Category: Machine Learning

  • MIL-OSI: Intermap Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    For the first quarter ending March 31, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Learn more about Intermap here.

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

    About Intermap Technologies 

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

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

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

    The updated release reads:

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

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

    Operating Progress: Recent Highlights

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

    First Quarter 2025 Financial Highlights

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

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

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

    Second Quarter and Full Year 2025 Business Outlook

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

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

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

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

    • We expect gross originations to grow at least 20%

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

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

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

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

    Conference Call and Webcast

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

    About Katapult

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

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

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

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

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

    Key Performance Metrics

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

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

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

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

    Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

    The MIL Network

  • MIL-OSI: Applied Materials Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue $7.10 billion, up 7 percent year over year
    • GAAP gross margin 49.1 percent and non-GAAP gross margin 49.2 percent
    • GAAP operating margin 30.5 percent and non-GAAP operating margin 30.7 percent
    • Record GAAP EPS $2.63 and record non-GAAP EPS $2.39, up 28 percent and 14 percent year over year, respectively
    • Generated $1.57 billion in cash from operations and distributed $2.00 billion to shareholders including $1.67 billion in share repurchases and $325 million in dividends

    SANTA CLARA, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended Apr. 27, 2025.

    “Applied Materials’ broad capabilities and connected product portfolio are driving strong results in 2025 amidst a highly dynamic macro environment,” said Gary Dickerson, President and CEO. “High-performance, energy-efficient AI computing remains the dominant driver of semiconductor innovation, and Applied is working closely with our customers and partners to accelerate the industry’s roadmap. We are very well positioned at major technology inflections in fast-growing areas of the market, which supports our multi-year growth trajectory.”

    “We delivered strong performance in our second fiscal quarter with seven percent year-over-year revenue growth, record earnings per share and shareholder distributions of nearly $2 billion,” said Brice Hill, Senior Vice President and CFO. “Despite the dynamic economic and trade environment, we have not seen significant changes to customer demand and are well-equipped to navigate evolving conditions with our robust global supply chain and diversified manufacturing footprint.”

    Results Summary

      Q2 FY2025   Q2 FY2024   Change
      (In millions, except per share amounts and percentages)
    Net revenue $ 7,100     $ 6,646     7%
    Gross margin   49.1 %     47.4 %   1.7 points
    Operating margin   30.5 %     28.8 %   1.7 points
    Net income $ 2,137     $ 1,722     24%
    Diluted earnings per share $ 2.63     $ 2.06     28%
    Non-GAAP Results          
    Non-GAAP gross margin   49.2 %     47.5 %   1.7 points
    Non-GAAP operating margin   30.7 %     29.0 %   1.7 points
    Non-GAAP net income $ 1,940     $ 1,744     11%
    Non-GAAP diluted EPS $ 2.39     $ 2.09     14%
    Non-GAAP free cash flow $ 1,061     $ 1,135     (7)%
                       

    A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

    Business Outlook

    Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the third quarter of fiscal 2025 are expected to be approximately as follows:

             
      Q3 FY2025
    (In millions, except percentage and per share amounts)  
    Total net revenue $ 7,200   +/-   $ 500  
    Non-GAAP gross margin   48.3 %      
    Non-GAAP diluted EPS $ 2.35   +/-   $ 0.20  
                     

    This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

    Second Quarter Reportable Segment Information

    Semiconductor Systems Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 5,255     $ 4,901  
    Foundry, logic and other   65 %     65 %
    DRAM   27 %     32 %
    Flash memory   8 %     3 %
    Operating income $ 1,900     $ 1,701  
    Operating margin   36.2 %     34.7 %
    Non-GAAP Results    
    Non-GAAP operating income $ 1,911     $ 1,711  
    Non-GAAP operating margin   36.4 %     34.9 %
    Applied Global Services Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 1,566     $ 1,530  
    Operating income $ 446     $ 436  
    Operating margin   28.5 %     28.5 %
    Non-GAAP Results    
    Non-GAAP operating income $ 446     $ 436  
    Non-GAAP operating margin   28.5 %     28.5 %
    Display Q2 FY2025   Q2 FY2024
    (in millions, except percentages)  
    Net revenue $ 259     $ 179  
    Operating income $ 68     $ 5  
    Operating margin   26.3 %     2.8 %
    Non-GAAP Results    
    Non-GAAP operating income $ 68     $ 5  
    Non-GAAP operating margin   26.3 %     2.8 %
    Corporate and Other Q2 FY2025   Q2 FY2024
    (in millions)  
    Unallocated net revenue $ 20     $ 36  
    Unallocated cost of products sold and expenses   (265 )     (266 )
    Total $ (245 )   $ (230 )
                   

    Use of Non-GAAP Financial Measures

    Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

    Webcast Information

    Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com . A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the third quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures, including their impact on demand for our products and services; our ability to effectively mitigate the impact of tariffs; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

    About Applied Materials

    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Investor Relations Contact:
    Liz Morali (408) 986-7977
    liz_morali@amat.com

    Media Contact:
    Ricky Gradwohl (408) 235-4676
    ricky_gradwohl@amat.com

     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
           
      Three Months Ended   Six Months Ended
    (In millions, except per share amounts) April 27,
    2025
      April 28,
    2024
      April 27,
    2025
      April 28,
    2024
    Net revenue $ 7,100     $ 6,646     $ 14,266     $ 13,353  
    Cost of products sold   3,615       3,493       7,285       6,996  
    Gross profit   3,485       3,153       6,981       6,357  
    Operating expenses:              
    Research, development and engineering   893       785       1,752       1,539  
    Marketing and selling   216       209       422       416  
    General and administrative   207       247       463       523  
    Total operating expenses   1,316       1,241       2,637       2,478  
    Income from operations   2,169       1,912       4,344       3,879  
    Interest expense   68       59       132       118  
    Interest and other income (expense), net   221       141       229       536  
    Income before income taxes   2,322       1,994       4,441       4,297  
    Provision for income taxes   185       272       1,119       556  
    Net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Earnings per share:              
    Basic $ 2.64     $ 2.08     $ 4.10     $ 4.50  
    Diluted $ 2.63     $ 2.06     $ 4.08     $ 4.47  
    Weighted average number of shares:              
    Basic   809       830       811       831  
    Diluted   812       836       815       837  
                                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
           
    (In millions) April 27,
    2025
      October 27,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 6,169     $ 8,022  
    Short-term investments   578       1,449  
    Accounts receivable, net   6,187       5,234  
    Inventories   5,656       5,421  
    Other current assets   1,118       1,094  
    Total current assets   19,708       21,220  
    Long-term investments   3,638       2,787  
    Property, plant and equipment, net   3,832       3,339  
    Goodwill   3,748       3,732  
    Purchased technology and other intangible assets, net   249       249  
    Deferred income taxes and other assets   2,457       3,082  
    Total assets $ 33,632     $ 34,409  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Short-term debt $ 799     $ 799  
    Accounts payable and accrued expenses   4,706       4,820  
    Contract liabilities   2,491       2,849  
    Total current liabilities   7,996       8,468  
    Long-term debt   5,462       5,460  
    Income taxes payable   321       670  
    Other liabilities   892       810  
    Total liabilities   14,671       15,408  
    Total stockholders’ equity   18,961       19,001  
    Total liabilities and stockholders’ equity $ 33,632     $ 34,409  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
           
      Three Months Ended   Six Months Ended
    (In millions) April 27,
    2025
      April 28,
    2024
    April 27,
    2025
      April 28,
    2024
    Cash flows from operating activities:              
    Net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Adjustments required to reconcile net income to cash provided by operating activities:              
    Depreciation and amortization   103       96       208       187  
    Share-based compensation   159       134       354       304  
    Deferred income taxes   4       (134 )     672       (206 )
    Other   (109 )     (12 )     (14 )     (247 )
    Net change in operating assets and liabilities   (723 )     (414 )     (2,046 )     (62 )
    Cash provided by operating activities   1,571       1,392       2,496       3,717  
    Cash flows from investing activities:              
    Capital expenditures   (510 )     (257 )     (891 )     (486 )
    Cash paid for acquisitions, net of cash acquired   (1 )           (29 )      
    Proceeds from asset sale   33             33        
    Proceeds from sales and maturities of investments   1,921       582       3,144       1,113  
    Purchases of investments   (1,222 )     (474 )     (2,933 )     (1,223 )
    Cash provided by (used in) investing activities   221       (149 )     (676 )     (596 )
    Cash flows from financing activities:              
    Proceeds from issuance of commercial paper   100       100       300       200  
    Repayments of commercial paper   (100 )     (100 )     (300 )     (200 )
    Proceeds from common stock issuances   129       119       129       119  
    Common stock repurchases   (1,670 )     (820 )     (2,988 )     (1,520 )
    Tax withholding payments for vested equity awards   (35 )     (41 )     (177 )     (233 )
    Payments of dividends to stockholders   (325 )     (266 )     (651 )     (532 )
    Payments of debt issuance costs   (2 )           (2 )      
    Repayments of principal on finance leases         (14 )           (13 )
    Cash used in financing activities   (1,903 )     (1,022 )     (3,689 )     (2,179 )
    Increase (decrease) in cash, cash equivalents and restricted cash equivalents   (111 )     221       (1,869 )     942  
    Cash, cash equivalents and restricted cash equivalents—beginning of period   6,355       6,954       8,113       6,233  
    Cash, cash equivalents and restricted cash equivalents — end of period $ 6,244     $ 7,175     $ 6,244     $ 7,175  
                   
    Reconciliation of cash, cash equivalents, and restricted cash equivalents              
    Cash and cash equivalents $ 6,169     $ 7,085     $ 6,169     $ 7,085  
    Restricted cash equivalents included in deferred income taxes and other assets   75       90       75       90  
    Total cash, cash equivalents, and restricted cash equivalents $ 6,244     $ 7,175     $ 6,244     $ 7,175  
                   
    Supplemental cash flow information:              
    Cash payments for income taxes $ 763     $ 467     $ 833     $ 606  
    Cash refunds from income taxes $ 5     $ 3     $ 75     $ 5  
    Cash payments for interest $ 68     $ 68     $ 120     $ 102  
                                   

    Additional Information

      Q2 FY2025   Q2 FY2024
    Net Revenue by Geography (In millions)  
    United States $ 808     $ 853  
    % of Total   11 %     13 %
    Europe $ 252     $ 289  
    % of Total   4 %     4 %
    Japan $ 572     $ 453  
    % of Total   8 %     7 %
    Korea $ 1,562     $ 988  
    % of Total   22 %     15 %
    Taiwan $ 1,997     $ 1,019  
    % of Total   28 %     15 %
    Southeast Asia $ 135     $ 213  
    % of Total   2 %     3 %
    China $ 1,774     $ 2,831  
    % of Total   25 %     43 %
           
    Employees(In thousands)      
    Regular Full Time   36.0       34.8  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except percentages) April 27,
    2025
      April 28,
    2024
      April 27,
    2025
      April 28,
    2024
    Non-GAAP Gross Profit              
    GAAP reported gross profit $ 3,485     $ 3,153     $ 6,981     $ 6,357  
    Certain items associated with acquisitions1   6       7       13       14  
    Non-GAAP gross profit $ 3,491     $ 3,160     $ 6,994     $ 6,371  
    Non-GAAP gross margin   49.2 %     47.5 %     49.0 %     47.7 %
    Non-GAAP Operating Income              
    GAAP reported operating income $ 2,169     $ 1,912     $ 4,344     $ 3,879  
    Certain items associated with acquisitions1   11       10       23       21  
    Acquisition integration and deal costs         5       3       8  
    Non-GAAP operating income $ 2,180     $ 1,927     $ 4,370     $ 3,908  
    Non-GAAP operating margin   30.7 %     29.0 %     30.6 %     29.3 %
    Non-GAAP Net Income              
    GAAP reported net income $ 2,137     $ 1,722     $ 3,322     $ 3,741  
    Certain items associated with acquisitions1   11       10       23       21  
    Acquisition integration and deal costs         5       3       8  
    Realized loss (gain), dividends and impairments on strategic investments, net   (18 )     (3 )     (27 )     (4 )
    Unrealized loss (gain) on strategic investments, net   (80 )     (20 )     26       (300 )
    Foreign exchange loss (gain) related to purchase of strategic investment   23             23        
    Loss (gain) on asset sale   (44 )           (44 )      
    Income tax effect of share-based compensation2   4       11       (6 )     (15 )
    Income tax effects related to intra-entity intangible asset transfers3   32       18       706       40  
    Resolution of prior years’ income tax filings and other tax items   (124 )           (140 )     33  
    Income tax effect of non-GAAP adjustments4   (1 )     1             2  
    Non-GAAP net income $ 1,940     $ 1,744     $ 3,886     $ 3,526  
    1   These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
         
    2   GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.
         
    3   Amount for the six months ended April 27, 2025, included changes to income tax provision of $62 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.
         
    4   Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
         
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except per share amounts) April 27,
    2025
      April 28,
    2024
      April 27,
    2025
      April 28,
    2024
    Non-GAAP Earnings Per Diluted Share              
    GAAP reported earnings per diluted share $ 2.63     $ 2.06     $ 4.08     $ 4.47  
    Certain items associated with acquisitions   0.01       0.01       0.02       0.02  
    Acquisition integration and deal costs         0.01             0.01  
    Realized loss (gain), dividends and impairments on strategic investments, net   (0.02 )           (0.03 )      
    Unrealized loss (gain) on strategic investments, net   (0.10 )     (0.02 )     0.03       (0.36 )
    Foreign exchange loss (gain) related to purchase of strategic investment   0.03             0.03        
    Loss (gain) on asset sale   (0.05 )           (0.05 )      
    Income tax effect of share-based compensation         0.01       (0.01 )     (0.02 )
    Income tax effects related to intra-entity intangible asset transfers1   0.04       0.02       0.87       0.05  
    Resolution of prior years’ income tax filings and other tax items   (0.15 )           (0.17 )     0.04  
    Non-GAAP earnings per diluted share $ 2.39     $ 2.09     $ 4.77     $ 4.21  
    Weighted average number of diluted shares   812       836       815       837  
    1   Amount for the six months ended April 27, 2025, included changes to income tax provision of $0.08 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.
         
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
           
      Three Months Ended   Six Months Ended
    (In millions, except percentages) April 27,
    2025
      April 28,
    2024
      April 27,
    2025
      April 28,
    2024
    Semiconductor Systems Non-GAAP Operating Income              
    GAAP reported operating income $ 1,900     $ 1,701     $ 3,886     $ 3,445  
    Certain items associated with acquisitions1   11       10       23       20  
    Non-GAAP operating income $ 1,911     $ 1,711     $ 3,909     $ 3,465  
    Non-GAAP operating margin   36.4 %     34.9 %     36.8 %     35.3 %
    Applied Global Services Non-GAAP Operating Income              
    GAAP reported operating income $ 446     $ 436     $ 893     $ 853  
    Non-GAAP operating income $ 446     $ 436     $ 893     $ 853  
    Non-GAAP operating margin   28.5 %     28.5 %     28.3 %     28.4 %
    Display Non-GAAP Operating Income              
    GAAP reported operating income $ 68     $ 5     $ 82     $ 30  
    Non-GAAP operating income $ 68     $ 5     $ 82     $ 30  
    Non-GAAP operating margin   26.3 %     2.8 %     18.6 %     7.1 %
      These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
         

    Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
       
      Three Months Ended
    (In millions, except percentages) April 27, 2025
       
    GAAP provision for income taxes (a) $ 185  
    Income tax effect of share-based compensation   (4 )
    Income tax effects related to intra-entity intangible asset transfers   (32 )
    Resolutions of prior years’ income tax filings and other tax items   124  
    Income tax effect of non-GAAP adjustments   1  
    Non-GAAP provision for income taxes (b) $ 274  
       
    GAAP income before income taxes (c) $ 2,322  
    Certain items associated with acquisitions   11  
    Realized loss (gain), dividends and impairments on strategic investments, net   (18 )
    Unrealized loss (gain) on strategic investments, net   (80 )
    Foreign exchange loss (gain) related to purchase of strategic investment   23  
    Loss (gain) on asset sale   (44 )
    Non-GAAP income before income taxes (d) $ 2,214  
       
    GAAP effective income tax rate (a/c)   8.0 %
       
    Non-GAAP effective income tax rate (b/d)   12.4 %
           
     
    UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
           
      Three Months Ended   Six Months Ended
    (In millions) April 27,
    2025
      April 28,
    2024
      April 27,
    2025
      April 28,
    2024
    Cash provided by operating activities $ 1,571     $ 1,392     $ 2,496     $ 3,717  
    Capital expenditures   (510 )     (257 )     (891 )     (486 )
    Non-GAAP free cash flow $ 1,061     $ 1,135     $ 1,605     $ 3,231  
                                   

    The MIL Network

  • MIL-OSI: Veeco Announces Upcoming Investor Events

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., May 15, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today announced management is scheduled to participate in the following investor events:

    TD Cowen’s 53rd Annual Technology, Media & Telecom Conference on Wednesday, May 28, 2025, at the InterContinental New York Barclay in New York, New York. Veeco management will be available to meet one-on-one with investors during the conference.

    Northland Growth Conference on Wednesday, June 25, 2025. Veeco management will be available to meet virtually one-on-one with investors during the conference.

    About Veeco
    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, and metal organic chemical vapor deposition (MOCVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

    Veeco Contacts:                                
    Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
    Media: Javier Banos | (516) 673-7328 | jbanos@veeco.com

    The MIL Network

  • MIL-OSI: Duos Technologies Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2025”) ended March 31, 2025.

            
    First Quarter 2025 and Recent Operational Highlights

    • Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.
    • Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.
    • Showcased the first production standalone Edge Data Center with revenues starting April 1.
    • Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.
    • Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.
    • As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 – $8.0 million near-term awards and renewals to be recognized during the remainder of 2025.

    First Quarter 2025 Financial Results
    It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”).

    Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (“AMA”) with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. The decrease in technology systems revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term potential of the RIP product.

    Cost of revenues for Q1 2025 increased 273% to $3.64 million compared to $0.98 million for Q1 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR, where Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. An additional contributing factor to the increase in cost of revenues on services and consulting is $548,121 in amortization expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2024. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q1 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has been further delayed and further reduced cost of revenues while we await customer readiness for site deployment.

    Gross margin for Q1 2025 increased 1,288% to $1.31 million compared to $0.09 million for Q1 2024. Gross margin improved primarily due to Duos Energy beginning performance of the AMA with New APR. This includes $904,125 in revenue recognized during the three months ended March 31, 2025, related to the Company’s 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

    Operating expenses for Q1 2025 increased 9% to $3.10 million compared to $2.86 million for Q1 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Conversely, research and development expenses rose 11%, reflecting new engineering hires dedicated to supporting the AMA. The Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers.

    Net operating loss for Q1 2025 totaled $1.79 million compared to net operating loss of $2.76 million for Q1 2024. The decrease in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR.

    Net loss for Q1 2025 totaled $2.08 million compared to net loss of $2.75 million for Q1 2024. The 24% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above.

    Cash and cash equivalents at March 31, 2025 totaled $3.80 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $2.68 million in receivables and contract assets for a total of approximately $6.48 million in cash and expected short-term liquidity.

    Financial Outlook
    At the end of the first quarter, the Company’s contracts in backlog represented approximately $45.4 million in revenue, of which approximately $17.4 million is expected to be recognized in calendar 2025 not including an estimated $7.0 – $8.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending beyond 2025, related to Duos, Duos Edge AI, and Duos Energy.

    Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

    Management Commentary
    “I am delighted with the progress we have made in the first quarter and am very impressed at the speed at which the Duos team has adapted to the new opportunities in the Data Center and Power business,” said Chuck Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second half, as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”

    Conference Call
    The Company’s management will host a conference call today, May 15, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Date: Thursday, May 15, 2025
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    U.S. dial-in: 877-407-3088
    International dial-in: 201-389-0927
    Confirmation: 13753649

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.

    The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com , www.duosedge.ai and www.duosenergycorp.com.

