create and spread sexually explicit images meant to cause harm.”

    The volume of “deepfake” content available online is increasing exponentially as the technology used to create it has become more accessible to the public. The overwhelming majority of this material is sexually-explicit and is produced without the consent of the person depicted. A 2019 study found that 96 percent of “deepfake” videos were nonconsensual pornography.

    One researcher found that:

    • The number of nonconsensual pornographic “deepfake” videos available online has increased ninefold since 2019;
    • Such videos have been viewed almost four billion times;
    • Monthly traffic to the top 20 “deepfake” sites increased by 285 percent from July 2020 to July 2023; and
    • Search engines directed 25.2 million visits to the top five most popular “deepfake” sites in July 2023 alone.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar Opening Remarks and Questions at Antitrust Subcommittee Hearing on AI-Generated Deepfakes

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WATCH KLOBUCHAR’S FULL REMARKS AND QUESTION HERE
    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, held a hearing titled “The Good, the Bad, and the Ugly: AI-Generated Deepfakes in 2025.” 
    Testifying at the hearing was Country Music Singer-Songwriter, Martina McBride; CEO of the Recording Industry Association of America, Mitch Glazier; Senior Legal Counsel at the National Center on Sexual Exploitation (NCOSE), Christen Price; Director of Technology Policy at Consumer Reports, Justin Brookman; and Head of Music Policy at Youtube, Suzana Carlos.
    “AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources, said Klobuchar at the hearing. “We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together.”
    “That’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy.” 
    A rough transcript of Klobuchar’s opening remarks and questions is available below. Video is available HERE.
    Senator Klobuchar: Thank you very much, Senator Blackburn, I’m very excited about this subcommittee and the work we’ve already done together for years on this issue and similar issues when it comes to tech.
    I share your hopes for AI and see that we’re on this cusp of amazing advancements if this is harnessed in the right way, but I’m also concerned if things go the wrong way. I think it was David Brooks, a columnist, that said he has trouble writing about it because he doesn’t know if it will take us to Heaven or Hell. So it’s our job to head to heaven, and it’s our job to put some rules in place, and this is certainly one of them. 
    We want this to work for children, for consumers, for artists, and not against them. And you brought up the example Chair, of Randy Travis who was at the event that we recently had with you, and Senator Coons and myself about the bill and how he used AI in such a positive way. But then we know there are these risks. 
    And one of the things that I think is really exciting about this week is that, in fact, on Monday, the President signed my bill with Senator Cruz, the TAKE IT DOWN Act, into law. This was a bill I discussed with him and the First Lady at the inaugural lunch. 
    It’s an example of “use-every-moment-you-have” to advance a cause. And then she supported the bill and helped to get it passed in the House. Senator Cruz and I had already passed it in the Senate, and we were having some trouble getting it done over in the House. So we’re really pleased, because it actually does set some track moving forward, even though this bill, that bill, is about nonconsensual porn, both AI created and non AI created, it’s had huge harmful effects, about 20 some suicides a year of young kids who think they’re sending a picture innocently to a girlfriend or a potential boyfriend, and then it gets sent out on their school internet. It gets sent out to people they know, and basically, they believe their life is in ruins, and don’t have any other context, and take their own lives. And that’s just the most obvious and frightful part of this, but there’s others as well. So I’m hoping this is going to be a first step to some of the work that we can do, including with the bill that we’re going to be discussing today. 
    AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources. 
    Just last week, the FBI was forced to put out an alert about scams using AI-cloned voices of FBI agents and officials asking people for sensitive payment information.
    Jamie Lee Curtis was forced to make a public appeal to Mark Zuckerberg to take down an unauthorized, deepfake ad that included her digital replica endorsing a dental product. While Meta removed the ad after her direct outreach, most people don’t have that kind of influence. 
    We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together. 
    When I recently met with Cory Wong, a Grammy-nominated artist from Minnesota, he talked about how unauthorized digital replicas threaten artists’ livelihoods and undermine their ability to create art. 
    So this is not just a personal issue. It’s also an economic issue. One of the reasons our country, one of our best exports to the world, is music and movies. When you look at the numbers and how we’ve been able to captivate people around the world, that’s going to go away if people can just copy everything that we do. 
    And one of the keys to our success as a nation in innovation has been the fact, and Senator Coons does a lot of work in this area, [that] we’ve been able to respect copyrights and patents and people’s own right to their own products. 
    So that’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy. 
    I also am working in the space on AI to put some base rules in place in my role on the Commerce Committee. Senator Thune and I have a bill that we’re reintroducing on this to set some rules for NIST to be able to put out there for companies that are using AI. And then I’m always concerned about its effect on democracy, but that is for a different day and in a different committee. 
    But I do want to thank Senator Blackburn for her willingness to come out on doing something about tech, including the work she does with Senator Blumenthal, the work that we’ve done together on commerce. And if Monday is any sign with the first bill getting through and there in that Rose Garden signing ceremony, there’s more to come, and so thank you and look forward to hearing from the witnesses.
    …
    Klobuchar: All right. Thank you very much. I guess I’ll start with Mr. Brookman, the non-Grammy winner. I want to talk to you just a little bit about this consumer angle here, which I think is interesting to people. And I think at its core, all of us involved in this legislation have made it really clear that’s not just people who are well known that will be hurt by this eventually, and that getting this bill passed as soon as possible is just as important for everyone, but I do so appreciate Ms. McBride being willing to come forward, because those stories and the stories that we’ve heard from, like I mentioned, Jamie Lee Curtis, or the stories that we’ve heard from many celebrities, are very important to getting this done. So you just did a report on AI-generated voice cloning scams, including that, AI voice cloning applications, in the words of the report, presents a clear opportunity for scammers, and we need to make sure our consumer protection enforcers are prepared to respond to the growing threat of these scams. I had this happen to my state director’s husband, who their kid is in the Marines, and they got a call. They figured out that it wasn’t really him asking for stuff and money. They knew he couldn’t call from where he was deployed to. This is just going to be happening all over the place, and the next call will be to a grandma who thinks it’s real, and she sends her life savings in. So I have called on the FTC and the FCC to step up their efforts to prevent these voice cloning scams. And what are some of the tools that agencies need to crack down on these scams, even outside of this bill?
    Justin Brookman: Yeah, absolutely, so I think the first thing the Federal Trade Commission probably needed is more resources. They only have like 1200 people right now for the entire economy. That’s down from like seven, that’s down from like 100 just in the past couple of months.
    Klobuchar: Down from way down from even during like, the Nixon Era.
    Brookman: Yeah, like 1700 it used to be and the economy has grown like three or four times. Chairman Ferguson has, Chairman Ferguson has said more cuts are coming, which I think is the wrong direction. I worked for the Federal Trade Commission for a couple of years. We could not do, like, a fraction of all the things that we wanted to do to protect consumers, so more people, more capacity, more technologists. Like, there’s just not enough technology capacity in government. I was in the office of technology research and investigation there, that was like five people. That’s just not enough, obviously, with all these very sophisticated, I mean, just deep fakes alone, let alone the rest of the tech economy, the ability to get penalties and even injunctive relief, right if someone, if someone gets caught stealing something, the FTC often doesn’t have the ability to make them give the money back. I know this, under this committee has tried to restore that authority, but that would be important. And also, like again, maybe the FTC could have rule-making authority. But also this, I would like to see Congress consider legislative authority to address tools like again, if you are offering a tool that can be used only for harm, voice impersonation, deepfake pornographic images, maybe there should, there should be responsibilities to make sure it’s not being used for harm.
    Klobuchar: Okay, thank you. Ms. Carlos, can you talk about what YouTube is doing to ensure it’s not facilitating these scams?
    Suzana Carlos: Sure, and thank you for the question, Senator.
    Klobuchar: And thanks for your support for the bill
    Carlos: Of course. So, just to primarily consider, we obviously see great and tremendous opportunity coming from AI, but we also acknowledge that there are risks, and it is our utmost responsibility to ensure that it is deployed responsibly. So we’ve taken a number of efforts to protect against unharmful contact on our platform. Primarily, we have uploaded, we have updated our privacy policies last year to ensure that all individuals can now submit a notice to YouTube when their unauthorized voice or likeness has been used on our platform, and once reviewed, if it is applicable, and we’ve confirmed that that content should be removed, we will take it down. We’ve additionally implemented watermarks on our AI products. We originally began with both image and watermarks using our SynthID technology, and we’ve recently expanded it to also be applied to text generated from our Gemini app and web experience. And most recently, as part of our VO video tool. We’ve also taken the additional step to become a member of C2PA, the Coalition for Content Provenance and Authenticity, and there, we’re serving as a steering member to work with the organization to create indicators and markings that will allow the content provenance that was created off platforms to additionally be recognized, and we’re deploying those technologies across our platform.
    Klobuchar: Okay, thank you. We mentioned the TAKE IT DOWN Act, and thank you for the support for that. Mr. Glazer, you talked about how this is the first federal law related to generative AI, and that it’s a good first step. And could you talk about how, if we don’t move on from there and we just stop and don’t do anything for years, which seems to be what’s been going on, what’s going to happen here, and why it’s so important to do this.
    Mitch Glazier: I think there’s a very small window, and an unusual window, for Congress to get ahead of what is happening before it becomes irreparable. The TAKE IT DOWN Act was an incredible model. It was done for criminal activity, you know, …
    Klobuchar: Yeah, I know. 
    Glazier:  Yeah, right. You know, you wrote it, but it was a great model, but it only goes so far. But we need to use that model now, and we need to expand it carefully in a balanced way to lots of other situations, which is exactly what the NO FAKES Act does. And I think, you know, we have a very limited amount of time in order to allow people and platforms to act before this gets to a point where it’s so far out of the barn that instead of encouraging responsible AI development, instead, we allow investment and capital to go into AI development that hurts…
    Klobuchar: Stealing things…
    Glazier: So let’s encourage investment the right way to boost great AI development and be first. Let’s not be the folks that encourage investment in AI technologies that really harm us.
    Klobuchar: And Ms. Price, you’ve expressed concerns about this 10-year moratorium on state rules. I’m very concerned, having spent years trying to pass some of these things, and I think that one of the ways we pass things quickly, like Mr. Glazier was talking about, is if people actually see a reason that they don’t want to patch work, they want to get it done. But if you just put a moratorium, and you look at, like, the Elvis law coming out of Tennessee, Ms. McBride, and some of the other things that would stop all of that. Could you, my last question here before we go to another round, could you talk about why you’re concerned about what is right in front of us now, which is this 10-year moratorium?
    Christen Price: Yes, thank you for the question, Senator. We’re concerned about the moratorium because it’s basically signaling to the AI companies that they can kind of do whatever they want in the meantime, and it inhibits States’ ability to adapt their laws to this form of technology that’s changing very quickly and then has this potential to cause great harm. 
    Klobuchar: Thank you.

