NewzIntel.com

Category: Machine Learning

  • MIL-OSI: Baltic Horizon will hold an Investor Conference Webinar to introduce the results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Baltic Horizon Fund invites unitholders, investors, analysts and other stakeholders to join its investor conference webinar, scheduled on 15 May 2025 at 13:00 PM (CET) or 14:00 PM (EET).

    The webinar will be hosted by Tarmo Karotam, the Fund Manager of Baltic Horizon Fund. Q&A session will follow after the presentation. Due to limited webinar time, we encourage participants to send their questions no later than one day before the webinar to tarmo.karotam@nh-cap.com.

    To join the webinar, please register via the following link: https://nasdaq.zoom.us/webinar/register/WN_lUzvGaYZRoCEAqJ761GHZg

    You will be provided with the webinar link and instructions how to join successfully. When joining the webinar for the first time, you will be asked to download the plug-in which will take only few seconds. In case plug-in can’t be downloaded, a web browser which enables attending the webinar, opens automatically. The registration is open until 15 May at 12:00 PM (CET)/ 13:00 PM (EET).

    Registered participants will receive a reminder e-mail one hour prior to the webinar. The webinar will be recorded and available online for everyone at the company’s website on www.baltichorizon.com and on Nasdaq Baltic youtube.com account.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI Global: Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US

    Source: The Conversation – USA – By Andrew Yockey, Assistant Professor of Public Health, University of Mississippi

    Nitrous oxide is often inhaled with a balloon. Matt Cardy/Getty Images News

    The U.S. Food and Drug Administration is warning Americans about the ever-increasing and potentially deadly recreational use of nitrous oxide products, particularly among young people.

    Marketed with names like “Galaxy Gas” and “Miami Magic,” and often sold in steel cartridges known as “whippets,” these products are cheap and readily available at gas stations, convenience stores, smoke shops and major retail outlets, including Walmart. They’re also sold online.

    As an assistant professor of public health who studies these products, I’m aware of how dangerous they can be.

    Recreational and continued use of nitrous oxide can cause a wide range of serious health problems, and in some cases, death.

    A long list of potential harms

    The list of serious side effects from frequent use is long. It includes: cognitive impairment, memory problems, hallucinations, headaches, lightheadedness, mood disturbances, blood clots, limb weakness, trouble walking, peripheral neuropathy, impaired bowel or bladder function, spinal cord degeneration and irreversible brain damage. Vitamin B-12 deficiency is common and can lead to nerve and brain damage.

    Deaths in the U.S. attributed to abuse of nitrous oxide jumped more than 100% between 2019 and 2023; over a five-year period, emergency department visits rose 32%.

    All told, more than 13 million Americans have misused nitrous oxide at least once during their lifetimes. This includes children: In 2024, just over 4% of eighth graders and about 2% of 12th graders said they’ve tried inhalants. Nitrous oxide is among the most abused of these inhalants due to its low cost, easy availability and commercial appeal – one flavor of the gas is named “pink bubble gum.”

    Pure nitrous, inhaled for a quick high, can be lethal.

    Laughing gas parties

    Because of legal loopholes in the Food and Drug Administration Act, nitrous oxide remains unregulated. What’s more, U.S. scientists have done relatively little research on its abuse, partly because the public still perceives the substance as benign, particularly when compared with alcohol.

    The few studies on the use of nitrous oxide are limited mainly to case reports – that is, a report on a single patient. Although limited in scope, they’re alarming.

    More thorough studies are available in the United Kingdom and Europe, where there’s even more demand for the product. One example: Over a 20-year period, 56 people died in England and Wales after recreational use. Typically, deaths occur from hypoxia, which is the lack of oxygen to the brain, or accidents occurring while intoxicated by the gas, such as car wrecks or falls.

    Americans have known about the effects of nitrous oxide for centuries. Before becoming a medicinal aid, nitrous oxide was popular at “laughing gas” parties during the late 1700s.