    Forward- Looking Statements
    This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                     
                For the Three Months Ended
                March 31,
                  2025       2024  
                     
    REVENUES:              
      Technology systems         $ 64,684     $ 269,855  
      Services and consulting           972,751       800,825  
      Services and consulting – related parties           3,914,750        
                     
      Total Revenues           4,952,185       1,070,680  
                     
    COST OF REVENUES:              
      Technology systems           232,264       583,437  
      Services and consulting           748,194       392,611  
      Services and consulting – related parties           2,658,068        
                     
      Total Cost of Revenues           3,638,526       976,048  
                     
    GROSS MARGIN           1,313,659       94,632  
                     
    OPERATING EXPENSES:              
      Sales and marketing           294,975       553,486  
      Research and development           424,431       382,142  
      General and administration           2,383,881       1,920,050  
                     
      Total Operating Expenses           3,103,287       2,855,678  
                     
    LOSS FROM OPERATIONS           (1,789,628 )     (2,761,046 )
                     
    OTHER INCOME (EXPENSES):              
    Interest expense           (322,577 )     (445 )
    Other income, net           32,542       9,182  
                     
      Total Other Income (Expenses), net           (290,035 )     8,737  
                     
    NET LOSS         $ (2,079,663 )   $ (2,752,309 )
                     
                     
    Basic and Diluted Net Loss Per Share         $ (0.18 )   $ (0.38 )
                     
                     
    Weighted Average Shares-Basic and Diluted           11,390,016       7,306,949  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
         
                March 31,   December 31,
                  2025       2024  
                (Unaudited)    
    ASSETS        
    CURRENT ASSETS:          
      Cash       $ 3,799,281     $ 6,266,296  
      Accounts receivable, net     215,060       109,007  
      Accounts receivable, net – related parties     1,760,625       294,434  
      Contract assets       700,458       635,774  
      Inventory       520,122       605,356  
      Prepaid expenses and other current assets     468,252       176,338  
      Note receivable, net            
                     
      Total Current Assets     7,463,798       8,087,205  
                     
      Inventory – non current     196,315       196,315  
      Property and equipment, net     3,300,754       2,771,779  
      Operating lease right of use asset – Office Lease     3,937,256       4,028,397  
      Financing lease right of use asset – Edge Data Centers     1,943,547       2,019,180  
      Security deposit       500,000       500,000  
                     
    OTHER ASSETS:          
      Equity Method Investment – Sawgrass APR Holdings LLC     7,233,000       7,233,000  
      Intangible Asset, net       9,043,996       9,592,118  
      Patents and trademarks, net     133,714       127,300  
      Software development costs, net     334,960       403,383  
      Total Other Assets       16,745,670       17,355,801  
                     
    TOTAL ASSETS     $ 34,087,340     $ 34,958,677  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
                     
    CURRENT LIABILITIES:          
      Accounts payable     $ 698,518     $ 969,822  
      Notes payable – financing agreements     129,914       17,072  
      Accrued expenses       451,130       373,251  
      Operating lease obligation – Office Lease -current portion     803,536       798,556  
      Financing lease obligations – Edge Data Centers – current portion     487,695       367,451  
      Notes payable, net of discount – related parties     1,027,707       1,758,396  
      Contract liabilities, current     3,001,352       3,188,518  
      Contract liabilities, current – related parties     7,366,500       8,616,500  
                     
      Total Current Liabilities     13,966,352       16,089,566  
                     
      Contract liabilities, less current portion     6,851,513       7,399,634  
      Contract liabilities, less current portion – related parties     2,712,375       3,616,500  
      Operating lease obligation – Office Lease, less current portion     3,767,106       3,867,042  
      Financing lease obligations – Edge Data Centers, less current portion     1,638,040       1,724,604  
                     
      Total Liabilities       28,935,386       32,697,346  
                     
    Commitments and Contingencies (Note 8)        
                     
    STOCKHOLDERS’ EQUITY:        
      Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated    
      Series A redeemable convertible preferred stock, $10 stated value per share,          
      500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively,
      convertible into common stock at $6.30 per share        
      Series B convertible preferred stock, $1,000 stated value per share,            
      15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025      
      and December 31, 2024, respectively, convertible into common stock at $7 per share    
      Series C convertible preferred stock, $1,000 stated value per share,            
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $5.50 per share        
      Series D convertible preferred stock, $1,000 stated value per share,     1       1  
      4,000 shares designated; 999 and 1,299 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,        
      convertible into common stock at $3.00 per share        
      Series E convertible preferred stock, $1,000 stated value per share,        
      30,000 shares designated; 13,500 and 13,500 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,     14       14  
      convertible into common stock at $2.61 per share        
      Series F convertible preferred stock, $1,000 stated value per share,        
      5,000 shares designated; 0 and 0 issued        
      and outstanding at March 31, 2025 and December 31, 2024, respectively,            
      convertible into common stock at $6.20 per share        
                     
      Common stock: $0.001 par value; 500,000,000 shares authorized,        
      11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252       11,654       8,921  
      shares outstanding at March 31, 2025 and December 31, 2024, respectively        
      Additional paid-in-capital     81,745,409       76,777,856  
      Accumulated deficit     (76,447,672 )     (74,368,009 )
      Sub-total       5,309,406       2,418,783  
      Less: Treasury stock (1,324 shares of common stock        
      at March 31, 2025 and December 31, 2024)       (157,452 )     (157,452 )
    Total Stockholders’ Equity     5,151,954       2,261,331  
                     
    Total Liabilities and Stockholders’ Equity   $ 34,087,340     $ 34,958,677  
                     
    DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     (Unaudited)
     
      For the Three Months Ended
      March 31,
        2025       2024  
           
    Cash from operating activities:      
    Net loss $ (2,079,663 )   $ (2,752,309 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   712,388       158,208  
    Inventory write-off   25,000        
    Stock based compensation   995,647       159,320  
    Stock issued for services   50,000       37,500  
    Amortization of debt discount related to warrant liabilities   269,311        
    Amortization of operating lease right of use asset – Office Lease   91,142       83,348  
    Amortization of lease right of use asset – Edge Data Centers   75,633        
    Changes in assets and liabilities:      
    Accounts receivable   (106,053 )     866,373  
    Accounts receivable-related parties   (1,466,191 )      
    Note receivable         (1,875 )
    Contract assets   (64,684 )     (270,099 )
    Inventory   10,624       23,828  
    Prepaid expenses and other current assets   (42,467 )     57,944  
    Accounts payable   (271,304 )     (415,718 )
    Accrued expenses   77,879       76,370  
    Operating lease obligation – Office Lease   (94,956 )     (82,306 )
    Lease obligations – Edge Data Centers   33,680        
    Contract liabilities   (2,889,411 )     26,697  
           
    Net cash used in operating activities   (4,673,425 )     (2,032,719 )
           
    Cash flows from investing activities:      
    Purchase of patents/trademarks   (9,264 )     (980 )
    Purchase of fixed assets   (572,359 )     (8,830 )
           
    Net cash used in investing activities   (581,623 )     (9,810 )
           
    Cash flows from financing activities:      
    Repayments on financing agreements   (136,606 )     (130,535 )
    Repayments of notes payable, related parties   (1,000,000 )      
    Proceeds from common stock issued   3,954,940        
    Proceeds from excercise of stock options   107,925        
    Stock issuance cost   (138,226 )     (36,188 )
    Proceeds from preferred stock issued         2,745,002  
           
    Net cash provided by financing activities   2,788,033       2,578,279  
           
    Net increase (decrease) in cash   (2,467,015 )     535,750  
    Cash, beginning of period   6,266,296       2,441,842  
    Cash, end of period $ 3,799,281     $ 2,977,592  
           
    Supplemental Disclosure of Cash Flow Information:      
    Interest paid $ 3,865     $  
    Taxes paid $ 15,945     $  
           
    Supplemental Non-Cash Investing and Financing Activities:      
    Notes issued for financing of insurance premiums $ 249,448     $ 272,322  
    Transfer of inventory to fixed assets $ 49,609     $  
           
     

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5abe56-f21b-4ee5-9a09-7f9852d9bd2b

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI: Fluent Announces First Quarter 2025 Financial Results; Strategic Pivot Accelerates with Growth of Commerce Media Solutions

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $55.2 million for Q1 2025
    • Q1 2025 Commerce Media Solutions revenue grew 99% to $12.7 million representing 23% of consolidated revenue from $6.4 million or 10% of consolidated revenue in Q1 2024 with gross profit margin (exclusive of depreciation and amortization) of 22% in Q1 2025 compared to 21% for the consolidated business
    • Commerce Media Solutions annual revenue run rate now exceeds $65 million, reflecting an 8% quarter-over-quarter increase and strong momentum in executing the Company’s strategic pivot to this higher growth market
    • Subsequent to the first quarter, the Company announced a strategic partnership with Rebuy Engine to launch Rebuy Ads powered by Fluent, providing post-purchase advertising for Shopify merchants

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions provider, today reported unaudited financial results for the first quarter ended March 31, 2025.

    Don Patrick, Fluent’s Chief Executive Officer, commented, “Our first quarter results showed the fifth consecutive quarter of strong year-over-year growth in our Commerce Media Solutions business. As we continue to execute on our strategic pivot to focus on what we see as a core, long-term growth opportunity in the commerce media marketplace, this segment has been the foundational driver of our evolving model, achieving nearly triple-digit year-over-year growth since its launch in early 2023. Underscoring our growth are the impressive partnerships with top-tier media partners and advertisers across a diverse range of market verticals. After the close of the first quarter we announced a breakthrough partnership with Rebuy Engine, a leading ecommerce personalization platform for Shopify brands. With the combined expertise of both companies, Rebuy Ads powered by Fluent is set to redefine how Shopify merchants engage with performance-driven advertising.”

    Mr. Patrick continued, “While Commerce Media Solutions is performing exceptionally well, we experienced some additional attrition in our Owned and Operated business primarily due to a reduction in media supply, particularly from social media. This trend has continued into the second quarter. To address this, we’re actively expanding our supply channels to mitigate long-term impacts. Importantly, as we continue efforts to stabilize this cash-flow positive Owned and Operated business, it remains a productive driver of our Commerce Media Solutions growth strategy. With the growth of our Commerce Media Solutions business and shifting revenue mix, we anticipate consolidated second quarter revenue to remain in line with the first quarter of 2025.”

    “Overall, we’re encouraged by our progress in the quarter, and with our visibility today, we expect to continue driving meaningful growth in our Commerce Media Solutions business through 2025 as we build a more predictable and valuable business for our shareholders,” Mr. Patrick concluded.

    First Quarter Financial Highlights

    • Revenue of $55.2 million, a decrease of 16%, compared to $66.0 million in Q1 2024 
      • Owned and Operated revenue decreased 30% to $31.1 million compared to $44.7 million in Q1 2024 as the Company continued its shift in focus and revenue mix to higher margin Commerce Media Solutions 
      • Commerce Media Solutions revenue increased 99% to $12.7 million compared to $6.4 million in Q1 2024
    • Net loss of $8.3 million, or $0.39 per share, compared to a net loss of $6.3 million, or $0.45 per share, for Q1 2024.
    • Gross profit (exclusive of depreciation and amortization) of $11.4 million, a decrease of 39% over Q1 2024 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $2.8 million, an increase of 54% over Q1 2024 and representing 22% of revenue for Q1 2025.
    • Media margin of $13.7 million, a decrease of 38% over Q1 2024 and representing 24.9% of revenue. The Company’s growing Commerce Media Solutions business reported media margin of $3.1 million, an increase of 56% over Q1 2024 and representing 24.6% for if revenue for Q1 2025.
    • Adjusted EBITDA of negative $3.1 million, a decrease of $3.7 million compared to Q1 2024 and representing 5.6% of revenue
    • Adjusted net loss of $6.7 million, or $0.31 per share, compared to $4.2 million, or $0.30 per share, for Q1 2024

    Business Outlook & Goals

    • Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high-volume market verticals.
    • Drive revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
    • Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

    Conference Call

    Fluent, Inc. will host a conference call on Thursday, May 15, 2025, at 4:30 PM ET to discuss its 2025 first quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BI2c18ceec43da4e809374edc6b958fefe. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/qsf7a838. The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

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

    The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

      Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
      Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects
      Dependence on the gaming industry;
      Unfavorable publicity and negative public perception about the digital marketing industry or us;
      A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields; 
      Credit risk from certain clients
      Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player; 
      Our need to continue investing in technology for our Commerce Media Solutions business;
      Our competitive disadvantage because we are more selective in our traffic sources;
      A decline in the supply of media available to us through third parties or an increase in the price of such media; 
      Ability to remain competitive with the shift to mobile applications and our use of CRM; 
      Our increasing reliance upon inbound calls, particularly in the health plan vertical, which we may be unable to obtain cost effectively obtain in the future;
      Difficulty managing any future growth or scaling our infrastructure and products quickly enough to meet the needs of our business while maintaining profitability; 
      Global economic or political instability, including the potential impact of tariffs on our business;
      Challenges managing the growth of our operations, including international expansion and the integration of acquired business units or personnel;
      Strategic alternatives that could complicate operations or divert management’s attention; 
      Dependence on our key personnel and ability to attract or retain employees;
      Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
      Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection; 
      The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
      Potential sales and use taxes and other taxes on our business;
      Our actual or perceived failure to safeguard any personal information or user privacy; 
      Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
      Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
      Our need to raise capital to fund our operations; 
      Our ability to maintain listing of our securities on The Nasdaq Capital Market;
      The volatility of our stock price and concentration of stock ownership;
      Potential dilutive effect of any future issuances of shares of our common stock;
      Lack of cash dividends for the foreseeable future;
      Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements; and
      Uncertainty in the acceptance by Shopify merchants of Rebuy Ads powered by Fluent. 
         

    These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

    FLUENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)
    (unaudited)
                 
        March 31, 2025     December 31, 2024  
    ASSETS:                
    Cash and cash equivalents   $ 4,828     $ 9,439  
    Accounts receivable, net of allowance for credit losses of $483 and $487, respectively     37,019       46,532  
    Prepaid expenses and other current assets     8,126       8,729  
    Restricted cash     1,255       1,255  
    Total current assets     51,228       65,955  
    Property and equipment, net     233       304  
    Operating lease right-of-use assets     1,118       1,570  
    Intangible assets, net     20,986       21,797  
    Other non-current assets     3,929       3,991  
    Total assets   $ 77,494     $ 93,617  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                
    Accounts payable   $ 8,513     $ 8,776  
    Accrued expenses and other current liabilities     19,694       21,905  
    Deferred revenue     341       556  
    Current portion of long-term debt     21,801       31,609  
    Current portion of operating lease liability     1,310       1,836  
    Total current liabilities     51,659       64,682  
    Long-term debt, net           250  
    Convertible Notes, at fair value with related parties     3,800       3,720  
    Operating lease liability, net           9  
    Other non-current liabilities           1  
    Total liabilities     55,459       68,662  
    Contingencies                
    Shareholders’ equity:                
    Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods            
    Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 21,412,255 and 20,791,431, respectively; and Shares outstanding — 20,643,660 and 20,022,836, respectively     47       47  
    Treasury stock, at cost — 768,595 and 768,595 Shares, respectively     (11,407 )     (11,407 )
    Additional paid-in capital     452,459       447,110  
    Accumulated deficit     (419,064 )     (410,795 )
    Total shareholders’ equity     22,035       24,955  
    Total liabilities and shareholders’ equity   $ 77,494     $ 93,617  
                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share and per share data)
    (unaudited)
           
        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 55,210     $ 65,983  
    Costs and expenses:                
    Cost of revenue (exclusive of depreciation and amortization)     43,775       47,348  
    Sales and marketing     4,070       4,812  
    Product development     3,398       4,840  
    General and administrative     8,582       10,365  
    Depreciation and amortization     2,461       2,571  
    Total costs and expenses     62,286       69,936  
    Loss from operations     (7,076 )     (3,953 )
    Interest expense, net     (880 )     (1,415 )
    Fair value adjustment of Convertible Notes with related parties     (80 )      
    Loss before income taxes     (8,036 )     (5,368 )
    Income tax expense     (233 )     (908 )
    Net loss   $ (8,269 )   $ (6,276 )
                     
    Basic and diluted loss per share:                
    Basic   $ (0.39 )   $ (0.45 )
    Diluted   $ (0.39 )   $ (0.45 )
                     
    Weighted average number of shares outstanding:                
    Basic     21,211,439       13,902,165  
    Diluted     21,211,439       13,902,165  
                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)
           
        Three Months Ended March 31,  
        2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:                
    Net loss   $ (8,269 )   $ (6,276 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization     2,461       2,571  
    Non-cash loan amortization expense     176       711  
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80        
    Allowance for credit losses     (4 )     82  
    Changes in assets and liabilities, net of business acquisitions:                
    Accounts receivable     9,517       3,028  
    Prepaid expenses and other current assets     603       (266 )
    Other non-current assets     106       100  
    Operating lease assets and liabilities, net     (83 )     (85 )
    Accounts payable     (263 )     (2,125 )
    Accrued expenses and other current liabilities     (2,331 )     2,344  
    Deferred revenue     (215 )     131  
    Other     (1 )     (947 )
    Net cash provided by (used in) operating activities     2,112       (132 )
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Capitalized costs included in intangible assets     (1,570 )     (1,796 )
    Net cash used in investing activities     (1,570 )     (1,796 )
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Proceeds from issuance of long-term debt, net of debt financing costs     21,841        
    Repayments of long-term debt     (31,869 )     (1,250 )
    Debt financing costs     (125 )     (968 )
    Proceeds from issuance of pre-funded warrants     5,000        
    Net cash used in financing activities     (5,153 )     (2,218 )
    Net decrease in cash, cash equivalents, and restricted cash     (4,611 )     (4,146 )
    Cash, cash equivalents, and restricted cash at beginning of period     10,694       15,804  
    Cash, cash equivalents, and restricted cash at end of period   $ 6,083     $ 11,658  
                     

    Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this release:

    Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

    Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for put/call consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

    Adjusted net income is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for put/call consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands, except percentages)   2025     2024  
    Revenue   $ 55,210     $ 65,983  
    Less: Cost of revenue (exclusive of depreciation and amortization)     43,775       47,348  
    Gross profit (exclusive of depreciation and amortization)   $ 11,435     $ 18,635  
    Gross profit (exclusive of depreciation and amortization) % of revenue     21 %     28 %
    Non-media cost of revenue (1)     2,296       3,504  
    Media margin   $ 13,731     $ 22,139  
    Media margin % of revenue     24.9 %     33.6 %
                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

        Three Months Ended March 31,  
    (In thousands, except percentages)   2025     2024  
    Revenue   $ 12,660     $ 6,376  
    Less: Cost of revenue (exclusive of depreciation and amortization)     9,847       4,553  
    Gross profit (exclusive of depreciation and amortization)   $ 2,813     $ 1,823  
    Gross profit (exclusive of depreciation and amortization) % of revenue     22 %     29 %
    Non-media cost of revenue (1)     298       175  
    Media margin   $ 3,111     $ 1,998  
    Media margin % of revenue     24.6 %     31.3 %
                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands)   2025     2024  
    Net loss   $ (8,269 )   $ (6,276 )
    Income tax expense     233       908  
    Interest expense, net     880       1,415  
    Depreciation and amortization     2,461       2,571  
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80        
    Acquisition-related costs(1)     (119 )     782  
    Restructuring and other severance costs     1,315       665  
    Adjusted EBITDA   $ (3,084 )   $ 665  
    (1 ) Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.
         

    Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended March 31,  
    (In thousands, except share and per share data)   2025     2024  
    Net loss   $ (8,269 )   $ (6,276 )
    Share-based compensation expense     335       600  
    Fair value adjustment of Convertible Notes with related parties     80        
    Acquisition-related costs(1)     (119 )     782  
    Restructuring and other severance costs     1,315       665  
    Adjusted net loss   $ (6,658 )   $ (4,229 )
    Adjusted net loss per share:                
    Basic   $ (0.31 )   $ (0.30 )
    Diluted   $ (0.31 )   $ (0.30 )
    Weighted average number of shares outstanding:                
    Basic     21,211,439       13,902,165  
    Diluted     21,211,439       13,902,165  
    (1 ) Balance includes compensation expense related to non-compete agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($119) and $151 for the three months ended March 31, 2025 and 2024, respectively.
         

    We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

    Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

    Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

    Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

    Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

    Annual Revenue Run Rate

    Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

    • Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
    • As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
    • The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

    The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

    Contact Information: 
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com  

    The MIL Network

  • MIL-OSI: Innventure Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Accelsius continues to build momentum within the large and growing liquid cooling market

    Innventure reiterates confidence in achieving revenue growth inflection during the second half of 2025

    ORLANDO, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter ended March 31, 2025.

    “Innventure’s operating companies continued their momentum to start 2025, with both Accelsius and AeroFlexx further positioning themselves for revenue growth inflection in the second half of this year.” said Bill Haskell, Innventure’s Chief Executive Officer. “We founded Innventure to bring disruptive technologies to market by building companies we believe represent at least $1 billion enterprise value opportunities. Our companies are led by incredibly talented operators who are armed with differentiated technologies designed to meet significant unmet market needs. When it comes to high-growth ventures, timing the inflection point is inherently challenging, but from where we sit today, the confidence we have in our current family of companies has never been higher. ”

    Mr. Haskell continued, “We are most excited about Accelsius’s position in the two-phase, direct-to-chip liquid cooling market. Accelsius has a market leading technology and is engaged in deep discussions with many of the major players including hyperscalers, OEMs, colocation operators and AI-as-a-Service operators. Josh and his team are at the forefront of a seismic liquid cooling adoption cycle that we and data center operators across the ecosystem believe will occur in the near future. Once this shift takes hold, Accelsius is well equipped to catch the wave and drive significant value for our shareholders.”

    Conference Call and Webcast

    A conference call to discuss these results has been scheduled for 5:00 p.m. ET on May 15, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.

    Parties interested in joining via teleconference can register using this link.

    After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

    Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.

    About Innventure

    Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

    Non-GAAP Financial Measures

    We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

    Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

    There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

    Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

    In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

    The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.

    Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Media Contact: Laurie Steinberg, Solebury Strategic Communications
    press@innventure.com

    Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
    investorrelations@innventure.com

    Innventure, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)

     
      March 31, 2025
    (Unaudited)
      December 31, 2024
    Assets      
    Cash, cash equivalents and restricted cash $ 1,375     $ 11,119  
    Accounts receivable   237       283  
    Due from related parties   124       4,536  
    Inventories   5,220       5,178  
    Prepaid expenses and other current assets   3,329       3,170  
    Total Current Assets   10,285       24,286  
    Investments   33,684       28,734  
    Property, plant and equipment, net   2,186       1,414  
    Intangible assets, net   176,750       182,153  
    Goodwill   436,807       667,936  
    Other assets   707       766  
    Total Assets $ 660,419     $ 905,289  
    Liabilities and Stockholders’ Deficit      
    Accounts payable $ 5,061     $ 3,248  
    Accrued employee benefits   11,216       9,273  
    Accrued expenses   3,102       2,478  
    Related party notes payable – current         14,000  
    Notes payable – current   2,141       625  
    Patent installment payable – current   700       1,225  
    Obligation to issue equity   261       4,158  
    Warrant liability   24,003       34,023  
    Income taxes payable   500        
    Other current liabilities   340       317  
    Total Current Liabilities   47,324       69,347  
    Notes payable, net of current portion   12,346       13,654  
    Earnout liability   7,470       14,752  
    Stock-based compensation liability   718       1,160  
    Patent installment payable, net of current   12,375       12,375  
    Deferred income taxes   25,454       27,353  
    Other liabilities   260       355  
    Total Liabilities   105,947       138,996  
    Commitments and Contingencies (Note 16)      
    Mezzanine Equity      
    Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 2,885,848 and — shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   28,727        
    Stockholders’ Equity      
    Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 1,118,808 and 1,102,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively          
    Common Stock, $0.0001 par value, 250,000,000 shares authorized, 47,103,800 and 44,597,154 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   5       4  
    Additional paid-in capital   484,256       502,865  
    Accumulated other comprehensive (loss) gain   (1,478 )     909  
    Accumulated deficit   (221,285 )     (78,262 )
    Total Innventure, Inc., Stockholders’ Equity   261,498       425,516  
    Non-controlling interest   264,247       340,777  
    Total Stockholders’ Equity   525,745       766,293  
    Total Liabilities, Mezzanine and Stockholders’ Equity $ 660,419     $ 905,289  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

    (Unaudited) (in thousands, except share and per share amounts)

     
      Successor     Predecessor
      Three months
    ended March 31,
    2025
        Three months
    ended March 31,
    2024
    Revenue $ 224       $ 224  
             
    Operating Expenses        
    Cost of sales   184          
    General and administrative   19,676         7,904  
    Sales and marketing   2,096         1,183  
    Research and development   6,253         1,669  
    Goodwill impairment   233,213          
    Total Operating Expenses   261,422         10,756  
             
    Loss from Operations   (261,198 )       (10,532 )
             
    Non-operating (Expense) and Income        
    Interest expense, net   (1,538 )       (405 )
    Net gain on investments           5,189  
    Net loss on investments – due to related parties           (186 )
    Change in fair value of financial liabilities   16,429         (478 )
    Equity method investment (loss) gain   (6,756 )       5  
    Realized gain on conversion of available for sale investment   1,507          
    Loss on extinguishment of related party debt   (3,538 )        
    Loss on conversion of promissory notes           (1,119 )
    Miscellaneous other income   21          
    Total Non-operating Income   6,125         3,006  
             
    Loss before income taxes   (255,073 )       (7,526 )
             
    Income tax benefit   (1,399 )        
    Net Loss   (253,674 )       (7,526 )
    Less: net loss attributable to        
    Non-redeemable non-controlling interest   (110,677 )       (2,307 )
    Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders   (142,997 )       (5,219 )
             
    Basic and diluted loss per share $ (3.10 )      
    Basic and diluted weighted average common shares   46,252,922        
             
    Other comprehensive loss, net of taxes:        
    Unrealized loss on available for sale debt securities – related party   (880 )        
    Reclassification of realized gain on conversion of available for sale investments   (1,507 )        
    Total other comprehensive loss, net of taxes   (2,387 )        
             
    Total comprehensive loss, net of taxes   (256,061 )       (7,526 )
    Less: comprehensive loss attributable to        
    Non-redeemable non-controlling interest   (110,677 )       (2,307 )
    Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders $ (145,384 )     $ (5,219 )

            See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Changes in Unitholders’ Deficit (Predecessor)

    (Unaudited) (in thousands, except share and per share amounts)

     
      Class B
    Preferred
      Class B-1
    Preferred
      Class A   Class C   Accumulated
    Deficit
      Accumulated
    OCI
      Non-
    Controlling
    Interest
      Total
    (Deficit)
    Equity
    December 31, 2023   38,122     3,323     1,950     844     (64,284 )         1,559       (18,486 )
    Net loss                   (5,219 )         (2,307 )     (7,526 )
    Units issued to non-controlling interest                             3,503       3,503  
    Issuance of preferred units, net of issuance costs   7,566                                 7,566  
    Unit-based compensation               51               345       396  
    Issuance of units to non-controlling interest in exchange of convertible promissory notes                             8,443       8,443  
    Accretion of redeemable units to redemption value                   (4,415 )               (4,415 )
    March 31, 2024 $ 45,688   $ 3,323   $ 1,950   $ 895   $ (73,918 )   $   $ 11,543     $ (10,519 )
                                   

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Changes in Mezzanine and Stockholders’ Equity (Deficit) (Successor)

    (Unaudited) (in thousands, except share and per share amounts)

     
      Stockholders’ Equity     Mezzanine
    Equity
      Preferred
    Stock
      Common
    Stock
                            Preferred
    Stock
      Shares   Amount   Shares   Amount   Additional
    Paid-In
    Capital
      Accumulated
    Deficit
      Accumulated
    OCI
      Non-
    Controlling
    Interest
      Total
    Stockholders’
    Equity
        Shares   Amount
    December 31, 2024 1,102,000     $   44,597,154   $ 4   $ 502,865     $ (78,262 )   $ 909     $ 340,777     $ 766,293         $  
    Net loss                       (142,997 )           (110,677 )     (253,674 )          
    Series B Preferred Stock buyback (5,000 )               (50 )                       (50 )          
    Series B Preferred Stock issued for paid-in-kind dividends 21,808                 218                         218            
    Issuance of common shares, net of issuance costs         161,964         1,927                         1,927            
    Vesting of earnout shares         2,344,682     1     873                         874            
    Other comprehensive gain, net of taxes                             (2,387 )           (2,387 )          
    Conversion of related party notes                                               2,310,848     23,108  
    Issuance of Series C Preferred Stock, net                                               575,000     5,663  
    Non-controlling interest issued and related transfers                 (26,303 )                 33,249       6,946            
    Distributions to Stockholders                       (26 )                 (26 )          
    Stock-based compensation                 4,943                   898       5,841            
    Accrued preferred dividends                 (217 )                       (217 )         (44 )
    March 31, 2025 1,118,808     $   47,103,800   $ 5   $ 484,256     $ (221,285 )   $ (1,478 )   $ 264,247     $ 525,745       2,885,848   $ 28,727  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (Unaudited) (in thousands, except share and per share amounts)

     
      Successor     Predecessor
      Three months ended
    March 31, 2025
        Three months ended
    March 31, 2024
    Cash Flows Used in Operating Activities        
    Net loss $ (253,674 )     $ (7,526 )
    Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:        
    Stock-based compensation   5,841         396  
    Interest income on debt securities – related party   (91 )        
    Change in fair value of financial liabilities   (16,429 )       478  
    Change in fair value of payables due to related parties           186  
    Non-cash interest expense on notes payable   510         230  
    Net (gain) loss on investments           (5,189 )
    Equity method investment gain (loss)   6,756         (5 )
    Realized gain on conversion of available for sale investments   (1,507 )        
    Loss on extinguishment of related party debt   3,538          
    Loss on conversion of promissory notes           1,119  
    Deferred income taxes   (1,899 )        
    Depreciation and amortization   5,548          
    Goodwill impairment   233,213          
    Payment of patent installment   (525 )        
    Non-cash rent costs   61          
    Other, net           67  
    Changes in operating assets and liabilities:        
    Accounts receivable   46          
    Prepaid expenses and other current assets   (122 )       (136 )
    Inventory   (42 )        
    Accounts payable   1,587         1,234  
    Accrued employee benefits   1,943         1,329  
    Accrued expenses   565         488  
    Stock-based compensation liability   (442 )        
    Income taxes payable   500          
    Other current liabilities   (73 )       (68 )
    Net Cash Used in Operating Activities   (14,696 )       (7,397 )
             
    Cash Flows Used in Investing Activities        
    Investment in available-for-sale debt securities – equity method investee   (2,337 )        
    Advances to equity method investee           (2,540 )
    Acquisition of property, plant and equipment   (917 )       (640 )
    Net Cash Used in Investing Activities   (3,254 )       (3,180 )
             
    Cash Flows Provided by Financing Activities        
    Proceeds from issuance of equity, net of issuance costs   3,675         7,116  
    Proceeds from the issuance of equity to non-controlling interest, net of issuance costs   4,907         3,503  
    Payment of debts   (300 )       (460 )
    Distributions to Stockholders   (26 )        
    Payment of promissory notes to related parties            
    Repurchase of Preferred Stock   (50 )        
    Cash Flows Provided by Financing Activities   8,206         10,159  
             
    Net Decrease in Cash, Cash Equivalents and Restricted Cash   (9,744 )       (418 )
    Cash, Cash Equivalents and Restricted Cash Beginning of period   11,119         2,575  
    Cash, Cash Equivalents and Restricted Cash End of period $ 1,375       $ 2,157  

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Condensed Consolidated Statements of Cash Flows

    (Unaudited) (in thousands, except share and per share amounts)

     
      Successor     Predecessor
      Three months ended
    March 31, 2025
        Three months ended
    March 31, 2024
    Supplemental Cash Flow Information        
    Cash paid for interest $ 1,127     $ 55
    Supplemental Disclosure of Noncash Financing Information        
    Accretion of redeemable units to redemption value         4,415
    Issuance of units to non-controlling interest in exchange of convertible promissory notes         7,324
    Conversion of working capital loans to equity method investee into investments in debt securities – related party   4,375      
    Extinguishment of debt with Series C Preferred Stock   14,000      
    Contribution of Series C Preferred Stock to equity method investee   5,783      
    Conversion of AFX available-for-sale term loan into equity method investments   8,757      
    Issuance of stock in exchange for services   4,002      
    Equity reallocation between non-controlling interest and additional paid-in capital   26,304      

    See accompanying notes to condensed consolidated financial statements.

    Innventure, Inc. and Subsidiaries

    Non-GAAP Financial Measures

    (in thousands, except share and per share amounts)

     
      Successor     Predecessor
      Three months ended
    March 31, 2025
        Three months ended
    March 31, 2024
    Net loss (253,674 )     (7,526 )
    Interest expense, net(1) 1,538       405  
    Depreciation and amortization expense 5,548        
    Income tax benefit (1,399 )      
    EBITDA (247,987 )     (7,121 )
    Transaction and other related costs(2)       3,272  
    Change in fair value of financial liabilities(3) (16,429 )     478  
    Stock-based compensation(4) 5,841       396  
    Goodwill impairment(5) 233,213        
    Loss on extinguishment of related party debt(6) 3,538        
    Loss on conversion of promissory notes       1,119  
    Adjusted EBITDA (21,824 )     (1,856 )

    (1) Interest Expense, net, includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs.
    (2) Transaction and other related costs – For the three months ended March 31, 2025 (Successor) and three months ended March 31, 2024 (Predecessor), this is comprised of consulting, legal, and other professional fees related to the Business Combination.
    (3) Change in fair value of financial liabilities – For the three months ended March 31, 2025 (Successor), the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability and the earnout liability. For the three months ended March 31, 2024 (Predecessor), this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
    (4) Stock based compensation – For the three months ended March 31, 2025 (Successor), stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the three months ended March 31, 2024 (Predecessor), stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
    (5) Goodwill impairment – For the three months ended March 31, 2025 (Successor), the Company recognized a goodwill impairment charge due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market during late February and March. There was no similar goodwill impairment charge for the three months ended March 31, 2024 (Predecessor).
    (6) Loss on extinguishment of related party debt – For the three months ended March 31, 2025 (Successor), the Company extinguished certain related party debts by issuing Series C Preferred Stock. There was no loss on extinguishment of related party debt for the three months ended March 31, 2024 (Predecessor).

    The MIL Network

  • MIL-OSI: Airship AI Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Net Revenues of $5.5 Million, Gross Profit of $2.2 Million and Gross Margin of 40%

    Increased Investments In Our People And Digital Transformation Will Enable Us To Stay Resilient and Ready In A Rapidly Changing Marketplace

    New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

    REDMOND, Wash., May 15, 2025 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights

    • Net revenues for the quarter ended March 31, 2025 were $5.5 million.
    • Gross profits for the quarter ended March 31, 2025 were $2.2 million.
    • Gross margin percentage was 40% for the quarter ended March 31, 2025. The margins reflected increased solution sales with more third-party hardware than Airship AI software.
    • Operating loss was $1.7 million for the quarter ended March 31, 2025 reflected in increased stock based compensation and increased investments in sales and marketing related expenditures which should increase future sales.
    • Other income for the quarter ended March 31, 2025 was $25.4 million, primarily due to a gain from a change in the fair value of earnout liability of $9.8 million, and a change in fair value of warrant liability of $15.5 million.
    • Net income for the quarter ended March 31, 2025 was $23.7 million, or $0.75 per basic share, primarily related to noncash income of $25.4 million.
    • Net cash used in operating activities was $2.1 million in the quarter ended March 31, 2025.
    • Cash and cash equivalents were $8.8 million as of March 31, 2025.

    Q1 2025 & Subsequent Operational Highlights

    • Backlog as of March 31, 2025 was $2.0 million, representing firm fixed price contracts awarded in the fourth quarter of 2024 or first quarter of 2025 that will be shipped and invoiced through the remainder of calendar year 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
    • Our total validated pipeline at the end of the quarter was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. Our pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
    • Due to the sensitive nature of many of our customers and deployment use cases, we are often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most of our awards are executed on closed or restricted contract vehicles which further limits the sharing of information that might be otherwise available.
    • We grew our internal sales and sales engineering force, adding seasoned sales professionals with deep industry expertise, partner relationships, and customer knowledge that will allow us to ramp up quickly.
    • We participated in multiple customer facing tradeshows during the quarter including brand new industry wide and vertically focused shows where we had a significantly increased level of participation and or visibility as compared to historical participation.
    • As part of our transition to a partner driven sales model, we participated in several partner shows and events, including those sponsored by integrators and dealers, and those by manufacturers of hardware sensors and or solutions that we integrate with and manage for our customers.
    • We hosted our invite only government focused customer event outside Austin, TX, demonstrating and training on the latest in Airship AI developed and or supported solutions. This year’s focus was on solutions supporting challenges along the southern border and was well attended by agencies across the federal government.
    • On April 23, 2025, we entered into an At the Market Offering Agreement with Roth Capital Partners, LLC, as sales agent, pursuant to which we may, from time to time, offer and sell shares of our common stock up to a maximum of $25 million, which shares are registered on a registration statement that we filed with the U.S. Securities and Exchange Commission (the “SEC”), using a “shelf” registration process. Under this shelf registration process, we may offer to sell any of the securities, or any combination of the securities, described in this prospectus, in each case, in one or more offerings, up to $50 million.
    • On March 21, 2025, our shelf registration statement on Form S-3 for the sale of up to $50 million of our securities was declared effective by the SEC.

    2025 Outlook

    • 30% revenue growth and positive cash flow for calendar year 2025 supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
    • Make tactical and strategic investments across our sales and business development organizations through organic cash flow from business operations and the potential cash exercise of public warrants.
    • Release new Outpost AI product offerings as well as expand custom trained AI models supporting emerging edge analytic workflows.
    • Continue innovation across our core Acropolis software platform supporting new workflows for cloud-based deployments in highly secure operational environments.
    • Develop and execute expansionary opportunities in the commercial and retail markets, particularly around those companies involved in combating organized retail crime.
    • Improve sourcing, supply chain management and production-based process efficiencies to help drive continued margin expansion.
    • Focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

    Management Commentary

    “The first quarter of 2025 was largely overshadowed by the actions of the new administration as they worked to finalize the approval and release of budgets and special appropriations,” said Paul Allen, President of Airship AI. “In the face of these headwinds, our team was able to generate solid revenues for the quarter of $5.5 million at a gross margin percentage of 40%, while increasing our investments in our people and customers.

    “As we worked to successfully execute awarded contracts in our current backlog, we dedicated significant time and resources to advancing pipeline opportunities. These efforts are positioning us to move quickly once budgets are approved and released. Based on current forecasts, we anticipate meaningful activity beginning mid-second quarter, with continued growth expected through the end of Q2 and into Q3.

    “Simultaneously, many of our federal customers are projecting increased funding through supplemental appropriations. This has initiated a wave of market research discussions focused on potential solutions to address emerging mission needs. We anticipate that many of these conversations will evolve into tangible opportunities extending across the current and upcoming fiscal years.

    “In the commercial segment, our strategic push into new market verticals, driven by partnerships with integrators and business collaborators, has been met with strong interest. Several early wins confirm both the market’s appetite for differentiated solutions and the soundness of our strategic investment in people and partners. This validation further supports continued investment to build on our momentum and drive sustained growth.

    “These collected efforts have also affirmed that we are on the right track with our digital transformation strategy, focused squarely on how AI at the far and near edge can solve for our customers’ existing and emerging threats in the public safety and security space. Building on our existing investments in the AI Factory, we expect to launch several new products in 2025, including advanced computer vision analytics powered by machine learning and a Generative AI application that will transform how customers access and interact with their data.

    “Finally, amid broader macroeconomic conditions, we are closely monitoring tariff developments. As a U.S.-based software company, we do not expect these tariffs to significantly impact our core business. In areas where we provide hardware solutions, such as our Outpost AI edge appliance, we work proactively with global suppliers to maintain optimal inventory levels. This approach helps us manage costs effectively and ensure timely, competitively priced delivery of our products and services.

    “The combination of our strong existing pipeline focused on leveraging existing budgets, increased business development opportunities leveraging supplemental appropriations, and the investments in people and customers already made leaves us confident in our ability to execute against our stated objectives of 30% YoY revenue growth and achieving cash flow positive operations,” concluded Mr. Allen.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    As of March 31, 2025 and December 31, 2024
                 
        March 31,
    2025
        December 31,
    2024 (1)
     
    ASSETS   Unaudited        
                 
    CURRENT ASSETS:            
    Cash and cash equivalents   $ 8,812,178     $ 11,414,830  
    Accounts receivable, net of allowance for credit losses of $0     2,782,650       1,226,757  
    Prepaid expenses and other     67,311       17,883  
    Total current assets     11,662,139       12,659,470  
                     
    OTHER ASSETS                
    Other assets     165,960       165,960  
    Operating lease right of use asset     1,102,967       882,024  
                     
    TOTAL ASSETS   $ 12,931,066     $ 13,707,454  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                     
    CURRENT LIABILITIES:                
    Accounts payable – trade   $ 2,179,847     $ 759,480  
    Advances from founders     700,000       1,300,000  
    Accrued expenses     60,551       51,649  
    Current portion of operating lease liability     405,916       305,178  
    Deferred revenue- current portion     2,948,695       3,238,483  
    Total current liabilities     6,295,009       5,654,790  
                     
    NON-CURRENT LIABILITIES:                
    Operating lease liability, net of current portion     758,376       638,525  
    Warrant liability     18,659,435       34,180,618  
    Earnout liability     8,199,079       23,304,808  
    Deferred revenue- non-current     2,528,716       2,951,850  
    Total liabilities     36,440,615       66,730,591  
                     
    COMMITMENTS AND CONTINGENCIES (Note 9)                
                     
    STOCKHOLDERS’ DEFICIT:                
    Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024            
    Common stock – $0.0001 par value, 200,000,000 shares authorized, 31,844,471 and 30,588,413 shares issued and outstanding as of March 31, 2025 and December 31, 2024     3,182       3,056  
    Additional paid in capital     27,731,753       21,918,867  
    Accumulated deficit     (51,233,605 )     (74,941,590 )
    Accumulated other comprehensive loss     (10,879 )     (3,470 )
    Total stockholders’ deficit     (23,509,549 )     (53,023,137 )
                     
    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT   $ 12,931,066     $ 13,707,454  
                     
     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
    For the three months ended March 31, 2025 and 2024
    (Unaudited)
           
        Three Months Ended  
        March 31, 2025     March 31, 2024  
        Unaudited     Unaudited  
    NET REVENUES:            
    Product   $ 4,497,240     $ 9,398,776  
    Post contract support     998,051       1,176,239  
    Other services     7,737        
          5,503,028       10,575,015  
    COST OF NET REVENUES:                
    Cost of Sales     2,923,087       7,789,409  
    Post contract support     312,021       157,479  
    Other services     32,916        
          3,268,024       7,946,888  
    GROSS PROFIT     2,235,004       2,628,127  
    RESEARCH AND DEVELOPMENT EXPENSES     719,382       695,366  
    SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     3,229,979       3,335,294  
    TOTAL OPERATING EXPENSES     3,949,361       4,030,660  
    OPERATING LOSS     (1,714,357 )     (1,402,533 )
    OTHER INCOME (EXPENSE) :                
    Gain (loss) from change in fair value of earnout liability     9,823,605       (21,484,850 )
    Gain (loss) from change in fair value of warrant liability     15,521,183       (6,847,091 )
    Loss from change in fair value of convertible debt           (2,039,377 )
    Loss on note conversion           (158,794 )
    Interest income (expense), net     77,554       (31,824 )
    Total other income (expense), net     25,422,342       (30,561,936 )
                     
    INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     23,707,985       (31,964,469 )
                     
    Provision for income taxes            
                     
    NET INCOME (LOSS)     23,707,985       (31,964,469 )
                     
    OTHER COMPREHENSIVE (LOSS) INCOME                
    Foreign currency translation (loss) income, net     (7,409 )     3,239  
                     
    TOTAL COMPREHENSIVE INCOME (LOSS)   $ 23,700,576     $ (31,961,230 )
                     
    NET INCOME (LOSS) PER SHARE:                
    Basic   $ 0.75     $ (1.40 )
    Diluted   $ 0.61     $ (1.40 )
                     
    Weighted average shares of common stock outstanding                
    Basic     31,704,117       22,898,487  
    Diluted     38,820,839       22,898,487  
                     
     
    AIRSHIP AI HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months ended March 31, 2025 and 2024
    (Unaudited)
           
        Three Months Ended  
        March 31, 2025     March 31, 2024  
        Unaudited     Unaudited  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income (loss)   $ 23,707,985     $ (31,964,469 )
    Adjustments to reconcile net income (loss) to net cash used in operating activities                
    Depreciation and amortization           1,861  
    Stock-based compensation     428,286       268,989  
    Amortization of operating lease right of use asset     83,396       80,291  
    (Gain) loss from change in fair value of warrant liability     (15,521,183 )     6,847,091  
    (Gain) loss from change in fair value of earnout liability     (9,823,605 )     21,484,850  
    Loss from change in fair value of convertible note           2,039,377  
    Loss on note conversion           158,794  
    Changes in operating assets and liabilities:                
    Accounts receivable     (1,555,893 )     (55,525 )
    Prepaid expenses and other     (49,428 )     2,010  
    Other assets           1,901  
    Operating lease liability     (83,750 )     (67,211 )
    Payroll and income tax receivable           (2,410 )
    Accounts payable – trade and accrued expenses     1,429,270       433,415  
    Deferred revenue     (712,922 )     (924,048 )
    NET CASH USED IN OPERATING ACTIVITIES     (2,097,844 )     (1,695,084 )
                     
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Proceeds from warrant exercise, net     59,400       293,249  
    Repayment of advances from founders     (600,000 )      
    Proceeds from stock option exercises     43,201        
                     
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (497,399 )     293,249  
                     
    NET DECREASE IN CASH AND CASH EQUIVALENTS     (2,595,243 )     (1,401,835 )
                     
    Effect from exchange rate on cash     (7,409 )     3,239  
                     
    CASH AND CASH EQUIVALENTS, beginning of period     11,414,830       3,124,413  
                     
    CASH AND CASH EQUIVALENTS, end of period   $ 8,812,178     $ 1,725,817  
                     
    Supplemental disclosures of cash flow information:                
    Interest paid   $     $  
    Taxes paid   $     $ 2,410  
                     
    Noncash investing and financing                
    Issuance of common stock for debt conversion   $     $ 835,610  
    Issuance of common stock for earnout shares   $ 5,282,125     $  
    Recognition of operating right-of-use asset   $ 304,339     $  
    Recognition of operating lease liability   $ 304,339     $  
                     

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on the Rights of the Child Commend Indonesia on Child-Friendly Cities, Raise Questions on Mandatory Hijab Rules in Some Schools and the Prevalence of Female Genital Mutilation

    Source: United Nations – Geneva

    The Committee on the Rights of the Child today concluded its review of the combined fifth and sixth periodic reports of Indonesia, with Committee Experts commending the State on child-friendly cities, while raising questions on mandatory hijab rules in some schools and how the country was tackling the high levels of female genital mutilation. 