    MIL OSI USA News –

  • MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

    Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

    In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters. 

    Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment. 

    Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance. 

    The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

    Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

    Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

    First Quarter 2025 Operational Highlights:

    User Base

    • Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
    • Number of active users1 who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
    • Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

    Loan Facilitation Business

    • As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.
    • Total loan originations2 in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
    • Total outstanding principal balance of loans3 reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

    Credit Performance4

    • 90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
    • First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

    Tech-empowerment Service

    • For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
    • In the first quarter of 2025, the business customer retention rate5 of our tech-empowerment service was over 80%.

    Installment E-commerce Platform Service

    • GMV6 in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
    • In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

    Other Operational Highlights

    • The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
    • Repeated borrowers’ contribution7 of loans across our platform for the first quarter of 2025 was 86.1%.

    First Quarter 2025 Financial Highlights:

    • Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
    • Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
    • Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
    • Adjusted net income attributable to ordinary shareholders of the Company8 was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 was RMB2.62 on a fully diluted basis.

    __________________________

    1. Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
    2. Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
    3. Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
    4. Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
    5. Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
    6. GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
    7. Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
    8. Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    First Quarter 2025 Financial Results:

    Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

    Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

    Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

    Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

    Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

    Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

    Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

    Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

    Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

    Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

    Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

    Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

    Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

    Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

    General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

    Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

    Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

    Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

    Recent Development

    Updated Dividend Policy

    In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

    Business Outlook

    Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

    Conference Call

    The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

    Participants who wish to join the conference call should register online at:

    https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

    Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

     Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

     A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

    About LexinFintech Holdings Ltd.

    We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

    For more information, please visit http://ir.lexin.com.

    To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

    Use of Non-GAAP Financial Measures Statement

    In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

    These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information Statement

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    LexinFintech Holdings Ltd.
    IR inquiries:
    Will Tan
    Tel: +86 (755) 3637-8888 ext. 6258
    E-mail: willtan@lexin.com

    Media inquiries:
    Ruifeng Xu
    Tel: +86 (755) 3637-8888 ext. 6993
    E-mail: media@lexin.com

