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Category: Machine Learning

  • MIL-OSI: Best Online Tarot Reading [2025] Free Love Tarot Card Reading by Experts

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, May 15, 2025 (GLOBE NEWSWIRE) —

    If you’re seeking clarity about love, life, or your future, online tarot reading can offer deep insights and meaningful guidance.

    With so many online tarot reading platforms, it can be difficult for users to know which ones are worth their time and money. That’s why tarot reading experts take a rigorous and independent approach to evaluating and ranking the best online tarot reading services each year. The goal is simple: help people find trustworthy, accurate, and user-friendly platforms that consistently deliver meaningful guidance.

    ⇒ Need answers? Start your free tarot reading session with real accuracy!

    Tarot reading experts have officially released their 2025 rankings of the best online tarot reading services, offering users a trusted guide to the most accurate and reputable tarot platforms. The site’s new list features handpicked platforms offering intuitive, confidential, and personalized tarot experiences—many with free online tarot reading options to get started. 

    With interest in online tarot reading growing steadily worldwide, the updated rankings aim to help seekers find meaningful and authentic guidance, especially in love, career, emotional clarity, and personal growth.

    ⇒ Clear answers await—book your online tarot reading with verified experts! 

    According to tarot reading experts, the surge in demand for tarot card reading online is driven by a need for instant clarity in uncertain times. From relationship struggles to professional crossroads, more people are turning to love tarot reading and other specialized services to gain deeper insight and peace of mind. 

    As digital spiritual services continue to rise in popularity, Tarot reading experts stand out as a reliable source for discovering the top-rated online tarot card reading platforms in 2025. The complete rankings are now available on their official website.

    ⇒ Need clarity? Get the most accurate tarot reading online today!

    How Tarot-Reading-Experts.com Ranks the Best Online Tarot Reading Services

    To identify the top-rated online tarot card reading services for 2025, tarot reading experts use a detailed set of criteria designed to measure each platform’s overall quality and reliability. This process involves both expert analysis and direct feedback from actual users. The following core factors are used in the rankings:

    Verified Customer Reviews: User experiences are among the most important quality indicators. Platforms with consistently positive feedback, especially in categories like free love tarot reading, money readings, and life path insight, rank higher.

    Reader Experience & Credentials: Only platforms with experienced, intuitive tarot readers with strong reputations are considered. Sites that allow users to view reader profiles, ratings, and specialties (such as tarot reading online free) are favored.

    ⇒ Start your truthful tarot reading session with real experts!

    Ease of Use: A good online tarot reading platform should be easy to navigate, both on desktop and mobile. Rankings factor in site speed, design, account setup, and how simple it is to start a session.

    Customer Satisfaction: Using surveys and review aggregation, Tarot-Reading-Experts.com measures how happy users are with the overall experience, including how insightful and helpful their tarot card reading sessions were.

    Value and Pricing Transparency: Affordability matters. Services that provide clear pricing, offer free online tarot reading trials, or include flexible packages tend to receive higher marks.

    ⇒ Experience true guidance with accurate tarot readers!

    Independent Reviews and User Surveys

    The rankings aren’t influenced by advertisers or brand partnerships. Instead, tarot reading experts use independent evaluations, detailed testing, and anonymous user surveys to ensure fairness and accuracy. By combining expert insights with real user feedback, the site provides readers with reliable information to confidently choose the best online tarot reading service for their needs.

    This approach ensures that every platform listed has been vetted for performance and its ability to deliver authentic, compassionate, and meaningful readings across all major life areas.

    ⇒ Try a professional online tarot reading you can trust!

    What Is Tarot Reading and How Does It Work?

    Tarot reading is a centuries-old practice that combines symbolic images, intuition, and emotional insight to help people better understand their situations and make empowered decisions. Though many associate tarot with fortune-telling, it’s more commonly used today for reflection, guidance, and emotional clarity, especially through online tarot reading platforms.

    The history of tarot dates back to 15th-century Europe, where it began as a playing card game. By the 18th century, tarot had evolved into a spiritual practice for divination and personal insight. Today, it’s one of the most popular forms of intuitive guidance available online.

    ⇒ Connect now with top-rated, accurate tarot readers!

    Understanding the Tarot Deck: Major and Minor Arcana

    A standard tarot deck contains 78 cards, divided into two main groups:

    • The Major Arcana: 22 cards representing major life themes and turning points, such as The Lovers, The Tower, and The Fool. These cards tend to carry strong symbolic messages and influence.
    • The Minor Arcana: 56 cards that reflect everyday situations, challenges, and emotions. These are divided into four suits—Cups, Pentacles, Swords, and Wands—each representing different areas of life like relationships, money, thoughts, and creativity.

    During a tarot card reading, a reader will arrange the cards in a specific spread (such as a three-card draw or Celtic Cross) and interpret them based on their position, symbolism, and intuitive connection to the person receiving the reading.

    ⇒ Get accurate insights from a real tarot card reading!

    How Tarot Reading Works Online

    With today’s technology, online tarot card reading has become more accessible. Readings are typically offered through chat, video calls, or phone, making it possible to receive accurate, personal insight without leaving home. Many platforms also provide a free online tarot reading as an introduction, allowing new users to test the experience before booking a longer or deeper session.

    The online format doesn’t dilute the reading. Many users find that tarot reading online provides the same emotional connection and accuracy as an in-person session. A skilled reader can tune into your energy through your words, questions, and emotional tone—no matter the distance.

    ⇒ Receive honest answers from skilled tarot readers online!

    Why Choose an Online Tarot Reading?

    An online tarot reading is a convenient and private way to gain spiritual guidance without needing to leave your home. Whether you’re facing a tough decision or simply curious about what lies ahead, tarot card reading services can provide symbolic insights that resonate with your situation.

    What to Expect from a Tarot Reading Online

    During a tarot reading online, a reader draws cards from the deck to answer questions about love, career, or your life path. Each card has a specific meaning, and its placement in the spread helps form a narrative tailored to your inquiry. Modern platforms now offer chat-based, video, or even AI-assisted tarot card reading options, making it accessible to everyone.

    ⇒ See what trusted online tarot readers have to say!

    The Best Online Tarot Reading Platforms

    Here are some features to look for when choosing the best online tarot reading service:

    • Experienced Readers: Look for platforms that screen their psychics and tarot readers.
    • User Reviews: Real testimonials help determine a platform’s reliability.
    • Free Trials or Discounts: Many sites offer a free online tarot reading or introductory rates.
    • Multiple Reading Options: From traditional tarot to oracle cards and numerology.

    Exploring Love and Relationships with Tarot

    A free love tarot reading is one of the most popular types of spreads used in online tarot reading services. Whether you’re wondering if a partner is right for you, or seeking insight into a future relationship, tarot can provide emotional clarity. A free love tarot reading is a great way to dip your toes into the world of spiritual guidance without a financial commitment.

    ⇒ Talk to accurate tarot readers for a trusted love tarot reading!

    Try a Free Online Tarot Reading Today

    If you’re new to the world of tarot, a free online tarot reading is the perfect place to start. Many platforms allow you to try out a session with no strings attached, offering both general and specific spreads, including the popular free love tarot reading option.

    ⇒  Get instant answers with a free tarot reading!

    What Questions Can Tarot Answer?

    While tarot card reading isn’t meant to predict your exact future, it does help reveal patterns, energies, and possible outcomes based on your current path. Common questions center around:

    • Love and relationships (especially through love tarot reading)
    • Career choices and work-related challenges
    • Family matters
    • Personal growth and life transitions
    • Spiritual direction or internal blocks

    The key is to approach the reading with an open mind and clear questions. For example, asking “What energy surrounds my relationship right now?” will lead to a more useful answer than “Will my ex come back?”

    ⇒ Find answers with an online tarot reading for love and life!

    Intuition and Symbolism Are at the Core

    Tarot isn’t about hard rules or set answers. Instead, it’s a collaborative process between the reader, the cards, and your energy. Each card carries layers of meaning, and skilled readers interpret those symbols in the context of your unique question or concern. Their intuition and years of practice bring each reading to life.

    Why Online Tarot Reading Is Trending in 2025

    In 2025, online tarot reading has become one of the most sought-after spiritual tools across the globe—and it’s not hard to see why. As more people turn to tarot for guidance, growth, and clarity, the convenience and effectiveness of digital readings are helping to redefine how we approach intuitive insight.

    ⇒ Find clarity in your heart with a personalized online tarot reading!

    Anytime, Anywhere Access

    One of the main reasons for the growing popularity of tarot card reading online is accessibility. With just a few taps on a phone or clicks on a laptop, users can connect with experienced tarot readers without leaving home. Whether you’re dealing with a sleepless night, going through a rough breakup, or need help making a tough decision, having access to 24/7 tarot reading online services makes it easier to get immediate answers on your schedule.

    This flexibility also eliminates the stress of commuting, scheduling weeks ahead, or sitting awkwardly in a metaphysical shop. Instead, you can enjoy a private and personalized online tarot card reading session from the comfort of your home, or even on a quick break at work.

    Affordable and Often Free to Try

    In-person readings can be expensive and inconsistent. Many users turn to free online tarot reading platforms to explore their options before paying for deeper insight. Some of the best online tarot reading services now offer free trials, introductory questions, or short sample readings to help users feel confident before committing financially.

    This affordability is especially important in today’s economy, where people still seek spiritual connection but need cost-effective ways to find it.

    ⇒ Find trusted guidance with an expert tarot reading online!

    A Shift in Global Mindset

    Another key factor behind this trend is the growing trust in digital spiritual services. People are now more open than ever to exploring holistic tools like tarot reading, astrology, and energy healing—all from their phones. The internet has made it easier to research platforms, read reviews, and choose qualified readers who match individual values or beliefs.

    What Makes a Tarot Reading Accurate?

    Not all tarot readings are created equal. While tarot card reading has always been rooted in symbolic interpretation, what truly determines its value is the depth and accuracy of the insights it provides. Whether done in person or through online tarot reading, the quality of a reading depends on a few key factors. These include the reader’s intuition, connection with the client, and ability to interpret the cards meaningfully.

    ⇒ Ready for clarity? Start your journey at Tarot-Reading-Experts.com

    It Starts with the Reader’s Intuition

    The reader’s intuitive ability is at the heart of every accurate tarot reading. Tarot cards don’t deliver concrete answers—they open the door to deeper reflection and energy-based messages. A gifted reader uses more than just the traditional meanings of the cards. They tune into the subtle emotional and energetic cues of the client, even during a tarot reading online, to understand the deeper message the cards are trying to convey.

    Online readings rely heavily on this skill, especially when video or voice isn’t involved. The best readers can still pick up on emotional energy through chat, written questions, or even how someone types.

    The Right Spread Makes a Difference

    The layout, or “spread,” used during a reading also plays a critical role. A simple three-card spread might reveal the past, present, and future of a love situation, while a Celtic Cross Spread can offer a comprehensive look into more complex issues. Skilled readers know which spread to use based on the client’s needs and how to adapt the positions to fit the question.

    Whether it’s a short, free online tarot reading or a full, in-depth session, using the right layout helps organize the message and allows for a clearer interpretation.

    Asking the Right Questions

    A precise tarot reading often begins with the client asking the right questions. Open-ended prompts such as “What can I expect if I stay in this relationship?” or “What energy surrounds my career path right now?” invite deeper, more revealing answers than closed yes-or-no questions. When clients know what they’re looking for, it’s easier for the reader to use the cards effectively, especially in free love tarot reading sessions, which are often emotionally charged.

    ⇒ Ask your question and get an honest tarot reading online!

    Interpretation Is an Art, Not a Script

    Finally, the best tarot card reading online experiences come from readers who blend intuition with empathy. They don’t just recite card meanings—they read between the lines, pick up on emotional cues, and provide guidance with compassion. They recognize that tarot is not about prediction, but about perspective.

    This combination of skill, insight, and connection separates a generic reading from a powerful one. And with more people turning to tarot reading online free platforms to test the waters, finding a reader who embodies these traits is more important than ever.

    ⇒ Choose clarity—try a reliable tarot card reading!

    Top Features to Look for in an Online Tarot Reading Platform

    With the growing popularity of online tarot reading, it’s more important than ever to know what sets a quality platform apart from the rest. Whether you’re exploring tarot card reading online for the first time or looking to switch services, paying attention to a few key features can help you get the most accurate, valuable, and enjoyable experience possible.

    Free Introductory Readings

    A reliable tarot platform often offers a free online tarot reading or a short introductory session. This allows new users to test the waters, get a feel for the reader’s style, and decide if the platform is a good fit before spending money. Whether it’s a few free minutes, a sample spread, or a trial offer, these options help build trust and transparency.

    Top-rated services now include tarot reading online free trials, making it easier for users to explore topics like love, career, or life direction without pressure.

    ⇒ Find a free or live tarot reading now at Tarot-Reading-Experts.com

    Specialty Readings for Deeper Insight

    Another important feature is the availability of specialized tarot readings. The best platforms offer more than just general readings—they include focused sessions like:

    • Love tarot reading for romantic clarity and relationship questions
    • Career and financial guidance
    • Past life readings for spiritual exploration
    • Yes/no quick reads for fast decisions

    Access to multiple categories ensures you can find the right tarot card reading online to meet your specific emotional or spiritual needs.

    ⇒ Feel confident with answers from accurate tarot readers!

    Flexible Reading Formats

    Everyone has different comfort levels, and a quality platform should offer various communication options. Look for services that allow you to choose between:

    • Live chat for quick, discreet communication
    • Phone readings for more voice-driven connection
    • Video sessions for face-to-face depth

    This flexibility enhances the online tarot card reading experience, letting you choose what feels most natural.

    Clear Policies and Satisfaction Guarantees

    Trustworthy online tarot card reading platforms stand behind their service. Look for sites that offer clear refund policies, satisfaction guarantees, or the option to switch readers if the session doesn’t resonate with you. This shows the platform values integrity and wants you to walk away feeling seen and supported.

    ⇒ Access transparent, truthful tarot card readings!

    Benefits of Tarot Card Reading Online

    As more people seek clarity and guidance from the comfort of their homes, online tarot reading has become the preferred option for many spiritual seekers. It’s not just a digital version of a traditional session—it’s an entirely enhanced experience that offers more control, flexibility, and convenience than ever before. Whether you’re interested in a quick check-in or an in-depth love tarot reading, the advantages of tarot card reading online are hard to ignore.

    1. No Need for In-Person Visits

    One of the most obvious benefits is that you no longer need to travel to a physical location to receive a reading. With online tarot card reading platforms, you can connect with experienced readers from anywhere in the world, without commuting, dressing up, or working around someone else’s schedule. This is especially helpful for those living in remote areas or facing mobility challenges.

    2. Time-Efficient and Always Accessible

    Modern life is busy, and squeezing in time for spiritual self-care isn’t always easy. That’s why tarot reading online has become so popular. Sessions can be as short as 10 minutes or as long as an hour, and many platforms offer 24/7 availability. Whether it’s early morning or late at night, you can log in and connect with a reader when it works.

    ⇒ Get your question answered by a trusted tarot expert!

    3. Greater Variety of Readers and Styles

    Online platforms offer access to a wide range of readers with different styles, backgrounds, and specialties. Looking for a compassionate guide for a love tarot reading? Or maybe you’re interested in past life insights or financial clarity? Whatever your focus, you’ll have far more options online than you’d ever find locally. The best platforms also allow you to browse reader bios, client reviews, and availability before booking.

    4. Ability to Save and Revisit Readings

    Another major perk of tarot card reading online is the ability to save session transcripts, notes, or even video/audio recordings (depending on the platform). This allows you to revisit the guidance you received and track how things unfold over time. It’s like keeping a spiritual journal, only with expert insight included.

    5. More Privacy and Emotional Comfort

    Some people find in-person sessions intimidating or emotionally overwhelming. Online tarot reading offers a layer of emotional comfort and privacy. You’re free to express yourself without judgment, and you can control the pace and format of the session. Whether it’s through chat, voice, or video, the setting is entirely yours to choose.

    ⇒ See what’s ahead with clarity from accurate tarot readers!

    6. Affordable and Often Free to Start

    Many platforms now offer free online tarot reading options or introductory discounts, making spiritual guidance more accessible than ever. Whether you’re testing the waters or looking for regular insight, affordable pricing means more people can benefit from a high-quality tarot card reading without financial strain.

    7. Global Reach, Local Convenience

    Finally, online tarot card reading breaks geographical barriers. You can connect with gifted readers across continents, bringing diverse perspectives and deeper insight into your sessions—all from your phone, tablet, or laptop.

    With so many practical and emotional benefits, it’s no surprise that the best online tarot reading services continue to attract thousands of users seeking honest, personal, and meaningful guidance.

    ⇒ Experience clarity and truth with an online tarot reading!

    How to Choose the Right Online Tarot Reader for You

    Not all tarot readers are the same, and finding the right one can make the difference between a vague session and a powerful, insightful experience. Thanks to the rise of online tarot reading, users can now access thousands of skilled readers worldwide. But with so many choices, how do you find the one that’s right for you?

    Here are the most important factors when choosing a tarot reader online.

    1. Match Their Specialty to Your Needs

    Are you seeking clarity in your love life, looking to shift careers, or hoping to understand your emotional blocks? Start by identifying the main reason you’re seeking a reading. The best online tarot reading platforms allow you to filter readers by specialty, such as free love tarot reading, life purpose, financial guidance, or spiritual healing.