    Philip Jaffe, Committee Vice-Chair and Taskforce Member, said there had been many advancements in recent years to support children’s laws in Indonesia, including the national developmental planning, and the ambitious long-term “golden Indonesia” plan.  It was pleasing to see there were child-friendly cities included within this plan.  As of 2023, 459 out of 514 municipalities had conducted evaluations concerning child rights clusters which should be rejoiced. 

    Mr. Jaffe noted that the Committee was concerned about discrimination based on religion; could the State comment on situations of enforced mandatory hijab rules, even for non-Muslim girls, in some provinces? 

    Thuwayba Al Barwani, Committee Vice-Chair and Taskforce Member, said it was disturbing that 24 provinces had forced girls to wear the hijab and that those who did not were forced to leave school, and it was estimated that around 150,000 schools still enforced this rule.  Was this decision left to the provinces to apply? 

    Suzanne Aho, Committee Expert and Taskforce Member, said the Committee had received information that some women were carrying out female genital mutilation on infants of three or four months old.  Was there a body which had the authority to prevent this and to prosecute these midwives? It seemed not enough action was being taken to put an end to these abusive practices.  Another Expert asked if there had there been any court decisions prosecuting the practice of female genital mutilation?  A Committee Expert said there seemed to be little evidence that programmes for female genital mutilation were having an effect.  How did the Parliament ensure laws in this regard were implemented? 

    Concerning the hijab, the delegation said the incident which had occurred in a public school did not reflect national policy in any way, and the Government had acted swiftly in response.  Following the incident, three Ministries issued a joint ministerial decree which ensured that no student, teacher or school staff were forced to wear religious attire against their will.  The policy aimed to uphold national unity, religious tolerance and freedom belief. The Government had also consistently emphasised the importance of creating a safe and inclusive learning environment for all students. 

    The delegation said Indonesia recognised that female genital mutilation was a critical issue affecting the health and wellbeing of Indonesian women and girls, with a regulation specifically forbidding this practice.  An action plan from 2020 to 2030 facilitated cooperation between the Government, civil society and community leaders, and incorporated a robust monitoring framework to ensure effective and sustainable interventions. Since 2021, Indonesia had systematically collected data on female genital mutilation, and the latest survey indicated a decrease from around 50 per cent in 2021 to around 48 per cent. Nowadays, the coordination of efforts to prohibit female genital mutilation was becoming stronger, with many sectors supporting this cause.

    Introducing the report, Muhammad Ihsan, Assistant Deputy for Policy Formulation and Coordination for Child Protection, Ministry of Women Empowerment and Child Protection of Indonesia, said currently, Indonesia was implementing the national human rights action plan for 2021–2025, which identified children as one of the priority groups that required targeted protection and policy intervention.  The adoption of law no. 12 of 2022 on the crime of sexual violence represented a major step forward in strengthening legal protection for children from sexual violence by holding perpetrators accountable. Since the amendment of the marriage law in 2019, which raised the minimum legal age of marriage to 19 for both men and women, Indonesia had also taken concrete preventive measures, including the enforcement of the national strategy for the prevention of child marriage. 

    In closing remarks, Rinchen Chopel, Committee Expert and Taskforce Coordinator, congratulated the delegation of Indonesia for the productive dialogue.  The establishment of the Ministry of Human Rights would go a long way in reinforcing the current institutions in place and disseminating the Committee’s concluding observations. 

    In his closing remarks, Munafrizal Manan, Director-General for Human Rights Services and Compliance, Ministry of Human Rights of Indonesia, said the Ministry was a new entity in the current administration which aimed to ensure the protection, promotion and fulfilment of human rights.  Indonesia’s participation underscored the strong commitment of the Government to the protection of children’s rights in the country. 

    The delegation of Indonesia was comprised of representatives from the Ministry of Human Rights; the Ministry of Women Empowerment and Child Protection; the Ministry of Health; the Ministry of National Development Planning; the Ministry of Foreign Affairs; the Coordinating Ministry of Political and Security Affairs; the Coordinating Ministry for Law, Human Rights, Immigration and Correction; and the Permanent Mission of Indonesia to the United Nations Office at Geneva. 

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.  The programme of work of the Committee’s ninety-ninth session and other documents related to the session can be found here.

    The Committee will next meet in public at 3. pm on Thursday, 15 May to begin its consideration of the combined fifth and sixth periodic report of Iraq (CRC/C/IRQ/5-6).

    Report

    The Committee has before it the combined fifth and sixth periodic reports of Indonesia (CRC/C/IDN/5-6).

    Presentation of Report

    ACHSANUL HABIB, Ambassador, Chargé d’affaires a.i., Permanent Mission of Indonesia to the United Nations Office at Geneva and head of the delegation, expressed appreciation to all members of the Committee for engaging with Indonesia in the constructive dialogue on the promotion and protection of the rights of children in the country.  Mr. Habib then introduced the delegation.  Indonesia’s participation in the dialogue reflected the State’s commitment to upholding its obligations under the Convention. 

    MUHAMMAD IHSAN, Assistant Deputy For Policy Formulation and Coordination for Child Protection, Ministry of Women Empowerment and Child Protection of Indonesia, said the fulfilment of the rights of the child continued to be a fundamental aspect of human capital development in Indonesia.  Indonesia’s national priorities related to the rights of the child encompassed strategies such as the improvement of the quality of education, health, and nutrition; the expansion of social protection and child welfare; and the promotion of inclusive development, especially in frontier and least developed regions.  These priorities were reflected in the 2025-2029 national medium-term development plan and the 2025-2045 long-term development plan.

    To achieve these priorities, Indonesia had implemented key policies and programmes, including the free nutritious meals programme which provided daily balanced meals to school-aged children to combat malnutrition and stunting.  Since its implementation in January 2025, the programme had reached 2.2 million school-aged children through 726 nutrition service units across 38 provinces, aimed at reaching 78.3 million school-aged children by the end of 2025.  Another policy, the “Ruang Bersama Indonesia” or Indonesia shared space initiative, aimed to serve as a collaborative community platform to strengthen participation, protection, and educational spaces for women and children at the village level. 

    Currently, Indonesia was implementing the national human rights action plan for 2021–2025, which identified children as one of the priority groups that required targeted protection and policy intervention.  The adoption of law no. 12 of 2022 on the crime of sexual violence represented a major step forward in strengthening legal protection for children from sexual violence by holding perpetrators accountable.  Since the amendment of the marriage law in 2019, which raised the minimum legal age of marriage to 19 for both men and women, Indonesia had also taken concrete preventive measures, including the enforcement of the national strategy for the prevention of child marriage.  This mechanism had proven effective with the decrease of the national child marriage rate from 10.35 per cent in 2020 to 6.92 per cent in 2023. 

    The Unit for the Crimes Related to Women and Children and Human Trafficking had been upgraded to a full-fledged Directorate under Indonesia’s National Police, further enhancing its capacity to investigate, respond, and prevent violence against children and women.  The Government had established the Subnational Technical Implementation Units for the Protection of Women and Children across 38 provinces and 514 municipalities.  The Units provided essential services, including temporary shelter, psychological counselling, health care, and legal support.  To address gaps in protection at the local level, the Government was taking steps to advocate for sufficient budget allocations for child protection and provide capacity building and technical guidance for child protection professionals.

    The Government was determined to strengthen online child protection at the national level and was adopting a comprehensive regulation that outlined medium-term measures to create a safer digital environment for children.  Measures to regulate and guide the responsibilities of electronic system operators in upholding child safety standards were also being implemented.  Efforts were also underway to enhance digital literacy among children and parents, equipping them with the knowledge needed to supervise and navigate online spaces safely.

    Mr. Ihsan hoped the dialogue would result in valuable recommendations for Indonesia’s future endeavours to advance the rights of the child in the country, while taking into consideration religious, social and culture values.

    Questions by Committee Experts

    RINCHEN CHOPEL, Committee Expert and Taskforce Coordinator, said Indonesia used to be the leading country for healthcare in Asia; he had visited Indonesia in his previous professional career and had emulated their healthcare programmes in his country of Bhutan.  The Committee was here as a partner to work towards creating a safer Indonesia for its children. 

    PHILIP JAFFE, Committee Vice-Chair and Taskforce Member, said there were 80 million children living in Indonesia.  There had been many advancements in recent years to support children’s laws, including the national developmental planning, and the ambitious long-term “golden Indonesia” plan.  It was pleasing to see there were child-friendly cities included within this plan.  As of 2023, 459 out of 514 municipalities had conducted evaluations concerning child rights clusters which should be rejoiced.  Was progress being made on the remaining 55 municipalities?  What was being done beyond the evaluation in terms of implementation?

    The Convention seemed to be the only human rights convention not ratified by law or enacted by parliament; what could be done about this?  Could it be expected that Indonesia’s reservations to the Convention would be dropped?  What efforts were being made to harmonise all legislation with the provisions of the Convention?  Could the Government create the momentum needed for this harmonisation?  Could more information be provided on the regulation regarding coordination on child protection? 

    What was the percentage of gross domestic product allocated to social protection?  Were budgetary allocations tied to Indonesian child profiling, elaborated by the Indonesia Statistics entity?  From reports, there was proportionately more budget being allocated to urban areas, between 15 to 20 per cent more; could this concern be addressed?  How was data collection shared among ministries and integrated into policy? Were there any programmes to support the dissemination of the Convention at a national level, including in schools? 

    Were there complaints mechanisms in place for children in alternative care, schools and detention facilities?  Where could children formulate complaints?  Were there civil society organizations which could assist children in this regard?  Were there any plans to ratify the Optional Protocol on the communications procedure? Had the Government been proactive in setting standards within the private sector in areas which affected children’s rights, including the agricultural sector and the tourism sector?

    The Committee acknowledged that steps had been taken to reduce discriminatory practices, but had also received some disturbing information.  How many dispensations were granted in the various provinces when it came to child marriage?  What programmes were undertaken to reduce discrimination against children with disabilities?  The Committee was concerned about discrimination based on religion; could the State comment on situations of enforced mandatory hijab rules, even for non-Muslim girls, in some provinces?  What was being done to provide guidance to relevant authorities on the best interests of the child? 

    What was being done to assist Indonesian children who may be in camps in Syria?  How many were left there?  How many had returned?  What was being done to integrate them?  What was being done to reduce disparities in mortality rates in different areas, particularly rural areas?  How much were children participating in the “golden Indonesia plan?”

    There had been some great strides in birth registration, but there were also difficulties in remote areas, and around 10 to 15 per cent of children did not have complete birth certificates.  How was this being addressed?  What programmes had been put in place to combat religious intolerance? 

    SUZANNE AHO, Committee Expert and Taskforce Member, said high levels of violence occurred against children in Indonesia via corporal punishment and torture. Regulations had been drawn up to deal with these issues, but were they actually implemented in practice?  Did the population know about them?  Were people responsible for violence against children punished by law?  Was there a law in Indonesia which prohibited corporal punishment against children? 

    Could dispensations be used to circumvent the law and enact a child marriage?  Why were so many dispensations given?  The Committee had received information that some women were carrying out female genital mutilation on infants of three or four months old.  Was there a body which had the authority to prevent this and to prosecute these midwives? It seemed not enough action was being taken to put an end to these abusive practices.  Was there a law or legal provision focused on preventing the sexual abuse of children by tourists who came to Indonesia from other countries?

    Was the helpline 129 accessible to children?  Who ran this number and coordinated the calls and action taken?  How were they trained?  What had been done in Indonesia to tackle online sexual exploitation? Were there rehabilitation programmes for children who had been the victims of sexual exploitation?  Were there specialised staff to help them? How many centres were available? How did children access these services? How were sexual predators punished? Were they deported from the country? 

    Was there a stipulated legal procedure for officially opening an orphanage?  Were there certain conditions which needed to be met before an orphanage could be opened?  Were orphanages subject to regular checks and supervision?  In certain cases, could children return to their families from the orphanages?  There were difficult situations for children living with disabilities who were sometimes subject to forced sterilisation. What was being done to protect those children? What support was given to the families of children living with disabilities? 

    Responses by the Delegation

    The delegation said 55 Indonesian municipalities did not fulfil the 24 indicators which determined child-friendly cities.  There was a team in place to assess this.  Indonesia had a national coordinator who dealt with the monitoring and implementation of the Convention.  Dispensations were typically given to children between the ages of 17 and 18 years old to allow them to be married.  The State did not envisage many dispensations provided to children younger than these ages.

    Indonesia’s commitment to advancing child health and wellbeing was reflected in its State budget. Substantial funding had been allocated to improving maternal health.  In 2023, 64 per cent of children were covered by some form of health insurance. The number of neonatal deaths in Indonesia had decreased over the past 30 years.  The three key causes of death were infection, respiratory and cardiovascular causes, and prematurity.  Programmes were in place to address these key areas.  All neonatal deaths in Indonesia were reviewed. 

    The Government was committed to ensuring that access to mechanisms for recovery was fulfilled for child trafficking victims.  The oversight mechanism assigned specific roles and responsibilities to various ministries and government institutions.  The arrest of child perpetrators by the police needed to be conducted in a humane manner, taking into account the child’s specific needs. Detention of children in the criminal juvenile justice system could only be carried out as a last resort. 

    The Indonesia Government recognised the suffering vulnerability of children associated with the foreign terrorist fighters, who were victims of circumstances beyond their control, often exposed to violence, exploitation and trauma.  The State aimed to uphold their rights and protection. Around 400 Indonesian children and women resided in two camps in Indonesia.  Repatriation was considered on a case-by-case basis based on security and the children’s needs.  A taskforce had been established to handle issues associated with the foreign terrorist fighters, including taking responsibility for citizens abroad associated with this group. 

    Since its ratification of the Convention, Indonesia had made a significant effort to incorporate it into its legal system, most notably through the 2023 law on child protection.  Indonesia’s National Police had established a Directorate for crimes against women, children and human trafficking.  The Child Protection Commission had been established in four provinces.

    The incident which had occurred in a public school did not reflect national policy in any way, and the Government had acted swiftly in response.  Following the incident, three Ministries issued a joint ministerial decree which ensured that no student, teacher or school staff were forced to wear religious attire against their will.  The policy aimed to uphold national unity, religious tolerance and freedom belief.  The Government had also consistently emphasised the importance of creating a safe and inclusive learning environment for all students. 

    Indonesia had made significant legal advancement in protecting children from sexual exploitation, both offline and online.  The child protection law expressly prohibited all forms of sexual exploitation against children and mandated that victims be provided with psychological and rehabilitation services.  The law also criminalised grooming and other kinds of exploitation conducted online. Several policies had been adopted aimed at creating a safe tourism environment for children, including guidelines for the prevention of the exploitation of children in tourism settings.

    Indonesia recognised that female genital mutilation was a critical issue affecting the health and wellbeing of Indonesian women and girls, with a regulation specifically forbidding this practice.  An action plan from 2020 to 2030 facilitated cooperation between the Government, civil society and community leaders, and incorporated a robust monitoring framework to ensure effective and sustainable interventions.  Since 2021, Indonesia had systematically collected data on female genital mutilation, and the latest survey indicated a decrease from around 50 per cent in 2021 to around 48 per cent.  

    A strategy emphasised the obligation of health workers, community leaders and families to protect women from the harmful practice, and a circular issued prohibited midwives from providing such services. 

    Indonesia’s regulatory framework prohibited corporal punishment against children, although there was no specific legal provision in this regard.  The Minister of Education had issued a comprehensive policy in 2023 aimed at preventing and responding to violence in education settings.  A taskforce had been established in 27 provinces with the aim of creating a safer educational environment.  A regulation was issued regarding birth certificates for children of unknown origins and unregistered marriages. 

    In March 2025, the President of Indonesia launched the Government regulation on the governance of electronic system implementation in child protection to protect children in the digital space.  The policy emphasised the presence of the State in creating a safe, child-friendly digital space. 

    Indonesia regularly held coordination meetings on the rights of the child, and reporting of the implementation of the Convention.  The Ministry of Law and Human Rights took part in training programmes for law enforcement personnel on human rights.  Out of the 382 courts in Indonesia, 377 courts provided child-friendly courtrooms.  There were 23 child-friendly religious courts.  Reporting of the implementation of the Convention was regularly provided to all stakeholders, at the national and provincial levels.  The Ministry of Human Rights regularly conducted dissemination activities relating to human rights, and involved a children’s forum where they could have their voices heard. 

    Ensuring equitable access to health care services in all regions remained a national priority.  Mobile health services and cluster island-based services, among others, were designed to overcome geographical barriers.  Through the special doctor deployment programme, more than 600 paediatricians had been placed in Government-owned hospitals in underdeveloped regions.  School operational assistance supported the funding of schools in the most remote regions, covering primary, secondary, speciality and vocational schools. 

    A process had been established for the reunification of children in alternative care.  The Government extended assistance, including financial aid, to the child and their family to ensure a successful reunification. 

    The Government had taken significant steps to uphold the reproductive rights of persons with disabilities, particularly focusing on preventing forced sterilisation practices. The enactment of the sexual violence crime law, which explicitly prohibited forced contraception and sterilisation, requiring consent of the individual, was a landmark achievement in this regard.  However, challenges remained, as reports indicated this practice was still found, particularly affecting women with psychosocial disabilities in care institutions. Efforts were being made to monitor and enforce compliance with the law, including through conducting monitoring of facilities and developing mechanisms to address violence. 

    Special protection was provided to children belonging to minority groups, enabling them to practice their own culture and religion and use their own language.  If children from these groups experienced trauma and violence, the State was obligated to provide social rehabilitation. 

    Questions by Committee Experts

    THUWAYBA AL BARWANI, Committee Vice-Chair and Taskforce Member, welcomed the enactment of the disability law in 2016.  However, there was concern that its implementation was not translated into the national agenda.  Were there any plans by the Government to rigorously implement and monitor regulations regarding the enactment of this law?  There were reports that three per cent of children in Indonesia lived with a disability; had recent data been collected on disability?  How was the Government planning to tackle the data issue for disability? 

    Reports indicated that at least 57,000 people in Indonesia had been shackled at least once in their lifetime.  Was this accurate?  Was the Government planning to fully ban this practice?  What was being done to educate the country on the negative impacts of shackling on all persons, including children?  What was the Government doing to improve the access of children with disabilities in the education system?  What nutritional programmes were in place to address the issues of stunting and wasting of children with disabilities?  What programmes were in place to support families with children with disabilities and encourage them not to send them to institutions but to keep them at home?

    The steps taken by Indonesia to improve education were appreciated, but there was still more work to be done.  What was being done to ensure that all children could complete their education?  How was the Government increasing school enrolment and preventing dropout?  Was there research which addressed the reasons that children and adolescents were out of school?  What were the main obstacles which prevented the Government implementing the policy of free primary education? 

    It was disturbing that 24 provinces had forced girls to wear the hijab and that those who did not were forced to leave school, and it was estimated that around 150,000 schools still enforced this rule.  Was this decision left to the provinces to apply?  Was the decree by the three Ministries binding to all schools?  What strategies were in place to ensure school retention and reintegration, particularly for victims of child marriages?  How was the Government strengthening the quality of education, including by reforming its school curriculum?  Was human rights education included in the mandatory school curriculum and in teacher training? 

    SUZANNE AHO, Committee Expert and Taskforce Member, said poverty in the country was a major concern.  Were there any measures envisaged to bring down the level of poverty?  How many years was the programme providing food supposed to run?

    RINCHEN CHOPEL, Committee Expert and Taskforce Coordinator, said there had been significant investment in Indonesia’s health sector since the 1990’s.  However, in recent times Indonesia had been consistently underinvesting in its health sector.  What was the ground reality like?  What was being done to address regional disparities, including by improving health infrastructure and increasing the number of qualified health professionals?  How were infant and young child feeding practices being promoted? 

    The high rate of early pregnancy was concerning, as was the criminalisation of abortion, except in cases of rape or danger to the mother.  What measures were being adopted to provide free contraception and decriminalise abortion?  Indonesia had capital punishment for trafficking of illegal drugs, but their use was on the rise by adolescents.  What was being done to address this issue?  HIV/AIDS represented a pressing issue in Indonesia; given Indonesia’s comprehensive approach to care, what was not working in this regard? 

    Indonesia was experiencing a high rate of suicide, but had limited access to services.  What steps were being taken to tackle this issue? What could be done to further protect lesbian, gay, bisexual, transgender and intersex children? Indonesia was one of the top 50 countries in the world where children were at risk of climate risk degradation, with 20 million exposed to coastal flooding and 15 million exposed to heatwaves. What was the current status of the national climate change policy and disaster contingency plans?  Were they informed by child rights impact assessments? 

    It was encouraging that the State party hosted a large number of refugees, particularly Rohingya women and children.  What was the mandate and capacity of the national taskforce on refugee response? What was the Government’s position on the 1951 United Nations Convention on the Status of Refugees and its 1967 Protocol?  What were the ground realities of children belonging to indigenous communities?