    SOURCE LexinFintech Holdings Ltd.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Balance Sheets    		  
      As of  
    (In thousands) December 31, 2024   March 31, 2025  
      RMB   RMB   US$  
    ASSETS            
    Current Assets            
    Cash and cash equivalents   2,254,213     3,173,298     437,292  
    Restricted cash   1,638,479     1,545,269     212,944  
    Restricted term deposit and short-term investments   138,497     218,490     30,109  
    Short-term financing receivables, net(1)   4,668,715     4,743,393     653,657  
    Short-term contract assets and receivables, net(1)   5,448,057     5,009,319     690,303  
    Deposits to insurance companies and guarantee companies   2,355,343     2,203,109     303,597  
    Prepayments and other current assets   1,321,340     1,347,805     185,732  
    Amounts due from related parties   61,722     77,239     10,644  
    Inventories, net   22,345     19,341     2,665  
    Total Current Assets   17,908,711     18,337,263     2,526,943  
    Non-current Assets            
    Restricted cash   100,860     80,464     11,088  
    Long-term financing receivables, net(1)   112,427     92,087     12,690  
    Long-term contract assets and receivables, net(1)   317,402     350,993     48,368  
    Property, equipment and software, net   613,110     636,939     87,773  
    Land use rights, net   862,867     854,267     117,721  
    Long-term investments   284,197     244,193     33,651  
    Deferred tax assets   1,540,842     1,589,522     219,042  
    Other assets   500,363     433,738     59,772  
    Total Non-current Assets   4,332,068     4,282,203     590,105  
    TOTAL ASSETS   22,240,779     22,619,466     3,117,048  
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   74,443     63,294     8,722  
    Amounts due to related parties   10,927     9,124     1,257  
    Short-term borrowings and current portion of long-term borrowings   690,772     781,324     107,669  
    Short-term funding debts   2,754,454     3,207,177     441,961  
    Deferred guarantee income   975,102     1,158,164     159,599  
    Contingent guarantee liabilities   1,079,000     769,397     106,026  
    Accruals and other current liabilities   4,019,676     3,909,239     538,708  
    Total Current Liabilities   9,604,374     9,897,719     1,363,942  
    Non-current Liabilities            
    Long-term borrowings   585,024     505,408     69,647  
    Long-term funding debts   1,197,211     891,390     122,837  
    Deferred tax liabilities   91,380     102,617     14,141  
    Other long-term liabilities   22,784     14,006     1,930  
    Total Non-current Liabilities   1,896,399     1,513,421     208,555  
    TOTAL LIABILITIES   11,500,773     11,411,140     1,572,497  
    Shareholders’ equity:            
    Class A Ordinary Shares   205     205     30  
    Class B Ordinary Shares   41     41     7  
    Treasury stock   (328,764 )   (305,025 )   (42,034 )
    Additional paid-in capital   3,314,866     3,331,382     459,077  
    Statutory reserves   1,178,309     1,178,309     162,375  
    Accumulated other comprehensive income   (29,559 )   (31,818 )   (4,385 )
    Retained earnings   6,604,908     7,035,232     969,481  
    Total shareholders’ equity   10,740,006     11,208,326     1,544,551  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   22,240,779     22,619,466     3,117,048  

    __________________________
    (1)  Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

    Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Operations    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Operating revenue:            
    Credit facilitation service income   2,648,478     2,190,866     301,910  
    Loan facilitation and servicing fees-credit oriented   1,417,248     1,136,229     156,577  
    Guarantee income   744,251     547,814     75,491  
    Financing income   486,979     506,823     69,842  
    Tech-empowerment service income   361,543     624,850     86,107  
    Installment e-commerce platform service income   231,909     288,383     39,740  
    Total operating revenue   3,241,930     3,104,099     427,757  
    Operating cost            
    Cost of sales   (235,747 )   (262,032 )   (36,109 )
    Funding cost   (90,738 )   (83,004 )   (11,438 )
    Processing and servicing cost   (587,731 )   (551,141 )   (75,949 )
    Provision for financing receivables   (136,683 )   (182,149 )   (25,101 )
    Provision for contract assets and receivables   (165,942 )   (129,685 )   (17,871 )
    Provision for contingent guarantee liabilities   (828,377 )   (677,180 )   (93,318 )
    Total operating cost   (2,045,218 )   (1,885,191 )   (259,786 )
    Gross profit   1,196,712     1,218,908     167,971  
    Operating expenses:            
    Sales and marketing expenses   (417,617 )   (493,128 )   (67,955 )
    Research and development expenses   (134,982 )   (155,626 )   (21,446 )
    General and administrative expenses   (89,760 )   (100,753 )   (13,884 )
    Total operating expenses   (642,359 )   (749,507 )   (103,285 )
    Change in fair value of financial guarantee derivatives and loans at fair value   (315,923 )   74,639     10,286  
    Interest expense, net   (3,904 )   (4,702 )   (648 )
    Investment income/(loss)   90     (11,699 )   (1,612 )
    Others, net   20,425     3,832     528  
    Income before income tax expense   255,041     531,471     73,240  
    Income tax expense   (53,418 )   (101,147 )   (13,938 )
    Net income   201,623     430,324     59,302  
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
                 
    Net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.61     1.27     0.18  
    Diluted   0.60     1.20     0.16  
                 
    Net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.22     2.55     0.35  
    Diluted   1.21     2.39     0.33  
                 
    Weighted average ordinary shares outstanding            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   333,650,104     359,646,902     359,646,902  
    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Comprehensive Income
      For the Three Months Ended March 31,  
    (In thousands) 2024   2025  
      RMB   RMB   US$  
    Net income   201,623     430,324     59,302  
    Other comprehensive income            
    Foreign currency translation adjustment, net of nil tax   2,323     (2,259 )   (311 )
    Total comprehensive income   203,946     428,065     58,991  
    Total comprehensive income attributable to ordinary shareholders of the Company   203,946     428,065     58,991  
    LexinFintech Holdings Ltd.
    Unaudited Reconciliations of GAAP and Non-GAAP Results    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company            
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
    Add: Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense associated with convertible notes   5,322     –     –  
    Investment (income)/loss   (90 )   11,699     1,612  
    Adjusted net income attributable to ordinary shareholders of the Company   230,129     471,564     64,985  
                 
    Adjusted net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.70     1.39     0.19  
    Diluted   0.68     1.31     0.18  
                 
    Adjusted net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.39     2.79     0.38  
    Diluted   1.35     2.62     0.36  
                 
    Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   339,997,043     359,646,902     359,646,902  
                 
    Reconciliations of Non-GAAP EBIT to Net income            
    Net income   201,623     430,324     59,302  
    Add: Income tax expense   53,418     101,147     13,938  
    Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense, net   3,904     4,702     648  
    Investment (income)/loss   (90 )   11,699     1,612  
    Non-GAAP EBIT   282,129     577,413     79,571  


    Additional Credit Information

    Vintage Charge Off Curve1

    Dpd30+/GMV by Performance Windows1

    First Payment Default 30+1

    1. Loans facilitated under ICP are excluded from the chart.

    The MIL Network –

  • MIL-OSI: Oyster Enterprises II Acquisition Corp Announces the Upsized Pricing of $220,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Miami, Florida, May 21, 2025 (GLOBE NEWSWIRE) — Oyster Enterprises II Acquisition Corp (the “Company”) announced today the upsized pricing of its initial public offering of 22,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and begin trading tomorrow, May 22, 2025, under the ticker symbol “OYSEU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination.  There are no warrants issued publicly or privately in connection with this offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “OYSE” and “OYSER,” respectively. The offering is expected to close on May 23, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but is focused on industries that align with the background of the Company’s management team and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate and hospitality. The Company will also focus on AI companies positioned to complement or disrupt those industries, as well as companies within the digital assets and blockchain ecosystem.