    Physicians began using it in the U.S. around the mid-19th century after Horace Wells, a dentist, attended a stage show – called “Laughing Gas Entertainment” – and saw the numbing effect that nitrous oxide had on audience volunteers. By coincidence, Wells was having a wisdom tooth removed the next day, so he tried the gas during his procedure. The nitrous oxide worked; Wells said he felt no pain. Thereafter, medicinal use of the gas was gradually accepted.

    Today, nitrous oxide is often used in dentist offices. It’s safe under a doctor’s supervision as a mild sedative that serves as a pain reliever and numbing agent.
    Nitrous oxide also benefits some patients with severe psychiatric disorders, including treatment-resistant depression and bipolar depression. It may also help with anxiety and pain management.

    Bans and restrictions

    No federal age restrictions exist for purchasing nitrous oxide products, although a few states have passed age limits.

    As of May 2025, four U.S. states – Louisiana, Michigan, Alabama and California – have banned the recreational use of nitrous oxide, and more than 30 states are working on legislation to ban or at least restrict sale of the products. In addition, numerous lawsuits filed against the manufacturers are in court.

    Research shows school prevention programs help keep kids from using these products. So does early screening of patients by primary care and mental health physicians. The sooner they can intervene, the more likely that ongoing therapy will work.

    Through appropriate legislation, regulation, education and intervention, nitrous oxide abuse can be slowed or stopped. Otherwise, these products – with their sleek packaging and attractive social media campaigns that obscure their dangers – remain a growing threat to our children.

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

    – ref. Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US – https://theconversation.com/nitrous-oxide-recreational-use-is-linked-to-brain-damage-and-sudden-death-but-laughing-gas-is-still-sold-all-over-the-us-254983

    MIL OSI – Global Reports –

  • MIL-OSI Global: Science requires ethical oversight – without federal dollars, society’s health and safety are at risk

    Source: The Conversation – USA – By Christine Coughlin, Professor of Law, Wake Forest University

    Brain organoids, pictured here, raise both many medical possibilities and ethical questions. NIAID/Flickr, CC BY-SA

    As the Trump administration continues to make significant cuts to NIH budgets and personnel and to freeze billions of dollars of funding to major research universities – citing ideological concerns – there’s more being threatened than just progress in science and medicine. Something valuable but often overlooked is also being hit hard: preventing research abuse.

    The National Institutes of Health has been the world’s largest public funder of biomedical research. Its support helps translate basic science into biomedical therapies and technologies, providing funding for nearly all treatments approved by the Food and Drug Administration from 2010 to 2019. This enables the U.S. to lead global research while maintaining transparency and preventing research misconduct.

    While the legality of directives to shrink the NIH is unclear, the Trump administration’s actions have already led to suspended clinical trials, institutional hiring freezes and layoffs, rescinded graduate student admissions, and canceled federal grant review meetings. Researchers at affected universities say that funding will delay or possibly eliminate ongoing studies on critical conditions like cancer and Alzheimer’s.

    The Trump administration has deeply culled U.S. science across agencies and institutions.

    It is clear to us, as legal and bioethics scholars whose research often focuses on the ethical, legal and social implications of emerging biotechnologies, that these directives will have profoundly negative consequences for medical research and human health, with ripple effects that will last decades. Our scholarship demonstrates that in order to contribute to knowledge and, ultimately, to biomedical treatments, medical research at every stage depends on significant infrastructure support and ethical oversight.

    Our recent focus on brain organoid research – 3D lab models grown from human stem cells that simulate brain structure and function – shows how federal support for research is key to not only promote innovation, but to protect participants and future patients.

    History of NIH and research ethics

    The National Institutes of Health began as a one-room laboratory within the Marine Hospital Service in 1887. After World War I, chemists involved in the war effort sought to apply their knowledge to medicine. They partnered with Louisiana Sen. Joseph E. Ransdell who, motivated by the devastation of malaria, yellow fever and the 1928 influenza pandemic, introduced federal legislation to support basic research and fund fellowships focusing on solving medical problems.