    The Committee was concerned about the significant numbers of children engaged in child labour. What measures were being taken to effectively implement the existing laws, including those which prohibited the economic exploitation of children, including by establishing labour inspectorates? The adoption of the Presidential Regulation in 2023 on the national action plan for human trafficking was welcomed. How was it ensured that noncustodial sentences were taken for children whenever possible? 

    PHILIP JAFFE, Committee Vice-Chair and Taskforce Member, asked why Indonesia did not make a pledge at the ministerial conference in Bogota?

    SUZANNE AHO, Committee Expert and Taskforce Member, asked if training was provided to police and security services on the use of violence?  Child marriages still seemed to be taking place on the island of Sumba; had the State been able to address the forced marriage situation there?  Was there a way to speed up the birth registration process?

    Responses by the Delegation

    The delegation said medical and social rehabilitation were vital for child victims of violence. The implementation of the reintegration of children who had experienced violence included several stages, including preparing children to return to their families and to interact within their social environment. 

    Indonesia had taken significant strides to integrate the rights of persons with disabilities into its national planning.  A dedicated programme for persons with disabilities outlined two key approaches on ensuring access to basic services and protection from violence, and ensuring an inclusive approach to development.  The fragmentation of data on disability was compounded by the lack of a standard definition of disability across sectors.  Indonesia’s unique geographical characteristics, particularly the remote areas, posed challenges for data collection and resulted in gaps in data coverage.  Capacity building activities were underway to equip staff with the necessary tools and skills to better gather and analyse disability data. 

    The health law prevented any forms of violence or shackling against persons with disabilities. Such acts should be punished in accordance with law.  In 2024, 1,794 cases of shackling had been reported with 23 of those being children. Awareness raising had become the main priority to combat shackling in Indonesia, as these practices were mainly conducted due to a lack of education and understanding of those with psychosocial disabilities. 

    Indonesia had introduced programmes to lower the prevalence of child wasting and stunting. As a result of these initiatives, stunting and wasting rates had fallen between the period of 2018 and 2023.  A programme was in place to provide daily nutritious meals to school-age children to combat child malnutrition which remained prevalent in several regions.  By 2029, the Government aimed to expand the programme to serve an estimated 83 million children daily, making it one of the most ambitious social schemes globally. 

    Since the rollout of the programme, student feedback had been an important element for the Government.  The initial phase had attracted criticism from youth regarding taste, portion and variety, and the Government recognised this was not a trivial concern.  Every meal served was carefully formulated by certified nutritionists and the Government was working to improve the points raised. 

    The sudden scale of the programme rollout had resulted in breaches in food safety protocols, including hygiene standards.  The Government responded swiftly by deploying health inspectors to conduct evaluations and temporarily halted meal distribution pending safety clearance. Medical care and financial compensation were provided to victims and their families.  Following this incident, standards had been introduced on food hygiene and the emergency protocol, a revised manual was issued for meal production, and a centralised digital platform was under development to support the programme and monitor incidents. 

    Indonesia was making strides in promoting breast feeding as a key strategy in reducing stunting and improving child nutrition.  There were more than 4,000 breast feeding trainers across 38 provinces, with plans to increase this number.  The draft ministerial regulation on exclusive breast feeding was currently being developed.  These efforts were part of Indonesia’s commitment to ensuring every child’s right to nutrition. 

    In 1999, the Government ratified International Labour Organization Convention 138 concerning the minimum age of employment; the Government had set the minimum age of employment to 15 years, with an exception for 13-year-olds who were undertaking light work.  Sanctions were in place for those who violated provisions for child labour, including prison for two years or heavy fines. 

    The 2025 to 2029 national development plan included a key indicator for preventing child labour, with the objective to reduce the child labour rate to 1.65 per cent by 2029. The Government was committed to protecting domestic workers, including through two laws enacted in 2017 and 2015 respectively, which prohibited the employment of domestic workers under the age of 18.  The bill on the protection of domestic workers was included in the national legislation as a priority. 

    The national action plan on gender and climate change encouraged children’s participation and education on climate change related matters.  The climate action campaign, which mobilised actions on air pollution and the water crisis, had engaged around 2,500 children.  The resilient education framework aimed to make schools safer and better prepared during natural disasters.  Guidelines had been published to ensure that children’s needs were prioritised in disaster preparedness efforts.  The Government had expanded access to programmes aimed at strengthening teachers’ skills, subject matter expertise, and cultural sensitivity. 

    Indonesia had undertaken several initiatives in the spirit of international solidarity and commitment, including the regulation adopted in 2016 concerning the handling of refugees abroad.  This regulation served as an operational guideline to ensure the protection and fulfilment of basic needs for refugees.  As of December 2024, there were more than 3,000 refugee and asylum-seeking children residing in Indonesia, with 186 of them registered as unaccompanied. The State was committed to ensuring that refugee children had access to school age education.  As of September 2023, 808 refugee children were registered in accredited public schools and more than 1,300 were involved in skilled training.  The State had consistently provided humanitarian assistance to refugees and would continue to do so, and regularly participated in regional dialogues on the issue of shared responsibility. 

    Contraceptive drugs and methods could only be delivered by health workers and other trained personnel.  The Government continued to strengthen the supply and distribution of contraception devices.  Infrastructure was being improved to provide unhindered access for those in remote areas. Pregnant students’ right to education was fulfilled through the provision of alternative education offerings. To address the reproductive health needs of women and girls, the Government had established a clear legal and regulatory framework allowing abortion under strict circumstances. Abortion was allowed up to 14 weeks in cases where the mother’s life was at risk or in cases of rape.

    Indonesia recognised that the early detection of HIV was critical in eliminating mother to child transmission.  HIV services were being integrated into the broader maternal and child health framework through enhancing the capacities of healthcare workers to conduct early screening of HIV during the pregnancy and ensuring appropriate treatment.  Between 2021 to 2024, the percentage of pregnant women tested for HIV rose from 51 per cent to 71 per cent.  The positive rate among those tested was 0.2 per cent.  The State ensured that all mothers living with HIV received the care they need to live healthy lives and raise healthy children. 

    The Government had initiated the funding of schools in remote areas.  From 2021 to 2025, the total number of students enrolled in educational institutions rose from 39.4 million to 52.5 million, reflecting an increase of around 33 per cent.  This significant growth reflected improved retention rates and a strong transition of children into a higher level of learning. 

    Questions by Committee Experts

    RINCHEN CHOPEL, Committee Expert and Taskforce Coordinator, asked if Indonesia had already increased the age of criminal responsibility to 14?  Regarding abortion, while rape and threat to the mother’s life was covered, the issues of incest and foetal impairment were not mentioned; could more information be provided?  Indonesia had the highest rate of early pregnancy in south-east Asia, which was concerning, possibly due to barriers to contraception for children. This issue needed to be addressed. Was Indonesia aware of the Committee on the Rights of the Child’s general comment 36 on children’s rights and the environment, with a special focus on climate change?  The Government was urged to study this general comment and roll it out. 

    THUWAYBA AL BARWANI, Committee Vice-Chair and Taskforce Member, said she had read a study which stated that poor families sent their children, especially girls, to Madrasas which taught only Islamic studies; what would be the fate and future of these girls?  This perpetuated the poverty cycle.

    SUZANNE AHO, Committee Expert and Taskforce Member, said there were children who had been detained with adults and became victims of violence in prison settings.  Would the State aim to tackle the issue of female genital mutilation head-on?  What was the State doing to combat child prostitution? 

    PHILIP JAFFE, Committee Vice-Chair and Taskforce Member, asked if the mandate of the Child Protection Commission only covered the promotion of children’s rights, or if children were able to make complaints?  What was the difference between the child protection index and the Indonesian child’s profile?  Were there efforts to make the helplines more accessible to children in remote areas? The National Commission on Violence against Women reported that 73 regulations of enforced hijab were still active in August 2023; what had happened since then? 

    A Committee Expert said Indonesia had a national action plan on human rights from 2021 to 2025; had there been any mid-term assessment or evaluation of this plan? Could the Convention and its protocols be invoked in national courts?  Had there been any court decisions prosecuting the practice of female genital mutilation? 

    Another Expert asked if juvenile courts existed in Indonesia?  What type of alternative care was offered to children who needed to be separated from their families?  How were children of incarcerated parents supported? 

    A Committee Expert said there seemed to be little evidence that programmes for female genital mutilation were having an effect.  How did the Parliament ensure that laws in this regard were implemented? Had there been programmes on positive masculinity in schools?  Was HIV/AIDS screening mandatory before marriage? 

    Another Expert asked from what age could exceptions be provided for child marriage?  How many girls had received these exceptions?  Did the girls have an opportunity to oppose the decision?  The children in the Syrian camps were suffering on a daily basis and needed to be repatriated urgently.  When would they be repatriated and what programmes would be put in place to reintegrate them? 

    A Committee Expert asked what plans and strategies the Government had implemented to ensure strict regulations, better teachers’ training, and robust reporting mechanisms to protect children from violence and abuse in education settings? 

    Another Committee Expert asked if different cases were handled by different judges depending on the age of the child? Were there alternative penalties other than incarceration provided? 

    An Expert asked if the Government policy on protecting victims of crime, particularly sexual exploitation, had improved?  Was there anything being done to specifically assist and rehabilitate victims of sexual violence? 

    Responses by the Delegation 

    The delegation said Indonesia already had an effective complaints mechanism regarding the Convention. Access to justice was enhanced by a complaints channel established through the dedicated human rights communications surface.  Since 2020, it had received around 2,800 submissions of complaints.  The National Commission for the Protection of Children had a system which allowed anyone to submit their complaints through WhatsApp. Indonesia had proactively contributed to the Bogota ministerial conference by providing feedback on the document and participating in the conference.  However, it was regretful that the document was not the result of a participatory project between all Member States of the United Nations, which was why Indonesia did not make a pledge during the conference. 

    There were 30 medical indications of abortion, and foetal impairment was one of the indications. Incest was included as an indication if it was determined that the girl had been unfit to provide consent, in which case it was considered as sexual violence.  Indonesia had heard that one of the big community organizations had announced providing circumcision for boys and girls at an event; in response the Government had pushed the organization to cancel circumcision for girls with support from many sectors.  Nowadays, the coordination of efforts to prohibit female genital mutilation was becoming stronger, with many sectors supporting this cause. 

    The national human rights action plan was one of the national policies of the Indonesian Government in realising the fulfilment, respect and enforcement of human rights. It was designed to respond to the society’s evolving human rights conditions.  The current plan had targets in four groups consisting of women, children, persons with disabilities, and indigenous groups, with measures outlined for each group to ensure equality was achieved. 

    There were challenges regarding the foreign terrorist fighters, as many identification documents had been burned.  At the Indonesian border, there was an evaluation of individuals and the security situaiton on the ground.  The Indonesian Government needed to ensure security for the children and those facilitating their repatriation.  All Ministries were involved in the reintegration, rehabilitation and de-radicalisation of returnees.  A programme was in place to help children recover from trauma, facilitate their reintegration in Indonesian society, and combat religious ideologies.  All repatriations needed to be carried out with the best interests of the child in mind, including keeping in mind if it was in their best interests to be separated from adults. 

    Indonesia did not tolerate underage marriage; while cultural traditions were respected, they needed to respect human rights principles.  Child marriage was prevalent in Sumba, and the Government was working intensively with the community and community leaders to tackle this issue, including by conducting awareness raising campaigns.

    The annual budget for legal aid had been elevated in 2025.  Madrassas were part of the religious-based schools and were equal to public schools.  Their curriculum followed the national system of education.  Two ministries, the Ministry of Education and the Ministry of Religious Affairs, were responsible for education, and directed the schools under their authorities to establish taskforces to deal with the issue of violence at school.   

    The child protection law affirmed the right of all children to be raised by their parents, with separation only enacted as a last resort.  The correctional nutrition house programme had been introduced to prevent stunting at an early life stage and empowered incarcerated women with knowledge in nutrition. 

    The National Narcotics Board had been conducting activities on drug usage, targeting students. The prevention programme for juveniles in youth correctional centres included anti-drug awareness, with at least one session per year conducted on a regular basis. 

    The Government had enacted the juvenile justice system law to ensure judicial processes were carried out in the best interests of the child.  To ensure protection, incarcerated children were placed in separate settings from adults.  Child cases were managed separately to avoid delays and children’s overexposure to court environments. 

    In 2015, eight Ministries signed a memorandum of understanding to create better synergy in accelerating the legislation for birth certificates, both for children in Indonesia and abroad.  A circular had been issued to all health facilities mandating medical workers to provide information on birth registration and certificates at the time of birth.  Outreach visits were conducted to the families of newborns to ensure their birth registration was processed.  These measures ensured every newborn automatically received a birth certificate and national identity card. 

    Closing Remarks

    RINCHEN CHOPEL, Committee Expert and Taskforce Coordinator, congratulated the delegation of Indonesia for the productive dialogue.  The establishment of the Ministry of Human Rights would go a long way in reinforcing the current institutions in place and disseminating the Committee’s concluding observations.  The Committee would continue to urge the Government to reconsider its decision not to ratify the Optional Protocol on individual communications. It was also concerning that Indonesia had not reported on the other two Optional Protocols since 2014; the Government was urged to do so urgently.  Mr. Chopel wished the delegation a safe journey home and relayed the Committee’s good wishes to the children of Indonesia.

    MUNAFRIZAL MANAN, Director-General for Human Rights Services and Compliance, Ministry of Human Rights of Indonesia, said the Ministry of Human Rights was a new entity in the current administration which aimed to ensure the protection, promotion and fulfilment of human rights.  Mr. Manan extended sincere gratitude to the Committee for the collaborative and open dialogue.  Indonesia’s participation underscored the strong commitment of the Government to the protection of children’s rights in the country.  The delegation had taken note of the Committee’s comments and advice and would ensure they were translated into concrete actions.  The State was committed to ensuring that children could enjoy their rights and reach their full potential. 

    ACHSANUL HABIB, Ambassador, Chargé d’affaires a.i., Permanent Mission of Indonesia to the United Nations Office at Geneva and head of the delegation, conveyed appreciation to the Committee for the instructive engagement.  The delegation would submit any extra responses within 48 hours, and looked forward to receiving balanced concluding observations and recommendations.  Mr. Habib thanked all those who had made the dialogue possible. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CRC25.011E

    MIL OSI United Nations News

  • MIL-OSI USA: Warren, Schmitt Renew Bipartisan Fight for More Competition in Pentagon’s AI and Cloud Contracting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 15, 2025

    Bicameral bill aligns with new White House guidelines on AI contracting for government agencies

    Text of Bill (PDF) | Text of One-Pager (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Eric Schmitt (R-Mo.) reintroduced the bipartisan, bicameral Protecting AI and Cloud Competition in Defense Act to ensure that the Department of Defense (DoD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill reins in Big Tech monopolies and prevents them from cutting out competitors in the AI and cloud computing markets.

    Representatives Sara Jacobs (D-Calif.), Pat Fallon (R-Texas), and Chris Deluzio (D-Pa.) introduced the bill in the House of Representatives. 

    The reintroduction comes as the White House has released new guidelines on AI procurement that encourage federal agencies to avoid vendor lock-in and to ensure that government data is protected and not used to train commercial AI models. 

    The AI and cloud computing industries are highly concentrated, and a few Silicon Valley companies control the markets the DoD relies on for cloud infrastructure, foundation models, and data infrastructure. DoD has already awarded $9 billion in contracts to Google, Oracle, Microsoft, and Amazon to build its cloud computing network, and requested an additional $1.8 billion for AI programs for Fiscal Year 2025. The Protecting AI and Cloud Competition in Defense Act would ensure that DoD’s new contracts protect competition in the AI and cloud computing markets, instead of giving an unfair advantage to a few big players. The bill also encourages DoD to consider cloud computing services from multiple providers so the agency isn’t locked in by a single tech company.

    Specifically, the bill would: 

    • Require DoD — when contracting with AI and cloud computing companies that make $50 million or more with DoD annually — to hold a competitive award process, ensure that the government maintains exclusive rights to access and use of all government data, mitigate barriers to entry faced by small businesses and nontraditional contractors, and consider multi-cloud technology unless doing so is infeasible or presents a danger to national security. 
    • Require DoD’s Chief Digital and Artificial Intelligence Office (CDAO) to ensure that government data provided for the purpose of development and operation of AI products to DoD will not be disclosed or used without DoD authorization, and such government data, if stored on vendor systems, has appropriate protections.
    • Require DoD to publish a report every four years on competition, innovation, barriers to entry, and market power concentration in the AI sector, with recommendations for legislative and administrative action.

    Senators Warren and Schmitt first introduced the Protecting AI and Cloud Competition in Defense Act in December 2024. 

    “It’s a mistake to let Silicon Valley monopolize our AI and cloud computing tools because it doesn’t just stifle innovation, it increases costs and threatens our national security,” said Senator Warren. “Our bill will make sure the military can access cutting-edge tools and will keep our markets strong and our information secure.”

    “The Department of Defense’s procurement system must encourage competition instead of allowing a select group of companies to dominate the awards process. We must move away from policies that create risk concentration, and stifle innovation to instead adopt policies that create opportunities for emerging A.I. defense companies. I am proud to be leading this bill that promotes this smart policy, as well as encourage innovation so the U.S. can continue to lead A.I.,” said Senator Eric Schmitt.

    “Competition always pushes the limits of creativity, innovation, and excellence – whether in AI or any other field. That’s why the Department of Defense needs to prioritize competition in its AI and cloud computing contracts to ensure we deploy the best technologies to protect and strengthen our national security. I’m proud to help lead this bicameral legislation that will make our country safer, stronger, and more competitive on the global stage,” said Congresswoman Sara Jacobs

    “The Department of Defense needs to shape up its federal tech procurement process to protect data and public money from the failures of concentrated power and a lack of competition,” said Congressman Chris Deluzio. “Policies like the Protecting AI and Cloud Competition in Defense Act will promote real competition in the defense technology sector to help keep our military strong, fortified, and ready for anything.”

    “By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” said Congressman Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

    The Protecting AI and Cloud Competition in Defense Act is endorsed by Economic Securities Project Action and the Open Markets Institute.

    Senator Warren has been a leader in the fight to rein in Big Tech and boost competition in the tech and defense sectors: 

    • In May 2025, Secretary of the Army, Daniel P. Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts, after pressure from Senator Warren. 
    • In April 2025, Senator Elizabeth Warren secured a commitment from Mr. Michael Cadenazzi, nominee to be the next Assistant Secretary of Defense for Industrial Base Policy, to support AI competition and innovation in defense contracting.
    • In April 2025, Senators Elizabeth Warren and Ron Wyden (D-Ore.) wrote to cloud service providers Google and Microsoft with concerns that their respective partnerships with AI developers Anthropic and OpenAI may violate antitrust laws, leading to fewer choices and higher prices for businesses and consumers using AI tools.
    • In January 2025, at a hearing of the Senate Armed Services Committee, a Palantir Executive agreed with Senator Elizabeth Warren that legal loopholes should not enable companies to  price-gouge the military.
    • In September 2024, Senator Warren wrote to Assistant Attorney General of the Antitrust Division at the United States Department of Justice (DOJ) Jonathan Kanter in support of the DOJ’s ongoing probe into Nvidia’s potentially anticompetitive behavior.
    • In February 2024, Senator Warren delivered the keynote address at RemedyFest, where she called out Big Tech for their anti-competitive tactics that have led to market consolidation and record profits.
    • In January 2024, at a hearing of the Committee on Banking, Housing and Urban Affairs, Senator Warren questioned Emily Kilcrease, Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, on the national security risks posed by digital trade rules that allow tech companies to collect, sell, and store Americans’ data wherever is cheapest, including China.
    • In December 2023, Senators Warren, Amy Klobuchar (D-Minn.), and Bernie Sanders (I-Vt.), along with U.S. Representatives Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Pramila Jayapal (D-Wash.), Jan Schakowsky (D-Ill.), Lori Trahan (D-Mass.), and Rosa DeLauro (D-Conn.), sent a letter to President Biden, urging him to continue to reject any trade or policy proposals from Big Tech that would deem the European Union’s Digital Markets Act (DMA) to be discriminatory or an illegal trade barrier, in order to protect the administration’s shared pro-competition priorities with its European allies. 
    • In November 2023, Senator Warren and U.S. Representative Jan Schakowsky (D-Ill.), led 10 lawmakers in a letter to President Joe Biden, commending his administration’s actions countering Big Tech’s influence in trade negotiations, and asking him to replace “digital trade” provisions lobbied for by Big Tech in Indo-Pacific Economic Framework (IPEF) negotiations with new language to ensure regulatory agencies and Congress are able to counter Big Tech abuses and develop a new model for digital rules in trade agreements that promotes competition and protects workers, consumers, and small businesses. 
    • In July 2023, Senators Warren and Graham introduced the Bipartisan Digital Consumer Protection Commission Act which would  rein in Big Tech by establishing a new commission to regulate online platforms. The commission would have concurrent jurisdiction with FTC and DOJ, and would be responsible for enforcing the new statutory provisions in the bill and implementing rules to promote competition, protect privacy, protect consumers, and strengthen our national security.
    • In May 2023, Senator Warren released a 22-page investigative report: Big Tech’s Big Con: Rigging Digital Trade Rules to Block Antitrust Regulation. The investigation, based on a review of previously undisclosed emails, reveals that Big Tech is using its revolving door hires to gain backdoor access to key United States Trade Representative and Commerce Department officials, undermining the Biden Administration’s promises to end rigged trade deals and protect workers, consumers, and the environment. 
    • In October 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo underscoring the dangers of Big Tech’s digital trade agenda, following up on a letter the lawmakers sent to Secretary Raimondo in July 2022 requesting additional information about the revolving door between Commerce and Big Tech and its potential impact on global digital trade rules.
    • In July 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo raising questions about the revolving door between the Department of Commerce and Big Tech companies, and its potential impact on global digital trade rules.