    The Company’s management team is led by Mario Zarazua, its Chief Executive Officer and Vice Chairman, and Heath Freeman, its Chairman. In addition, the Board includes Divya Narendra, Lief Haniford and Jordan Fliegel. Randall D. Smith is an Advisor to the Company, and Mike Rollins is the Chief Financial Officer.

    BTIG, LLC is acting as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website, www.sec.gov.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on May 21, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Oyster Enterprises II Acquisition Corp
    801 Brickell Avenue, 8th Floor
    Miami, Florida, 33131
    Attn: Mario Zarazua, CEO and Vice Chairman
    mario@oysteracquisition.com
    (786) 744-7720
    www.oysteracquisition.com

    The MIL Network –

  • MIL-OSI USA: SPC May 21, 2025 1930 UTC Day 3 Severe Thunderstorm Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 211925

    Day 3 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0225 PM CDT Wed May 21 2025

    Valid 231200Z – 241200Z

    …THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS ACROSS PORTIONS
    OF THE CENTRAL AND SOUTHERN PLAINS…WESTERN TEXAS…AND THE EASTERN
    FLORIDA PENINSULA…

    …SUMMARY…
    A few strong to severe storms are possible across portions of the
    central Plains, western Texas, and across southeast Florida on
    Friday.

    …Synopsis…
    Upper ridging will persist over the central CONUS as a mid-level
    trough meanders along the East Coast and a second upper trough
    traverses the Interior West on Friday. Surface high pressure will
    dominate much of the central, northern, and eastern CONUS while a
    surface low develops over the central High Plains. Ahead of the
    surface low, adequate moisture return within a low-level warm-air
    advection regime will encourage thunderstorm development across
    portions of the central and southern Plains, with a few strong
    storms possible. Strong to potentially severe storms may also form
    over western TX as boundary layer mixing encourages the eastward
    advancement of the dryline, where low-level convergence will be
    maximized. A few strong storms may develop across eastern portions
    of the FL Peninsula ahead of a stalled frontal boundary.

    …Portions of the central and southern Plains…
    Multiple rounds of deep-moist convection are likely along a diffuse
    baroclinic boundary across the central Plains, driven primarily by a
    warm-air advection regime. Strong to severe storms are most likely
    during the afternoon and evening hours. By late afternoon,
    supercells may develop off of the higher terrain of northeastern
    Colorado as upslope flow and diurnal heating maximize lift amid 8-9
    C/km mid-level lapse rates and elongated hodographs. These storms
    may progress east-southeastward through the overnight hours,
    accompanied by some threat for large hail.

    …Portions of western Texas…
    As the dryline mixes eastward by afternoon peak heating, isolated
    but strong thunderstorms may develop atop a dry boundary layer,
    which may deepen to 700 mb. Given some hodograph elongation and over
    30 kts of effective bulk shear, some of these storms may develop
    into organized multicells. 9 C/km lapse rates characterizing the
    boundary layer will support severe gust potential with the stronger
    storms.

    …Portions of the eastern Florida Peninsula…
    Thunderstorms should develop ahead of a stalled front during the
    afternoon, where rich low-level moisture beneath modest mid-level
    lapse rates will contribute to over 2000 J/kg MLCAPE. With modestly
    elongated hodographs in place, multicells may form, accompanied by a
    sparse hail/wind threat.

    ..Squitieri.. 05/21/2025

    CLICK TO GET WUUS03 PTSDY3 PRODUCT

    NOTE: THE NEXT DAY 3 OUTLOOK IS SCHEDULED BY 0730Z

    MIL OSI USA News –

  • MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569   — —
    YoY change 9% 11%   — —
    Marketplace & Other revenue $44 $177   — —
    YoY change 14% 21%   — —
    Total revenue $189 $746   — —
    YoY change 10% 13%   — —
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154   — —
    Free cash flow — —   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating income of $6 million
    • Non-GAAP operating income of $33 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating income of between $85 million and $89 million
    • Non-GAAP operating income of between $178 million and $182 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax –     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax –     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative) —     —     —     1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756     –   – %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock –     –     –   n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax —     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received —     (170,281 )
    Purchases of investments —     (24,509 )
    Proceeds from sales of investments —     25,000  
    Proceeds from sale of strategic investment 763     —  
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations —     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities —     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )   —  
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 64     —  
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill —     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763     —  
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )   —  
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 128     —  
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax   –     387     598     805     1,790       –     –     1,688     –     1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875   —   —   —   1,875     —     —   —   —  
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax –   387 598 805   1,790   –   – 1,688 –   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875   – – –   1,875   –   – – –   –  
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     

     

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025    		   March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

    PDF available: http://ml.globenewswire.com/Resource/Download/d38f8ec4-85ab-47f8-b916-e99c4789ac26 

    The MIL Network –

  • MIL-OSI Submissions: Finland – Modirum Partners with State Networks Finland to Deliver Real-Time Group Video Services for Finland’s Nationwide Public Safety Network

    Source: Modirum

    Helsinki, Finland, 21.5.2025 – Modirum and State Networks Finland (Erillisverkot) have announced a strategic partnership to deploy real-time group video services on Virve 2, Finland’s next-generation nationwide public safety network. This collaboration introduces a cutting-edge video platform designed to improve situational awareness, operational coordination, and decision-making for authorities and organizations operating in safety-critical environments.

    Enhancing Situational Awareness and Operational Readiness with Secure, Mission-Critical Video Solutions

    Modern public safety operations demand fast and secure access to live information from the field. Modirum’s NSC3 Group Video Service enables the secure transmission of live video, audio, and location data between field units and command centers — empowering faster response, better coordination, and ultimately, saving lives.

    Already in operational use by several Finnish public safety organizations, the platform supports various video inputs, including body-worn cameras, vehicle-mounted systems, drones, and fixed surveillance units. Purpose-built for harsh operational environments, NSC3 ensures reliable, real-time collaboration for first responders and other mission-critical actors.

    “For data security reasons, videos captured by public authorities cannot travel through commercial networks. Together with Modirum, we’ve built a centralized, secure Group Video Service tailored for safety-critical organizations. It provides a highly reliable and encrypted way to transfer live video from the field to command centers.”
    — Tuomas Ahlfors, Product Manager, State Networks (Erillisverkot)

    “The Group Video Service has proven to be a critical operational tool, significantly enhancing situational awareness and resource coordination. It enables more agile deployments and better crisis response.”
    — Mauri Kataja, Account Manager, State Networks (Erillisverkot)

    “We are proud to partner with State Networks, a recognized European leader in secure public safety infrastructure. Their commitment to innovation and national resilience aligns closely with Modirum’s mission to deliver AI-driven, mission-critical platforms that strengthen operational capabilities in demanding conditions.”
    — Tero Silvola, CEO, Modirum

    About State Networks – Erillisverkot

    State Networks Finland is a government-owned special-purpose entity under the Prime Minister’s Office, responsible for safeguarding mission-critical communication and infrastructure services in all circumstances. Through its Virve 2 broadband network, it delivers secure communications and situational awareness solutions for emergency services, public authorities, and other essential actors in Finnish society.