    By World War II, biomedical advances like surgical techniques and antibiotics had proved vital on the battlefield. Survival rates increased from 4% during World War I to 50% in World War II. Congress passed the 1944 Public Health Services Act to expand NIH’s authority to fund biomedical research at public and private institutions. President Franklin D. Roosevelt called it “as sound an investment as any Government can make; the dividends are payable in human life and health.”

    As science advanced, so did the need for guardrails. After World War II, among the top Nazi leaders prosecuted for war crimes were physicians who conducted experiments on people without consent, such as exposure to hypothermia and infectious disease. The verdicts of these Doctors’ Trials included 10 points about ethical human research that became the Nuremberg Code, emphasizing voluntary consent to participation, societal benefit as the goal of human research, and significant limitations on permissible risks of harm. The World Medical Association established complementary international guidelines for physician-researchers in the 1964 Declaration of Helsinki.

    At least 100 participants died in the Tuskegee Untreated Syphilis Study.
    National Archives

    In the 1970s, information about the Tuskegee study – a deceptive and unethical 40-year study of untreated syphilis in Black men – came to light. The researchers told study participants they would be given treatment but did not give them medication. They also prevented participants from accessing a cure when it became available in order to study the disease as it progressed. The men enrolled in the study experienced significant health problems, including blindness, mental impairment and death.

    The public outrage that followed starkly demonstrated that the U.S. couldn’t simply rely on international guidelines but needed federal standards on research ethics. As a result, the National Research Act of 1974 led to the Belmont Report, which identified ethical principles essential to human research: respect for persons, beneficence and justice.

    Federal regulations reinforced these principles by requiring all federally funded research to comply with rigorous ethical standards for human research. By prohibiting financial conflicts of interest and by implementing an independent ethics review process, new policies helped ensure that federally supported research has scientific and social value, is scientifically valid, fairly selects and adequately protects participants.

    These standards and recommendations guide both federally and nonfederally funded research today. The breadth of NIH’s mandate and budget has provided not only the essential structure for research oversight, but also key resources for ethics consultation and advice.

    Brain organoids and the need for ethical inquiry

    Biomedical research on cell and animal models requires extensive ethics oversight systems that complement those for human research. Our research on the ethical and policy issues of human brain organoid research provides a good example of the complexities of biomedical research and the infrastructure and oversight mechanisms necessary to support it.

    Organoid research is increasing in importance, as the FDA wants to expand its use as an alternative to using animals to test new drugs before administering them to humans. Because these models can simulate brain structure and function, brain organoid research is integral to developing and testing potential treatments for brain diseases and conditions like Alzheimer’s, Parkinson’s and cancer. Brain organoids are also useful for personalized and regenerative medicine, artificial intelligence, brain-computer interfaces and other biotechnologies.

    Brain organoids are built on knowledge about the fundamentals of biology that was developed primarily in universities receiving federal funding. Organoid technology began in 1907 with research on sponge cells, and continued in the 1980s with advances in stem cell research. Since researchers generated the first human organoid in 2009, the field has rapidly expanded.

    Brain organoids have come a long way since their beginnings over a century ago.
    Madeline Andrews, Arnold Kriegstein’s lab, UCSF, CC BY-ND

    These advances were only possible through federally supported research infrastructure, which helps ensure the quality of all biomedical research. Indirect costs cover operational expenses necessary to maintain research safety and ethics, including utilities, administrative support, biohazard handling and regulatory compliance. In these ways, federally supported research infrastructure protects and promotes the scientific and ethical value of biotechnologies like brain organoids.

    Brain organoid research requires significant scientific and ethical inquiry to safely reach its future potential. It raises potential moral and legal questions about donor consent, the extent to which organoids should be grown and how they should be disposed, and consciousness and personhood. As science progresses, infrastructure for oversight can help ensure these ethical and societal issues are addressed.