    MIL OSI USA News

  • MIL-OSI Europe: Written question – Financial connections between the European External Action Service and NGOs in the USAID network – E-001847/2025

    Source: European Parliament

    Question for written answer  E-001847/2025
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Petr Bystron (ESN)

    According to the ‘About Us’ section of its website, the European External Action Service (EEAS) works to support resilient democracies, promote human rights and contribute to a rules-based global order in Europe and around the world. However, the EEAS – the EU’s official diplomatic service, which receives approximately EUR 732 million annually from the EU budget – appears to cooperate with and fund NGOs that were previously part of the network of the US Agency for International Development (USAID), such as Development Alternatives Incorporated (DAI), Save the Children, Catholic Relief Services, Mercy Corps and others.

    In light of recent actions by US President Donald Trump, which led to the termination of most USAID foreign activities, we would like to raise the following questions:

    • 1.Which other USAID-funded NGOs has the EEAS supported or worked with? How much funding was granted to these organisations in 2024 by the EEAS, and how much funding did the EEAS itself receive?
    • 2.What steps has the Commission taken to ensure that this funding does not support foreign interests?
    • 3.What level of oversight does the EEAS have over the activities of its NGO partners, which are based in non-EU countries, and how are cases of ideological or political bias addressed?

    Submitted: 7.5.2025

    Last updated: 15 May 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Press release – MEPs back new tariffs on Russian and Belarusian agricultural goods

    Source: European Parliament

    The International Trade Committee has approved a 50% increase in tariffs on certain Russian and Belarusian agricultural goods to further reduce EU dependency.

    MEPs in the International Trade Committee have backed a Commission proposal to increase EU tariffs by 50% on those agricultural products from Russia and Belarus that are still excluded from other customs duties. The aim is to reduce EU dependency on the two countries still further. Products to be hit by the new tariffs include sugars, vinegar, flour and animal feed.

    The approved text also provides period. The latter duties would rise to €430 per tonne by 2028. Income from Russian and Belarusian fertilisers is seen as contributing directly to the war against Ukraine.

    The proposed measures will significantly reduce imports into the EU of the goods concerned originating in or exported directly or indirectly from Russia and Belarus. This should result in further diversification of EU fertiliser production, a sector that is currently suffering from the low prices of imported goods.

    The legislation also tasks the Commission with monitoring and acting to mitigate price increases that could damage the internal market and the EU agriculture sector.

    The draft regulation was adopted by 29 votes in favour, 6 against and 2 abstentions.

    Quote

    The standing rapporteur for Russia Inese Vaidere (EPP, LV) said: “This regulation to gradually increase customs duties for products from Russia and Belarus will help to prevent Russia from using the EU market to finance its war machine. It is not acceptable that three years after Russia launched its full-scale war, the EU is still buying critical products in large volumes; in fact, these imports have significantly increased.

    The proposal will also boost EU fertiliser production, which has taken a hit from cheap Russian imports, while giving farmers time to adjust.”

    Next steps

    The proposal will now be put to a vote in Parliament’s next plenary session, which will take place in Brussels, on Thursday 22 May.

    Background

    Imports into the EU of urea and nitrogen-based fertilisers from Russia, already high in 2023, increased significantly in 2024. According to the Commission, imports of the fertilisers covered by this regulation reflect a situation of economic dependence on Russia. If left unchecked, the situation could harm EU food security and, especially in the case of fertilisers, make the EU vulnerable to possible coercive measures by Russia.

    To tackle these issues, on 28 January 2025, the Commission presented its proposal to impose tariffs on fertilisers and certain agricultural products originating in Russia and Belarus.

    MIL OSI Europe News

  • MIL-OSI: Joveo Launches First-of-Its-Kind AI Maturity Model for Talent Acquisition Teams

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Joveo, the global leader in AI-led, high-performance recruitment marketing, announced today the launch of its AI maturity model for talent acquisition – a comprehensive framework designed to help talent acquisition leaders evaluate where they stand on the AI adoption curve, and identify the next steps toward AI recruiting transformation.

    As AI adoption accelerates across the HR tech landscape, recruiting teams face increasing pressure to improve speed, efficiency, and personalization at scale. Joveo’s five-stage AI maturity model provides a clear path forward, enabling organizations to pinpoint gaps in their existing workflows, benchmark progress, and unlock sustainable hiring velocity through AI.

    “AI is no longer a futuristic concept – it’s here and now, and poised to change recruiting the way we know it. But without a clear path forward, many talent acquisition teams are stuck in pilot mode,” said Prateek Mishra, Chief Technology Officer at Joveo. “Our AI Maturity Model gives talent leaders the strategic clarity they need to move from experimentation to execution – unlocking smarter workflows, faster hiring, and real impact at scale.”

    “Joveo’s AI maturity model equips talent acquisition teams with the direction they need to keep pace,” said Ryan Stene, Vice President, Global Talent Attraction and Engagement, Wells Fargo. “By bridging AI strategy and execution, it helps leaders like us optimize workflows, enhance candidate experience, and drive better hiring outcomes – ensuring our teams remain competitive.”

    What Joveo’s AI maturity model offers

    • Five-stage framework: Ranges from no AI adoption to AI-led talent acquisition, with indicators for each level of maturity.
    • Guided self-assessment: A short questionnaire covering job advertising, talent engagement, data integration, governance, and more.
    • Personalized score and report: Respondents receive an AI maturity score and a custom roadmap tailored to their current stage.
    • Insights and recommendations: Clear guidance on how to move to the next stage of their AI maturity journey.
    • Benchmarks: Respondents can find out where they stand versus their peers and competitors.

    Why it matters

    AI adoption in talent acquisition is accelerating, yet maturity remains low. Without a clear understanding of their current state, many organizations risk falling behind.

    Joveo’s AI maturity model gives talent acquisition leaders the visibility they need to identify where their teams stand today, uncover inefficiencies, and prioritize areas for investment. By pinpointing gaps across job advertising, talent engagement, candidate experience, automation, data integration, and governance, the model empowers talent acquisition teams to take informed steps toward adopting AI to improve hiring outcomes, enhance recruiter efficiency, and accelerate speed-to-hire.

    Learn more about Joveo’s AI maturity model for talent acquisition, and discover your AI maturity score and stage here.

    About Joveo

    As the global leader in AI-powered, high-performance recruitment marketing, Joveo is transforming talent attraction and recruitment media buying for the world’s largest employers, staffing firms, RPOs, and media agencies. The Joveo platform enables businesses to attract, source, engage, and hire the best candidates on time and within budget.

    Powering millions of jobs every day, Joveo’s AI-led recruitment marketing platform uses advanced data science and machine learning to dynamically manage and optimize talent sourcing and applications across all online channels, while providing real-time insights at every step of the job seeker journey, from click to hire.

    For more information about Joveo’s award-winning platform, visit www.joveo.com.

    Media Contact
    Heather van Werkhooven
    Sr. Director, Content and Thought Leadership, Joveo
    pr@joveo.com

    The MIL Network

  • MIL-OSI USA: Former El Paso US Army soldier charged with child pornography offenses

    Source: US Immigration and Customs Enforcement

    WASHINGTON — A federal grand jury returned an indictment May 14 charging Seth Herrera, 35, a U.S. Army soldier, previously of El Paso, Texas, with attempted sexual exploitation of a child and receiving files depicting child sexual abuse.

    U.S. Immigration and Customs Enforcement Homeland Security Investigations special agents are investigating the case.

    According to court documents, Herrera allegedly used encrypted messaging applications and network applications to find, receive, and download child sexual abuse material over the course of multiple years, beginning in 2021. He also allegedly used artificial intelligence chatbots to generate child sexual abuse material using images of children he knew and surreptitiously took images and videos of those same children undressing in his El Paso home.

    Herrera is already charged in Alaska relating to his alleged transportation, receipt, and possession of child sexual abuse material, including AI-generated child sexual abuse material, while stationed at Joint Base Elmendorf-Richardson in Anchorage, Alaska.

    Trial Attorney Rachel L. Rothberg of the Criminal Division’s Child Exploitation and Obscenity Section and Assistant U.S. Attorney Mallory J. Rasmussen for the Western District of Texas are prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims.

    MIL OSI USA News

  • MIL-OSI Africa: Italy affirms Partnership with African Development Bank under the Mattei Plan

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, May 15, 2025/APO Group/ —

    Italy has reaffirmed its partnership with the African Development Bank (www.AfDB.org) and expressed keenness to explore mutual growth opportunities in Africa under the Mattei Plan. 

    Stefano Gatti, Director General for Development Cooperation at the Ministry of Foreign Affairs and International Cooperation (FAIC) and Lorenzo Ortona, Head of the Mattei Plan Task Force led a delegation to the Bank’s Abidjan headquarters on Thursday 8 May. The delegation comprised representatives of institutions charged with implementing the Mattei plan for Africa, such as Cassa Depositi e Prestiti(CDP), the Ministry of Finance, as well as important representatives of the business and private sector and civil society organisations. 

    Under the Mattei Plan for Africa, Italy aims to foster economic and strategic partnerships with African nations and institutions. Its Prime Minister Giorgia Meloni has stated that the African Development Bank Group would be (https://apo-opa.co/3FkcLD8) its main strategic financial partner for implementation of the plan on the continent. 

    The delegation was hosted by African Development Bank Senior Vice President Marie-Laure Akin-Olugbade, who was joined by three vice presidents –Nnenna Nwabufo, Beth Dunford and Kevin Kariuki, as well as several directors from the energy, resource mobilization and finance departments, among others. 

    Participants in the meeting exchanged on ways to strengthen public-private sector collaboration with Italy in reducing hunger and boosting agriculture in Africa. The conversation also discussed the importance of the African Development Fund, the Bank’s concessional lending arm in addressing the challenges of the continent’s most disadvantaged countries. 

    Akin-Olugbade expressed satisfaction at the progress made since the announcement of the Plan in July 2024, in particular, the Rome Process/Mattei Plan Financing Facility (RPFF), a multi-donor Special Fund aimed at supporting climate aligned sovereign infrastructure projects that help to address the root causes of migration. The RPFF with contributions from Italy and the UAE amounting to over $170 million, is now operational.  

    The senior vice president commended Italy for demonstrating its commitment and thanked the government for its choice of The African Development Bank as partner. “We appreciate, of course, the choice of the African Development Bank to accompany you in your strategy, very ambitious strategy for the continent. We are really very happy to hear that Italy, indeed, is still strongly committed to the continent, and of course, to working with the African Development Fund.” 

    Other instruments under the Plan with the African Development Bank include the Growth and Resilience Platform for Africa (Graf), and a bilateral co-financing facility. Under Graf, CDP and the African Development Bank intend to invest up to EUR 400 million over five years in private equity funds to accelerate private sector development in Africa. 

    “We are grateful for the outstanding job that the bank has done. We really appreciate it,” Ortan said. “We really believe that in order to enhance the Mattei plan in Africa and the visibility of it, we need partners like you.”  

    Concluding the discussions, Akin-Olugbade said the Mattei plan has emerged as a template for future cooperation between Italy and other developed countries and Africa. 

    She said: “I believe that Italy has seen the African Development Bank, the African Development Fund as trusted partners. I believe we have a good track record of providing and achieving results. There’s a leveraging effect that multilateral development banks have that sometime bilateral resources do not have. And we need to take advantage of this.” 

    Italy has been a strong partner to the African Development Fund and pledged EUR 298.88 million to its sixteenth replenishment. Italy has been a partner in Mission 300, as well as advocating for strengthening private sector engagement, especially for youth entrepreneurship.  

    MIL OSI Africa

  • MIL-OSI Global: Why we’ve fallen out of love with dating apps

    Source: The Conversation – UK – By Anh Luong, Assistant Professor of Business Analytics, Warwick Business School, University of Warwick

    pathdoc/Shutterstock

    Dating apps have transformed how people meet romantic partners. But they seem to be falling out of favour.

    Data shows that last year, four of the biggest dating apps in the UK lost over a million users between them. And research my colleague and I worked on suggested that this is because people have become frustrated and bored with digital matchmaking.

    The frustration is usually the result of inconsiderate behaviour from other app users. And the boredom appears to stem from a growing belief that the AI used by these apps seems to prioritise short-term engagement metrics over meaningful connections.

    This marks a significant shift from earlier online dating websites, which were notably more transparent about how they tried to establish authentic connections. Often this was through detailed answers to compatibility quizzes or personality assessments.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    For example, OkCupid.com (founded 2004) asked users a wide range of multiple-choice questions. It then went further by also asking them to specify the responses to those same questions they wanted to see from prospective partners.

    In contrast, today’s dating apps increasingly rely on less transparent AI which seems to be based on simplistic engagement metrics (number of swipes, frequency of texts, time spent on the app) rather than a path to genuine compatibility.

    The result is often a selection of vague, fleeting connections that do not amount to meaningful relationships. And the business model of today’s dating apps – selling increased visibility and access to matches – creates a challenging environment for many users to find the matches they want.

    Because of this, many users experience a sense of dissatisfaction which manifests itself in four stages.

    It begins with what I call a “boredom cycle”. General boredom prompts many daters to use the app in the first place, but resulting conversations often turn into uninspired and lacklustre exchanges. This adds to the boredom, which then spreads and grows throughout the entire dating app network.

    After that is a general sense of disappointment, as users become jaded from regular “ghosting” (cutting off communication without notice), “flaking” (cancelling dates at the last minute), and mundane message exchanges which don’t lead to actual dates.

    This all leads to a third stage of “algorithmic cynicism”. At this point, users become increasingly sceptical of dating app algorithms, suspecting that their primary function is to encourage the purchase of certain features rather than to establish authentic connections.

    Finally, communication fatigue kicks in. Users go through the motions of swiping and texting with a sense that there are no better alternatives. It all becomes a somewhat hollow experience which ultimately drives many away from the platforms completely.

    Swipe on, swipe off

    Research has also shown that the initial rise of online dating usage among millennials coincided with early enthusiasm about social media. But this enthusiasm has diminished.

    Social media users are now increasingly suspicious (and vigilant) about the risks of misinformation, scams, and offensive content.

    ‘And how’s the algorithm working out for you guys so far?’
    Monkey Business Images/Shutterstock

    Despite all of this, people still seek connections through dating platforms – whether for casual or long-term partnerships. So perhaps the issue is not with digital dating itself, but with how the industry uses AI. And an alternative is possible.

    In related research on human-AI joint decision-making, my colleagues and I found that when people interact with an imperfect AI system, but also receive clear feedback about the their own behaviour patterns and how the AI responds, they can help to correct errors.

    That research focused on financial decisions, but dating apps could do a similar thing by openly providing daters with personalised insights about how AI algorithms are responding to their activity. This is something that no dating app currently does.

    Instead, they let users adjust certain filters, such as age, location and ethnicity. But then they use AI to create “revealed preferences” based on people’s patterns of engagement with the app, like swiping and messaging. These “revealed preferences” seem to greatly influence the kinds of profiles that the dating apps’ AI recommends.

    For example, even if someone says they are keen to date people across a wide age range, the app may still end up recommending profiles of a narrower age group, because the user has tended to swipe right on those in the past. Because of this, users have expressed concerns that the AI could be adding unwanted limitations to their potential dating pool.

    In the AI of the beholder

    Indeed, our research shows that a cynical view of dating app algorithms is a key reason why something as potentially exciting as finding a romantic partner can become so dreadfully boring.

    Addressing this issue, by simply explaining to daters how AI interprets their use of the app (the swipes, the matches, and actual dates) could be a valuable selling point. Giving users freedom to adjust other filters besides demographics, such as those related to their values and interests, could further increase interest.

    This would represent a return to the more transparent match-making principles of earlier dating websites, but with the benefits of the latest technology.

    Our research suggests that as dating app users grow ever more discerning, they will demand greater transparency and an improved overall dating app experience. The industry’s future may ultimately depend on whether companies can shift focus from impersonal engagement metrics to fostering authentic connections.

    And platforms which embrace transparency and empower users could make many fall in love with dating apps all over again.

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

    ref. Why we’ve fallen out of love with dating apps – https://theconversation.com/why-weve-fallen-out-of-love-with-dating-apps-249333

    MIL OSI – Global Reports

  • MIL-OSI Global: How to write a perfect wedding speech – according to ancient orators

    Source: The Conversation – UK – By David Roberts, Professor of English and University Orator, Birmingham City University

    IVASHstudio/Shutterstock

    Looking for an example of how not to give a wedding speech? Try this. I was recently told an anecdote about guests at a wedding who became suspicious about the detached, cliched style of the groom’s speech, and the monotonous way it was read. Gathered at the reception afterwards, they asked ChatGPT to write a groom’s wedding speech. Bingo! The result was as good as identical.

    Admittedly, whether you’re bride or groom, best man or chief bridesmaid, giving a wedding speech can be a scary prospect. But if you want to keep it personal and memorable, AI is not the answer.

    So what is? You could do a lot worse than following the five canons of classical rhetoric, as recommended by the great practitioners of the ancient world, Cicero and Quintilian: invention, arrangement, style, memory and delivery.

    1. Invention

    The first canon of classical rhetoric is invention. That’s the process of discovering and developing the ideas you’ll use in your speech.

    You can’t speak about everything, and no one likes a speech that drones on. Around ten minutes is all you need. That leaves you time for maybe six or seven events in the life of the person you’re talking about.

    If you visualise those six or seven events, that will help you remember them. Is there a theme or characteristic that binds them together? Identify one or two, and use them to create a thread.

    Good speakers often begin with a bit of a warm-up – maybe some light-hearted comments about the venue, or something in the news, or just a good joke. Plan to single out people in the audience for a mention or a laugh. Say something nice about the new family, or friendship groups you’ve discovered through the relationship.


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    2. Arrangement

    History is your best friend when it comes to arranging the order of your speech. The events you’ve chosen under “invention” happened in order of time. So lean on history and organise them chronologically.

    Also, remember that many of the best wedding speeches often follow an arc from light to serious. You can make fun of your subject for a while, but nothing quite beats ending with love.

    3. Style

    This will vary depending on your role. Best men and chief bridesmaids traditionally skirt the boundaries of politeness, or sometimes go crashing through them (the worst best-man jokes are not repeatable here, nor anywhere else, and there’s no shortage of books dedicated to them).

    Mostly you’ll be talking to a mixed audience. You can be a bit risqué without offending anyone (sexist jokes are not recommended). And because you’re likely to be talking to people you know, try to be informal – the “familiar style”, as it used to be called. That also means being personal. The speech has to sound like you.

    Keep your speech as personal as possible.
    Dupe/Chloe Christianson, CC BY-SA

    4. Memory

    The prospect of remembering a speech may feel daunting or impossible. But speaking without notes makes a huge difference to how you engage your audience.

    Look into their eyes and they will be drawn in. The ancient Roman educator Quintilian was one among many orators to recommend visual analogues as a memory aid – often, the ground plan of a house, where a porch leads to a hall, which leads to a dining room, and so on. You populate each room with clues. They might be verbal or visual.

    Anything that helps you lift your eyes from a script will increase your chances of getting the audience on your side.

    5. Delivery

    Calm your nerves by visualising the scene ahead of time. Most people visit their wedding venue before the big day, so take the opportunity to get used to the space, and then run it through in your head afterwards.

    Try rehearsing the speech while you’re going for a walk. When it comes to the big day and the room is full, remember that you can’t speak directly to everyone. Instead, pick out maybe three or four people to focus on, in different parts of the room.

    Taking a walk around the venue ahead of time can help you to memorise your speech.
    Dupe/Marissa Gradei, CC BY-SA

    There are novel approaches and there are disasters. The double-act approach can work brilliantly, where bride and groom take turns to deliver a single speech, but it may need scripting. If the venue has the facilities, a slide show can work well. Picking out the various groups of families and friends and getting them to wave usually works as a good warmup.

    When you get a laugh, ride it – start speaking again just as the laughter is dying down. Don’t wait for silence. If you get into a panic and can’t think of anything, just say you’re so happy that you’re speechless, and raise your glass for a toast.