    Learn more: https://www.erillisverkot.fi

    About NSC3 by Modirum

    NSC3 is Modirum’s advanced platform for real-time situational awareness and secure communications. Supporting input from drones, body cams, dash cams, and IP cameras, NSC3 delivers seamless video sharing and features the industry’s fastest patented video engine, integrated Push-to-Talk and messaging, and is optimized for low-latency performance in all network conditions.

    Learn more: https://modirumplatforms.com/platforms/critical-communication/nsc3

    Modirum

    Modirum is a leading innovator in delivering secure, AI-driven solutions for Critical Communications, Telecom, Finance, Public & Government, Health Care and Energy sectors. With a focus on platform development, our mission is to empower public safety organizations and businesses by enabling them to launch, deliver, and scale services more efficiently while maintaining trust, reliability, and innovation.

    With 27 years of experience and a team of 250+ experts, we’ve successfully executed 500+ projects across 30 countries. Our expert team partners with organizations to deliver cutting-edge solutions tailored to the unique needs of the industries we serve.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Tech – Europe’s Largest Inaugural Tech and Startup Event Opens in Berlin as the Continent Spurs Momentum for Open Innovation and AI Leadership

    Source: GITEX EUROPE x Ai Everything 2025

    EconomyEntrepreneurs / Start-UpTech / DigitalInnovation – Ministers and senior tech stakeholders from the European Union, Germany and the UAE inaugurate the momentous first edition of GITEX EUROPE x Ai Everything.

    Berlin, Germany – 21 May 2025: Berlin became the focal point of Europe’s tech momentum and global digital cooperation as GITEX EUROPE x Ai Everything 2025 opened its doors today at Messe Berlin, launching the region’s largest inaugural tech, startup and digital investment event to capacity crowds and the biggest, most international lineup of tech and businesses converging in Europe. The show arrives at an inflection point in Europe’s digital future, sparked by a continent-wide ‘Choose Europe’ movement to anchor the next wave of innovation, research, investment, talent and deep-tech breakthroughs on home ground; alongside a renewed impetus in Germany represented by the formation of a new government and the country’s first digital ministry taking stewardship on digital transformation, AI excellence and data policy.

    Born in the UAE with global editions now running in seven countries, GITEX is the world’s largest and best-rated tech and startup event, reflecting the UAE’s wider national commitment to global digital collaboration. With the show’s expansion into Europe, it echoes the UAE’s shared commitment to advance innovation and scientific frontiers, recently strengthened with Abu Dhabi’s MGX investment and Nvidia partnering to develop Europe’s largest AI data center campus (1) alongside the development of a new 5GW AI campus (2), the largest of its kind outside the US to be based in Abu Dhabi.

    Welcome addresses led the inauguration ceremony from European and global leaders, including Kai Wegner, Governing Mayor of Berlin; H.E. Alia Al Mazrouei, UAE Minister of State for Entrepreneurship; Clara Chappaz, the Minister of AI and Digital of France; Thomas Jarzombek, Parliamentary State Secretary at the Federal Minister for Digital and State Modernization, Germany; Jan Kavalírek, Deputy Minister of Industry and Trade, Czech Republic; Franziska Giffey, Mayor of Berlin & Senator for Economic Affairs, Energy and Public Enterprises; and Trixie LohMirmand, EVP of Dubai World Trade Centre, the global organiser of GITEX.

    With participation from over 100 countries, 1,400 tech companies, startups, and SMEs, more than 600 influential investors, and 500 industry leaders on-stage, the event sparked strategic dialogues on innovation, investment, policy shifts and business transformations, as well as catalysed collaborations at scale – across sectors and geographies. Taking place until 23 May at Messe Berlin, GITEX EUROPE x Ai Everything 2025 is organised in partnership with the Berlin Senate Department for Economics, Energy and Public Enterprises, Germany’s Federal Ministry for Economic Affairs and Climate Action, Berlin Partner for Business and Technology, and the European Innovation Council (EIC).

    Kai Wegner, Governing Mayor of Berlin: “The GITEX tech fair – which is taking place in Berlin for the very first time – brings founders from around the world, investors, and established companies together. As Germany’s startup capital, Berlin is the perfect place for GITEX. We want to create the best environment for founders in our city. Networking events and industry fairs like GITEX are part of that effort.”

    Her Excellency (H.E.) Alia Al Mazrouei, the UAE Minister of State for Entrepreneurship: “Moving beyond economic diplomacy, the UAE is now championing entrepreneurial diplomacy, guided by our diligent efforts in fostering global partnerships to empower entrepreneurs in the country. GITEX EUROPE’s vision of bringing together SMEs, investors, accelerators, incubators and industry leaders to ignite innovation, foster collaboration, and drive growth aligns with the UAE’s aspirations to strengthen partnerships with Europe in entrepreneurship and digital economy.”

    Clara Chappaz, the Minister of AI and Digital of France, commented on the development of AI: “When you were hear about Europe being a continent of regulation, this is the past. Today, Europe is all about innovation. More than ever, we have all the ingredients to succeed as Europeans building these amazing technologies when it comes to AI. The partnerships between France and Germany is extremely determined to accelerate Europe when it comes to innovation, and in particular when it comes to everything we can do on digital innovation.”

    Thomas Jarzombek, Parliamentary State Secretary at the Federal Minister for Digital and State Modernization reiterated: “It’s a great opportunity here to connect startups and also for investment opportunities right now here in Berlin. We have to move forward, faster than we did in the past. Easy for you to do business in Germany, easy for every citizen to do everything with an app and to digitalize things you have in our pocket right now.”

    Jan Kavalírek, Deputy Minister of Industry and Trade, Czech Republic: “One of our top priorities right now, is to create the best possible environment for AI researchers and to deploy artificial intelligence across all the industrial sector. This is the reason why we invest in AI heavily, both in software and in hardware infrastructure, and this is also the reason why we are glad to part of GITEX EUROPE.”

    Franziska Giffey, Mayor of Berlin and Senator for Economic Affairs, Energy and Public Enterprises: “We have more than 5,000 startup enterprises here in Berlin, and of course we want to do more. We want to be the number one innovation place in Europe. Whenever you think about coming to the place of freedom, the place of possibilities, come to Berlin.”

    Trixie LohMirmand, global organiser of GITEX: “As the world’s third largest economy, Germany’s market gravity and Europe’s openness create a powerful test-bed where capital, code and talent can cross-pollinate at speed, forging new collaborative forces across geographies and sectors. GITEX EUROPE proves that innovations can scale beyond borders, opening new markets and opportunities for Europe’s most ambitious companies.”

    Spanning high impact showcases and talks covering AI, cybersecurity, deep tech, green tech, quantum computing, SMEs, and startup, scaleup and investments, GITEX EUROPE x Ai Everything offers unmatched opportunities to access new markets, breakthrough technologies, industry transformations and business insights.