    New frontiers in scientific research

    Since World War II, there has been bipartisan support for scientific innovation, in part because it is an economic and national security imperative. As Harvard University President Alan Garber recently wrote, “[n]ew frontiers beckon us with the prospect of life-changing advances. … For the government to retreat from these partnerships now risks not only the health and well-being of millions of individuals but also the economic security and vitality of our nation.”

    Cuts to research overhead may seem like easy savings, but it fails to account for the infrastructure that provides essential support for scientific innovation. The investment the NIH has put into academic research is significantly paid forward, adding nearly US$95 billion to local economies in fiscal year 2024, or $2.46 for every $1 of grant funding. NIH funding had also supported over 407,700 jobs that year.

    President Donald Trump pledged to “unleash the power of American innovation” to battle brain-based diseases when he accepted his second Republican nomination for president. Around 6.7 million Americans live with Alzheimer’s, and over a million more suffer from Parkinson’s. Hundreds of thousands of Americans are diagnosed with aggressive brain cancers each year, and 20% of the population experiences varying forms of mental illness at any one time. These numbers are expected to grow considerably, possibly doubling by 2050.

    Organoid research is just one of the essential components in the process of learning about the brain and using that knowledge to find better treatment for diseases affecting the brain.

    Science benefits society only if it is rigorous, ethically conducted and fairly funded. Current NIH policy directives and steep cuts to the agency’s size and budget, along with attacks on universities, undermine globally shared goals of increasing understanding and improving human health.

    The federal system of overseeing and funding biomedical science may need a scalpel, but to defund efforts based on “efficiency” is to wield a chainsaw.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Science requires ethical oversight – without federal dollars, society’s health and safety are at risk – https://theconversation.com/science-requires-ethical-oversight-without-federal-dollars-societys-health-and-safety-are-at-risk-252794

    MIL OSI – Global Reports –

  • MIL-OSI: Inuvo Posts Record Q1 2025 Revenue of $26.7M, up 57% Year-Over-Year

    Source: GlobeNewswire (MIL-OSI)

    LITTLE ROCK, Ark., May 09, 2025 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of artificial intelligence AdTech solutions, today provided a business update and announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights:

    • Revenue was a record $26.7 million; a 57% increase compared to $17.0 million in Q1. 2024; highest revenue in the Company’s history.
    • Gross profit increased 41% to $21.1 million, compared to $14.9 million in Q1 2024.
    • Net loss per share was $0.01 compared to $0.02 in the prior year.  
    • Adjusted EBITDA loss was $22 thousand, compared to a loss of $1.0 million for Q1 2024.

    First Quarter 2025 Operational Highlights:

    • The company launched the enhanced IntentKey Self-Serve Platform, an advanced AI agent for audience discovery and targeting.
    • The company added 20 new IntentKey clients and now has 15 self-service clients. 
    • The company introduced IntentKey zip code-level audience insights and targeting.
    • The company materially grew both Platform and the Agencies & Brands product lines. 

    Richard Howe, CEO of Inuvo, stated, “I’m thrilled to announce another record quarter, our second consecutive, with 57% year-over-year growth driven by both product lines. As Q1 is typically our weakest quarter, this strong performance sets a positive tone for the year ahead.” Mr. Howe added, “Our Platform product is benefiting from technology and service enhancements initiated in late 2023, while Agencies & Brands are thriving with enhanced capabilities that enable marketers to quickly identify and target virtually any audience they can conceive, in minutes.”

    Financial Results for the First Quarter Ended March 31,2025

    Net revenue for the first quarter of 2025 totaled $26.7 million, compared to $17.0 million for the same period last year. The increase in revenue for the three-month period ended March 31, 2025, compared to the same period in the prior year came from a 61% increase within Platforms and a 31% increase within Agencies & Brands.

    Cost of revenue for the first quarter of 2025 totaled $5.6 million, compared to $2.1 million for the same period last year. The increase in the cost of revenue for the three months ended March 31, 2025, as compared to the same period last year, was related to higher Platform revenue and the introduction of a new product.