    Choosing a reader specializing in your area of concern helps ensure your session will be focused, meaningful, and on target.

    ⇒ Take control of your path with a detailed tarot reading online

    2. Review Reader Profiles and Client Feedback

    On most platforms, each tarot reader has a public profile detailing their experience, reading style, and client reviews. Some also include sample readings or video introductions. Look for someone whose energy and approach resonate with you, whether you prefer direct answers, compassionate insight, or spiritual depth.

    User reviews can reveal whether the reader has a track record of an accurate tarot card reading online and how they handle different types of clients and questions.

    3. Consider Communication Style

    Think about how you’d prefer to receive your reading. Some people are more comfortable with live chat, while others feel a stronger connection through video or phone. Choose a format that matches your comfort level.

    • Chat readings are great for discreet, fast sessions
    • Phone readings allow for a more emotional connection through tone
    • Video calls offer a face-to-face experience without needing to meet in person

    Good platforms give you these options, allowing your online tarot card reading to feel as natural as possible.

    ⇒ Ask the cards and get accurate, fast results!

    4. Check Pricing and Free Trial Options

    If you’re new to tarot card reading online, you might want to try a free online tarot reading or an introductory session before committing to a full reading. Top-rated platforms offer free minutes, trial credits, or satisfaction guarantees to help first-time users feel secure in their choice.

    Even if readers charge higher rates, their feedback and experience might justify the cost. Always weigh value against budget and comfort.

    5. Trust Your Intuition

    Finally—and this is important—trust your gut. If something about a reader doesn’t sit right with you, move on. Your energy and comfort are crucial during a tarot reading online session. The right reader will feel easy to connect with, even before the cards are drawn.

    In the digital age, you have more tools than ever to find a reader who truly aligns with your energy and goals. Take your time, explore your options, and don’t be afraid to try a few different readers until you find the perfect match.

    ⇒  Find trusted tarot platforms for 2025 at Tarot-Reading-Experts.com

    Common Misconceptions About Online Tarot Reading

    Despite its growing popularity, online tarot reading still faces a range of misconceptions. Some people hesitate to explore it because of outdated ideas or confusion about how tarot works in a digital format. Clearing up these myths is essential to understanding what tarot card reading online offers and how it can be a useful tool for self-reflection and guidance.

    Let’s look at some of the most common myths and the truth behind them.

    1. Tarot Reading Only Works In Person

    One of the biggest myths is that tarot readings must happen face-to-face to be effective. In reality, energy and intention are not limited by physical space. Experienced tarot readers can connect just as powerfully over the internet as they can in person. Thanks to video, chat, and phone options, online tarot card reading sessions are often just as personal—and sometimes even more comfortable—than in-person sessions.

    Many people even prefer tarot reading online because it gives them space to open up without pressure.

    ⇒ Trusted psychics are live for your tarot card reading

    2. You Have to Believe in Magic or the Occult

    Tarot is not about casting spells or predicting fixed outcomes. While it has spiritual roots, modern tarot card reading is more commonly used as a tool for reflection, clarity, and personal growth. You don’t need to believe in any particular tradition to benefit from a session. Most readers focus on insight, emotional patterns, and life decisions rather than “fortune-telling.”

    People from all backgrounds and belief systems can use an online tarot reading or readings to understand their thoughts and gain perspective.

    3. All Tarot Readings Are Vague or Fake

    Another widespread belief is that all tarot readers give general answers that could apply to anyone. While that might be true for some low-quality providers, the best online tarot reading platforms carefully vet their readers for authenticity, accuracy, and professionalism. A skilled tarot reader will tailor their reading to your specific questions and energy, offering relevant and personal insights.

    Like with any profession, some practitioners are better than others—choosing the right one makes all the difference.

    ⇒ Don’t be left guessing—get a real tarot reading online!

    4. Free Readings Are a Scam

    It’s smart to be cautious online, but not all free online tarot reading offers are misleading. In fact, many reputable platforms give new users a few free minutes or credits to test their services. These are often real sessions, shorter in length, and designed to help you try different readers before spending money.

    Look for clear terms, transparent pricing, and tarot reading online free trials offered directly through established platforms, not through suspicious pop-ups or random ads.

    5. Tarot Readers Will Tell You What to Do

    Contrary to what some think, a tarot reading isn’t about being told what choices to make. Good readers don’t control your decisions—they offer guidance and possible outcomes based on your current path. Tarot is about self-awareness, not control. You’re still the one in charge of your life.

    A quality online tarot card reading helps you feel empowered, not dependent.

    ⇒ Real advice, no guesswork—just a precise tarot reading!

    Free Online Tarot Reading vs Paid Tarot Reading: What’s the Difference?

    There are two options in online tarot reading: free readings and paid sessions with a live tarot reader. Both have their place, but they serve very different purposes. Understanding their differences can help you decide which is right for your needs, or how to use both effectively.

    What You Get with Free Online Tarot Reading Tools

    Free online tarot reading tools are usually automated programs that let you select digital tarot cards and receive pre-written interpretations. These tools can be great for casual guidance or quick reflection. They’re available 24/7, cost nothing, and are a helpful starting point for beginners exploring tarot card reading online.

    However, these free readings lack personalization. They don’t factor in your energy, emotions, or the specific context of your question. They offer general meanings for each card, rather than weaving them together to form a complete, intuitive message.

    ⇒ Click to chat with accurate tarot readers instantly!

    The Value of Paid Tarot Reading Online

    Paid sessions connect you with a real, experienced tarot reader who can provide deeper insights and emotional connection. Live online tarot card reading sessions allow for follow-up questions, clarification, and readings that evolve with your energy in real time. They’re especially helpful for more personal topics, such as love tarot reading, career crossroads, or inner healing.

    When looking for real clarity or dealing with sensitive issues, the difference in quality and depth between a free and paid reading becomes clear.

    Start Free, Then Go Deeper

    Free readings are a great introduction to the tarot, and some of the best online tarot reading platforms even offer free minutes with real readers. But upgrading to a personalized, live tarot reading online is often the better choice for layered insight and meaningful transformation.

    ⇒ Get quick, trustworthy answers from a live tarot expert!

    Conclusion

    As virtual spiritual services continue to gain global traction, Tarot-Reading-Experts.com is setting a new benchmark with its 2025 rankings for the best online tarot reading platforms. This timely announcement highlights the growing demand for trusted, convenient, and deeply insightful tarot card reading online experiences.

    Backed by extensive research and expert evaluation, the platform’s latest report reflects the evolution of tarot in the digital age, where users now prioritize privacy, access, and quality over in-person tradition. With a rising number of individuals turning to online tarot card reading for clarity in love, career, and personal growth, the service has become a mainstay for self-guided decision-making and emotional support.

    From free online tarot reading tools to highly rated live sessions with professional readers, the online format empowers users to choose the type of experience that suits their personal needs. The most reputable platforms now offer 24/7 access, diverse reading types, and strong satisfaction guarantees, ushering in a new era of intuitive guidance that’s just a click away.

    See why thousands trust Tarot-Reading-Experts.com for online readings.

    FAQs

    Is tarot card reading online accurate?

    Yes, tarot card reading online can be just as accurate as in-person sessions. A skilled reader doesn’t need to physically touch the cards or see you in person to tune into your energy. Accuracy depends more on the reader’s experience, your openness, and the clarity of your question than on physical proximity.

    Can I get a free tarot reading online?

    Many reputable platforms offer a free online tarot reading to help new users explore their services. These can range from a few complimentary minutes with a live reader to automated card pulls with general interpretations. A tarot reading online free trial gives you a low-risk way to test out different readers, styles, or topics before committing to a paid session.

    What can I ask about in an online tarot card reading?

    You can ask about almost anything—love tarot reading is especially popular. However, readers also cover topics like career, finances, health (in a spiritual sense), family, life purpose, personal growth, and decision-making. The key is to be specific and open. The more focused your question, the more relevant your reading will likely be.

    How long does an online tarot reading usually take?

    Online tarot card reading sessions typically range from 10 minutes to an hour, depending on the platform, the number of questions you have, and your chosen format. Some services offer quick answers, while others provide deep, detailed insights. You can often choose how much time you want to spend, and many readers will let you extend the session if needed.

    Is it safe to do tarot reading online?

    Yes, as long as you use a reputable website. Look for platforms that are transparent about pricing, have verified reader profiles, and offer secure payment options. Reading reviews and checking customer ratings can also help you avoid scams. A trusted online tarot card reading site will respect your privacy and never pressure you into buying more services.

    How often should I get a tarot reading?

    That depends on your needs. Some people like to check in weekly, especially for a love tarot reading or ongoing decisions. Others prefer monthly or even just when facing a major life shift. As long as you’re not becoming dependent on the cards for every decision, you can set your own pace.

    What is the best online tarot reading service?

    The best online tarot reading service is one that offers experienced readers, accurate insights, and flexible formats like video or chat readings.

    How does a tarot reading online work?

    In a tarot reading online, a reader uses a digital interface to pull tarot cards and interpret their meanings based on your question or situation.

    What can I expect from a love tarot reading?

    A love tarot reading focuses on your romantic life, helping you understand relationship dynamics, feelings, and future possibilities.

    Where can I get a free love tarot reading?

    Many websites offer a free love tarot reading as an introduction to their services, giving you insight into your relationships at no cost.

    Are tarot card readings online private?

    Yes, most tarot card reading services ensure full privacy and confidentiality, especially during chat or video sessions.

    Can I trust free online tarot reading results?

    While a free online tarot reading gives useful insights, for deeper accuracy it’s best to consult an experienced tarot reader.

    Do I need to prepare before a tarot reading online?

    It’s helpful to come with a clear question or topic in mind to get the most accurate results from your tarot reading online.

    Are online tarot readers certified or trained?

    Reputable platforms offering the best online tarot reading often verify their readers through reviews, experience, and training.

    What device can I use for a tarot reading online?

    You can use your smartphone, tablet, or computer to access most tarot reading online platforms, anytime and anywhere.

    Can tarot readings predict the future?

    A tarot card reading offers symbolic guidance and can highlight potential outcomes, but it should be used as a tool for reflection, not absolute prediction.

    Media Contact
    Company: Tarot Reading Experts
    Contact Person: Ryan C. Martinez
    Email: support@tarot-reading-experts.com
    Address: 2350 Canyon Drive, Los Angeles, CA 90068, USA
    URL: https://tarot-reading-experts.com/
    Phone: +1 603-563-2960

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    The MIL Network –

    May 15, 2025
  • MIL-OSI: Xtract One Enters Master Supply Agreement with Global Entertainment Organization for Security Screening Deployment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced that the Company has entered into a Master Supply Agreement with a new customer, a leading global media and entertainment organization. Through this agreement, Xtract One’s SmartGateway has been selected as the screening technology solution that is now available at any location and will initially be deployed in a first application at an venue in Asia – with the potential of ongoing expansion at any of the brand’s growing portfolio of hundreds of entertainment venues, retail stores, and production facilities worldwide. The first installation is expected to begin in the second quarter of 2025; additional terms were not disclosed.

    “We’re energized to be working with yet another major player in the global entertainment industry, furthering the case for creating safer entertainment spaces for everyone around the world,” said Peter Evans, CEO of Xtract One. “The testing executed was some of the most rigorous that we have been subjected to, with a very detailed set of prohibited items tested, along with detailed analysis of the metrics for the guest ingress experience. Large, global organizations such as this customer have highly valuable assets to protect, and high brand equity to maintain also. We are pleased to have been tested and proven to deliver against both metrics.”

    After testing at multiple locations, Xtract One’s SmartGateway was selected for its ability to provide fast, reliable, and accurate patron screening. This agreement sets a new standard within the global entertainment industry through the entertainment company’s effort to enhance security measures and ensure the safety of all venue visitors on a global scale. The first SmartGateway deployment will occur within the next months.

    Xtract One’s SmartGateway allows for fast, frictionless entry, enhancing safety without sacrificing experience. SmartGateway’s technology uses AI-powered sensors to unobtrusively scan individuals, seamlessly detecting threats without invading guests’ privacy. The AI-driven technology reduces wait times and enables faster entry, while providing data-driven security insights that shift security operations from reactive to proactive. The Company’s Multi-Sensor Gateway portfolio was recently awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

    To learn more, visit www.xtractone.com.

    About Xtract One
    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    About Threat Detection Systems
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    Forward Looking Statements
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com   
    Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
    Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

    The MIL Network –

    May 15, 2025
  • MIL-OSI: SYLOGIST Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Highlights1

               
      Revenue (in $ millions)  
    SaaS Subscription Recurring Total
    Reported Y/Y growth Reported Y/Y growth Reported Y/Y growth
    $7.8 15% $10.9 6% $16.3 3%
     
    • SaaS ARR up 15% Y/Y to $31.4 million;
    • ARR up 6% Y/Y to $44.3 million;
    • Bookings up 153% Y/Y to $23.1 million, including a ~$15 million contract with the Texas OAG2;
    • Adjusted EBITDA Margin of 16.1% or $2.62 million; and
    • SaaS NRR of 108%.

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”), a leading public sector SaaS company, today announced its results for the first quarter fiscal 2025, ended March 31, 2025. All figures are in Canadian dollars, unless otherwise specified.

    “Our Q1 performance was right on plan as we continue to execute our SaaS-focused, partner-centric value creation strategy,” said Bill Wood, President & CEO of Sylogist. “We achieved record bookings—nearly double our previous high—and saw well-balanced pipeline expansion across our Gov, Mission, and Ed segments. Combining our latest all-customer NPS survey score of 62, the highest we’ve ever achieved, with our 108% SaaS Net Revenue Retention, paints a clear picture: our customers are happy, advocating on our behalf and increasing their investment with us. We’re excited about the ongoing acceleration of our high-margin SaaS revenue and the operating leverage and scalability that lie ahead.”

    The Company’s Board of Directors declared a quarterly dividend of $0.01 per share to be paid on June 11, 2025, to shareholders of record on May 30, 2025.

    1Growth comparisons have been adjusted to reflect the divestiture of the Managed IT Services division
    2https://sylogist.com/blog/sylogist-awarded-statewide-contract-to-modernize-texas-victim-notification-services/

    Conference Call Details
    The Company will host a conference call at 8:30 AM Eastern Time on May 15, 2025. Bill Wood, President and Chief Executive Officer, and Sujeet Kini, Chief Financial Officer, will present the Company’s financial results, discuss performance as well as outlook for 2025 and beyond. Q & A will follow, as time allows, and replay of the call will be archived in the investor section of the Company’s website.

    Please dial-in before the start of the conference to secure a line and avoid delays.

    About Sylogist
    Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit, and education market segments. The Company’s stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.

    Forward-looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities legislation. Although the forward-looking information is based on what the Company believes are reasonable assumptions, current expectations, and estimates, investors are cautioned from placing undue reliance on this information since actual results may vary from the forward-looking information. Forward-looking information may be identified by the use of forward-looking terminology such as “believe”, “assume”, “intend”, “may”, “will”, “expect”, “estimate”, “anticipate”, “continue”, “could”, “should”, “can”, “outlook” or similar terms, variations of those terms or the negative of those terms, and the use of the conditional tense as well as similar expressions.

    Such forward-looking information that is not historical fact, including statements based on management’s beliefs and assumptions, cannot be considered as guarantees of future performance. They are subject to a number of risks and uncertainties, including but not limited to future economic conditions, the markets that the Company serves, the actions of competitors, major new technological trends, and other factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company undertakes no obligation to update publicly any forward-looking information whether because of new information, future events or otherwise other than as required by applicable legislation. Important risk factors that may affect these expectations include, but are not limited to, the factors described under the section “Risks and Uncertainties” found in the Company’s Annual Information Form for the fiscal period ended December 31, 2024, and in the Management’s Discussion and Analysis for the quarter ended March 31, 2025 and for the year ended December 31, 2024 and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Actual results and developments may differ, in some cases materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: (i) competitive environment; (ii) operating risks; (iii) the Company’s management and employees; (iv) capital investment by the Company’s customers; (v) customer project implementations; (vi) liquidity; (vii) current global financial and geopolitical conditions; (viii) implementation of the Company’s commercial strategic plan; (ix) access to credit sources and the terms of such financing; (x) potential product liabilities and other lawsuits to which the Company may be subject; (xi) additional financing and dilution; (xii) market liquidity of the Company’s common shares; (xiii) development of new products; (xiv) intellectual property and other proprietary rights; (xv) acquisition and expansion; (xvi) foreign currency; (xvii) interest rates; (xviii) technology and regulatory changes; (xix) internal information technology infrastructure and applications and (xx) cyber security. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities las. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    Non-IFRS Financial Measures

    This news release refers to certain non-IFRS measures, namely Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Annualized Recurring Revenue (“ARR”), Software as a Service (“SaaS”) ARR, and SaaS Net Revenue Retention (“SaaS NRR”). These non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures reported or calculated by other companies. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

    • Bookings refer to the total value of customer accepted contracts during the reporting period. This includes SaaS bookings (the value of SaaS contracts for the entire contracted term) and the project services bookings (the full value of contracted project services).
    • Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation, foreign exchange gains/losses and the impact of acquisition and restructuring.
    • Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue.
    • ARR is defined as the annualized value of contractually committed SaaS and maintenance and support services. This quantification assumes that customers will renew the contractual commitment on a periodic basis as they come up for renewal unless the customer has notified the Company of its intention to cancel.
    • SaaS ARR refers to ARR attributable to SaaS customer contracts.
    • SaaS NRR refers to the percentage of beginning of period ARR retained over a given 12-month period inclusive of the impact of contractions, losses and the impact of any additional expansion revenues from customer upgrades within the existing customer base. The Company’s calculation of SaaS NRR includes the impact of customers converting from its maintenance and support offerings to its SaaS offerings.

    Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, ARR, SaaS ARR, and SaaS NRR are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities, determined in accordance with IFRS as an indicator of the Company’s performance.

    For further information regarding non-IFRS measures used by the Company, please refer to a copy of the Company’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024, copies of which are available on Sylogist’s SEDAR profile at www.sedarplus.ca.

    Currency and Rounding
    All amounts in this Press Release are expressed in millions of Canadian dollars unless otherwise stated. All percentage variations expressed herein have been calculated based on variations resulting from numbers expressed in millions. Any potential differences from similarly calculated percentages in the Company’s Financial Statements and Management’s Discussion and Analysis are due to rounding and are nonmaterial.

    For further information contact:
    Sujeet Kini, CFO
    Sylogist Ltd.

    (416) 491-8004
    ir@sylogist.com

    The MIL Network –

    May 15, 2025
  • MIL-OSI: CLIK announces to collaborate with an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device service for senior citizens in Hong Kong; and also announces change to board composition

    Source: GlobeNewswire (MIL-OSI)

    – CLIK will collaborate with Flash Mutual, an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device services for senior citizens in Hong Kong
       
    – Tencent SSV is an initiative launched by Tencent, a world leading internet and technology company, aiming to leverage its unique digital platform and technology to drive Sustainable Social Value (SSV) globally
       
    – CLIK also announces the appointment of Mr. Lam Kai Yuen, Gabi as the new independent director

    Hong Kong, May 15, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), signed a cooperation agreement with Flash Mutual Technology (International) Company Limited (“Flash Mutual”) in which both parties agreed to jointly promote 24-hour instant device service for senior citizens in Hong Kong.

    Flash Mutual is a national high-tech enterprise headquartered in Guangdong, China. Being an advanced technology partner under the Tencent Sustainable Social Value (“Tencent SSV”) initiatives, Flash Mutual aims to provide integrated digital solutions for the elderly, students, and the disabled by the use of artificial intelligence.

    Tencent SSV is an initiative under Tencent, a world leading internet and technology company, aiming to use its unique digital platform and technology to drive sustainable social value globally and to improve lives of billions of people every day.

    By leveraging the use of AI, instant device service offers round-the-clock smart monitoring for senior citizens to enhance their safety and to provide timely assistance when necessary.

    Together with the government-sponsored Community Care Service Voucher scheme for elderly (CCSV scheme) recently entered into, CLIK expects the partnership to generate significant cross-selling synergies and boost revenue.

    CLIK considers the collaboration as an opportunity to further strengthen its elderly service business, aiming to offer a comprehensive one-stop solution for senior citizens in Hong Kong.

    Change in board composition

    CLIK today announced the appointment of Mr. Lam Kai Yuen as an independent director, a member of the audit committee, compensation committee, nominating committee and corporate governance committee of the Company’s board of directors (the “Board”), following the resignation of Mr. Moy Yee Wo Matthew as an independent director, the chairman of the audit committee, a member of the compensation committee and nominating and corporate governance committee of the Board, effective 14 May 2025. Due to personal commitments, Mr. Moy will be re-designated as a consultant, focusing on investor relations, to continue serving the Company and confirmed that there was no disagreement with the Board, the Company or any of its affiliates on any matter relating to the Company’s operations, policies or practices.

    The Board has also approved that Mr. Tse Wah Ping, who has served as an independent director of CLIK since October 2024, will replace Mr. Moy as the chairman of the audit committee of the Board, effective 14 May 2025.

    “We are delighted to welcome Mr. Lam on Board and believe his wealth of experience in management can bring invaluable insights to help guiding the Company ahead.” stated Mr. Chan Chun Sing, Chairman and Chief Executive Officer of CLIK. “We are also grateful to Mr. Moy for his services throughout his tenure and look forward to his further contribution in the new role,” continued Mr. Chan.

    Following the aforementioned changes, the Board now consists of four directors, including three independent directors. The audit committee of the Board is comprised of Mr. Tse Wah Ping, Ms. Chik Wai Chun and Mr. Lam Kai Yuen.

    About Click Holdings Limited

    We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

    For more information, please visit https://clicksc.com.hk.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For enquiry, please contact:

    Click Holdings Limited
    Unit 709, 7/F., Ocean Centre
    5 Canton Road
    Tsim Sha Tsui, Kowloon
    Hong Kong
    Email: jack.wong@jfy.hk
    Phone: +852 2691 8900

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights
    All amounts compared to Q1 2024 unless otherwise noted

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Cost of revenue was US$73.4 million vs. US$85.4 million.
    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Net income was US$409.5 million vs. US$0.6 million.
    • Adjusted EBITDA1 was negative US$56.1 million, vs. positive US$27.32 million.
    • Cash and cash equivalents were US$215.6 million as of March 31, 2025.
    • Crypto balance: US$131.1 million as of March 31, 2025.

    Management Commentary

    “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

    Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

    Operational Summary

    Metrics Three Months Ended Mar 31
      2025 2024
    Total hash rate under management (EH/s) 24.2 22.5
    – Proprietary hash rate 12.1 8.4
    – Self-mining 11.5 6.7
    – Cloud Hash Rate – 1.7
    – Delivered but not yet hashing 0.6 –
    – Hosting 12.1 14.1
    Mining rigs under management 175,000 226,000
    – Self-owned 97,000 86,000
    – Hosted 78,000 140,000
    Bitcoin mined (self-mining only) 350 911
    Bitcoins held 1,156 58
    Total power usage (MWh) 881,000 1,361,000
    Average cost of electricity ($/MWh) 48 43
    Average miner efficiency (J/TH) 29.0 31.7
     

    Power Infrastructure Summary (as of April 30, 2025)

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 120 Online Completed
    – Gedu, Bhutan 100 Online Completed
    – Jigmeling, Bhutan 132 Online Completed
    Total electrical capacity 1,098    
    Pipeline capacity      
    – Tydal, Norway Phase 2 105 In progress Q2 2025
    – Massillon, Ohio 221 In progress Q3-Q4 2025
    – Clarington, Ohio Phase 1 266 Paused TBD
    – Clarington, Ohio Phase 2 304 Pending approval TBD
    – Jigmeling, Bhutan 368 In progress Q2 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    – Oromia Region, Ethiopia 50 In planning Q4 2025
    Total pipeline capacity 1,592    
    Total global electrical capacity 2,690    
     

    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.

    Q1 2025 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      March 31, 2025 Dec 31, 2024 March 31, 2024
    Total revenue 70.1 69.0 119.5
    Cost of revenue (73.4) (63.9) (85.4)
    Gross profit/(loss) (3.2) 5.1 34.1
    Net profit/(loss) 409.5 (531.9) 0.6
    Adjusted EBITDA (56.1) (3.8) 27.32
    Cash and cash equivalents 215.6 476.3 118.5
    US $ in millions Three Months Ended Mar 31, 2025
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 37.2 0.1 9.6 16.3 4.1
    Cost of revenue          
     – Electricity cost in operating mining rigs (24.0) – (6.8) (11.4) –
     – Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) –
     – Cost of products sold – – – – (3.3)
     – Other cash costs (3.4) – (0.9) (1.5) –
    Total cost of revenue (41.0) (0.1) (9.1) (15.4) (3.3)
    Gross profit/(loss) (3.8) – 0.5 0.9 0.8
    US $ in millions Three Months Ended Mar 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 48.4 18.1 29.0 19.5 –
    Cost of revenue          
     – Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) –
     – Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) –
     – Other cash costs (2.7) (1.0) (1.6) (1.1) –
    Total cost of revenue (37.6) (9.6) (18.6) (16.2) –
    Gross profit 10.8 8.5 10.3 3.2 –
     

    Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

    Revenue

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
    • General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
    • SEALMINER sales revenue was US$4.1 million.

    Cost of Revenue

    • Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

    Gross Profit and Margin

    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Gross margin was -4.6% vs. 28.6%.

    Operating Expenses

    • The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
      • Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
      • General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
      • Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

    Other Net Gain

    • Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. 

    Net Income

    • Net income was US$409.5 million vs. US$0.6 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$89.8 million vs. adjusted profit of US$9.72 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$56.1 million vs. positive US$27.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

    Cash Flows

    • Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
    • Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
    • Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

    Capex

    • 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

    Balance Sheet
    As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

    • US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
    • US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
    • US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
    • US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

    Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
           
      As of March 31,   As of December 31,
    (US $ in thousands) 2025   2024
    ASSETS      
    Current assets      
    Cash and cash equivalents 215,642     476,270  
    Restricted cash 12,107     9,144  
    Cryptocurrencies 131,144     77,537  
    Trade receivables 10,263     9,627  
    Amounts due from a related party 15,810     15,512  
    Prepayments and other assets 335,071     291,929  
    Inventories 153,740     64,888  
    Financial assets at fair value through profit or loss 4,540     4,540  
    Total current assets  878,317     949,447  
           
    Non-current assets      
    Restricted cash 5,906     8,212  
    Prepayments and other assets 46,652     18,244  
    Financial assets at fair value through profit or loss 35,428     37,981  
    Mining rigs 101,581     67,324  
    Right-of-use assets 75,338     69,273  
    Property, plant and equipment 302,210     251,377  
    Investment properties 30,529     30,723  
    Intangible assets 78,303     83,235  
    Goodwill 35,818     35,818  
    Deferred tax assets 8,543     6,220  
    Total non-current assets  720,308     608,407  
    TOTAL ASSETS  1,598,625     1,557,854  
           
    LIABILITIES      
    Current liabilities      
    Trade payables 50,729     31,471  
    Other payables and accruals 38,098     40,617  
    Amounts due to a related party 7,788     8,747  
    Income tax payables 2,437     2,729  
    Derivative liabilities 256,775     763,939  
    Deferred revenue 61,016     39,029  
    Borrowings 215,436     208,127  
    Lease liabilities 6,895     5,460  
    Total current liabilities  639,174     1,100,119  
           
    Non-current liabilities      
    Other payables and accruals 1,786     1,650  
    Deferred revenue 68,449     90,200  
    Lease liabilities 78,846     72,673  
    Deferred tax liabilities 15,721     16,614  
    Total non-current liabilities 164,802     181,137  
    TOTAL LIABILITIES  803,976     1,281,256  
           
    NET ASSETS  794,649     276,598  
           
    EQUITY      
    Share capital *   *
    Treasury equity (181,065 )   (160,926 )
    Accumulated deficit (239,531 )   (649,004 )
    Reserves 1,215,245     1,086,528  
    TOTAL EQUITY 794,649     276,598  
     

    * Amount less than US$1,000

    BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME
           
       Three months ended March 31, 
    (US $ in thousands) 2025   2024
           
    Revenue 70,128     119,506  
    Cost of revenue (73,353 )   (85,375 )
    Gross profit / (loss) (3,225 )   34,131  
    Selling expenses (1,393 )   (1,690 )
    General and administrative expenses (15,389 )   (14,969 )
    Research and development expenses (59,014 )   (21,164 )
    Other operating income / (expenses) (7,789 )   1,746  
    Other net gain 503,050     2,447  
    Profit from operations 416,240     501  
    Finance income / (expenses) (9,343 )   151  
    Profit before taxation 406,897     652  
    Income tax benefit / (expenses) 2,576     (46 )
    Profit for the period 409,473     606  
    Other comprehensive income      
    Income for the period 409,473     606  
    Other comprehensive income for the period    
    Item that may be reclassified to profit or loss      
    Exchange differences on translation of financial statements 166     32  
    Other comprehensive income for the period, net of tax 166     32  
    Total comprehensive income for the period 409,639     638  
           
    Earnings / (loss) per share (in US$)      
    Basic 2.15     0.01  
    Diluted (0.37 )   0.01  
    Weighted average number of shares outstanding (thousand shares)
    Basic 190,199     114,843  
    Diluted 228,561     117,041  
               
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
           
    Cash flows from operating activities      
    Cash used in operating activities: (280,889 )   (132,867 )
    Interest paid on leases (702 )   (652 )
    Interest paid on borrowings (4,493 )   (465 )
    Interest received 2,724     1,813  
    Income tax paid (628 )   –  
    Net cash used in operating activities  (283,988 )   (132,171 )
           
    Cash flows from investing activities      
    Purchase of property, plant and equipment, investment properties and intangible assets (44,770 )   (29,615 )
    Purchase of mining rigs (955 )   (1,560 )
    Purchase of financial assets at fair value through profit or loss (132 )   (992 )
    Purchase of cryptocurrencies (18,159 )   –  
    Proceeds from disposal of cryptocurrencies 12,283     90,380  
    Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 )   –  
    Net cash generated from / (used in) investing activities  (73,603 )   58,213  
           
    Cash flows from financing activities      
    Capital element of lease rentals paid (1,942 )   (1,338 )
    Proceeds from issuance of shares for exercise of share rewards 530     37  
    Proceeds from issuance of ordinary shares, net of transaction costs 118,403     49,931  
    Payment for the future issuance cost –     (303 )
    Acquisition of treasury shares (21,010 )   –  
    Payment for transaction costs in connection with convertible senior notes (1,119 )   –  
    Net cash generated from financing activities  94,862     48,327  
           
    Net decrease in cash and cash equivalents  (262,729 )   (25,631 )
    Cash and cash equivalents at the beginning of the period 476,270     144,729  
    Effect of movements in exchange rates on cash and cash equivalents held 2,101     (637 )
    Cash and cash equivalents at the end of the period 215,642     118,461  
     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

    BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
    Adjusted EBITDA      
    Profit for the period 409,473     606  
    Add:      
    Depreciation and amortization 25,387     18,187  
    Income tax (benefit) / expenses (2,576 )   46  
    Interest (income) / expense, net 10,880     (608 )
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted EBITDA (56,145 )   27,3392  
           
    Adjusted Profit / (loss)      
    Profit for the period 409,473     606  
    Add:      
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted Profit / (loss) (89,836 )   9,7142  
     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    ____________________________
    1
    “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Sumanth Channabasappa Brings Industry-Defining Technology Expertise to Vetty

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Vetty, the one-stop shop hiring acceleration platform, announced that Sumanth Channabasappa has joined the company effective May 5, 2025.

    An entrepreneur, growth strategist, product and technology leader and venture capitalist, Channabasappa brings deep expertise in emerging technologies, including real-time communications, cybersecurity, cloud computing, AI and frontier platforms to Vetty. With over 50 patents and international publications to his credit, Channabasappa is known for driving innovation and reshaping global markets through his work.

    As a venture investor, Channabasappa evaluated over 800 scale-ups annually to identify breakthrough technologies and high-impact opportunities for seed to Series A/B investments. In addition, he has advised numerous growth-stage companies and mentored hundreds of startups and entrepreneurs across North America, Europe and Asia, helping boards and CEOs navigate disruption, leverage frontier technologies and effectively scale businesses while building an enduring competitive advantage.

    “Sumanth’s background speaks for itself. Between his work on the product side and his understanding of market needs, he is able to take technologies and turn them into industry-leading solutions with global reach,” said Vetty CEO Jason Putnam. “Along with his expertise, Sumanth brings energy, inspiration and innovation to the Vetty team as we continue to charge forward.”

    Channabasappa commented, “Having spent much of my career building technologies at national and global scales, I know an interesting opportunity when I see one, and that’s Vetty. There’s real excitement here – smart people, bold ideas and the ambition to keep growing. It’s a great time to join this exceptional team and draw on my own experience as Vetty scales.”

    ABOUT VETTY
    Vetty is a one-stop shop hiring acceleration platform where companies can expeditiously complete their screening, credentialing, hiring and onboarding of prospective candidates. Companies count on Vetty to accelerate the time from offer to active and deliver clearly measurable ROI. Learn more at https://vetty.co.

    Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.

    Media Contact:
    Kate Achille
    The Devon Group for Vetty
    kate@devonpr.com  

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Salary.com Brings Compensation Technology Insights to WorldatWork Total Rewards ‘25

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., May 15, 2025 (GLOBE NEWSWIRE) —

    WHO:     Salary.com, a leading provider of compensation market data and software
           
    WHAT:     Will exhibit and present compensation insights during WorldatWork Total Rewards ‘25.
           
    WHEN:     The conference will take place from Monday, May 19, to Wednesday, May 21, 2025.
    The Salary.com team will present two sessions on Tuesday, May 20, 2025:

    “Using Predictive Analytics to Forecast Compensation” at 11:30 a.m. ET

    “Turning Merit Lemons into Limoncello” at 3:15 p.m. ET

           
    WHERE:     Orange County Convention Center
    West Concourse
    9800 International Drive
    Orlando, Fla.

    Salary.com will exhibit in Booth No. 825.

    For event information, including registration,
    visit https://totalrewards.worldatwork.org/2025.


    DETAILS:

    For today’s compensation teams, labor costs can seem beyond control. But the landscape is shifting, and with the rise of technological advancements, new possibilities are emerging. During WorldatWork Total Rewards ’25, the team from Salary.com will present two sessions to help attendees understand the latest compensation strategies and solutions.