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

    ref. How to write a perfect wedding speech – according to ancient orators – https://theconversation.com/how-to-write-a-perfect-wedding-speech-according-to-ancient-orators-251284

    MIL OSI – Global Reports

  • MIL-OSI USA: Grassley Introduces AI Whistleblower Protection Act

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Senate Judiciary Committee Chair Chuck Grassley (R-Iowa) introduced the Artificial Intelligence (AI) Whistleblower Protection Act to provide explicit whistleblower protections to those developing and deploying AI. Currently, AI companies’ restrictive severance and nondisclosure agreements (NDAs) create a chilling effect on current and former employees looking to make whistleblower disclosures to the federal government, including Congress.  
    The legislation merges existing AI and whistleblower protection laws to shield the communications of current and former AI employees who make disclosures. The bill would also provide relief for AI whistleblowers who suffer retaliation, including reinstatement, back pay and compensation for damages incurred, where applicable.
    “Transparency brings accountability. Today, too many people working in AI feel they’re unable to speak up when they see something wrong. Whistleblowers are one of the best ways to ensure Congress keeps pace as the AI industry rapidly develops. We need to act to make these protections crystal clear. I’m proud to introduce this legislation to increase accountability and protect AI whistleblowers,” Grassley said.
    Additional co-sponsors include Sens. Chris Coons (D-Del.), Marsha Blackburn (R-Tenn.), Amy Klobuchar (D-Minn.), Josh Hawley (R-Mo.) and Brian Schatz (D-Hawai‘i). Reps. Jay Obernolte (R-Calif.) and Ted Lieu (D-Calif.) are introducing companion legislation in the House of Representatives.  
    “AI is rapidly evolving in ways that have the potential to radically reshape our society and transform our world for the better and for the worse,” Coons said. “I have long been concerned with how much more tech companies know about the risks and harms of their products compared with regulators, independent researchers, and the public. The AI Whistleblower Protection Act is a critical tool among others that Congress must enact to ensure that we can get the best out of AI while also learning when it poses a substantial danger to public safety.”
    “As AI continues to develop at breakneck speed, we need to know about the risks that come with it,” Schatz said. “This bill protects whistleblowers from employer retaliation in the event that they report on significant dangers, security failures, or breaches of the law.”
    “Protecting whistleblowers who report AI security vulnerabilities isn’t just about workplace fairness—it’s a matter of national security,” Obernolte said. “As artificial intelligence becomes more powerful and more deeply embedded in our infrastructure, we must ensure that those who identify potential threats can speak up without fear of retaliation. This bill will help safeguard the American people from emerging technological risks and protect the integrity of our AI systems.”
    The legislation is endorsed by the National Whistleblower Center, Government Accountability Project, Center for AI Policy, The Anti-Fraud Coalition, Encode and Americans for Responsible Innovation.
    “The introduction of the [AI Whistleblower Protection Act] answers the call for AI industry employee whistleblower protections that will serve to protect the public, marking a turning point in guaranteeing transparency and accountability over AI companies,” said Stephen Kohn, Co-Founder and Chairman of the Board of the National Whistleblower Center. “National Whistleblower Center extends its sincere appreciation to [Senator Grassley], and [his] fellow sponsors and cosponsors, for championing this bill and taking a stand for all AI employees.”
    “In a time when AI technologies are advancing faster than many institutions can keep up, it’s absolutely vital that the federal government has access to accurate, truthful information about the dangers AI poses to public health and public safety,” said Jason Green-Lowe, Executive Director of the Center for AI Policy. “Senator’s Grassley’s strong and effective whistleblower protection bill will honor the brave individuals who step up to report genuine dangers and make it possible for them to do the right thing without giving up their careers. The Center for AI Policy firmly endorses this important and well-drafted bill and urges Congress to advance it without delay.”
    “Sen. Grassley’s bill offers crucial protection for AI whistleblowers,” said Jacklyn DeMar, President & CEO of The Anti-Fraud Coalition. “Sector-based whistleblower protections are desperately needed to allow insiders within the AI industry to best protect investors and ensure proper safety protocols are implemented. Given the rapid development and adoption of AI throughout our society, insiders working within the industry need to be properly protected when they blow the whistle.”
    “As AI systems grow more powerful and autonomous, we must shield those who sound the alarm about emerging risks. The engineers and researchers closest to these systems are the first to spot dangerous vulnerabilities or safety gaps,” said Sunny Gandhi, Vice President of Political Affairs at Encode AI. “The AI Whistleblower Protection Act creates a vital safety valve for our AI ecosystem, ensuring that legitimate national security concerns reach regulators before they spiral into preventable harm.”
    “Ensuring transparency and accountability in the rapidly evolving field of AI is a public interest and national security imperative,” said Brad Carson, President of Americans for Responsible Innovation. “Employees in the industry have firsthand knowledge of practices that may jeopardize public safety and our national security. The AI Whistleblower Protection Act ensures they aren’t silenced by a fear of retaliation.”
    Full text of the legislation is available HERE.
    Background:Last year, Grassley sent a letter to OpenAI CEO Sam Altman raising concerns about the alleged use of illegally restrictive NDAs, as well as the company’s employment, severance and non-disparagement agreements.
    -30-

    MIL OSI USA News

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 252

    Source: US National Oceanic and Atmospheric Administration

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

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 252
    NWS Storm Prediction Center Norman OK
    155 PM CDT Thu May 15 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    North-Central into Northeast Arkansas
    Far Western Kentucky
    Far Southeast Missouri
    Far Northwest Tennessee

    * Effective this Thursday afternoon and evening from 155 PM until
    700 PM CDT.

    * Primary threats include…
    Scattered large hail likely with isolated very large hail events
    to 2.5 inches in diameter possible
    Scattered damaging wind gusts to 70 mph likely

    SUMMARY…Line of storms moving through north-central Arkansas
    continues to organize as it moves quickly eastward. The downstream
    airmass is warm and buoyant, suggesting the potential for this
    cluster to continue over the next few hours. Strong gusts and large
    to very large hail are possible with this cluster, as well any other
    storms that develop across the region.

    The severe thunderstorm watch area is approximately along and 75
    statute miles east and west of a line from 15 miles east northeast
    of Poplar Bluff MO to 55 miles east southeast of Russellville AR.
    For a complete depiction of the watch see the associated watch
    outline update (WOUS64 KWNS WOU2).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 251…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    26040.

    …Mosier

    SEL2

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 252
    NWS Storm Prediction Center Norman OK
    155 PM CDT Thu May 15 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    North-Central into Northeast Arkansas
    Far Western Kentucky
    Far Southeast Missouri
    Far Northwest Tennessee

    * Effective this Thursday afternoon and evening from 155 PM until
    700 PM CDT.

    * Primary threats include…
    Scattered large hail likely with isolated very large hail events
    to 2.5 inches in diameter possible
    Scattered damaging wind gusts to 70 mph likely

    SUMMARY…Line of storms moving through north-central Arkansas
    continues to organize as it moves quickly eastward. The downstream
    airmass is warm and buoyant, suggesting the potential for this
    cluster to continue over the next few hours. Strong gusts and large
    to very large hail are possible with this cluster, as well any other
    storms that develop across the region.

    The severe thunderstorm watch area is approximately along and 75
    statute miles east and west of a line from 15 miles east northeast
    of Poplar Bluff MO to 55 miles east southeast of Russellville AR.
    For a complete depiction of the watch see the associated watch
    outline update (WOUS64 KWNS WOU2).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

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

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 251…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    26040.

    …Mosier

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW2
    WW 252 SEVERE TSTM AR KY MO TN 151855Z – 160000Z
    AXIS..75 STATUTE MILES EAST AND WEST OF LINE..
    15ENE POF/POPLAR BLUFF MO/ – 55ESE RUE/RUSSELLVILLE AR/
    ..AVIATION COORDS.. 65NM E/W /49S FAM – 16N LIT/
    HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 26040.

    LAT…LON 36848886 34939087 34939352 36849158

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

    Watch 252 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (10%)

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

    Low (5%)

    Wind

    Probability of 10 or more severe wind events

    Mod (60%)

    Probability of 1 or more wind events > 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Mod (60%)

    Probability of 1 or more hailstones > 2 inches

    Mod (30%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

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

    MIL OSI USA News

  • MIL-OSI USA: Army Soldier Charged with Child Pornography Offenses

    Source: US State of California

    A federal grand jury returned an indictment yesterday charging Seth Herrera, 35, a U.S. Army soldier, previously of El Paso, TX, with attempted sexual exploitation of a child and receipt of files depicting child sexual abuse.

    According to court documents, Herrera allegedly used encrypted messaging applications and network applications to find, receive, and download child sexual abuse material (CSAM) over the course of multiple years, beginning in 2021. He also allegedly used artificial intelligence chatbots to generate CSAM using images of children he knew. He is also alleged to have surreptitiously taken images and videos of those same children undressing in his home in El Paso.

    Herrera is already charged in Alaska relating to his alleged transportation, receipt, and possession of CSAM, including AI-generated CSAM, while stationed at Joint Base Elmendorf-Richardson in Anchorage, Alaska.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, and Acting U.S. Attorney Margaret F. Leachman for the Western District of Texas made the announcement.

    Homeland Security Investigations (HSI) is investigating the case.

    Trial Attorney Rachel L. Rothberg of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Mallory J. Rasmussen for the Western District of Texas are prosecuting the case.

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

    MIL OSI USA News

  • MIL-OSI USA: Congressman Fallon Leads Introduction of the Protecting AI and Cloud Competition in Defense Act

    Source: United States House of Representatives – Congressman Pat Fallon (TX-04)

    Congressman Fallon Leads Introduction of the Protecting AI and Cloud Competition in Defense Act

    Washington, May 15, 2025

    WASHINGTON, D.C. – Representative Pat Fallon (TX-04) led the House introduction of the Protecting AI and Cloud Competition in Defense Act today, a bill which would ensure that the Department of Defense (DOD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill would help spur competition and innovation with regards to the DOD contract bidding process, which would allow the US to stay ahead of competitors and ensure related data is kept secure. 

    “By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” commented Rep. Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

    Representatives Sara Jacobs (CA-51) Chris Deluzio (PA-17) joined Rep. Fallon on the introduction of this bill. 

    MIL OSI USA News

  • MIL-OSI: Aleran Software’s Digital Commerce Platform Is Certified by SAP as Built with SAP Business Technology Platform

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, May 15, 2025 (GLOBE NEWSWIRE) — Aleran Software announced today that its digital commerce platform is now certified by SAP® as built with SAP Business Technology Platform (SAP BTP), SAP’s platform for the Intelligent Enterprise.

    Aleran helps mid-market B2B manufacturers, wholesalers and distributors quickly and easily orchestrate omni-channel B2B sales and commerce. It does this with an AI-fueled holistic commerce platform that simplifies complex product configuration and pricing by delivering customer portals, B2B eCommerce, end-to-end sales order management, and AI-powered catalog embedded buying – all with minimal IT support.

    “Discrete manufacturers often believe their products, pricing, or go-to-market models are too complex for online selling. In fact, it’s surprisingly easy to do,” said Aleran CEO Alex Sayyah. “We’ve focused on making it easy to implement our cloud-based platform with minimal IT, and easy for customers to find, price and buy what they need so your sales and channel partners can focus on creating sustainable, value-driven customer relationships.”

    Aleran’s cloud-based platform is available on the SAP Store and is purpose-built to support make-to-stock, make-to-order and engineer-to-order companies that have complex product, pricing or sales processes. Key capabilities include:

    • Automated native configuration, order, quote management, and pricing functionality designed to accelerate the sales process.
    • Customer portals for self-service ordering and re-ordering and viewing and managing quotes and invoices, lowering the cost of sales.
    • Simplified and improved customer experience with AI Sales Agent and catalog-embedded buying.

    One global industrial and mechatronic manufacturing company with over $1 billion in sales was able to increase its average customer spend by 20% and decrease sales operations costs by over 50% by adding Aleran’s digital commerce platform to complement its traditional sales processes.

    SAP Integration and Certification Center (SAP ICC) has certified that Aleran’s digital commerce platform is built with SAP BTP, extending the capabilities of SAP S/4HANA® to orchestrate omni-channel sales through tailored B2B e-commerce features. SAP BTP helps companies connect and integrate their business processes and data with SAP and third-party applications to make well-informed decisions and meet their evolving needs.

    About Aleran

    Aleran Software provides the first holistic, all-in-one commerce platform purpose-built for discrete manufacturing, industrial distributors and wholesalers. Aleran’s connected commerce platform helps manufacturers simplify, unify, and accelerate sales online, offline and everywhere they sell. Based in Minneapolis, Aleran empowers manufacturers with the ability to sell easily, efficiently, and economically by seamlessly integrating with core business technology, including ERP, CRM, and WMS systems, while also streamlining and digitizing the entire sales process. Aleran’s full suite of features enables manufacturers to easily create e-commerce buying experiences for individual customers at scale, launch personalized pricing and promotion, leverage AI-enabled suggested selling, automate configurable pricing and quoting and much more. Learn more about Aleran at www.aleran.com.

    SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

    An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c03daea-135b-4c72-821d-3cce8036010b

    The MIL Network

  • MIL-OSI Global: After an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress

    Source: The Conversation – Global Perspectives – By Intifar Chowdhury, Lecturer in Government, Flinders University

    Last July, a powerful student-led uprising in Bangladesh toppled the authoritarian, corrupt government led for 15 years by Prime Minister Sheikh Hasina.

    Bangladesh now shows modest signs of democratic recovery. Months into its tenure, a transitional government has reopened political and civic space, especially at universities, and begun reforming key state bodies.

    Yet, violence and political retribution persist. This week, the interim government banned Hasina’s former party, the Awami League, under the country’s Anti-Terrorism Act while a tribunal investigates its role in the deaths of hundreds of protesters last year.

    Elections have also been delayed and may not happen until 2026.

    Amid this fragile transition, interim leader Muhammad Yunus, the 84-year-old Nobel-prize winning economist, has emerged as a rare figure of trust and calm. His popularity is so high, in fact, many are calling for him to remain at the helm for another five years.

    Given the uncertainty, Bangladesh faces some uncomfortable questions: can it afford electoral democracy right now? Or must stability come first, with democracy postponed until institutions can catch up?

    And what happens if emergency governance becomes the new normal?

    Fraught road to democratic renewal

    According to a global democracy report, Bangladesh is still classified as an “electoral autocracy” — one of the few in the category that actually got worse in 2024.

    The opposition, chiefly the Bangladesh National Party (BNP), has mounted a fierce challenge to the interim government’s legitimacy, arguing it lacks a democratic mandate to implement meaningful reforms.

    While the BNP and its former ally, the Islamist party Jamaat-e-Islami, may appeal to segments of Bangladesh’s Muslim majority, their support is undermined by reputational baggage and limited resonance with younger voters.

    At the same time, radical, right-wing, Islamist forces are exploiting the vacuum to reassert themselves, exacerbating tensions between Muslims and the Hindu minority.

    Economically, the country is also still reeling from the damage done under Hasina’s regime.

    Corruption hollowed out the banking system, leaving key institutions almost bankrupt. Although Yunus has taken steps to stabilise the economy by bringing in competent officials, uncertainty continues to dampen investor confidence.

    Inflation remains high. And unless job creation accelerates, especially for the youth, the seeds of further unrest are already planted.

    In addition, law and order has deteriorated sharply. The country’s police force has been tainted by its association with the Alami League, and the former police chief is facing charges of crimes against humanity.

    Street crime is rising and minorities are experiencing growing harassment. Women feel deeply unsafe — both online and on the streets. Some parties are also seen as a threat to countering violence against women.

    Despite strong laws on paper, weak law enforcement and victim-blaming are allowing violence to flourish. It’s very difficult to hold perpetrators of crimes to account.

    Bangladesh is also increasingly isolated on the global stage.

    India, long allied to Hasina’s government, has turned its back on the interim government. The United States is disengaging, as well. USAID had committed nearly US$1 billion (A$1.6 billion) from 2021–26 to help improve the lives of Bangladeshis, but this funding has now been suspended.

    Some gains on civil liberties

    This year, Bangladesh improved slightly in Freedom House’s index on political freedoms and civil liberties, from a score of 40 points out of 100 last year to 45. This is a step in the right direction.

    Among the improvements in the past year, the government has:

    The appointment of new election commissioners and the creation of advisory commissions for judicial and anti-corruption reform also signal an institutional reset in motion.

    But gains remain fragile. While politically motivated cases against opposition figures have been dropped, new ones have emerged against former ruling elites. The military’s policing role has expanded and harassment of Awami League supporters by protesters persists.

    In addition, media freedom remains heavily constrained, with a human rights group reporting the interim government had targeted hundreds of journalists in the past eight months.

    In this fractured environment, urgent reforms are needed. But these need to be sustainable, as well. Whether the interim government has the time, authority or support to deliver them remains in doubt. The government also needs to deliver on its promise to hold free and fair elections.

    A new party on the rise

    The country’s politically engaged youth have not been dissuaded by these issues. Rather, they are trying to reshape the political landscape.

    The new National Citizen Party (NCP) was formed in early 2025 by leaders of last year’s student uprising. It has positioned itself as the party to bring a “second republic” to Bangladesh. Drawing from historical models from France and the US, the party envisions a new elected, constituent assembly and constitution.

    With organisational support and tacit backing from the interim government, the NCP has rapidly grown into a viable political force.

    Still, the party faces a steep, uphill climb. Its broad, ideological umbrella risks diluting its message, blurring its distinctions with the BNP.

    For the NCP to turn protests into policy, it must sharpen its identity, consolidate its base, and avoid being co-opted or outflanked.

    Whether this moment of political flux leads to real transformation or yet another cycle of disillusionment will depend on how boldly — and how sustainably— the interim government and new actors like the NCP act. And they must not draw out the process of transition for too long.

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

    ref. After an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress – https://theconversation.com/after-an-autocratic-leader-was-toppled-in-bangladesh-democratic-renewal-remains-a-work-in-progress-253846

    MIL OSI – Global Reports

  • MIL-OSI Economics: Making learning more accessible with Microsoft Education

    Source: Microsoft

    Headline: Making learning more accessible with Microsoft Education

    For GAAD 2025, explore how Microsoft accessibility tools enhance education, creating inclusive and engaging classrooms where every student can thrive.

    Accessibility tools for learning play a significant role in student success, helping all students fully engage with what’s happening in class and beyond. By providing access to content that might otherwise be difficult to access, these tools help to create a more inclusive classroom where everyone can feel understood, valued, and supported for their unique strengths. Global Accessibility Awareness Day (GAAD) 2025, celebrated on May 15, reminds us that everyone deserves the opportunity to thrive.

    Every student—whether they have a permanent disability, a temporary challenge like a broken hand, a situational disability such as difficulty reading in bright sunlight, or simply needs extra support with reading or writing—can benefit from greater accessibility to digital tools to support their learning experience. At Microsoft, we believe accessibility isn’t just a feature—it’s a foundation for empowering all students and educators to reach their full potential. Built-in accessibility features across Microsoft software and hardware can amplify everyone’s success, regardless of learning differences or physical abilities. Explore Microsoft accessibility tools and see how you can make learning more inclusive, engaging, and equitable for your school community.

    Building an inclusive learning environment

    Every student’s learning needs are unique. Some may have a disability, while others might be learning English, recovering from an injury, or trying to focus in a noisy home environment. Microsoft accessibility tools are designed to empower every student to engage independently and confidently in their learning. These tools come with built-in accessibility features, eliminating the need for extra downloads or stigmatizing third-party applications. Students get the help they need, right when they need it.

    Get started with Microsoft accessibility tools today and learn how to create a more inclusive classroom experience with professional learning from Microsoft Learn.

    Start the accessibility training module

    Immersive Reader

    Available in Microsoft products like Reading Coach and Microsoft Edge, Immersive Reader can help students improve reading comprehension, while also supporting learning differences. Students can use line focus to concentrate on one part of the text at a time. They can break words into syllables, adjust font size, and increase line, word, and letter spacing to reduce visual crowding to improve readability. For educators in Kent School District in Washington, US, using Immersive Reader helps make sure that all students are empowered to share their voices and participate.

    I think when we’ve got kids that need different support mechanisms to learn, the Microsoft assisted learning tools become really, really vital. Last year, I had a student that had dysgraphia and dyslexia and so being able to listen to the audio was necessary and the Immersive Reader was essential for the success of this student.

    Amber Raftery, sixth-grade teacher, Kent School District, US

    As teacher-librarian and technology integration specialist Amber Gonzalez shares, the power of Microsoft 365 is that accessibility and assistive learning features like Immersive Reader are just one click away—helping to make it easy for every student to get the support they need, when they need it.

    Reading Coach

    Reading Coach is a free, standalone Learning Accelerator that uses AI-powered stories and personalized practice to help students improve their reading fluency. Used by half a million learners in over 190 countries worldwide, Reading Coach can help make reading more engaging and accessible with built-in tools like Immersive Reader, providing an opportunity for students to boost their potential and confidence. Educators can also suggest reading practices and track student progress with new educator features in Reading Coach.

    After three weeks of Reading Coach, we saw students gain one reading level—sometimes even one and a half. Some jumped two levels in just six weeks. And nearly half the class reached their expected reading level.

    Kris Vande Moortel, former teacher and Microsoft education advisor, Belgium

    Get started with Reading Coach

    Reading Coach with AI-powered stories helps students take charge of their learning and push themselves further by providing individualized support. Some teachers are seeing remarkable progress in a fraction of the time—giving them more opportunities for one-on-one attention where it’s needed.

    Microsoft Translator

    Translator offers real-time translation of text and speech in over 60 languages, helping to make communication easier for students, parents, and caregivers who speak different languages. For educators in Texas City Independent School District, the embedded support of Translator in Word and mobile devices helps ensure that multilingual students have assistance when they encounter an unfamiliar word.

    We found that Microsoft Translator is key to enabling English as a second language (ESL) students to keep up and to learn along with the rest of the class. When they are hung up on a word or a phrase or want to learn how to say something in English, they can transition back to their native language and use Translator to quickly contextualize in English.

    Hope Smalley-Jackson, business teacher, Texas City Independent School District, US

    Students can use Translator at school, home, or whenever they need language support. It can help bridge communication gaps, supporting accessible classroom learning with cross-language understanding and even multilingual casual conversations to help students and families.

    Additional tools

    If typing is tough—whether due to learning challenges, a temporary issue like a broken arm, or even fatigue—students can use dictation to turn speech into text effortlessly. Tools like live captions also help by converting speech to text or translating languages in PowerPoint, OneNote, and Microsoft Teams meetings, providing support for people with hearing disabilities, auditory processing disorders, or language needs. Plus, live captions fully supports multiple languages, making content accessible for multilingual speakers, too.

    Support accessibility with AI

    Additionally, AI-powered tools can help you address specific student needs. For instance, a 2024 study commissioned by Microsoft from professional services firm EY highlights how AI can help address the specific challenges faced by employees who are neurodivergent or living with a disability. The study found that Microsoft 365 Copilot helped:

    • Remove barriers that arise like drafting communication and organizing thoughts.
    • Reclaim time and energy by simplifying tasks like summarizing and proofreading.
    • Boost confidence and sense of inclusion by enhancing performance and work quality.

    While the study focused on workplace settings, the insights can be applied to educational environments. Just as AI tools can support diverse employee needs, they can also be instrumental in addressing diverse learning needs. Copilot helps educators personalize instruction, making it easier to tailor lessons to individual student requirements. Educators in Northern Ireland saw this firsthand when the Education Authority of Northern Ireland (EANI) adopted Copilot.

    EANI initially rolled out AI-powered learning tools on a small scale, selecting key innovative educators to pilot the free version of Copilot Chat in their classrooms. They also introduced training sessions focused on effective prompt writing, showcasing Microsoft 365 Copilot capabilities. Educators quickly discovered the practical benefits of upgrading to Microsoft 365 Copilot for tasks like creating PowerPoint presentations, generating questions in Microsoft Forms, and developing differentiated classroom resources. The substantial time savings and enhanced ability to meet diverse student needs drove widespread staff adoption and growing enthusiasm.

    Try Copilot Chat

    Make your classroom more inclusive by using AI to differentiate materials for students. Try using the dedicated IEP assistant tool in Khanmigo for Teachers or use Copilot Chat and your own prompts and files to help you draft parts of an individualized education program (IEP).