    Across the show floor, global tech enterprises including IBM, AWS, Bosch, Cisco, CrowdStrike, Dell, Fortinet, Lenovo, ManageEngine, NinjaOne, NVIDIA, and SAP, alongside over 750 startups from 60 countries, showcase how infrastructure, intelligence, and investment intersect to propel Europe’s digital future forward. From business leaders to AI architects, quantum researchers to CIOs, green tech innovators to global investors, the opening day’s gathering set the tone for decisive partnerships accelerating the continent’s AI and digital competitiveness.

    The opening day conference programme was headlined by Dr. Geoffrey Hinton, Nobel Physics Laureate and ‘Godfather of AI’ with a riveting keynote on ‘AI for Humanity’s Greatest Challenges’. In April 2025, the United Arab Emirates and European Union delivered a joint statement to begin dialogue toward a Comprehensive Economic Partnership Agreement (CEPA) (3) aimed at strengthening bilateral trade and investment ties across key sectors such as AI, advanced manufacturing, healthcare and more.

    GITEX EUROPE x Ai Everything leverages a powerful network of established relationships in tech, policy, investment and business spanning four regions and seven countries, with more new international editions in the wings. Currently the GITEX global network of events takes place in Abu Dhabi, Dubai, Germany, Morocco, Nigeria, Singapore, Thailand, and Vietnam.

    (1) https://fastcompanyme.com/news/nvidia-and-abu-dhabis-mgx-join-french-partners-to-build-europes-largest-ai-campus/
    (2) https://www.techrepublic.com/article/news-uae-us-ai-campus/
    (3) https://www.wam.ae/en/article/bj3wkyv-uae-president-president-european-commission-agree

    For more information, visit: www.gitex-europe.com.

    About GITEX EUROPE x Ai Everything 2025

    GITEX EUROPE x Ai Everything 2025, Europe’s most global, collaborative, and cross-industry tech event, taking place from May 21–23, 2025, at Messe Berlin, Germany. Convening over 1,400 exhibiting enterprises, SMEs and startups from 100-plus countries, alongside over 600 investors, and 500 expert speakers across AI, Deep Tech, Quantum, Cybersecurity, Connectivity, Smart Cities, Green Tech, and many more, GITEX EUROPE x Ai Everything is advancing the continent’s digital future in partnership with the world. This inaugural edition features the new SMEDEX, GITEX SCALEX, and GQX, and brings to Germany the world’s largest and best-rated startup and investor event – North Star Europe. GITEX EUROPE x Ai Everything is seamlessly connected with the GITEX network of tech and startup events in Germany, Morocco, Nigeria, Singapore, Thailand, UAE, and Vietnam. For more information, please visit: www.gitex-europe.com

    MIL OSI – Submitted News –

  • MIL-OSI USA: Rep. Loudermilk’s TAILOR Act Passes Key House Committee – U.S. Representative Barry Loudermilk

    Source: United States House of Representatives – Representative Barry Loudermilk (R-GA)

    Washington, D.C. (May 21, 2025) | Rep. Barry Loudermilk (GA-11) issued the following statement after the House Committee on Financial Services passed his TAILOR Act (H.R. 3380):

    “In 1776 Thomas Paine wrote, ‘…government, even in its best state, is but a necessary evil; in its worst state an intolerable one…’ For many small businesses, trying to comply with droves of complex government regulations has become an intolerable evil, especially for our small community banks. Georgia has lost more banks than any other state, due to the overwhelming cost of government compliance.

    “While big banks have an abundance of lawyers and compliance specialists to comply with the myriad of federal regulations, small firms struggle to meet these complex and often conflicting regulations. Small banks tell me that trying to comply with one-size-fits-all regulations is like a slow and painful death by a thousand cuts.

    “This is why I introduced the TAILOR Act, which will require federal regulators to tailor their regulations in accordance with the size, business model, and risk of each type of firm that they regulate. This will allow these smaller banks and financial institutions to operate more efficiently, without fear of succumbing to the pressures of overly burdensome government regulations that were designed for big banks and larger financial institutions.”

    Background
    • This bill would require federal financial regulators to tailor the scope of their regulations to fit the risk profiles of individual business models.
    • Currently, most regulatory tailoring is done by asset value. This has the unintended consequence of deterring banks from passing key milestones due to the new regulatory requirements that would kick in on the other side, thus slowing healthy growth.
    • Risk-based tailoring is a much more customized approach, allowing banks to take healthy risks and truly innovate. Because the financial services industry can’t ‘innovate’ in the same way that a factory might innovate, by inventing a new and faster machine or process, much of the innovation depends on adopting new business models.

    Click here to read full bill text

    MIL OSI USA News –

  • MIL-OSI: NowVertical Group Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company Hosting Investor Webinar on Thursday May 22, 2025, at 10:00 AM EST

    • Q1 2025 revenue was $10.4 million, up 23% Y/Y excluding recent divestitures
    • Q1 2025 Income from Operations was $1.5 million, up 1,253% Y/Y excluding recent divestitures
    • Q1 2025 Adjusted EBITDA was $2.5 million, up 119% Y/Y excluding recent divestitures

    TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (“NOW” or the “Company”), a leader in AI-driven data solutions, announces financial results for its first fiscal quarter ended March 31, 2025. Unless otherwise specified, all dollar amounts are expressed in U.S. dollars. Management will host an investor webinar at 10:00 AM EST (7:00 AM PST) on Thursday May 22nd, to discuss the Company’s financial and business results.

    Selected Financial Highlights for the Three Months Ended March 31, 2025:

    • Revenue was $10.4 million in the three months ended March 31, 2025 (“Q1 2025”), a 20% decrease from $12.9 million for the three months ending March 31, 2024 (“Q1 2024”). Excluding the disposition of Allegient Defense, Inc. (“Allegient”) on May 24, 2024, Q1 2024 revenue was $8.4 million, translating to a year-over-year growth of 23%.
    • Gross Profit was $5.1 million in Q1 2025, a 15% decrease from $6.0 million in Q1 2024. Excluding the Allegient business, Q1 2024 gross profit was $4.5 million, translating to a year-over year increase of 15%.
    • Administrative Expenses were $3.6 million in Q1 2025, a 38% decrease from $5.8 million in Q1 2024. Excluding the Allegient business, Q1 2024 administrative expenses were $4.6 million, translating to a year-over-year decrease of 22%.
    • Income from Operations was $1.5 million in Q1 2025, a 660% increase from $0.2 million in Q1 2024. Excluding the Allegient business, Q1 2024 had a Loss from Operations of $0.1 million, translating to a year-over-year increase of 1,253%.
    • Adjusted EBITDA was $2.5 million in Q1 2025, a 69% increase from $1.5 million in Q1 2024. Excluding the Allegient business, Adjusted EBITDA was $1.2 million in Q1 2024, translating to a year-over-year increase of 119%.
    • Net Loss was $0.7 million in Q1 2025, a 55% decrease from $1.5 million in Q1 2024. Excluding the Allegient business, Net Loss was $1.9 million in Q1 2024, translating to a year-over-year decrease of 63%.