    “Using Predictive Analytics to Forecast Compensation”

    On Tuesday, May 20, at 11:30 a.m. ET, Luke Corby, CCP, Director, Professional Services at Salary.com, will show how AI and expanding data sources are transforming compensation, empowering these teams and enabling them to drive value like never before. Corby will demonstrate how attendees can use AI to forecast compensation trends, identify the best and worst hiring windows for key roles and create highly accurate labor cost budgets. Attendees will learn the key elements of this model and develop a deeper appreciation for the changes coming to the world of compensation.

    “Turning Merit Lemons into Limoncello”

    Later that day at 3:15 p.m. ET, Sean Luitjens, VP of Product Strategy at Salary.com, will participate in a second panel discussion on maximizing budget effectiveness. Along with Nicole Long, Director, Human Resources and President of Atlanta Area Comp Association, State of Georgia, Rebecca McConnell, Director of Compensation, Minolta and Brad Robinson, Compensation Director, MasTec, Luitjens will explore how technology and innovative strategies can support equitable and impactful rewards for top performers. The session will also share best practices for addressing pay equity, making market adjustments and rewarding performance using tools like company stock.

    In addition to its thought leadership, Salary.com will showcase its solutions in Booth No. 825. Attendees are encouraged to stop by for product demonstrations and more information. To register for WorldatWork Total Rewards ’25, visit https://totalrewards.worldatwork.org/2025.

    About Salary.com
    Salary.com has been helping organizations with human capital needs for over 25 years. The company leads the industry in compensation data, software, and services. More than 30,000 organizations in 30+ countries use Salary.com’s solutions to hire and retain talent and compete in a changing world. Salary.com provides over 10 billion data points across over 225 industries using a proprietary AI framework to ensure fair pay. The company’s main product, CompAnalyst®, helps organizations simplify hiring, reduce guesswork, and increase retention. Employee trust depends on fair pay, and Salary.com helps get it right. For additional information, please visit www.salary.com/business.

    The MIL Network –

    May 15, 2025
  • MIL-OSI Economics: Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets with Australia’s Ambassador for Cyber Affairs and Critical Technology

    Source: ASEAN

    Deputy Secretary-General of ASEAN for Community and Corporate Affairs, H.E. Nararya Sanggramawijaya Soeprapto, received H.E. Brendan Dowling, Australia’s Ambassador for Cyber Affairs and Critical Technology, at the ASEAN Headquarters/ASEAN Secretariat today. They exchanged views on ways to advance cooperation between ASEAN and Australia on cyber and artificial intelligence (AI) policies, including combatting cybercrime, strengthening regional cyber assistance, and use of AI, as well as potential collaboration to support efforts in building institutional capacity on cybersecurity.
     

    MIL OSI Economics –

    May 15, 2025
  • MIL-OSI Economics: Samsung ‘Galaxy empowered’ launches Immersive Programme for Bhutan’s Teaching Community

    Source: Samsung

    The ‘Galaxy empowered’ Community from Bhutan
     
    Samsung, India’s largest consumer electronics brand, is welcoming passionate educators from remote corners of Bhutan into its growing community, ‘Galaxy empowered’, a one-of-a-kind community-led programme designed to transform education by empowering teachers, principals, and administrators in the education sector.
     
    ‘Galaxy empowered’, which aims to prepare teachers for the classrooms of tomorrow through recurring on-ground and online learning events, was launched in India in December 2024. Now, through immersive workshops and collaborative learning, Bhutanese teachers are also part of the movement that is redefining classrooms with technology and innovation.
     
    Samsung organised a ‘Galaxy empowered’ immersion programme for these educators, many of whom serve in remote and underserved communities in Bhutan, at its Executive Business Centre (EBC) in Gurugram. During the immersion programme, teachers gained hands-on experience with the Galaxy ecosystem, including Galaxy smartphones, Galaxy Books, Tablets, flipboards, and displays.
     
    In addition, they were introduced to Samsung’s latest innovations in education, including Galaxy devices and Galaxy AI applications tailored for modern, inclusive teaching. This was facilitated in partnership with the Teacher and Educational Leadership Division (TELD), Department of School Education, Ministry of Education and Skills Development, Bhutan.
     
    “I had never used an interactive whiteboard before. Seeing it in action gave me so many ideas for making lessons more engaging for my students,” said Khandu, teacher at Wangdue Primary School.
     
    Innovation spreading smiles across
     
    The Immersion Programme at Samsung Regional Headquarter witnessed the participation of educators from various schools across Bhutan, including Khandothang Primary School (Samtse), Pelrithang Higher Secondary School (Gelephu, Sarpang), Lobesa Lower Secondary School (Punakha Dzongkhag), Yoechen Central School (Pema Gatshel), Phuentsholing Primary School (Phuentsholing Thromde), and Chhukha Dzongkhag, among others.
     
    “The technology we saw today showed how classrooms can become more exciting and student-friendly. I am thinking about how we can try small changes in our own schools,” said Ghana Shyam Dhungana, Academic Head at Pelrithang Higher Secondary School (Gelephu, Sarpang).
     
    As a global leader in technology, Samsung is dedicated to transforming the future of education by developing future-ready classrooms that empower teachers to integrate the latest technology and modern teaching methodologies. Through initiatives such as ‘Galaxy empowered’, Samsung not only supports educators but also helps schools emerge as leaders in educational innovation.
     
    Taking a glance into the future
     
    “At Samsung, we understand that empowering a teacher is about inspiring a transformation that turns classrooms into vibrant spaces of curiosity, creativity, and connection. Through ‘Galaxy empowered’, we aim to ignite a spark that shapes the minds of future generations. We are proud to see this programme expand its reach beyond India, evolving into a global platform for learning and collaboration,” said a Samsung India spokesperson.
     
    The ‘Galaxy empowered’ programme is offered free of charge to both teachers and schools, ensuring that valuable resources for educational advancement are accessible without financial constraints. It offers no-cost online training, self-paced courses on the Galaxy empowered site, and physical boot camps.
     
    “This visit reminded me that technology is not only for big cities. With the right support, even remote schools can benefit from these innovations,” said Pema Dorji, Officiating Principal at Jigmeling Primary School (Tang, Bumthang).
     
    In India, under the umbrella of ‘Galaxy empowered’, over 4,800 teachers from more than 250 schools have been awarded certificates since December 2024. The programme aims to empower 20,000 teachers across 600 schools of India by 2025.
     

    MIL OSI Economics –

    May 15, 2025
  • MIL-OSI United Nations: 15 May 2025 Statement Statement on the antigen composition of COVID-19 vaccines

    Source: World Health Organisation

    Key points:

    • Vaccination remains an important public health countermeasure against COVID-19. As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO Strategic Advisory Group of Experts on Immunization (SAGE).
    • SARS-CoV-2 continues to undergo sustained evolution since its emergence in humans, with important genetic and antigenic changes in the spike protein.
    • The objective of an update to COVID-19 vaccine antigen composition is to enhance vaccine-induced immune responses to circulating SARS-CoV-2 variants.
    • The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) advises manufacturers that monovalent JN.1 or KP.2 vaccines remain appropriate vaccine antigens; monovalent LP.8.1 is a suitable alternative vaccine antigen.
    • In accordance with WHO SAGE policy, vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) continues to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. Based on these evaluations, WHO advises vaccine manufacturers and regulatory authorities on the implications for future updates to COVID-19 vaccine antigen composition. In April 2024, the TAG-CO-VAC recommended the use of a monovalent JN.1 lineage vaccine antigen as one approach to induce enhanced neutralizing antibody responses to JN.1 and its descendent lineages. In December 2024, the TAG-CO-VAC advised retaining the use of a monovalent JN.1 lineage vaccine antigen. Multiple manufacturers (using mRNA, recombinant protein-based, and adenovirus-vectored platforms) have updated COVID-19 vaccine antigen composition to monovalent JN.1 lineage formulations (JN.1 or KP.2). Several of these vaccines have been approved for use by regulatory authorities and introduced into vaccination programmes in some countries during the second half of 2024. Previous statements from the TAG-CO-VAC can be found on the WHO website.

    The TAG-CO-VAC reconvened on 6-7 May 2025 to review the genetic and antigenic evolution of SARS-CoV-2; immune responses to SARS-CoV-2 infection and/or COVID-19 vaccination; the performance of currently approved vaccines against circulating SARS-CoV-2 variants; and the implications for COVID-19 vaccine antigen composition.

    Evidence reviewed

    The published and unpublished evidence reviewed by the TAG-CO-VAC included: (1) SARS-CoV-2 genetic evolution with additional support from the WHO Technical Advisory Group on SARS-CoV-2 Virus Evolution (TAG-VE); (2) Antigenic characterization of previous and emerging SARS-CoV-2 variants using virus neutralization tests with animal antisera and further analysis of antigenic relationships using antigenic cartography; (3) Immunogenicity data on the breadth of neutralizing antibody responses elicited by currently approved vaccine antigens against circulating SARS-CoV-2 variants using animal and human sera; (4) Preliminary immunogenicity data on immune responses following infection with circulating SARS-CoV-2 variants; (5) Available vaccine effectiveness (VE) estimates of currently approved vaccines during periods of JN.1 lineage circulation; and (6) Preliminary non-clinical and clinical immunogenicity data on the performance of candidate vaccines with updated antigens shared confidentially by vaccine manufacturers with TAG-CO-VAC. Further details on the data reviewed by the TAG-CO-VAC can be found in the accompanying data annex. Confidential data reviewed by the TAG-CO-VAC are not shown.

    Summary of available evidence

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, making epidemiological trends difficult to infer. Nonetheless, in 2025, SARS-CoV-2 continues to circulate globally, causing severe disease, post COVID-19 condition, and death. The majority of COVID-19 deaths continue to occur in individuals aged 65 years and older and those with coexisting conditions. Some countries have reported an increase in incidence of COVID-19-related hospitalizations and deaths among children under 1 year of age, as compared to young adults, although this group still accounts for a small proportion of total COVID-19 hospitalizations and deaths.
    • As of May 2025, currently circulating SARS-CoV-2 variants are derived from JN.1. The weekly proportion of Variant Under Monitoring (VUM) LP.8.1 among all SARS-CoV-2 sequences submitted to GISAID continues to increase. The weekly proportion of JN.1 (Variant of Interest, VOI) is slowly increasing, largely due to increases in LF.7 and its descendent variants, while all other VUMs (KP.3, KP.3.1.1, XEC, and LB.1) are declining. 
    • Several JN.1 derived variants have independently evolved changes in the spike protein at epitopes known to be targeted by neutralizing antibodies.
    • Published and unpublished data using antisera from naïve hamsters infected with JN.1, KP.2, KP.3.1.1, XEC or LP.8.1 or mice immunized with mRNA vaccine antigens JN.1, KP.2 or KP.3 showed that JN.1, KP.2, KP.3.1.1, XEC, and LP.8.1 are antigenically closely related to each other (approximately 1 antigenic unit in cartographic analysis, which corresponds to a two-fold-difference in neutralization).
    • In published and unpublished data from humans, vaccination with monovalent JN.1 or KP.2 antigens significantly increased neutralizing antibody titers against all JN.1 descendent lineages tested:
      • Analysis of pre- and post-vaccination sera from JN.1 lineage (i.e. JN.1 or KP.2) immunized individuals demonstrated significant rises in neutralization of JN.1 and its descendent lineages, including KP.3.1.1, XEC, LF.7.2.1, and LP.8.1.
      • Neutralization titers against LP.8.1 were generally modestly lower (2-fold reduction) than those against the homologous JN.1 or KP.2 antigen.
    • Contemporary vaccine effectiveness (VE) estimates are relative (rVE), rather than absolute (comparing vaccinated to unvaccinated individuals), and demonstrate the added or incremental protection of recent vaccination over and above pre-existing infection- and vaccine-derived immunity. Monovalent JN.1 or KP.2 COVID-19 vaccines were introduced into some vaccination programmes in the second half of 2024. There are only a few studies estimating rVE for the monovalent JN.1 or KP.2 mRNA COVID-19 vaccines during periods of JN.1 descendent lineage circulation. Both vaccines demonstrated additional protection—relative to pre-existing immunity—against symptomatic and severe COVID-19 during the first three to four months after vaccination.
    • Data shared confidentially with the TAG-CO-VAC by vaccine manufacturers showed that:
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent JN.1 or KP.2 vaccines resulted in high neutralizing antibody titers against JN.1 and its derivatives including KP.2, KP.3.1.1, XEC, LP.8.1, and LF.7.2. However, neutralization titers against LP.8.1 were typically lower than those against the homologous immunizing antigen.
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent LP.8.1 vaccine candidates elicited high neutralizing antibody titers against the homologous antigen. Cross-neutralizing antibody titers elicited against other JN.1 lineage variants including JN.1, KP.2, KP.3, KP.3.1.1, XEC, and LF.7.2 were similar or modestly higher than those elicited by JN.1 or KP.2 antigens.
      • In humans, vaccination with monovalent JN.1 or KP.2 antigens resulted in robust neutralizing antibody responses to JN.1 and descendent variants, including KP.3.1.1, XEC, LP.8.1, and LF.7.2.
      • As in non-clinical data, analysis of pre- and post-vaccination sera from JN.1 or KP.2 immunized individuals showed some variation in neutralizing antibody titers against LP.8.1 and LF.7.2 across different studies. In most instances, they were similar or lower than those against the homologous JN.1 or KP.2 antigens.

    Overall, the currently approved monovalent JN.1 or KP.2 vaccines continue to elicit broadly cross-reactive immune responses to circulating JN.1-derived variants. LP.8.1 as a vaccine antigen offers similar or modestly increased cross-reactive antibody responses to circulating JN.1-derived variants, as compared to monovalent JN.1 or KP.2 vaccines. Mathematical modeling indicates that an increase in neutralizing antibody titers may translate into an improvement in vaccine effectiveness and duration of protection.

    The TAG-CO-VAC acknowledges several limitations of available data: 

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, as well as in genetic/genomic surveillance of SARS-CoV-2 globally, including low numbers of samples sequenced and limited geographic diversity. The TAG-CO-VAC strongly supports the ongoing work of the WHO Coronavirus Network (CoViNet) and the Global Influenza Surveillance and Response System (GISRS) to address this information gap.
    • The timing, specific mutations and antigenic characteristics of emerging and future variants are difficult to predict, and the potential public health impact of these variants remain unknown. There are JN.1-derived variants and long branch saltation variants that are currently detected in low or very low proportions, and which will continue to be monitored and/or characterized. The TAG-CO-VAC strongly supports the ongoing work of the TAG-VE. 
    • Although neutralizing antibody titers have been shown to be important correlates of protection from SARS-CoV-2 infection and of estimates of vaccine effectiveness, there are multiple components of immune protection elicited by infection and/or vaccination. Data on the immune responses following JN.1 descendent lineage infection or monovalent JN.1 or KP.2 vaccination are largely restricted to neutralizing antibodies. Data and interpretation of other aspects of the immune response, including cellular immunity, are limited. 
    • Immunogenicity data against currently circulating SARS-CoV-2 variants are not available for all COVID-19 vaccines. 
    • Estimates of rVE against recently circulating JN.1 variants are limited in terms of the number of studies, geographic diversity, vaccine platforms evaluated, populations assessed, duration of follow-up, and contemporary comparisons of vaccines with different antigen composition.

    Recommendations for COVID-19 vaccine antigen composition

    Monovalent JN.1 (NextStrain: 24A, GenBank: PP298019, GISAID: EPI_ISL_18872762) or KP.2 vaccines remain appropriate for ongoing use; monovalent LP.8.1 (NextStrain: 25A; GenBank: PV074550.1; GISAID: EPI_ISL_19467828) is a suitable alternative vaccine antigen.

    Other approaches that demonstrate broad and robust neutralizing antibody responses or efficacy against currently circulating JN.1 descendent lineage variants could also be considered.

    As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO SAGE. Vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    Further data requested

    Given the limitations of the evidence upon which the recommendations above are derived and the anticipated continued evolution of the virus, the TAG-CO-VAC strongly encourages generation of the following data (in addition to the types of data outlined in March 2025): 

    • Immune responses and clinical endpoints (i.e. VE and/or comparator rates of infection and severe disease) in varied human populations who receive currently approved COVID-19 vaccines against emerging SARS-CoV-2 variants, across different vaccine platforms.
    • Strengthened epidemiological and virological surveillance, as per the Standing Recommendations for COVID-19 in accordance with the International Health Regulations (2005), to determine if emerging variants are antigenically distinct and able to displace circulating variants.
    • Strengthened epidemiological surveillance to characterize disease severity in immunologically naïve and/ or immature individuals (i.e. birth cohorts).
    • Clinical evaluation of relevant new vaccine antigens derived from more recent SARS-CoV-2 variants.

    As previously stated, the TAG-CO-VAC continues to encourage the further development of vaccines that may improve protection against infection and reduce transmission of SARS-CoV-2.

    The TAG-CO-VAC will continue to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. The TAG-CO-VAC will also continue to reconvene every six months, or as needed, to evaluate the implications for COVID-19 vaccine antigen composition. At each meeting, recommendations to either maintain current vaccine composition or to consider updates will be issued. Prior to each meeting, the TAG-CO-VAC will publish an update to the statement on the types of data requested to inform COVID-19 vaccine antigen composition deliberations.