    Gross profit for the three months ended March 31, 2025, totaled $21.1 million as compared to $14.9 million for the same period last year. Gross profit margin for the three months ended March 31, 2025, was 79% as compared to 87.7% for the same period last year. The lower gross margin was due to changes in product mix.

    Operating expenses for the three months ended March 31, 2025, totaled $22.9 million compared to $17 million for the same period last year. Operating expenses are composed of marketing costs, compensation and general & administrative expenses. For the three-months ended March 31, 2025, all three categories of operating expense increased year-over-year.

    Marketing costs increased due to the higher expenses associated with Platform revenue growth. Compensation expense was higher due primarily to a one-time accrual of an employee benefit of $335,000 and to higher incentive accrual. General and administrative expense was $1.1 million higher year-over-year primarily due to a reduction of the allowance for expected credit losses last year.

    Finance expense, net of interest income, for the three months ended March 31, 2025, was $28 thousand compared to $20 thousand in the same quarter last year. Finance expense this year included $77 thousand of interest income from the Internal Revenue Service (IRS) for a delayed employee retention credit.

    Other income was approximately $541 thousand for the three months ended March 31, 2025 in comparison with $0 for the same quarter in 2024. In March 2025, the Company received a payment from the IRS totaling $610 thousand in connection with an employee retention credit filed in 2023. Of the total payment, $533 thousand was recognized in other Income.

    Net loss for the first quarter of 2025 was $1.3 million, or $0.01 per basic and diluted share, as compared to net loss of $2.1 million, or $0.02 per basic and diluted share, for the same period last year.

    Adjusted EBITDA [see reconciliation table below] was near break-even at a loss of approximately $22 thousand in the first quarter of 2025 compared to a loss of approximately $1.0 million for the same period last year.

    Liquidity and Capital Resources:

    On March 31, 2025, Inuvo had $2.6 million in cash and cash equivalents, an unused working capital facility of $10.0 million and no debt.

    As of May 2, 2025, Inuvo had 144,253,434 common shares issued and outstanding.

    Conference Call Details: 

    Date: Friday, May 9, 2025
    Time: 8:30 a.m. Eastern Time
    Toll-free Dial-in Number: 1-800-717-1738
    International Dial-in Number: 1- 646-307-1865
    Conference ID: 11109974
    Webcast Link: HERE

    A telephone replay will be available through Friday, May 23, 2025. To access the replay, please dial 1- 844-512-2921 (domestic) or 1- 412-317-6671 (international). At the system prompt, please enter the code 11109974 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

    About Inuvo
    Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey® AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

    Safe Harbor / Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed on February 27, 2025, and our other filings with the SEC.  Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

    Inuvo Company Contact:
    Wally Ruiz
    Chief Financial Officer
    Tel (501) 205-8397
    wallace.ruiz@inuvo.com 

    (Tables follow)

    INUVO, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
        Three Months Ended
        March 31   March 31
          2025       2024  
    Net revenue   $ 26,708,032     $ 17,023,777  
    Cost of revenue     5,620,941       2,099,042  
    Gross profit     21,087,091       14,924,735  
    Operating expenses:        
    Marketing costs     17,512,994       13,102,644  
    Compensation     3,599,321       3,224,859  
    General and administrative     1,744,563       688,510  
    Total operating expenses     22,856,878       17,016,013  
    Operating loss     (1,769,787 )     (2,091,278 )
    Interest expense, net     27,929       20,380  
    Other income     (540,571 )     –  
    Income tax expense     2,676       –  
    Net loss   $                (1,259,821 )   $                (2,111,658 )
    Other comprehensive income:        
    Unrealized gain (loss) on marketable securities     –       –  
    Comprehensive income (loss)   $                (1,259,821 )   $                (2,111,658 )
                 
    Net loss per share, basic and diluted   ($ 0.01 )   ($ 0.02 )
    Weighted average shares outstanding:        
    Basic     142,719,274       138,789,669  
    Diluted     142,719,274       138,789,669  
                     