    “NOW again delivered a strong quarter and continues to demonstrate its transformation into a business defined by consistency, stability, and sustainable performance. Q1 2025 marks our fifth consecutive quarter of continuous growth and operational improvement, underscoring our momentum across the business,” said Sandeep Mendiratta, CEO of NOW. “We delivered Adjusted EBITDA of $2.5 million, representing an EBITDA margin of 24%, in line with our $10 million annual run-rate target. Our 23% year-over-year revenue growth is a direct result of disciplined execution and a sharpened operational focus. We have successfully renegotiated acquisition-related liabilities, unlocking an estimated $5.4 million in cash savings and improving our payment schedules. These efforts have strengthened our balance sheet and position us for sustained organic revenue growth with strong margins across our core markets.”

    Q1 2025 and Subsequent Business Highlights:

    • May 13, 2025: Announced that the company was named Qlik Latin America Channel Growth Partner of the Year 2024. The award highlights NOW’s ability to scale customer impact and accelerate business value.
    • May 08, 2025:  Announced its UK operations have been recognised as a Google Cloud Premier Partner, the highest designation within the Google Cloud Partner Advantage programme.
    • April 22, 2025: The company announced that further to its news release on March 10, 2025, it has settled aggregate of CAD$35,220.62 representing the net amount of certain bonus entitlements owing to certain employees through the issuance of an aggregate of 93,917 Class A Subordinate voting shares in the capital of the Company
    • April 17, 2025: NOW announced the launch of its flagship Data Catalyst Solution on the Microsoft Azure Marketplace, reinforcing the Company’s strategic positioning at the intersection of enterprise AI, data infrastructure modernisation, and Microsoft ecosystem expansion.
    • April 14, 2025: The company announced that it will be presenting at the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub.
    • April 08, 2025: Announced that it has received the 2025 Google Cloud Data & Analytics Partner of the Year award for Latin America.
    • April 01, 2025: NOW announced its 2024 record financial results.

    Q1 2025 Financial Results Investor Webinar:

    The Company invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming webinar. Management will discuss Q1 2025 results, followed by a question-and-answer session.

    Investor Webinar Registration:

    Time: Thursday, May 22, 2025, 10:00 AM in Eastern Time (US and Canada)

    Registration Link: 
    https://us02web.zoom.us/webinar/register/WN_81iVl2rzQrS7E0lJ7xjlPA

    A recording of the webinar and supporting materials will be made available in the investor’s section of the Company’s website at https://www.nowvertical.com/news-and-media.

    Additional Information:

    The Company’s first quarter 2025 condensed consolidated interim financial statements, notes to financial statements, and management’s discussion and analysis for the three ended March 31, 2025, are available on the Company’s SEDAR+ profile at www.sedarplus.com. Unless otherwise indicated, all references to “$” in this press release refer to US dollars, and all references to “CAD$” in this press release refer to Canadian dollars.

    About NowVertical Group Inc.

    The Company is a data analytics and AI solutions company offering comprehensive solutions, software and services. As a global provider, we deliver cutting-edge data, technology, and artificial intelligence (AI) applications to private and public enterprises. Our solutions form the bedrock of modern enterprises, converting data investments into business solutions. NOW is growing organically and through strategic acquisitions. For further details about NOW, please visit www.nowvertical.com.

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

    For further information, please contact:

    Andre Garber, CDO 
    IR@nowvertical.com 
    +1(647)947-0223 

    Investor Relations:  
    Bristol Capital Ltd.
    Stefan Eftychiou
    stefan@bristolir.com
    +1(905)326-1888 x60 

    Cautionary Note Regarding Non-IFRS Measures:

    This news release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non IFRS financial measures including “EBITDA”, and “Adjusted EBITDA”. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and to eliminate items that have less bearing on our operational performance or operating conditions and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and prepare annual budgets and forecasts.

    Non-IFRS Measures:

    The non-IFRS financial measures referred to in this news release are defined below. The management discussion and analysis for the three months ended March 31, 2025, available at nowvertical.com and on SEDAR+ at www.sedarplus.com contains supporting calculations for Adjusted Revenue, EBITDA % and Adjusted EBITDA

    “Adjusted EBITDA” adjusts net income (loss) before depreciation and amortization expenses, net interest costs, and provision for income taxes for revenue adjustments in “Adjusted Revenue” and items such as acquisition accounting adjustments, transaction expenses related to acquisitions, transactional gains or losses on assets, asset impairment charges, non-recurring expense items, non-cash stock compensation costs, and the full year impact of cost synergies related to restructuring activities, such as a reduction of employees.

    “EBITDA %” is defined as Adjusted EBITDA as a percentage of Adjusted Revenue.

    “Adjusted Revenue” adjusts revenue to eliminate the effects of acquisition accounting on the Company’s revenues, which predominantly pertain to fair market value adjustments to the opening deferred revenue balances of acquired companies.

    Cautionary note regarding Forward-Looking Statements

    This news release may contain forward-looking statements and forward-looking information (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

    All of the forward-looking statement contained in this press release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward -looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

    The MIL Network –

  • MIL-OSI USA: Rep. Clyde Leads Letter Requesting Risk Assessment of Chatuge Dam & Economic Impact Analysis for Spillway Safety Modifications

    Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

    GAINESVILLE, GA — Today, Reps. Andrew Clyde (GA-09) and Chuck Edwards (NC-11) sent a letter to Tennessee Valley Authority (TVA) President and CEO Don Moul advocating for a sensible approach to address Chatuge Dam spillway safety concerns. Additionally, the lawmakers requested critical information central to the modifications, including the TVA’s completed risk assessment and a comprehensive economic impact analysis of each proposal. 

    Reps. Clyde and Edwards highlight the potential economic impacts that TVA’s current proposals would have on their communities:

    “We are writing to express our grave concern regarding the proposed Chatuge Dam Spillway Safety Modifications at Lake Chatuge, which is located in both of our districts. While we recognize the critical importance of ensuring the safe operation of Chatuge Dam – and safeguarding the many residents living in the valleys below – we urge you to carefully consider the potential economic impacts that any lake drawdowns would have on the residents and small business owners of the mountain communities of Hiawassee, Georgia, and Hayesville, North Carolina. These towns and surrounding mountain communities rely heavily on Lake Chatuge’s recreational tourism during the summer months to sustain their rural economies.”

    The lawmakers detail how devastating a potential lake drawdown would be for North Georgia and Western North Carolina:

    “…the proposals outlined by the TVA for potential repairs include lake drawdowns to an elevation as low as 1,908 feet – 10 feet below the normal winter pool – for the entire duration of the construction project, with some proposals expected to last as long as eight years. Such drawdowns would devastate the rural, mountain economies of surrounding towns, including Hiawassee, Georgia and Hayesville, North Carolina – leading to the shuttering of small businesses, the displacement of rural workers, and the upending of these communities for decades to come. For example, a 2021 assessment by the University of Georgia found that Towns County’s tourism-related output was $117.4 million, supporting 1,362 jobs or approximately 24% of county employment, and generated $30.8 million in wages.”