    MIL OSI United Nations News –

    May 15, 2025
  • MIL-OSI Europe: OSCE roundtable explores the role of emerging technologies in policing in multi-ethnic societies

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE roundtable explores the role of emerging technologies in policing in multi-ethnic societies

    Expert roundtable discussion on how emerging technologies are shaping policing practices in multi-ethnic societies, jointly organized by the OSCE High Commissioner on National Minorities and the OSCE Transnational Threats Department’s Strategic Police Matters Unit (TNTD/SPMU), The Hague, 15 May 2025. (OSCE/Jelena Nikolić Todorić) Photo details

    On 15 May 2025, experts in policing and minority rights gathered in The Hague, the Netherlands for a roundtable discussion on how emerging technologies are shaping policing practices in multi-ethnic societies. The event was jointly organized by the OSCE High Commissioner on National Minorities (HCNM) and the OSCE Transnational Threats Department’s Strategic Police Matters Unit (TNTD/SPMU).
    Twelve participants from law enforcement, academia, civil society, international organizations, and OSCE institutions and field operations explored the growing use of technologies such as artificial intelligence, predictive policing and facial recognition. Discussions focused on how these tools are transforming community engagement, operational strategies and reporting practices – particularly in ethnically diverse contexts.
    The roundtable provided a platform to examine both the potential benefits and the serious risks posed by new technologies in policing. A key concern was the need to mitigate bias and inaccuracies in technological tools to ensure fair and effective law enforcement.
    Central to the discussion was the continued relevance and effectiveness of the HCNM Recommendations on Policing in Multi-Ethnic Societies (Policing Recommendations), first published in 2006. Participants explored how the Policing Recommendations can be updated to reflect the challenges and opportunities of today’s fast-evolving technological landscape, while upholding human rights, particularly those of minorities.
    This event built on the outcomes of the 15th Anniversary Conference of the HCNM’s Recommendations on Policing in Multi-Ethnic Societies, held in Vienna, Austria in 2021, which identified the impact of new technologies as a critical area for further exploration.
    Findings of this roundtable, together with insights from a second expert consultation planned for later this year, will inform the HCNM’s and TNTD/SPMU’s efforts to strengthen the practical application of the Policing Recommendations. The outcomes will also contribute to the High Commissioner’s advisory work, helping participating States harness the benefits of modern policing methods while safeguarding the rights of all communities.

    MIL OSI Europe News –

    May 15, 2025
  • MIL-OSI: Hyperscale Data to Resume Montana Bitcoin Mining Operations during June 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 15, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its wholly owned subsidiary Sentinum, Inc. (“Sentinum”), plans to resume Bitcoin mining operations at one of its two Montana sites on or around June 10, 2025.

    Sentinum completed the build-out of the Montana site in 2024 and it currently provides up to 10 megawatts of power, which is sufficient to operate approximately 3,200 S19j Pro Antminers (“Antminers”). Sentinum will initially recommence mining operations on approximately 2,600 Antminers and expects to increase operations to full capacity of approximately 3,200 Antminers, during July 2025.

    “Given the recent increase in the price of Bitcoin, we have made the decision to resume mining at one of our Montana sites,” said William Horne, Chief Executive Officer of Hyperscale Data. “It is our belief that the current price of Bitcoin is sustainable, which will allow our Montana Bitcoin mining operations to generate positive cash flow from operations.”

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence (“AI”) ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    May 15, 2025
  • MIL-OSI Global: Where do cuts to USAID leave the future of foreign aid in Africa? Podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    Three months after the Trump administration made drastic cuts to its aid agency, USAID, the effects are being felt across the world, particularly in Africa.

     Donald Trump has long been a critic of foreign aid, arguing that it’s not aligned with American interests. But he is  by no means the first person to criticise the aid industry. Debates about the effectiveness of foreign aid have rumbled on for decades, taking in everything from the way development assistance is distributed, to what happens to countries which become dependent on it.

    In this episode of The Conversation Weekly podcast, we speak to Bright Simons, an African aid expert and visiting senior fellow at ODI Global, about where the decimation of USAID leaves the debate about the future of development assistance.

    Bright Simons tells The Conversation that in broad terms, USAID spending in Africa is pretty small: “It’s about US$12 billion (£9 billion) roughly, so you’re talking about less than 0.5% of GDP in Africa.”

    A lot of the aid spending on the continent was targeted at life-saving programmes in specific programmes, for example HIV programmes in Nigeria and Uganda. At the same time, some countries such as South Sudan or Rwanda rely heavily on aid. “ It’s not the same picture all across the continent, but there were specific spots that were very badly hit,” says Simons.

    The USAID cuts come amid a general reduction in overseas development assistance by 7% in 2024 compared to 2023, the first fall in five years. The UK government has also announced its intention to reduce the percentage of gross national income it spends on aid from 0.5% to 0.3% from 2027.

    No learning curve

    Simons believes the crisis in aid is bigger than Trump. He’s critical of the lack of accountability in the way aid is spent both through the western model of development spending and through the more transactional approach of countries such as Russia, India or the United Arab Emirates. He argues that policies and programmes are often put in place and promoted with little scrutiny on the ground, and weak oversight on the way they’re delivered.

    “ You don’t have a learning curve to get out of aid because you don’t know enough about what is working, what is not working, why it’s working, why it’s not working to chart a path that gets you away from that dependency,” says Simons.

    Simons suggests that aid delivered through multilateral institutions does have advantages over bilateral agreements between countries. “ In theory, there is room for that kind of accountability. Whether or not you are allowed to actually exercise it as a different matter,” he says.

    However, Simons suggests one response to the current reduction in foreign aid could be for multilateral institutions to borrow more money from capital markets and lend it on to low-income countries.

    Listen to Simons talk about the history and future of aid on The Conversation Weekly podcast. The episode also includes an introduction with Adejuwon Soyinka, West Africa editor at The Conversation Africa.


    This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

    Newsclips in this episode from CBS News, CBS Evening News and DW News.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

    Bright Simons is Honorary Vice-President at IMANI, a think tank in Ghana. He is President of mPedigree, a technology social enterprise.

    – ref. Where do cuts to USAID leave the future of foreign aid in Africa? Podcast – https://theconversation.com/where-do-cuts-to-usaid-leave-the-future-of-foreign-aid-in-africa-podcast-256608

    MIL OSI – Global Reports –

    May 15, 2025
  • MIL-OSI: 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) — 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     $ 64.2  
    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 –

    May 15, 2025
  • MIL-OSI: Colorado State University Selects Ambow’s HybriU Platform to Power the Future of Hybrid Learning

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Ambow Education Holding Ltd. (NYSE American: AMBO) (“Ambow” or the “Company”), a leading global EdTech and AI-powered solutions provider, today announced that it has entered into an agreement with Colorado State University for use of Ambow’s HybriU’s Digital Educational Solution platform to modernize classroom engagement and elevate the phygital (Physical + Digital) learning experience for students and faculty.

    The HybriU “box-top” solution, selected by Colorado State University, is a compact, all-in-one, plug-and-play platform that transforms conventional physical classrooms into intelligent learning environments with seamless connectivity between in-person and remote learners. Through intelligent automation, the HybriU system integrates real-time lecture capture, multilingual transcription, AI-generated content summaries and immersive display capabilities. These robust, integrated functions synchronize in-room and remote participation seamlessly, making hybrid instruction more interactive, accessible and effective.

    “Our latest HybriU installation reflects the growing urgency among leading institutions to rethink how learning happens,” said Dr. Jin Huang, CEO of Ambow. “The demands of higher education environments have changed, prompting universities to increasingly explore next-generation classrooms that meet the evolving needs of both students and faculty. With HybriU, universities can bridge physical and virtual classrooms, creating a phygital learning hub without overhauling infrastructure. It’s a powerful tool for improving engagement, accessibility and learning outcomes.”

    HybriU’s deployment at Colorado State University reflects a broader shift across U.S. higher education, where institutions are actively seeking flexible, scalable solutions to elevate teaching, collaboration and student engagement. As hybrid learning becomes a foundational part of modern instruction, HybriU is emerging as a go-to platform for universities, training centers and corporate learning environments.

    Designed for speed, simplicity, and seamless integration with existing classrooms, HybriU is redefining what’s possible in AI-enhanced education. Its growing presence in the U.S. education landscape underscores Ambow’s leadership in shaping the future of smart, inclusive and technology-forward learning. Ambow expects HybriU’s footprint in U.S. higher education to expand as more institutions adopt hybrid learning as a core component of their instructional models.

    HybriU’s Digital Education solution is currently being used across the global education sector, including at Ambow’s wholly owned college, NewSchool of Architecture & Design, located in San Diego, Calif. NewSchool of Architecture & Design was ranked #23 in the nation for Social Mobility by U.S. News & World Report in its 2025 Regional Universities rankings.

    In addition to Ambow’s HybriU Digital Education Solutions, which include HybriU as a box-top set and subscription-based model, Ambow offers HybriU Conferencing, providing phygital solutions for corporations from boardrooms to global summits.

    To learn more or request a live demonstration of HybriU, visit www.hybriu.com.

    About Ambow

    Ambow Education Holding Ltd. is a U.S.-based, AI-driven technology company offering phygital (physical + digital) solutions for education, corporate conferencing and live events. Through its flagship platform, HybriU, Ambow is shaping the future of learning, collaboration and communication—delivering immersive, intelligent, real-time experiences across industries. For more information, visit Ambow’s corporate website at https://www.ambow.com/.

    Follow us on X: @Ambow_Education
    Follow us on LinkedIn: Ambow-education-group

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For more information, please contact:

    Ambow Education Holding Ltd.
    E-mail: ir@ambow.com
    or
    Piacente Financial Communications
    Tel: +1 212 481 2050
    E-mail: ambow@tpg-ir.com

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. 

    First Quarter 2025 Financial Highlights:

    • Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
    • Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. 
    • Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. 
    • Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. 
    • Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. 
    • Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. 
    • Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. 
    • Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. 
    • Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    “Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.” 

    “This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

    First Quarter 2025 Financial Results

    Total Revenues

    Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

    Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

    Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

    Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

    Costs of Revenues

    Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

    Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

    The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

    Gross Profit and Gross Profit Margin

    Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

    Research and Development Expenses

    Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

    Sales and Marketing Expenses

    Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

    General and Administrative Expenses

    General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

    Operating (Loss)/Income

    Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

    Other Income, Net

    Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

    Net (Loss)/Income and (Loss)/Earnings Per ADS

    Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

    Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    Cash Balance

    As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

    Share Repurchase Program

    On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

    Guidance for the Second Quarter of 2025

    For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

    Conference Call Information.

    Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

    Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

    Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

    The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    About Non-GAAP Financial Measures

    To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

     
    XUNLEI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
     
      March 31, Dec 31,
      2025 2024
      US$ US$
    Assets    
         
    Current assets:    
    Cash and cash equivalents 163,136   177,329  
    Short-term investments 111,436   110,209  
    Accounts receivable, net 40,034   32,662  
    Inventories 1,024   1,255  
    Due from related parties 30,482   31,519  
    Prepayments and other current assets 15,464   10,058  
    Total current assets 361,576   363,032  
         
    Non-current assets:    
    Restricted cash 218   218  
    Long-term investments 31,049   30,599  
    Deferred tax assets 10,720   10,528  
    Property and equipment, net 54,631   55,430  
    Intangible assets, net 8,416   8,310  
    Long-term prepayments and other assets 18,718   5,334  
    Operating lease assets 532   450  
    Total assets 485,860   473,901  
         
    Liabilities    
    Current liabilities:    
    Accounts payable 24,900   22,964  
    Due to related parties, current 17   17  
    Contract liabilities, current portion 41,253   39,936  
    Lease liabilities 331   253  
    Income tax payable 10,466   9,386  
    Accrued liabilities and other payables 61,242   52,093  
    Short-term bank borrowings and current portion of long-term bank borrowings 697   2,087  
    Total current liabilities 138,906   126,736  
         
    Non-current liabilities:    
    Contract liabilities, non-current portion 588   458  
    Lease liabilities, non-current portion 174   161  
    Deferred tax liabilities 1,090   1,154  
    Bank borrowings, non-current portion 27,166   27,127  
    Other long-term payables 711   480  
    Total liabilities 168,635   156,116  
         
    Equity    
    Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025) 78   77  
    Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively) 16   16  
    Additional paid-in-capital 477,350   477,244  
    Statutory reserves 8,718   8,718  
    Accumulated other comprehensive loss (21,412 ) (21,694 )
    Accumulated deficits (147,105 ) (146,305 )
    Total Xunlei Limited’s shareholders’ equity 317,645   318,056  
    Non-controlling interests (420 ) (271 )
    Total liabilities and shareholders’ equity 485,860   473,901  
    XUNLEI LIMITED
    Unaudited Condensed Consolidated Statements of (Loss)/Income
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
    Revenues, net of rebates and discounts 88,764   84,302   80,359  
    Business taxes and surcharges (310 ) (313 ) (379 )
    Net revenues 88,454   83,989   79,980  
    Costs of revenues (44,350 ) (40,416 ) (37,139 )
    Gross profit 44,104   43,573   42,841  
           
    Operating expenses      
    Research and development expenses (18,743 ) (18,716 ) (17,642 )
    Sales and marketing expenses (15,522 ) (12,461 ) (10,061 )
    General and administrative expenses (11,791 ) (12,102 ) (11,132 )
    Credit loss write-back/(expenses), net 65   (75 ) 26  
    Impairment of goodwill –   (20,748 ) –  
    Total operating expenses (45,991 ) (64,102 ) (38,809 )
           
    Operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Interest income 1,072   1,173   1,221  
    Interest expense (220 ) (139 ) (242 )
    Other income, net 1,234   1,541   290  
    Income/(loss) before income taxes 199   (17,954 ) 5,301  
    Income tax (expense)/benefit (1,145 ) 8,083   (1,663 )
    Net (loss)/income (946 ) (9,871 ) 3,638  
           
    Less: net loss attributable to non-controlling interest (146 ) (97 ) (1 )
    Net (loss)/income attributable to common shareholders (800 ) (9,774 ) 3,639  
           
    (Loss)/earnings per share for common shares      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    (Loss)/earnings per ADS      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  
           
           
           
    XUNLEI LIMITED
    Reconciliation of GAAP and Non-GAAP Results
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
           
    GAAP operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP operating (loss)/income (829 ) 609   4,933  
           
    GAAP net (loss)/income (946 ) (9,871 ) 3,638  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP net income 112   11,267   4,539  
           
    GAAP (loss)/earnings per share for common shares:      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    GAAP (loss)/earnings per ADS:      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Non-GAAP earnings per share for common shares:      
    Basic 0.0008   0.0362   0.0140  
    Diluted 0.0008   0.0362   0.0140  
           
    Non-GAAP earnings per ADS:      
    Basic 0.0040   0.1810   0.0700  
    Diluted 0.0040   0.1810   0.0700  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  


    CONTACT:

    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    __________________________
    1 Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
    2 Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

    CFO’S MESSAGE

    Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

    Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
     
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
    (3)Refer to note 10 of the consolidated interim financial statements for further information.

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

    • generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
    • reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
    • had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
    • reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
    • had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
    • reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
    • incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

    FINANCIAL OVERVIEW – CONTINUING OPERATIONS
    THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

    NORTH AMERICA

      Three Months Ended Mar. 31,
     
      2025 2024 Change  
    (C$000s, except operational and exchange rate information) ($) ($) (%)  
    (unaudited)      
    Revenue 227,902 248,959 (8 )
    Adjusted EBITDA(1) 6,131 14,872 (59 )
    Adjusted EBITDA (%)(1) 2.7 6.0 (55 )
    Fracturing revenue per job ($) 25,060 33,518 (25 )
    Number of fracturing jobs 8,709 7,176 21  
    Active pumping horsepower, end of year (000s) 898 951 (6 )
    US$/C$ average exchange rate(2) 1.4352 1.3486 6  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

    The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

    Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

    ADJUSTED EBITDA

    The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

    ARGENTINA

      Three Months Ended Mar. 31,
      2025 2024 Change
    (C$000s, except operational and exchange rate information) ($) ($) (%)
    (unaudited)      
    Revenue 142,155 81,137 75
    Adjusted EBITDA(1) 53,265 16,100 231
    Adjusted EBITDA (%)(1) 37.5 19.8 89
    Fracturing revenue per job ($) 124,874 74,354 68
    Number of fracturing jobs 741 672 10
    Active pumping horsepower, end of period (000s) 153 139 10
    US$/C$ average exchange rate(2) 1.4352 1.3486 6

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

    ADJUSTED EBITDA

    The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

    Three Months Ended Jun. 30, Sep. 30, Dec. 31, Mar. 31,   Jun. 30, Sep. 30,   Dec. 31,   Mar. 31,
      2023 2023 2023 2024   2024 2024   2024   2025
    (C$000s, except per share and operating data) ($) ($) ($) ($)   ($) ($)   ($)   ($)
    (unaudited)                
    Financial                
    Revenue 466,463 483,093 421,402 330,096   426,047 430,109   381,230   370,057
    Adjusted EBITDA(1) 87,785 91,286 62,591 26,057   65,386 65,039   34,512   55,317
    Net income (loss) 50,531 97,523 13,202 (2,903 ) 24,549 (6,687 ) (6,424 ) 7,796
    Per share – basic 0.62 1.20 0.16 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Per share – diluted 0.58 1.09 0.15 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Capital expenditures 30,718 50,825 49,397 48,072   66,753 22,509   32,955   42,132

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
     
      2025 2024 Change  
    (C$000s) ($) ($) (%)  
    North America 12,941 37,174 (65 )
    Argentina 29,191 10,898 168  
    Continuing Operations 42,132 48,072 (12 )

    Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

    Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

    NON-GAAP MEASURES

    Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

    Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

      Three Months Ended March 31,
     
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

    (1)Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

    Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

    Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

    Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

    BUSINESS RISKS

    The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

    ADDITIONAL INFORMATION

    Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

    Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

    Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

    Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

    The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

    CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,  
      2025   2024  
    (C$000s) ($)   ($)  
    ASSETS    
    Current assets    
    Cash and cash equivalents 15,463   44,045  
    Accounts receivable 306,957   251,108  
    Inventories 130,596   145,506  
    Prepaid expenses and deposits 21,797   26,452  
      474,813   467,111  
    Assets classified as held for sale 47,053   45,335  
      521,866   512,446  
    Non-current assets    
    Property, plant and equipment 684,123   673,381  
    Right-of-use assets 19,990   20,013  
    Deferred income tax assets 29,000   29,000  
      733,113   722,394  
    Total assets 1,254,979   1,234,840  
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable and accrued liabilities 160,129   173,974  
    Income taxes payable 23,301   9,700  
    Current portion of long-term debt 341,095   150,000  
    Current portion of lease obligations 9,833   9,536  
      534,358   343,210  
    Liabilities directly associated with assets classified as held for sale 32,677   30,945  
      567,035   374,155  
    Non-current liabilities    
    Long-term debt —   170,908  
    Lease obligations 13,209   13,948  
    Deferred income tax liabilities 14,473   22,499  
      27,682   207,355  
    Total liabilities 594,717   581,510  
    Capital stock 911,900   911,785  
    Contributed surplus 76,190   77,159  
    Accumulated deficit (373,875 ) (379,490 )
    Accumulated other comprehensive income 46,047   43,876  
    Total equity 660,262   653,330  
    Total liabilities and equity 1,254,979   1,234,840  

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
     
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

      Three Months Ended March 31,
     
      2025   2024  
    (C$000s) ($)   ($)  
    CASH FLOWS PROVIDED BY (USED IN)   Restated
    OPERATING ACTIVITIES    
    Net income (loss) 7,796   (2,903 )
    Adjusted for the following:    
    Depreciation 31,922   27,995  
    Stock-based compensation (925 ) 2,185  
    Unrealized foreign exchange losses 1,846   2,627  
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest 7,944   6,032  
    Interest paid (12,716 ) (9,717 )
    Deferred income taxes (7,993 ) (6,376 )
    Changes in items of working capital (35,048 ) (1,644 )
    Cash flows (used in) provided by operating activities from continuing operations (7,050 ) 11,958  
    Cash flows provided by (used in) operating activities from discontinued operations 10,231   (8,185 )
    Net cash flows provided by operating activities 3,181   3,773  
    INVESTING ACTIVITIES    
    Purchase of property, plant and equipment (38,498 ) (55,727 )
    Proceeds on disposal of property, plant and equipment 1,553   11,508  
    Proceeds on disposal of right-of-use assets 206   227  
    Cash flows used in investing activities from continuing operations (36,739 ) (43,992 )
    Cash flows used in investing activities from discontinued operations (1,457 ) (678 )
    Net cash flows used in investing activities (38,196 ) (44,670 )
    FINANCING ACTIVITIES    
    Issuance of long-term debt, net of debt issuance costs 30,000   60,000  
    Long-term debt repayments (10,000 ) —  
    Lease obligation principal repayments (3,244 ) (2,840 )
    Proceeds on issuance of common shares from the exercise of stock options 71   —  
    Cash flows provided by financing activities from continuing operations 16,827   57,160  
    Cash flows provided by financing activities from discontinued operations —   —  
    Net cash flows provided by financing activities 16,827   57,160  
    Effect of exchange rate changes on cash and cash equivalents 550   (1,464 )
    (Decrease) increase in cash and cash equivalents (17,638 ) 14,799  
    Cash and cash equivalents, beginning of period 50,776   45,190  
    Cash and cash equivalents, end of period 33,138   59,989  
    Included in the cash and cash equivalents per the balance sheet 15,463   58,239  
    Included in the assets held for sale/discontinued operations 17,675   1,750  


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

    In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

    In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

    These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

    Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

    Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

    Telephone: 403-266-6000        
    www.calfrac.com

    The MIL Network –

    May 15, 2025
  • MIL-OSI: Tradoor Unveils ‘Fastest DEX on TON’ Following $3.2m in Financing

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Tradoor, the first triple Perps, Options, and SocialFi DEX on The Open Network (TON), has announced $3.2 million in total funding to bring CEX-grade trading to Telegram. The rounds were led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab. The financing also includes a $1.5 million token purchase commitment, which will support Tradoor’s roadmap to deliver high-frequency trading on TON, and an upcoming ‘Turbo Rewards’ trade to earn campaign.

    Tradoor introduces groundbreaking features such as Turbo Mode and Turbo Accounts, which dramatically enhance trading speed and user experience. Turbo Mode enables transactions at 10,000 TPS with confirmation times as fast as 50 milliseconds. Turbo Accounts allow seamless one-click trades and multi-chain deposits from networks such as Ethereum, BNB Smart Chain, or Solana, and ensure zero price slippage for unmatched trading efficiency.

    “Think of Tradoor as ‘Hyperliquid in your pocket’, on Telegram,” said core contributor Balal Khan. “With Turbo Mode, users enjoy instant trades at speeds 600x faster than before, fully onchain on TON, with the lowest gas fees on the network. Users can open a Turbo Account in just one step, no KYC required, and start trading with a single click. The Price Lock mechanism guarantees zero slippage, making your trading efficient and worry-free.”

    Tradoor is set to launch token swap functionality and innovative AI-powered features, including text-to-trade, which lets users execute trades via text commands, and a social copy trading product, allowing users to replicate the trades of top-performing community traders.

    The “Turbo Rewards” trade to earn campaign will offer reward trading activity in the form of $DOOR points – Tradoor’s in-app reward – with points awarded for trading volume.

    Jehan Chu of Kenetic Capital commented, “Tradoor’s integration on Telegram brings CEX-grade trading into the hands of hundreds of millions of users. With its innovative Turbo Mode, we believe Tradoor is uniquely positioned to introduce high-frequency trading into TON’s rapidly growing ecosystem.”

    Telegram, already a prominent global messaging platform, continues to gain significant traction within the crypto community. TON, its underlying blockchain ecosystem, has 42 million activated wallets and supports a wide array of decentralized applications — further amplifying Tradoor’s potential reach and impact.

    Tradoor’s new multi-collateral pool now includes support for tgBTC, which could provide liquidity providers with attractive double-digit yields on USDT, Toncoin, tgUSD, and Bitcoin. tgBTC functions as a tokenized version of Bitcoin within the Telegram and TON ecosystems, designed to enable users to access DeFi benefits while retaining exposure to Bitcoin.

    Since its launch in Q3 2024, Tradoor has reached several key milestones, including over $400 million in trading volume, 360,000 total active users, and a record-breaking $49 million in daily trading volume — the highest on TON to date. The platform has also earned industry recognition, winning both the Open League 6 contest organized by TON Society and the TON Code Summer Asia Hackathon.

    About Tradoor

    Tradoor is the first triple Perps + Options + SocialFi decentralized protocol on TON, a fast and self-custodial all-in-one trading tool for Telegram and Web App users. It’s unique ‘Turbo Mode’ offers one-click confirmations and a high throughput of 10K TPS, 50ms execution time, with the lowest gas fees on TON. Users experience zero price slippage with the Price Lock guarantee and fair pricing with the AI-enhanced Liquidity Shield. Turbo Accounts enhance usability with one-click trades and multi-chain deposit support.

    Website: tradoor.io|Mini App|User Guide|Twitter/X|Telegram News

    For media enquiries, please contact Wei Wei Lim: limweiwei@tradoor.io

    Disclaimer: This is a paid post and is provided by Tradoor. 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.

    Photos accompanying this announcement are available at :

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cc26ef7a-0bf7-4b0e-aa66-0d302f74fb2d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ed9a600-ca64-4a4d-8c44-be94ba86841a

    The MIL Network –

    May 15, 2025
  • MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Business and Financial Highlights for the First Quarter 2025

    • Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
    • Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
    • Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income2 was RMB1,393 million (US$192 million), relatively flat year-over-year.
    • Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores3 was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
    • Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents4 was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

    “Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

    For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

    With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

    We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

    First Quarter 2025 Financial Results

    Net Revenues

    Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.

      Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.
    • Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.
    • Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

    Cost of Revenues

    Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

    • General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.
    • Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

    Adjusted income from operations6 was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin7 was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA8 was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

    Net Income

    Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

    A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10046740
    Replay PIN (Chinese simultaneous interpretation line): 10046741
       

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

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,
      As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   11,442,965   12,772,700   1,760,125
    Restricted cash   8,858,449   10,145,685   1,398,113
    Short-term investments   41,317,700   31,876,941   4,392,760
    Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively   2,835,527   2,073,051   285,674
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively   5,497,989   5,139,299   708,214
    Amounts due from and prepayments to related parties   379,218   390,196   53,770
    Loan receivables from related parties   18,797   194,086   26,746
    Prepayments, receivables and other assets   6,252,700   7,573,610   1,043,672
    Total current assets   76,603,345   70,165,568   9,669,074
    Non-current assets            
    Property, plant and equipment, net   2,400,211   2,427,395   334,504
    Right-of-use assets   23,366,879   23,536,212   3,243,377
    Long-term investments, net   23,790,106   27,618,510   3,805,932
    Intangible assets, net   857,635   823,140   113,432
    Goodwill   4,777,420   4,777,420   658,346
    Long-term loan receivables from related parties   131,410   19,360   2,668
    Other non-current assets   1,222,277   1,244,856   171,546
    Total non-current assets   56,545,938   60,446,893   8,329,805
    TOTAL ASSETS   133,149,283   130,612,461   17,998,879
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,
      As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   9,492,629   7,868,788   1,084,348
    Amounts due to related parties   391,446   427,753   58,946
    Employee compensation and welfare payable   8,414,472   5,226,229   720,194
    Customer deposits payable   6,078,623   7,452,000   1,026,913
    Income taxes payable   1,028,735   823,746   113,515
    Short-term borrowings   288,280   182,010   25,082
    Lease liabilities current portion   13,729,701   13,579,265   1,871,273
    Contract liabilities and deferred revenue   6,051,867   6,583,215   907,191
    Accrued expenses and other current liabilities   7,268,505   10,618,658   1,463,290
    Total current liabilities   52,744,258   52,761,664   7,270,752
    Non-current liabilities            
    Deferred tax liabilities   317,697   317,697   43,780
    Lease liabilities non-current portion   8,636,770   8,579,296   1,182,259
    Other non-current liabilities   2,563   2,465   340
    Total non-current liabilities   8,957,030   8,899,458   1,226,379
    TOTAL LIABILITIES   61,701,288   61,661,122   8,497,131
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,
      As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1) as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding(1) as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)   461     460     63  
    Treasury shares   (949,410 )   (462,581 )   (63,745 )
    Additional paid-in capital   72,460,562     68,618,103     9,455,827  
    Statutory reserves   926,972     926,972     127,740  
    Accumulated other comprehensive income   609,112     616,892     85,010  
    Accumulated deficit   (1,723,881 )   (868,114 )   (119,629 )
    Total KE Holdings Inc. shareholders’ equity   71,323,816     68,831,732     9,485,266  
    Non-controlling interests   124,179     119,607     16,482  
    TOTAL SHAREHOLDERS’ EQUITY   71,447,995     68,951,339     9,501,748  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   133,149,283     130,612,461     17,998,879  

    (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Net revenues          
    Existing home transaction services 5,727,030     6,870,407     946,767  
    New home transaction services 4,916,515     8,074,995     1,112,764  
    Home renovation and furnishing 2,408,848     2,945,443     405,893  
    Home rental services 2,625,203     5,087,776     701,114  
    Emerging and other services 699,718     349,726     48,194  
    Total net revenues 16,377,314     23,328,347     3,214,732  
    Cost of revenues          
    Commission-split (3,418,179 )   (5,693,140 )   (784,536 )
    Commission and compensation-internal (3,620,949 )   (4,818,277 )   (663,976 )
    Cost of home renovation and furnishing (1,671,718 )   (1,985,956 )   (273,672 )
    Cost of home rental services (2,480,497 )   (4,746,056 )   (654,024 )
    Cost related to stores (685,047 )   (716,809 )   (98,779 )
    Others (378,838 )   (547,217 )   (75,408 )
    Total cost of revenues(1) (12,255,228 )   (18,507,455 )   (2,550,395 )
    Gross profit 4,122,086     4,820,892     664,337  
    Operating expenses          
    Sales and marketing expenses(1) (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses(1) (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses(1) (467,300 )   (583,610 )   (80,424 )
    Total operating expenses (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations 11,854     590,565     81,382  
    Interest income, net 309,675     268,568     37,010  
    Share of results of equity investees (4,086 )   7,345     1,012  
    Fair value changes in investments, net 7,765     110,486     15,225  
    Impairment loss for equity investments accounted for using measurement alternative (6,147 )   –     –  
    Foreign currency exchange loss (17,748 )   (39,633 )   (5,462 )
    Other income, net 537,638     445,447     61,384  
    Income before income tax expense 838,951     1,382,778     190,551  
    Income tax expense (406,829 )   (527,455 )   (72,685 )
    Net income 432,122     855,323     117,866  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Net loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Net income attributable to KE Holdings Inc. 431,774     855,767     117,927  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
               
    Net income 432,122     855,323     117,866  
    Currency translation adjustments 36,335     (23,695 )   (3,265 )
    Unrealized gains on available-for-sale investments, net of reclassification 25,331     31,475     4,337  
    Total comprehensive income 493,788     863,103     118,938  
    Comprehensive loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Comprehensive income attributable to KE Holdings Inc. 493,440     863,547     118,999  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 493,440     863,547     118,999  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted          
    —Basic 3,439,606,429   3,362,716,016   3,362,716,016
    —Diluted 3,541,861,506   3,522,002,071   3,522,002,071
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.13   0.25   0.03
    —Diluted 0.12   0.24   0.03
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    (1) Includes share-based compensation expenses as follows:
    Cost of revenues 124,433   109,558   15,097
    Sales and marketing expenses 47,303   45,295   6,242
    General and administrative expenses 577,134   331,203   45,641
    Research and development expenses 44,510   41,113   5,666
               
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Income from operations 11,854     590,565     81,382  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Adjusted income from operations 959,527     1,147,617     158,146  
               
    Net income 432,122     855,323     117,866  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Adjusted net income 1,392,217     1,392,797     191,932  
               
    Net income 432,122     855,323     117,866  
    Income tax expense 406,829     527,455     72,685  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets 158,506     35,171     4,847  
    Depreciation of property, plant and equipment 165,169     178,254     24,564  
    Interest income, net (309,675 )   (268,568 )   (37,010 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Adjusted EBITDA 1,665,669     1,841,720     253,795  
               
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,391,862     1,393,234     191,992  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.83   0.48   0.07
    —Diluted 0.81   0.46   0.06
               
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 1.21   1.24   0.17
    —Diluted 1.18   1.19   0.16
               
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (All amounts in thousands)
     
      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      RMB   RMB   US$
               
    Net cash used in operating activities (2,108,532 )   (3,965,271 )   (546,429 )
    Net cash provided by investing activities 1,290,426     6,285,669     866,188  
    Net cash provided by (used in) financing activities (252,538 )   261,073     35,977  
    Effect of exchange rate change on cash, cash equivalents and restricted cash (3,505 )   35,500     4,892  
    Net increase (decrease) in cash and cash equivalents and restricted cash (1,074,149 )   2,616,971     360,628  
    Cash, cash equivalents and restricted cash at the beginning of the period 25,857,461     20,301,414     2,797,610  
    Cash, cash equivalents and restricted cash at the end of the period 24,783,312     22,918,385     3,158,238  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024
      March 31,
    2025
      March 31,
    2025
        RMB   RMB   US$
    Existing home transaction services            
    Net revenues   5,727,030     6,870,407     946,767  
    Commission and compensation   (3,180,925 )   (4,252,291 )   (585,981 )
    Contribution   2,546,105     2,618,116     360,786  
    New home transaction services            
    Net revenues   4,916,515     8,074,995     1,112,764  
    Commission and compensation   (3,821,103 )   (6,185,772 )   (852,422 )
    Contribution   1,095,412     1,889,223     260,342  
    Home renovation and furnishing            
    Net revenues   2,408,848     2,945,443     405,893  
    Material costs, commission and compensation   (1,671,718 )   (1,985,956 )   (273,672 )
    Contribution   737,130     959,487     132,221  
    Home rental services            
    Net revenues   2,625,203     5,087,776     701,114  
    Property leasing costs, commission and compensation   (2,480,497 )   (4,746,056 )   (654,024 )
    Contribution   144,706     341,720     47,090  
    Emerging and other services            
    Net revenues   699,718     349,726     48,194  
    Commission and compensation   (37,100 )   (73,354 )   (10,109 )
    Contribution   662,618     276,372     38,085  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024
      March 31,
    2025
      March 31,
    2025
        RMB   RMB   US$
    Reconciliation of profit            
    Cost related to stores   (685,047 )   (716,809 )   (98,779 )
    Other costs   (378,838 )   (547,217 )   (75,408 )
    Amounts not allocated to segment:            
    Sales and marketing expenses   (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses   (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses   (467,300 )   (583,610 )   (80,424 )
    Total operating expenses   (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations   11,854     590,565     81,382  
     

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network –

    May 15, 2025
  • MIL-OSI: BEN Expands into Hospitality with AI Concierge

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., May 15, 2025 (GLOBE NEWSWIRE) — What happens when an AI innovator enters one of the world’s most service-driven industries? For BEN, it enters a new vertical—reimagining hospitality with personalized, intelligent AI. That journey begins at one of Eastern Europe’s top luxury hotels, delivering a next-generation guest experience that blends high-touch service with human-like intelligence.