    INUVO, INC.  
    CONDENSED CONSOLIDATED BALANCE SHEETS  
               
               
        March 31   December 31  
          2025     2024  
    Assets          
               
    Cash and cash equivalent   $ 2,561,993   $ 2,459,245  
    Accounts receivable, net     12,022,440     12,545,771  
    Prepaid expenses and other current assets     738,995     639,805  
    Total current assets     15,323,428     15,644,821  
               
    Property and equipment, net     1,793,966     1,792,903  
               
    Goodwill     9,853,342     9,853,342  
    Intangible assets, net of accumulated amortization     3,777,499     3,897,875  
    Other assets     943,956     1,006,990  
               
    Total assets   $ 31,692,191   $ 32,195,931  
               
    Liabilities and Stockholders’ Equity          
               
    Current liabilities          
    Accounts payable   $ 7,257,005   $ 8,422,351  
    Accrued expenses and other current liabilities     10,221,581     9,463,537  
    Total current liabilities     17,478,586     17,885,888  
               
    Long-term liabilities     766,891     835,271  
               
    Total stockholders’ equity     13,446,714     13,474,772  
    Total liabilities and stockholders’ equity   $ 31,692,191   $ 32,195,931  
    RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
    (unaudited)
             
        Three Months Ended
        March 31   March 31
          2025       2024  
    Net loss   $                              (1,259,821 )   $                              (2,111,658 )
    Interest expense, net     27,929       20,380  
    Income tax expense     2,676       –  
    Depreciation and amortization                                        568,042                                          673,203  
    EBITDA     (661,174 )     (1,418,075 )
    Stock-based compensation     304,284       396,312  
    Non recurring items:        
    Employee Benefit     335,000       –  
    Adjusted EBITDA   $                                    (21,890 )   $                              (1,021,763 )
                     

    Reconciliation of Net Loss to EBITDA and Adjusted EBITDA 

    We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

    The MIL Network –

  • MIL-OSI: Best Sugar Baby Websites [2025] Top Sugar Daddy Sites for Sugar Babies And Sugar Daddies to Meet!

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, May 09, 2025 (GLOBE NEWSWIRE) — Find the best sugar baby websites and top-rated sugar daddy sites trusted by millions of attractive sugar babies and affluent sugar daddies to connect safely, chat instantly, and meet on your terms.

    Las Vegas, Nevada, May 08, 2025 (GLOBE NEWSWIRE) – Sugar dating is becoming more mainstream and sophisticated than ever before. More young women and ambitious individuals are turning to sugar baby websites to build meaningful, mutually beneficial relationships with generous benefactors. These platforms, ranging from full-featured websites to mobile-friendly sugar baby apps, make it easier to find compatibility, luxury, and opportunity all in one.

    ⇒ Why Wait? Trusted, safe, and elegant – the best sugar baby site awaits!

    Whether you’re new to the scene or looking for better options, knowing which sugar baby websites are trustworthy and effective can make all the difference. In this guide, we explore how to identify the best platforms, what features to look for, and why even free sugar baby sites can sometimes offer surprising value.

    Among all the platforms available, SugarDaddy.com stands out as the best sugar daddy website with free access, offering unmatched features, verified profiles, and a safe space for sugar babies and sugar daddies alike.

    ⇒ Don’t miss your chance to meet real sugar daddies and babies – join free now!

    What Are Sugar Baby Websites?

    Sugar baby websites are online platforms where younger individuals, often college students, entrepreneurs, or lifestyle seekers, connect with financially successful and often older partners, commonly referred to as sugar daddies or sugar mommies.

    These relationships are built on open communication and mutual benefit, which may include financial support, mentorship, travel, and luxury experiences in exchange for companionship, attention, or emotional connection.

    Unlike typical dating platforms, sugar baby sites are designed with these unique expectations in mind, offering more structured and transparent arrangements.

    ⇒ Get VIP access to the best free sugar baby site – sign up now!