    For Copilot Chat, be sure to sign in with your school’s Microsoft account to ensure your data is protected, then copy and paste this prompt:

    You are a special education teacher drafting an IEP for a [grade level] student who [describe student’s needs]. Write a goal for [area/topic] that is specific, measurable, attainable, reasonable, and time bound.

    Whether you’re exploring AI, excited to try Reading Coach, or looking to make your classroom more inclusive with tools like Immersive Reader and Translator, GAAD 2025 is the perfect time to dive in. Get started and explore Microsoft accessibility tools to help every student thrive.

    Explore accessibility tools

    MIL OSI Economics

  • MIL-OSI Economics: AI in action: Jenny Lay-Flurrie on Global Accessibility Awareness Day

    Source: Microsoft

    Headline: AI in action: Jenny Lay-Flurrie on Global Accessibility Awareness Day

    Today we celebrate Global Accessibility Awareness Day (GAAD) and work across the industry to make technology easier for everyone. At Microsoft, our journey with accessibility started in the 90’s, and is a cornerstone to our mission. We are committed to engraining accessibility into our culture, to build for all, and innovate to empower people around the world.  

    AI has been a game changer for accessibility. It is accelerating the accessibility journey in exciting ways. Making it easier to do everyday tasks and tackling some of the toughest problems of our times. Launching some new technologies and partnerships today. Let’s dig in! 

    Data unlocks new opportunities for AI  

    High-quality and representative data can lead to more reliable outcomes from trustworthy AI systems. We are proud to support two projects using disability data to drive change: 

    Disability Demographics around the world: We’ve been working with the World Bank Group as they launch the new Disability Data Hubthe first open data initiative to provide disability-disaggregated development data across 63 global economies. This addresses the need for a single, comprehensive global dashboard to close data gaps that have historically excluded disabled individuals from development agendas. “Robust disability disaggregated data,” says Charlotte McClain-Nhlapo, Global Disability Advisor and Lead Social Specialist at The World Bank, “is an essential component for inclusive development. Across the globe, governments, the private sector, organizations of persons with disabilities and development partners, need the data to design policies, provide services, and allocate resources.” Check out the hub for more information. 

    Accelerating ALS Research Worldwide: ALS currently has no known cure. We are proud to support Answer ALS and ALS Therapy Development Institute (ALS TDI) in their ongoing work to find a cure and therapies for ALS. When the Neuromine data portal launched on Azure, Clare Durrett, Managing Director at Answer ALS, “envisioned researchers worldwide diving into its rich data to uncover ALS’s hidden patterns, from genetic triggers to progression markers,” and now this tool has supported 400+ independent research projects around the world. As these organizations combine their data this summer, the total number of data points available to researchers on Neuromine will grow to more than 300 trillion, and Dr. Fernando Vieira, CEO and Chief Scientific Officer at ALS TDI, expects it “to be a force-multiplier, enabling researchers to leverage these complementary datasets to rapidly generate and validate hypotheses and, ultimately, uncover paths toward more effective treatments for people with ALS.”  

    Representation matters 

    We recognize the critical responsibility to ensure authentic disability representation in AI systems. One of the most pressing challenges is that generated content, such as images, can misrepresent or stereotype disability, leading to harmful inaccuracies or even the exclusion of certain identities. These gaps in representation data can reinforce bias and erode trust.  

    Launching today, Bing Image Creator will generate more accurate depictions of disabilities such as Autism and Down Syndrome, and will be expanding to other areas in the coming months. We collaborated with individuals with lived experience, trusted external partners, and AI researchers to better understand how disability is portrayed—both accurately and not—within AI models. Try it yourself in Bing Image Creator or to learn more about our approach, check out Trustworthy AI and disability. 

    MIL OSI Economics

  • MIL-OSI Africa: African Development Bank funds second Tech Park in Mindelo

    Source: Africa Press Organisation – English (2) – Report:

    MINDELO, Cabo Verde, May 15, 2025/APO Group/ —

    Cabo Verde has inaugurated the Mindelo Technology Park, completing the second campus of the TechPark CV project funded by the African Development Bank (www.AfDB.org). The facility aims to establish the country as a digital hub connecting Africa with global markets. 

    The ceremony took place on May 6 with representatives from the government, industry, and development partners in attendance. The EUR 51.85 million TechPark CV project received EUR 45.5 million in financing from the African Development Bank Group, supporting both the Praia and Mindelo campuses. 

    In an address, Prime Minister José Ulisses Correia e Silva highlighted the transformative impact of the technology park: “Today we inaugurate this technological park hub with the conviction that we are already celebrating a special moment here. Yesterday was on the beach in Sao Vicente, a modern infrastructure important for the development of the digital economy. We want to position the digital economy as one of the key sectors for the diversification of Cabo Verde’s / Cavian economy, and increase the share of the digital economy in the GDP from around 7% to 25%.” 

    He further explained the goals of the project:“It is one of the sectors that create jobs and create quality jobs, simulates entrepreneurship and makes the capacity and talent of young people happen. We want to attract leading companies. We want to develop young digital entrepreneurship, startups and create well paid jobs.” 

    Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the significance of this milestone: “These two events mark a turning point for the broader diversification of the economy of Cabo Verde and a landmark in its quest to become the digital gateway for Africa. These two technology park campuses will spark the spirit of digital innovation and spur the emergence of technology-enabled businesses that will propel the digital economy of Cabo Verde.” 

    Reflecting on the financial projections and potential impact, Dr. Adesina added, “The Technology Park will allow Cabo Verde to position itself to take advantage of the digital economy in Africa, which is estimated to add $180 billion to the GDP of Africa by 2025 and $712 billion by 2050. It will also allow Cabo Verde to benefit from the $16.5 trillion global digital economy by 2028.” 

    Carlos Monteiro, President of TechPark CV, shared his outlook on the project’s cultural and economic significance: “TechPark CV is the realisation of our ambition to transform Cape Verde into a technology hub for West Africa. Our unique mid-Atlantic location creates a gateway for investments and business opportunities linking Africa, Europe and the Americas.” 

    He added: “The spirit of morabeza lies at the heart of what we’re building – a welcoming environment where innovators from different backgrounds and cultures can collaborate and thrive together. Through this project, we’re not just building a digital hub; we’re fostering a community where technology drives economic growth and sustainable development for Cape Verde and our international partners.” 

    Project architect Fernando Mauricio Dos Santos, whose design balances technological needs with environmental considerations, noted: “The campus features a secure, basement-level data centre that ensures national security while harmonizing with the surrounding residential area. The U-shaped building’s orientation provides protection against northeast winds while maximizing southern light exposure, creating a comfortable and energy-efficient environment. A specialized technical box discreetly houses heavy refrigeration equipment, allowing the facility to blend advanced technology capabilities with Mindelo’s existing urban landscape.”  

    The Mindelo facility includes a data centre, a business incubation hub, and a training centre. The campus currently hosts ten companies from four countries and employs 125 young professionals, with 80% of its 25 office spaces occupied. The facility operates as a special digital economic zone, offering tax incentives to businesses specializing in artificial intelligence, cybersecurity, fintech, and digital health solutions. 

    In closing remarks, Dr. Adesina offered words of encouragement to the entrepreneurs and businesses establishing themselves at the technology park: “You will make it! You will grow! You will thrive!! Just like out of Mindelo the young voice of Cesaria Evora grew until it took the world by storm, so will the Mindelo Technology Park rise to become a gateway for innovation that will resound across Africa and the world. So, keep moving on and moving up!” 

    Both campuses of TechPark CV are now operational.  

    MIL OSI Africa

  • MIL-OSI USA: Baldwin, Moody, Welch Introduce Bipartisan Bill to Give Tax Relief to Victims of Fraud, Scams, Theft, and Disasters

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI), Ashley Moody (R-FL), and Peter Welch (D-VT) introduced legislation to give relief to those who have been victims of fraud, scams, thefts, accidents, and other personal casualty losses. The Tax Relief for Victims of Crimes, Scams, and Disasters Act reinstates the tax deduction for personal casualty and theft losses and ensures victims of scams, robberies, storms, and fires do not have to pay taxes on stolen assets and further wipe out their hard-earned savings and financial security. 
    “When Wisconsinites fall victim to a fraud or scam, the last thing they should have to worry about is being slapped with an unexpected tax bill once tax season rolls around,” said Senator Baldwin. “I am proud to work with my Republican and Democratic colleagues to introduce this commonsense bill to help make sure if someone is down and out, they have one less thing to worry about than being hit with a tax bill.”
    “As hurricane season is around the corner, I will continue supporting policies that protect Floridians from scammers and fraudsters,” said Senator Moody. “My Tax Relief for Victims of Crimes, Scams and Disasters Act will provide commonsense tax relief for victims, often seniors, who have been financially devastated by scams, crimes or destruction from disasters. This legislation will help folks get back on their feet when they experience hardship. When I was Attorney General of Florida, I made sure to fight for Floridians who fell victim to scams, and I will continue bringing this fight to D.C. so that folks have the protections they need.”
    “It’s outrageous that folks scammed out of their life’s savings are hit with large tax bills. I’m proud to introduce this bill to reinstate this important tax deduction to provide crucial financial relief to those victimized by scams and theft,” said Senator Welch. “Vermont experienced catastrophic floods in July of 2023 and 2024. We know firsthand that victims of floods, storms, and fires go through so much—the last thing they should worry about is being penalized for a natural disaster.”
    Companion legislation will be introduced in the U.S. House by Representatives Jamie Raskin (D-MA-08) and Greg Steube (R-FL-17).
    “Americans who fall prey to scams and rip-offs deserve relief, not massive tax bills from the IRS,” said Rep. Raskin. “Our bipartisan legislation will help millions of Americans, including one of my constituents who was defrauded out of her entire retirement savings and then hit with an enormous tax penalty. I am proud to work with my colleagues on both sides of the aisle in the House and the Senate to bring a measure of justice to victims of scams, thefts and disasters.”
    Until 2018, the federal government allowed victims of crimes and unexpected, uninsurable disasters to deduct these losses from their taxes with a provision called the Casualty and Theft Loss Deduction. Today, scam victims and homeowners are on the hook for tens or hundreds of thousands of dollars in federal taxes unless their misfortunes meet a narrow set of criteria.
    The growing sophistication of cybercriminal networks has led to a rapid proliferation in fraud for the past five years. In 2024 alone, American taxpayers reported $16.6 billion in cyber fraud to the FBI. The average victim of elder fraud lost $83,000. Natural disasters are also on the rise during a period of increasing insurance premiums and unexpected claim denials.
    Senator Baldwin introduced this legislation last year after hearing the story of one Wisconsin woman who was scammed out of her entire savings, investments, and 401(k), more than $200,000 in total, and was forced to pay more than $15,000 in taxes.
    Without a reinstatement of the casualty and theft loss deduction, Americans who are victims of theft and non-federally declared disasters will continue to face hefty federal tax bills that the IRS is obligated to enforce.
    The Tax Relief for Victims of Crimes, Scams, and Disasters Act:
    Reinstates the tax deduction for personal casualty loss and provides retroactive coverage to taxpayers who suffered losses in the years that followed.
    Ensures that victims who suffered losses since 2017 are able to file an amended tax return accounting for their personal casualty loss.
    “The Elder Justice Coalition commends Senators Baldwin, Moody and Welch for introducing the Tax Relief for Victims of Crimes, Scams, and Disasters Act,” said Bob Blancato, National Coordinator of the Elder Justice Coalition. “It is unconscionable that older scam victims who lose hundreds of thousands of dollars face the compounded misery of having to pay taxes on the money lost.  Scams are rampant in this nation and serve to exploit the most vulnerable older adults.  We hope Senator Baldwin’s bill can be made part of a future tax package. Tax relief for scam victims is tax fairness.”
    “The Financial Services Institute (FSI) is proud to support the Tax Relief for Victims of Crimes, Scams and Disasters Act,” said Dale Brown, President & CEO of Financial Services Institute. “Owing taxes on stolen retirement funds makes an already painful situation worse. Main Street Americans cannot afford to lose their life savings, which they rely upon for a financially secure retirement. This bill will provide some relief to victims and mitigate damages as they work with their trusted financial advisor to recover losses and regain their financial footing.”
    “With widespread financial fraud and scams impacting many Americans’ retirement security and financial livelihoods, CFP Board enthusiastically supports this critical piece of legislation that would lessen the impact of financial loss. We look forward to seeing this bill get to the finish line,” said Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board.
    “Victims of disasters and theft are taken advantage of far too often,” said Shannon McGahn, EVP & Chief Advocacy Officer for the National Association of REALTORS®. The National Association of REALTORS® is grateful to Representatives Steube and Raskin, along with Senators Moody and Baldwin, for reintroducing the Tax Relief for Victims of Crimes, Scams, and Disasters Act, bipartisan legislation to restore the Casualty and Theft Loss Deduction. This deduction, if reinstated, would ensure that homeowners—especially seniors—who fall victim to uninsurable and unexpected disasters or theft can deduct their losses from their federal taxes. The legislation would protect homeowners from becoming victims again after a disaster, and NAR applauds Congress for putting this legislation forward again.
    “For many years, the AICPA has urged Congress to enact timely, uniform and permanent tax legislation, rather than providing delayed tax relief through separate individual bills following each disaster,” said Melanie Lauridsen, Vice President of Tax Policy and Advocacy, American Institute of CPAs. “Disasters regularly affect taxpayers at all times of the year. However, our current system does not provide fair and reliable tax relief for victims of casualties and thefts. We commend Representatives Steube and Raskin and Senators Moody and Baldwin on introducing legislation that will finally right this wrong, and we look forward to working with them to bring this long overdue relief to American taxpayers.”
    The legislation is endorsed by the AARP, The Elder Justice Coalition, the National Association of Consumer Advocates, AICPA-CIMA, National Association of Enrolled Agents, National Association of Realtors, American Land Title Association, CFP Board, Investment Adviser Association, Financial Services Institute, Aspen Institute Financial Security Program, Association of Mature American Citizens, National Association of Government Defined Contribution Administrators, Operation Shamrock, SPARK Institute.
    A one-pager on this legislation is available here. Full text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI: XenDex Prepares to Unveil Platform as $XDX Presale Enters Final Countdown

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 15, 2025 (GLOBE NEWSWIRE) — Following the successful completion of its soft cap and an influx of thousands of early adopters, XenDex is excited to confirm that Version 1 of its all-in-one decentralized exchange (DEX) is actively in development. A first-look mockup of the platform’s user interface will be revealed in the coming days, offering the community an exclusive preview of what’s to come.

    XenDex V1 is being built as a sleek, intuitive, and beginner-friendly platform that integrates the most in-demand decentralized finance features, all designed specifically for the XRP Ledger. Key functionalities include AI-powered copy trading, non-custodial lending and borrowing, staking and yield farming, cross-chain trading, and DAO governance all seamlessly accessible from a single dashboard.

    Join XenDex Presale Now

    And here’s the game-changer: Early access to XenDex V1 will be exclusively available to $XDX presale participants.

    Why $XDX Is Gaining Massive Traction

    XRP is currently experiencing renewed institutional interest following major milestones such as; SEC’s withdrawal of the Ripple lawsuit, Approval of ProShares’ XRP Futures ETF, Launch of Brazil’s first XRP Spot ETF etc.

    With bullish sentiment returning to the market, analysts and speculators alike are projecting long-term targets as high as $1,000 per XRP. In this surging landscape, XenDex is emerging as the foundational DeFi layer for the XRP ecosystem, with $XDX fueling every key operation on the platform.

    Final Stage of Presale — Limited Supply Remaining

    • Soft Cap: Filled
    • Current Price: 1.25 XRP = 10 XDX
    • Minimum Purchase: 150 XRP
    • Availability: Final allocation currently selling quickly

    Secure Your Tokens Now: https://xendex.net/presale

    $XDX Exchange Listings Confirmed

    Upon conclusion of the presale, $XDX will launch on major exchanges, including:

    • Binance
    • Gate.io
    • MEXC
    • BitMart
    • FirstLedger
    • MagneticX

    Buy XDX on XenDex

    These listings are expected to boost liquidity, increase exposure, and drive global adoption.

    XenDex Feature Highlights

    • AI-Powered Copy Trading
    • Non-Custodial Lending & Borrowing
    • Cross-Chain Trading
    • Staking & Yield Farming
    • DAO Governance

    Don’t Miss the Launch Phase

    Buy $XDX On Presale

    With the mockup reveal imminent, the full DEX release on the horizon, and final $XDX presale tokens disappearing fast, now is the time to join us.

    Be among the first to use the platform. Join the DeFi revolution on XRP.

    Official XenDex Links

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/528bccfe-9d9d-442d-8aa5-48ac5566bc0a

    The MIL Network

  • MIL-OSI United Kingdom: Sunderland beaches named amongst the best in the country

    Source: City of Sunderland

    Sunderland’s ever popular Roker and Seaburn beaches have been named among the best in the country in the 2025 Seaside Awards.

    The awards from leading environmental charity Keep Britain Tidy are presented to the best beaches in England and celebrate the quality and diversity of its coastline.

    Councillor Lindsey Leonard, Cabinet Member for Environment, Transport and Net Zero at Sunderland City Council, said: “We’re delighted that both Roker and Seaburn beaches will be proudly flying the national Seaside Awards flag again this year after being recognised as being among the best in England for their quality, cleanliness, and management. We’re also delighted that Roker Beach has once again been awarded a prestigious blue flag – a symbol of the highest standards in water quality, cleanliness, and visitor facilities.

    “And the award of a Seaside Award for Seaburn Beach – alongside a ‘Good’ rating for water quality – reflects the high standards maintained across the seafront. It continues to be a fantastic place for residents and visitors to enjoy the seaside and one of the city’s most popular destinations for residents and visitors. Our teams work tirelessly to keep our coastline clean, welcoming, and safe all year round, and this continued recognition through national awards is a testament to that hard work.”

    Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, added: “We’re fortunate in having a stunning coastline, with much loved award-winning beaches and panoramic views and its own growing food and drink scene, as well as fantastic facilities for families and we’re looking forward to welcoming the many people who enjoy them all year round.

    “We’ve also just recently confirmed the expansion of Sunderland BID to our seafront – an exciting development that will unlock even more potential across Roker and Seaburn – helping us strengthen our coast-to-city visitor journey and support businesses in one of our most-loved locations so we’re really excited about the future of Roker and Seaburn and making the most of the many attractions they have to offer.”

    Millions of pounds worth of investment in the regeneration of the city’s seafront have seen it going from strength to strength in recent years, with new developments including the Seaburn Inn hotel, Stack and a host of new restaurants and cafes, including Blacks Corner Tram Shelter, North and the Tin of Sardines making it a magnet for residents and visitors alike.

    While a new play area at Seaburn with digital play, sand and sensory zones which was designed with the help of local school children has significantly increased the family offer.

    The recent launch of a new Seafront Business Improvement District (BID) is set to bring further significant benefits to the seafront by creating a vibrant, welcoming and safe environment and improving links with the city centre and Sheepfolds to attract more visitors and boost the local economy.

    Sunderland City Council has also recently launched a city wide app to help residents, businesses and visitors to get the best out of the city by getting all the latest updates on local events and attractions.

    Downloading The Sunderland App allows users to discover hidden gems from cosy cafes to gourmet restaurants, navigate their way around the city using interactive maps and unlock exclusive deals and discounts: The Sunderland App – MySunderland 

    People can also take advantage of free Superfast WiFI covering the city centre, right along to the seafront too to download the app and use it without using up their data: Free Sunderland Wi-Fi – MySunderland

    While www.mysunderland.co.uk is the place to go to keep up with everything you need to know about the city’s offer.

    MIL OSI United Kingdom

  • MIL-OSI: XRP News: XenDex V1 Launching Soon, Early Access Exclusive for $XDX Presale Buyers

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 15, 2025 (GLOBE NEWSWIRE) — After surpassing its soft cap and attracting thousands of early adopters, XenDex is proud to announce that Version 1 of its all-in-one decentralized exchange platform is actively in development and a first-look mockup design is set to be unveiled in the coming days.

    The XenDex platform will feature a seamless, beginner-friendly interface integrating all key DeFi functions missing from the XRP Ledger: AI-powered copy trading, non-custodial lending & borrowing, staking & yield farming, cross-chain trading, and DAO governance, all in one sleek dashboard.

    Buy XDX Before Listing On Exchange

    And here’s the best part: Only $XDX presale holders will receive early access to XenDex V1.

    Why Is Everyone Buying $XDX?

    The timing couldn’t be better. XRP is surging on the back of ProShares’ XRP Futures ETF approval, Brazil’s first XRP Spot ETF, and the SEC’s full withdrawal of its lawsuit against Ripple. These landmark events have reignited bullish sentiment, and speculators are predicting $1000 XRP long-term as institutional adoption intensifies.

    In this growing wave, XenDex is rising as the DeFi core of the XRPL, and $XDX is the fuel.

    Buy $XDX Now & Earn Rewards

    Presale Final Stage – Time Is Running Out

    • Soft Cap: Filled
    • Current Rate: 1.25 XRP = 10 XDX
    • Minimum Buy: 150 XRP

    Buy Now Before It’s Gone: https://xendex.net/presale

    Exchange Listings Confirmed

    Following the presale, $XDX will be listed on major exchanges:

    • Binance
    • Gate.io
    • MEXC
    • BitMart
    • FirstLedger
    • MagneticX

    Don’t Wait, Be Among the First to Use XenDex By Joining Our Presale.

    Purchase $XDX At A low Price

    XenDex Platform Key Features

    • AI-Powered Copy Trading – Mirror professional traders to maximize gains
    • Lending & Borrowing – Borrow and lend XRP and $XDX with smart contract security
    • Cross-Chain Trading – Swap XRP with tokens across BNB Chain, Solana, and more
    • Staking & Yield Farming – Earn while supporting platform liquidity
    • DAO Governance – $XDX holders vote on upgrades, proposals, and token listings

    With the mockup reveal coming soon, a full DEX launch on the horizon, and $XDX token utility growing fast, this is your last chance to join early before the price goes higher and access closes.

    Join the XenDex Community To Learn More:

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. GlobeNewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9e201d1-1a66-421e-a22b-90bf981f0672

    The MIL Network