    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI), an innovator in AI-powered customer engagement, announced it has entered into a formal agreement with Seven Visions Resort & Places, The Dvin (The Dvin), to develop and deploy BEN’s expert Concierge AI Agent at the iconic Yerevan destination. This collaboration signifies BEN’s entry into the hospitality sector, which the parties believe will establish a new standard for AI-enhanced luxury guest experiences on a larger scale.

    A Two-Phase Pilot Initiative Designed for Impact

    The collaboration will begin with a two-phase pilot initiative, starting with a 24/7 Concierge AI Agent and following with a Reservation AI Agent. Both are powered by BEN’s modular iSKYE platform, allowing clients to deploy high-impact use cases quickly and scale across the guest journey. 

    With this initiative, BEN enters the hospitality industry, offering secure, guest-first AI tailored for high-touch customer experience, marking a strategic expansion into a new vertical.

    A Setting Built for Innovation

    “Introducing AI at this level isn’t just about adopting new technology—it’s about redefining luxury,” said Dvin owner Artak Tovmasyan, who also holds a 30% stake in a cybersecurity firm serving over 85% of Dubai’s hotels. “We chose BEN for their secure, guest-first platform—designed with trust, speed, and world-class execution in mind.”

    “This is an opportunity to demonstrate the versatility of BEN’s AI platform in a setting where service excellence is paramount,” said Paul Chang, CEO of Brand Engagement Network.

    For more information about BEN, visit www.beninc.ai.

    About Seven Visions Resort & Places, The Dvin
    Seven Visions Resort & Places, The Dvin stands as Armenia’s crown jewel — a historical and cultural entertainment destination where timeless heritage meets bold innovation. Globally recognized with 15 international awards and several Guinness nominations, it stands as a symbol of excellence on the world stage — including titles such as World’s Leading Hotel Dining & Entertainment Experience 2023 and 2024, World’s Best New MICE Hotel 2023, as well as multiple awards as Europe’s and Armenia’s Leading Hotel. Seven Visions plays a key role in making Armenia a top MICE destination for meetings, incentives, conferences, and exhibitions worldwide. Its mission is clear: to place Armenia on the global touristic map. The resort features 153 artfully appointed rooms and suites, providing guests with unparalleled comfort and an immersive stay. At the heart of Seven Visions Resort & Places lies The Dvin Music Hall — the largest ceremony venue in the region, having hosted weddings, prestigious events, and prominent guests. The One & Only Theatre, home to the world’s only ceiling-stage, redefines live entertainment with an immersive experience. Hayrik Restaurant by Seven Visions elevates Armenian cuisine, blending tradition with modern techniques and global influences in a warm, welcoming atmosphere. For a unique entertainment experience, the Stage Gastro Show Club pairs fine cuisine with live acrobatic performances, creating a memorable sensory experience. Relaxation flows seamlessly at The Pool, a breathtaking infinity pool designed for inspiration and serenity. Guests can also focus on wellness at Body & Soul Fitness Center, featuring advanced training equipment, a tennis court, and a Cross Fit zone. For business meetings, Hartak Meeting Places offers 12 high-tech venues ideal for conferences, networking events, expos, summits, and exclusive gatherings. The resort also houses ARTaments in Future Tower, a premium business center where only market-leading companies rent exclusive office spaces. Finally, N7 Beach Club, located 1,111 meters above sea level and enclosed by a one-glass facade, boasts the 4th biggest infinity pool of its kind in the world, making it one of the most iconic aquatic experiences globally. And this is just the beginning — with visionary new projects on the horizon, including a world-class casino and an opulent, internationally acclaimed spa, Seven Visions Resort & Places, The Dvin continues to shape the future of hospitality, culture, and global tourism.
    Learn more at 7visionshotels.com.

    About Brand Engagement Network Inc. (BEN)
    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI) innovates in AI-powered customer engagement by delivering safe, intelligent, scalable solutions. Its proprietary Enterprise Language Model (ELM™) and Retrieval-Augmented Generation (RAG™) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based and on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement.
    Learn more at www.beninc.ai.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4acfcc4-228d-4129-803b-0a67ff1bf6b6

    The MIL Network –

    May 15, 2025
  • MIL-OSI Economics: Thales inaugurates GenF, a first step towards nuclear fusion energy

    Source: Thales Group

    Headline: Thales inaugurates GenF, a first step towards nuclear fusion energy

    15 May 2025

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    • Thales, a global leader in high-power lasers, will inaugurate GenF on Thursday 15 May 2025 in Le Barp (Bordeaux). GenF aims to take a major step toward in developing a new energy source that is safe, abundant, competitive and low-carbon, through inertial confinement nuclear fusion.
    • GenF is working in collaboration with the CEA, CNRS, École polytechnique and the Nouvelle-Aquitaine Region to design a first inertial confinement fusion reactor.
    • Thales is contributing its expertise in high-power lasers, developed at its Élancourt site, which enabled the company to build the world’s most powerful laser system, currently in operation in Romania.

    Energy production through nuclear fusion is now identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-increasing energy demand across various sectors of the economy, such as transport, construction, agriculture and the digital industry. According to the IEA (International Energy Agency), electricity consumption by data centres is expected to more than double by 2030, particularly due to the rise of AI.

    Nuclear fusion is therefore regarded as a tremendous opportunity to create a new energy source that is safe (it carries no risk of runaway reactions), abundant (its resources are widely available in nature), competitive and low-carbon (it emits no greenhouse gases). Furthermore, nuclear fusion generates one million times less radioactive waste than fission, and this waste can be eliminated more quickly.

    To achieve nuclear fusion, extensive research is being carried out on two methods: magnetic confinement and inertial confinement. The inertial confinement method requires the use of high-energy lasers to compress matter and reach the thermonuclear conditions required for fusion. Significant scientific progress is still needed for this method of energy production to be deployed.

    To ensure that France remains one of the pioneering countries in this field, the government, via BPI France, launched a call for projects on “innovative nuclear reactors” in June 2023, under the France 2030 initiative. Drawing on its expertise in high-power lasers, Thales submitted the TARANIS project, in partnership with the CEA, the CNRS and École polytechnique, to demonstrate the feasibility of designing a first inertial confinement nuclear fusion reactor. The project was selected in February 2024, giving it access to a €18,5 million budget for its initial development phase. To bring together the essential complementary expertise, Thales created the company GenF, officially launched in January 2025, and signed a first contract worth several million euros for the development of its fusion laser.

    GenF will progress through three development phases:

    1. By 2027, GenF plans a first phase of modelling and simulation, calibrated through experiments on existing facilities such as LMJ;
    2. From 2027 to 2035, a second phase will focus on the maturation of fusion technologies such as multiple laser synchronisation, the production of cryogenic targets and the development of new materials for the reactor wall;
    3. From 2035, a third phase could lead to the scaling-up of the reactor, with the construction of a first prototype.

    GenF currently brings together around ten scientists, engineers and industrial experts and involves about forty people from all the institutions combined. The company will inaugurate its premises in Le Barp (Bordeaux) on Thursday 15 May 2025, with support from the Nouvelle-Aquitaine Regional Council—region that already brings together many areas of expertise in nuclear fusion, including the Centre Lasers Intenses et Applications (CELIA – CNRS/University of Bordeaux/CEA) and the Centre d’Études Scientifiques et Techniques d’Aquitaine (CESTA – CEA).

    Thales has 40 years of experience in high-power lasers. From design and development to installation, team training and operational support, Thales masters the entire high-power laser expertise chain, which includes laser sources from 10 TW to 10 petawatts, beam transport lines, target focusing optics and quality control systems. Thales has also been active in nuclear fusion for over 25 years, particularly as a lead contractor for subassemblies as part of the Laser Mégajoule programme, a research initiative on inertial confinement fusion developed by the CEA. In addition, at its Vélizy and Thonon sites, Thales develops high-power electronic tubes for magnetic confinement fusion reactors, including for the international ITER demonstrator.

    MIL OSI Economics –

    May 15, 2025
  • MIL-OSI Economics: Thales boosts Air Traffic Management System for Serbia and Montenegro Air Traffic Services SMATSA

    Source: Thales Group

    Headline: Thales boosts Air Traffic Management System for Serbia and Montenegro Air Traffic Services SMATSA

    15 May 2025

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    • Serbia and Montenegro Air Traffic Services SMATSA will use Thales’s modular Air Traffic Management (ATM) solution, TopSky – ATC One complemented by TopSky – Sequencer powered by AI, to enhance its operational capabilities, optimize air traffic flow management, increase runway capacities, and reduce delays.
    • This future-proof, scalable solution positions SMATSA at the forefront of air traffic management, ensuring safety, efficiency, and sustainability.
    • SMATSA also joins the upgraded TopSky – ATC user group, to help shape the future of ATM systems.
    SMATSA and Thales representatives at Airspace World, Lisbon, © Marker Production

    Thales’s TopSky – ATC One offering, complemented by TopSky – Sequencer, will modernize SMATSA’s air navigation infrastructure. It introduces advanced software and features designed to optimize air traffic flow management, maximize runway capacities, and minimize delays. These improvements will not only support SMATSA’s operational goals, but will also enhance safety, productivity, and decision-making capabilities across the air traffic network.

    One of the main reasons that SMATSA selected the TopSky – ATC One offering is its modular, open-architecture design, which ensures that the platform will remain adaptable, scalable, and future-proof. This enables SMATSA to continuously evolve its ATM system, in line with emerging technologies, regulatory requirements, and the ever-growing demands of air traffic management.

    SMATSA’s move to the upgraded TopSky – ATC One offering also means joining the group of Air Navigation Service Providers (ANSPs) using Thales’s TopSky – ATC One. This structure fosters collaboration, shared decision-making and ownership. By adopting this collaborative and unified solution, SMATSA can leverage a single baseline product that evolves according to a shared roadmap of future upgrades. This ensures alignment with industry regulations and the collective needs of the air navigation community.

    Alongside the technological upgrade, SMATSA is also committed to workforce development. The upgrade will provide extensive market-relevant training and strategic workforce management initiatives, focusing on attracting young talent and improving gender diversity in the aviation sector. As part of its broader inclusivity efforts, SMATSA aims to increase the representation of women in the aviation industry, positioning itself as an employer of choice.

    “We are proud to partner with Thales for this significant upgrade of our air traffic management system,” said Raša Ristivojević, SMATSA CEO. “The TopSky – ATC One system will modernize our operations, allowing us to better manage air traffic and enhance our service quality. This is an important step forward in ensuring SMATSA continues to meet the growing demands of regional traffic, while also investing in our workforce and promoting inclusivity in the sector.”

    “We are excited to see SMATSA adopt our TopSky – ATC One offering, a solution that will keep them at the forefront of air navigation services,” said Youzec Kurp, Vice President of Airspace Mobility Solutions at Thales. “This upgrade demonstrates SMATSA’s commitment to technological innovation, operational excellence, and its vision for a sustainable, future-ready air traffic management system.”

    MIL OSI Economics –

    May 15, 2025
  • MIL-OSI Europe: Highlights – Impacts of cuts in development aid on health programmes – Committee on Development

    Source: European Parliament

    The exchange of views will be on the ‘Impacts of cuts in development aid on sexual and reproductive health programmes, as well as on other health programmes for vulnerable groups, including children and persons with disabilities’, from 14:30 to 15:30. This discussion will take place against the backdrop of a global trend of declining official development assistance (ODA), further aggravated by the recent US decision to terminate 83% of USAID programmes, creating a funding gap of USD 60 billion.

    The health sector has been severely affected, putting the lives and rights of millions of people at serious risk. These cuts disproportionately impact those already on the margins in developing countries, particularly women and girls, children, and persons with disabilities.

    Birgit Van Hout, Director of the UNFPA Office to the EU; Bertrand Bainvel, UNICEF Representative to EU Institutions; and Alessandra Aresu, Director of the Health and Protection Division at Humanity & Inclusion – Handicap International Federation, representing the International Disability and Development Consortium (IDDC), will participate in this exchange of views. It will provide an opportunity to take stock of the current situation, assess the impacts of the aid cuts on beneficiaries and major actors in their respective fields of competence, and discuss how the EU can help to address this situation.

    MIL OSI Europe News –

    May 15, 2025
  • MIL-OSI United Kingdom: Certainty for businesses and choice for consumers as UK maintains IP rights regime

    Source: United Kingdom – Executive Government & Departments

    Press release

    Certainty for businesses and choice for consumers as UK maintains IP rights regime

    Government confirms UK+ exhaustion of rights regime.

    The main developments are that:

    • no legislative changes means businesses can continue operating under the existing exhaustion of intellectual property rights regime without any new requirements

    • the UK+ regime protects creators and innovators, while ensuring fair competition in the marketplace and greater choice for British consumers – growing the economy and supporting the government’s Plan for Change.

    UK businesses will avoid additional red tape and consumers will continue to benefit from a choice of goods from across Europe, as the government confirms it will maintain the UK’s current exhaustion of intellectual property (IP) rights regime, known as “UK+”.

    Today’s news – a result of extensive consultation with stakeholders – means the UK can keep buying genuine goods from across the European Economic Area (EEA) and resell them in the UK without any extra permissions.

    A balanced, innovation-friendly IP framework will support the government’s delivery of its Plan for Change. It will encourage stable and competitive markets, and ensure consumers can continue to benefit from a wide range of products and goods.

    Our exhaustion regime governs our parallel importation laws, which regulates the importing of genuine goods that are lawfully sold in other countries before coming into the UK for resale. Parallel importation occurs in many sectors, from medicines to automotive parts to fast-moving consumer goods – all vital areas of growth for the UK economy.

    In general terms, today’s decision means that once a product protected by an IP right (for example, biscuits, books or toiletries) has been legitimately sold in either the UK or European Economic Area (EEA), the IP owner may not subsequently prevent it from being re-sold in the UK.  This means that businesses can buy genuine goods from EEA suppliers and sell them in the UK without needing permission from the IP owner, giving consumers continued, ready access to these products.

    The decision clarifies the law in this area, providing certainty and stability for UK businesses that undertake parallel trade in these markets, while ensuring competition in the marketplace and fair access to IP-protected goods. By providing long-term certainty to everyone who interacts with our world-leading IP framework, the UK+ regime incentivises innovation, creativity, and helps unlock economic growth.

    Minister for AI and Digital Government, Feryal Clark, said:

    This is an important step in maintaining the strength of our world-leading intellectual property framework.​ The decision we’ve taken not only gives businesses the certainty they’ve been calling for, but ensures consumers have choice and fair access to a wide range of goods.​

    This is our Plan for Change in action – driving long-term growth through a fairer, more innovative economy for all.

    Dan Guthrie, Director General of the Alliance for Intellectual Property, said:

    We wholeheartedly welcome today’s announcement from the government in relation to the UK’s exhaustion regime. The decision provides the stability needed to ensure IP-rich businesses can continue to invest, grow their exports, provide the public with the products and content they love and contribute to UK economic growth. The decision will be welcomed by creators, designers, and businesses in every region of the UK.

    The government has published its full response to the consultation today, detailing the extensive analysis and stakeholder engagement that informed this decision. A majority of consultation respondents reported the UK+ regime is working well, whereas there was not robust quantitative evidence to support changing to any of the alternative options.

    The decision to maintain the current UK+ regime is effective immediately. It confirms the current law, and no further legislation is required for it to come into force.

    Additional information

    1. The UK’s exhaustion regime affects various intellectual property rights including patents, trade marks, designs and copyright.

    2. The UK+ (plus) regime is a well-understood exhaustion regime that offers stability for Britain’s IP-rich businesses to continue operating their business practices. This is demonstrated by submissions to the consultation, which showed significant support for the UK+ regime.

    3. There has been little change to the UK+ regime since the consultation was launched. A statutory instrument in 2023 (‘The Intellectual Property (Exhaustion of Rights) (Amendment) Regulations 2023’) ensured the continued operation of the UK+ exhaustion regime without making substantive policy changes. This meant that businesses, investors, and IP rights holders could continue to operate on the basis of the UK’s current parallel importation rules.

    4. the full Government response to the consultation on the UK’s future exhaustion of intellectual property rights regime.

    5. The Intellectual Property Office has produced a video explaining exhaustion of rights and parallel trade, aimed at businesses who trade in parallel goods across borders:

    Exhaustion of IP rights and parallel trade – explained – YouTube

    (This video was first published at the consultation’s launch in 2021).

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    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

    May 15, 2025
  • MIL-OSI Russia: Science Unites: Polytechnic and Universities of Uzbekistan Build a Sustainable Future

    Translation. Region: Russian Federal

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

    Teachers of the Institute of Industrial Management, Economics and Trade of SPbPU took part in the largest scientific events in the leading universities of Uzbekistan – inKarshi State University and the Tashkent State Technical University named after Islam Karimov, and also held open lectures for students of the Tashkent State University of Economics.

    The international conference “Green Energy and Green Economy” was held at Karshi University, bringing together specialists from various countries. It was attended by teachers from three Higher Schools of IPMEiT: the Higher School of Engineering and Economics (HSE), the Higher School of Industrial Management (HSIM), and the Higher School of Service and Trade (HSST).