    Additionally, the lawmakers share their constituents’ serious concerns about the TVA’s proposals: 

    “Residents across Towns County, Georgia and Clay County, North Carolina have contacted our offices to express serious concerns about the potential economic impacts of the TVA’s proposed lake drawdowns on their small businesses and financial futures.

    “One constituent shared how the proposed drawdown would diminish the time they cherish with friends and family on the lake. A local business owner, whose livelihood depends on Lake Chatuge’s seasonal tourism, wrote about the devastating economic consequences an eight-year drawdown would have for Towns County: ‘Implementing a drawdown of this magnitude and duration threatens to eliminate thousands of jobs… bankrupt numerous businesses… [and] erode the tax base.’”

    In closing, Reps. Clyde and Edwards request critical information central to the TVA’s spillway modification proposals:

    “Specifically, we request that the Tennessee Valley Authority:

    • Publish the TVA’s completed risk assessment of the Chatuge Dam;
    •  Commission a comprehensive economic impact analysis for each proposal outlined in the April 2025 Notice of Intent (NOI);
    •   Explore mitigation measures that would minimize economic harm, such as restricting drawdowns to recreation off-seasons.


    “We further ask that the TVA maintain full transparency in its communications with our offices and with the residents of surrounding communities throughout the Lake Chatuge dam modification process. We look forward to working with local officials, stakeholders, and TVA to reach the best solution that effectively balances the safety of spillway operations and the continued economic prosperity of our mountain communities.”

    Read the full letter HERE.

    Background

    A recent TVA study identified a key vulnerability in the spillway of Chatuge Dam. While the conditions of the current spillway are not an emergency, the TVA is aiming to improve the safety of the spillway to reduce the risk of the dam’s long-term operations. The TVA study has judged the spillway at Chatuge Dam exhibits some of the vulnerabilities that led to the damage and failure of the Oroville Dam spillway in California. To address the issue, the agency announced four potential alternatives for a long-term solution.

    Last month, Rep. Clyde visited the Chatuge Dam with Towns County Sole Commissioner Cliff Bradshaw, Towns County EMA Director Marty Roberts, and members of Rep. Chuck Edwards’ staff to meet with Tennessee Valley Authority officials and discuss the TVA’s proposed plans to address spillway safety concerns.

    Additional information on the Tennessee Valley Authority receiving public input on Chatuge Dam safety modifications can be found HERE.

    Details on the TVA’s notice of intent, including proposed plans, is available in the Federal Register HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Clyde Leads Letter Requesting Risk Assessment of Chatuge Dam & Economic Impact Analysis for Spillway Safety Modifications

    Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

    GAINESVILLE, GA — Today, Reps. Andrew Clyde (GA-09) and Chuck Edwards (NC-11) sent a letter to Tennessee Valley Authority (TVA) President and CEO Don Moul advocating for a sensible approach to address Chatuge Dam spillway safety concerns. Additionally, the lawmakers requested critical information central to the modifications, including the TVA’s completed risk assessment and a comprehensive economic impact analysis of each proposal. 

    Reps. Clyde and Edwards highlight the potential economic impacts that TVA’s current proposals would have on their communities:

    “We are writing to express our grave concern regarding the proposed Chatuge Dam Spillway Safety Modifications at Lake Chatuge, which is located in both of our districts. While we recognize the critical importance of ensuring the safe operation of Chatuge Dam – and safeguarding the many residents living in the valleys below – we urge you to carefully consider the potential economic impacts that any lake drawdowns would have on the residents and small business owners of the mountain communities of Hiawassee, Georgia, and Hayesville, North Carolina. These towns and surrounding mountain communities rely heavily on Lake Chatuge’s recreational tourism during the summer months to sustain their rural economies.”

    The lawmakers detail how devastating a potential lake drawdown would be for North Georgia and Western North Carolina:

    “…the proposals outlined by the TVA for potential repairs include lake drawdowns to an elevation as low as 1,908 feet – 10 feet below the normal winter pool – for the entire duration of the construction project, with some proposals expected to last as long as eight years. Such drawdowns would devastate the rural, mountain economies of surrounding towns, including Hiawassee, Georgia and Hayesville, North Carolina – leading to the shuttering of small businesses, the displacement of rural workers, and the upending of these communities for decades to come. For example, a 2021 assessment by the University of Georgia found that Towns County’s tourism-related output was $117.4 million, supporting 1,362 jobs or approximately 24% of county employment, and generated $30.8 million in wages.”

    Additionally, the lawmakers share their constituents’ serious concerns about the TVA’s proposals: 

    “Residents across Towns County, Georgia and Clay County, North Carolina have contacted our offices to express serious concerns about the potential economic impacts of the TVA’s proposed lake drawdowns on their small businesses and financial futures.

    “One constituent shared how the proposed drawdown would diminish the time they cherish with friends and family on the lake. A local business owner, whose livelihood depends on Lake Chatuge’s seasonal tourism, wrote about the devastating economic consequences an eight-year drawdown would have for Towns County: ‘Implementing a drawdown of this magnitude and duration threatens to eliminate thousands of jobs… bankrupt numerous businesses… [and] erode the tax base.’”

    In closing, Reps. Clyde and Edwards request critical information central to the TVA’s spillway modification proposals:

    “Specifically, we request that the Tennessee Valley Authority:

    • Publish the TVA’s completed risk assessment of the Chatuge Dam;
    •  Commission a comprehensive economic impact analysis for each proposal outlined in the April 2025 Notice of Intent (NOI);
    •   Explore mitigation measures that would minimize economic harm, such as restricting drawdowns to recreation off-seasons.


    “We further ask that the TVA maintain full transparency in its communications with our offices and with the residents of surrounding communities throughout the Lake Chatuge dam modification process. We look forward to working with local officials, stakeholders, and TVA to reach the best solution that effectively balances the safety of spillway operations and the continued economic prosperity of our mountain communities.”

    Read the full letter HERE.

    Background

    A recent TVA study identified a key vulnerability in the spillway of Chatuge Dam. While the conditions of the current spillway are not an emergency, the TVA is aiming to improve the safety of the spillway to reduce the risk of the dam’s long-term operations. The TVA study has judged the spillway at Chatuge Dam exhibits some of the vulnerabilities that led to the damage and failure of the Oroville Dam spillway in California. To address the issue, the agency announced four potential alternatives for a long-term solution.

    Last month, Rep. Clyde visited the Chatuge Dam with Towns County Sole Commissioner Cliff Bradshaw, Towns County EMA Director Marty Roberts, and members of Rep. Chuck Edwards’ staff to meet with Tennessee Valley Authority officials and discuss the TVA’s proposed plans to address spillway safety concerns.

    Additional information on the Tennessee Valley Authority receiving public input on Chatuge Dam safety modifications can be found HERE.

    Details on the TVA’s notice of intent, including proposed plans, is available in the Federal Register HERE.

    MIL OSI USA News –