    Professor of VIES Alexander Babkin, at the invitation of the organizing committee, became a speaker, plenary speaker and moderator of the section “Formation of a green economy”. He presented a report on the topic “Green digital intelligent economy and Industry 5.0/6.0”, in which he outlined a new paradigm of a green intelligent economy based on the ESG concept, focusing on the rapid development of digital technologies both in the economy and industry.

    Interaction with specialists from the Faculty of Economics of Karshi State University has been going on for more than two years and is developing successfully. Having gathered on its site representatives of universities, scientific and public organizations, industrial enterprises, this conference has become a platform for exchanging knowledge and experience in the field of sustainable ESG development, – emphasized Alexander Vasilyevich.

    At the plenary session in an online format, Olga Kalinina, Director of the Higher School of Industrial Management, spoke with a report on the results of the work obtained by the teachers of the Higher School of Industrial Management, working within the framework of the bachelor’s and master’s degree programs in energy management.

    The second day of work was held in the format of sectional meetings, where the discussion of current issues on the conference topic continued. The sections in the online format were attended by teachers of the Higher School of Management and Management — associate professors Maxim Izmailov, Alexander Titov, Roman Okorokov and assistant Sergey Chayuk. They presented their scientific research in the field of strategies and methods for reducing the carbon footprint, prospects for using wave power plants in the context of digital transformation, features of digital transformation in the energy sector, as well as the practical application of artificial intelligence in the energy sector.

    The second significant event for the development of international cooperation of the Polytechnic University was the participation of IPMEiT teachers at the invitation of the Tashkent State Technical University named after Islam Karimov (TashSTU) in the international scientific and practical conference “Optimization of Industrial Economics and Management Based on Innovative Technologies: Modern Approaches”.

    Professor of VIES Alexander Babkin spoke at the plenary session with a report on the topic “The concept of digital strategizing the development of intelligent industrial ecosystems in the context of Industry 5.0/6.0”. At the plenary session of the TashSTU conference, Olga Kalinina, Director of the Higher School of Industrial Management, and Irina Zaychenko, Head of Educational Programs of the Functional Management Cluster, Associate Professor, spoke with a joint report on the topic: “The Role of Higher Education in the Sustainable Development of Society in the Training of Management Personnel for Industry in the Context of Digitalization”. In their speech, the colleagues highlighted the main features of training highly qualified personnel in the context of ensuring technological leadership.

    Our cooperation with the Department of Economics and Management in Industry of TashSTU, headed by Professor Gulchekhra Allaeva, began in April 2022. During this time, not only certain scientific results were achieved, but also partnership and friendly relations were established between our structural divisions. I hope that we will not stop there and will continue to increase cooperation, – Olga Kalinina noted.

    At the sectional meeting, Ekaterina Fedorakhina, an intern at the Higher School of Management and Management of Management, a 2nd-year Master of the educational program “Digital Business Management”, presented a report on the topic “Trends in the development of industry in the Russian Federation in the context of digital transformation.”

    The reports of our colleagues from St. Petersburg set a high scientific level for the discussion. Their approaches to training personnel are especially relevant for our educational environment, – emphasized the organizer of the conference, head of the Department of Economics and Management in Industry at TashSTU Gulchekhra Allaeva.

    Concluding the visit of Polytechnic representatives to universities in Uzbekistan, Acting Director of the Higher School of Public Administration Olga Nadezhina visited the Tashkent State University of Economics (TSUE), which is partner of our university from 2022.

    She took part in a methodological seminar for teachers, organized by the Department of Economic Security of TSUE, where key areas of development of personnel training in the field of AML/CFT were discussed, including the introduction of advanced educational and scientific practices of the HSSU IPMEiT, the organization of joint scientific events for teachers and students, and the development of partnerships between the educational structural divisions of the two universities.

    Cooperation between our universities opens new horizons for students and teachers, combining best practices and innovative approaches in education and science. I am confident that joint initiatives will make a significant contribution to the development of academic dialogue and the training of highly qualified specialists for our countries, Olga Nadezhina emphasized.

    In addition, lectures and practical classes on the course “Food Security” were held for TSUE students, which aroused great interest and facilitated the exchange of relevant knowledge in this area.

    Participation of IPMET representatives in major events of three universities of the Republic of Uzbekistan became another important step in strengthening scientific and educational cooperation and exchange of experience between Russian and Uzbek universities. Colleagues presented the results of fundamental, applied and methodological research that are part of the joint international research agenda in the field of green economy, industry and economic security in the context of digitalization and new reality, – summed up the work of IPMET representatives, Director of the Institute Vladimir Shchepinin.

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

    MIL OSI Russia News –

    May 15, 2025
  • MIL-OSI Russia: IMF Staff Completes the 2025 Article IV Mission to Singapore

    Source: IMF – News in Russian

    May 15, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Singapore’s economy recovered in 2024 but is forecast to slow down in 2025 due to the recent escalation of global trade tensions. Inflation is expected to stay muted.
    • Fiscal and monetary policies are appropriately supporting the economy. Singapore has ample fiscal space to provide additional temporary and targeted support in case downside growth risks materialize.
    • Singapore’s financial sector remains sound and resilient, underpinned by well-capitalized and liquid banks. Potential financial sector risks from tightening global financial conditions should continue to be closely monitored.

    Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Masahiro Nozaki, conducted discussions on the 2025 Article IV Consultation with the Singaporean authorities and other stakeholders from May 5 to May 15, 2025. At the conclusion of the discussions, Mr. Nozaki issued the following statement:

    “Singapore’s economy recovered strongly in 2024 and disinflation advanced. Growth increased to 4.4 percent in 2024, from 1.8 percent in 2023, supported by an upturn in the global technology cycle. Headline inflation decreased to 1.5 percent in end-2024 and further to 0.9 percent in March 2025, reflecting disinflation in both tradable and non-tradable prices.

    “However, the recent escalation of trade tensions and an associated spike in global policy uncertainty—as highlighted in the April 2025 World Economic Outlook—have sharply weakened Singapore’s economic outlook. Growth is projected to slow to 1.7 percent in 2025. Inflation is expected to stay muted, with headline inflation and Monetary Authority of Singapore (MAS) Core Inflation forecast at 1.1 percent and 1.0 percent in 2025, respectively, due to emerging slack in the economy and projected declines in commodity and other tradables prices from slower global growth.

    “There is a high degree of uncertainty around this forecast, reflecting elevated global economic and policy uncertainty. Risks to growth are firmly tilted to the downside, stemming from a possible further escalation of global trade tensions and a sharp tightening of global financial conditions. While risks to inflation are tilted to the downside due to weaker-than-expected global and domestic growth, potential upside inflation risks, including from possible supply chain disruptions, should also be monitored.

    “Against this backdrop, MAS appropriately loosened monetary policy in January and April 2025. In view of weak inflation, slowing growth, and emerging slack in the economy, staff sees scope for further monetary policy easing in the near term. However, MAS should remain vigilant and data dependent with respect to the speed and magnitude of easing in light of the large uncertainty, as well as both upside and downside risks around the inflation outlook.

    “The expansionary fiscal stance for FY2025 (April 2025-March 2026) is appropriate against the backdrop of slowing growth, increasing economic slack, and elevated downside risks. Continued support to households and firms will provide ongoing relief, while enhanced infrastructure spending will support domestic demand and help promote long-term growth. Singapore has ample fiscal space that can be deployed to provide targeted and temporary fiscal support in the event of downside risks materializing. Over the medium term, currently untargeted transfers should be phased out or better targeted to vulnerable households and firms. With strong fiscal institutions and buffers, Singapore is well positioned to meet its medium-term fiscal spending needs, including for rising healthcare costs due to an aging population, scaling up high-quality public infrastructure, and strengthening social safety nets.

    “Singapore’s financial sector is resilient. Banks are well capitalized, have ample liquidity, and are profitable. The authorities’ regulatory and supervisory efforts have contained existing financial sector vulnerabilities, including from cross-border exposure, reliance on foreign exchange funding, residential and commercial real estate exposures, interconnectedness between banks and nonbank financial institutions (NBFIs), and exposures to relatively small segments of highly leveraged corporates and households. Nonetheless, in view of the risk of a sharp tightening of global financial conditions, continued vigilance is warranted against these vulnerabilities.

    “We welcome the steady implementation of the authorities’ Forward Singapore initiative, including enhanced paid parental leave to support young families; enhanced grants for low-income first-time home buyers to improve housing affordability; and additional transfers to improve the retirement adequacy for low-income workers and retirees. The introduction of temporary financial support for involuntarily unemployed individuals has helped strengthen Singapore’s social safety nets. The government continues to make progress with helping workers to reskill and firms to adopt AI technologies.

    “The IMF team would like to thank the authorities and other counterparts for their close collaboration and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/05/15/pr25147-singapore-imf-completes-2025-aiv-mission

    MIL OSI

    MIL OSI Russia News –

    May 15, 2025
  • MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on AI Innovation for Trade Facilitation (English only)

    Source: Hong Kong Government special administrative region

         â€‹Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “AI Innovation for Trade Facilitation” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):
     
         Good afternoon, Chair and fellow Ministers.
     
         Let me begin by expressing my sincere gratitude to Korea for the warm hospitality extended to the Hong Kong, China (HKC) delegation and for hosting us in this beautiful island of Jeju.
     
         Digitalisation, coupled with artificial intelligence (AI), has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days. As part of HKC’s wider efforts in developing the AI industry, we have, as early as in 2022, set out clear strategic directions and a detailed action plan for promoting the development of AI in our Hong Kong Innovation and Technology Development Blueprint.
     
         HKC is also keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. Our final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI, and we expect this to be rolled out next year. Our Customs and Excise Department is also modernising its information technology infrastructure, thus enabling the use of a sophisticated data pipeline with the latest AI technologies.
      
         As with every new innovative development, whilst we grasp the opportunities and benefits, it is at the same time crucial to ensure such developments are ethical, responsible and inclusive. To this end, HKC has adopted a pro-innovation regulatory approach to construct a well-balanced governance framework that could cater to all stakeholders in the AI ecosystem. Just a few weeks ago, the Hong Kong Generative Artificial Intelligence Technical and Application Guideline was released to provide practical operational guidelines for technology developers, service providers and users in the application of generative AI technology. Furthermore, we plan to amend our legislation in order to further enhance HKC’s copyright regime regarding protection for AI technology development.
     
         We recognise that AI is utilised across different sectors, with trade being just one of them. We are also acutely aware that there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance. This notwithstanding, we see much room for collaboration amongst member economies on AI in trade, particularly on its applications for trade facilitation measures and customs procedures in APEC.
     
         In the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. APEC should leverage its role to foster regional dialogue on ensuring safe and responsible use of AI for trade, exchange experiences and knowledge, promote public-private collaboration, enhance transparency of regulatory frameworks, and strengthen partnerships among member economies, taking into account the different development stages of member economies.
     
         HKC is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.
     
         Thank you.

    MIL OSI Asia Pacific News –

    May 15, 2025
  • MIL-OSI Asia-Pac: SCED urges APEC member economies to unite in defending rules-based multilateral trading system (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Commerce and Economic Development, Mr Algernon Yau, stressed the importance of upholding the rules-based multilateral trading system at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, Korea, today (May 15).
     
         Speaking at the session entitled “Connectivity through Multilateral Trading System”, Mr Yau said that the recent upheaval caused by unilateral tariff measures poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape. The substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect, marked a pivotal step towards fostering stability in global trade and reinforces the shared commitment to advancing constructive economic relations within the APEC region and beyond.
     
         He pointed out that, as a free port, Hong Kong has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. Hong Kong also remains committed to engaging in constructive dialogues to enhance the World Trade Organization (WTO)’s functionality, resilience and effectiveness.
     
         Mr Yau called upon member economies to unite in defending the open, predictable and inclusive character of global trade and to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.
     
         Meanwhile, Mr Yau encouraged member economies to intensify collaborative efforts to finish the unfinished business at the 13th WTO Ministerial Conference, such as bringing into force the Agreement on Fisheries Subsidies, and incorporating the plurilateral Investment Facilitation for Development Agreement into the WTO legal architecture. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.
     
         At another discussion session entitled “AI Innovation for Trade Facilitation”, Mr Yau said that digitalisation, coupled with AI, has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days.
     
         He noted that Hong Kong is keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. The final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI.
     
         Mr Yau said that while there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance, there is much room for collaboration among member economies on AI in trade. He added that in the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. He added that Hong Kong is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.
     
         On the margins of the MRT Meeting today, Mr Yau met with the China International Trade Representative and Vice Minister of Commerce, Mr Li Chenggang; the Deputy Minister for Trade of Korea, Mr Park Jong-won; as well as the Minister for Trade and Investment of New Zealand, Mr Todd McClay, separately to exchange views on various issues of mutual concern.
     
         Mr Yau also paid a courtesy call on the Governor of Jeju Special Self-Governing Province, Mr Oh Young Hun, yesterday (May 14) to give him an update on the latest developments of Hong Kong and exchange views on promoting closer bilateral relations.
     
         Mr Yau will continue to join the MRT Meeting tomorrow (May 16).

                     

    MIL OSI Asia Pacific News –

    May 15, 2025
  • MIL-OSI Economics: Ministers Meet to Tackle Global Uncertainty and Rebuild Multilateral Trade System Jeju, Republic of Korea | 15 May 2025 Issued by the APEC Ministers Responsible for Trade Meeting Amid rising global trade and economic uncertainty, trade ministers are convening today for the 2025 APEC Ministers Responsible for Trade Meeting.

    Source: APEC – Asia Pacific Economic Cooperation

    Amid rising global trade and economic uncertainty, ministers responsible for trade from APEC’s 21 economies  convene today for the 2025 APEC Ministers Responsible for Trade (MRT) Meeting.

    Hosted by Korea on the UNESCO World Natural Heritage-listed Jeju Island, the meeting opened with a powerful call for cooperation and renewal of trust in the multilateral trading system.

    Chairing the meeting, Korea’s Minister for Trade Inkyo Cheong welcomed his counterparts and reflected on the island’s significance to APEC’s history and to the global trade community.

    “I would like to extend my sincere gratitude to everyone who has made the journey all the way to Jeju Island for this year’s APEC MRT meeting,” Minister Cheong said. “As one of the founding members of APEC in 1989, Korea began by hosting a multilateral meeting in 1991 in Seoul and hosted the MRT meeting in this very island in 2005.”

    “Two decades since then, I am honored to serve as the Chair of this gathering,” Minister Cheong added. “However, I also feel a sense of weight on my shoulders.”

    Minister Cheong acknowledged that APEC economies are facing overlapping challenges that are putting challenges on the global trade landscape.

    “As cross-border trade and interconnected supply chains continue to expand, growing uncertainties are placing a strain on the global economy and trade landscape,” he said. “Given this challenging global trade environment, the role of APEC is more crucial than ever. This is the reason why the world is paying keen attention to this year’s MRT meeting.”

    He emphasized that the discussions in Jeju would center on restoring multilateralism and positioning APEC economies for the future under the 2025 host economy’s theme of “Building a Sustainable Tomorrow – Connect, Innovate, Prosper”. Ministers will explore topics including artificial intelligence innovation for trade facilitation, the future of the World Trade Organization and the multilateral trading system, as well as ways to promote prosperity through sustainable trade.

    Highlighting the first session on artificial intelligence, he noted, “For the midst of the rapid transition toward the digital economy, AI is being adopted across a wide range of sectors.”

    He also introduced the second session on connectivity through the multilateral trading system. “Discussions on the multilateral trading system including the WTO have long been a focus of the MRT meeting,” he said. “WTO Director-General, Dr Ngozi Okonjo-Iweala, will open this session by introducing the topic for discussion. Given the varying opinions on the role and the direction of the WTO, I look forward to hearing insight and diverse views.”

    Closing the agenda, ministers will address prosperity through sustainable trade. “Given the many challenges facing the multilateral trading system, the very existence and the role of APEC has become increasingly evident. Indeed, I believe the outcomes of our discussions will resonate over the world,” said Cheong.

    He ended on a hopeful note, invoking Jeju’s spirit of resilience and collaboration. “Jeju Island has long embodied the values of community in its way of life. Under this spirit, I hope today’s MRT meeting will raise a solid foundation for dialogue and collaboration to overcome the political and economic challenges as well as uncertainties that we encounter.”

    “Building on the progress of today’s meeting, I look forward to producing meaningful outcomes at the APEC Economic Leaders’ Week,” Minister Cheong concluded.


    For further information or media inquiries, please contact:
    [email protected]

    MIL OSI Economics –

    May 15, 2025
  • MIL-OSI China: World’s largest car carrier delivered in Shanghai

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

    The Anji Ansheng, a 9,500-space ocean-going car carrier and the largest of its kind in the world, was officially delivered Thursday afternoon at the Shanghai Haitong International Automotive Terminal.

    Built by SAIC Anji Logistics Co., Ltd., a subsidiary of SAIC Motor Corporation Limited, the vessel boasts a strong loading capacity, high energy efficiency, and is equipped with intelligent low-carbon technologies, as well as the capability to use carbon-neutral fuels.

    Later Thursday evening, the newly delivered vessel is set to depart for Europe, loaded with some 7,000 domestically produced new energy vehicles, including SAIC’s MG models. 

    MIL OSI China News –

    May 15, 2025
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