    Why Sugar Baby Sites Are More Popular Than Ever

    Sugar dating isn’t new, but in 2025 it’s more normalized than ever. Here’s why more sugar babies and benefactors are turning to sugar baby websites:

    • Economic Pressures: With rising tuition and living costs, many young adults are turning to sugar dating to support their goals.
    • Empowerment: Sugar babies have more control over the kind of relationships they want, setting their terms from the start.
    • Convenience: Modern sugar baby sites offer safe, fast, and discreet ways to meet high-quality matches online.

    ⇒ Your sugar daddy is waiting – join the best sugar baby site today!

    What Makes the Best Sugar Baby Websites?

    With dozens of platforms out there, it’s crucial to distinguish between reputable sugar baby websites and low-quality or scammy ones. Here are the most important features to look for:

    1. User Verification

    The best sugar baby sites require ID or photo verification to ensure all users are real. This reduces fake profiles and improves trust.

    2. Safety & Privacy Tools

    Reliable sugar baby websites offer profile visibility settings, anonymous browsing, and tools to block or report users.

    ⇒ Start dating successful partners on the best free sugar baby website today!

    3. Advanced Matching Algorithms

    Modern platforms use intelligent match-making based on preferences, arrangement types, age, income, and lifestyle compatibility.

    4. Free Signup Options

    Some of the top free sugar baby websites and sugar daddy websites offer valuable features even without a paid membership. Look for platforms that allow browsing, messaging, or profile visibility for free users.

    5. Mobile Accessibility

    With mobile-first dating on the rise, the best sugar baby websites are responsive or offer dedicated apps for both iOS and Android.

    ⇒ Join the hottest sugar baby website of 2025 – it’s free and easy!

    The Role of Free Sugar Baby Websites and Apps

    A growing number of platforms now offer free sugar baby websites, which allow users to create accounts, browse profiles, and sometimes even message potential matches without paying.

    However, not all free sugar baby sites deliver quality. The best platforms offer a freemium model—free access to essential features with optional upgrades for premium tools.

    SugarDaddy.com offers one of the best free options on the market, giving new sugar babies an excellent opportunity to get started without financial commitment.

    ⇒ Discover premium sugar dating without premium costs – join free now!

    SugarDaddy.com: The Best Sugar Baby Website in 2025

    Among all sugar baby sites in 2025, SugarDaddy.com takes the crown. With a loyal user base, top-tier features, and a reputation for excellence, it’s no surprise that this site continues to lead the industry.

    What Makes SugarDaddy.com the Best Sugar Baby Site?

    Verified Profiles Only

    All users go through a verification process, ensuring sugar babies and daddies are who they say they are.

    Real Connections, Not Scams

    SugarDaddy.com has powerful anti-fraud systems in place to detect suspicious behavior and fake profiles.

    ⇒ Free to join, easy to connect – Try sugardaddy.com today!

    Elite User Base

    The platform attracts serious benefactors and high-quality sugar babies. Many members are professionals, entrepreneurs, and influencers looking for real, respectful relationships.

    Powerful Search and Match Tools

    You can filter by income, age, appearance, location, lifestyle goals, and more to find the perfect match.

    Free Sugar Baby Website Access

    While premium features are available, SugarDaddy.com gives new users free access to create a profile, explore members, and begin connecting.

    Excellent Mobile Experience

    The mobile version of SugarDaddy.com functions like a smooth sugar baby app, ideal for users on the go.

    ⇒ Trusted by millions, sugardaddy.com is the #1 sugar baby site!

    Safety Tips for Sugar Baby Sites and Apps

    Even on trustworthy sugar baby websites like SugarDaddy.com, it’s essential to prioritize your safety:

    • Don’t Share Personal Info Too Soon
    • Always Meet in Public for the First Time
    • Use the Site’s Messaging System
    • Report Suspicious Users
    • Block Users Who Make You Uncomfortable

    SugarDaddy.com makes it easy to report or block anyone, giving you full control over your interactions.

    ⇒ Want the best sugar dating experience? Try sugardaddy.com today!

    How to Succeed on Sugar Baby Sites

    If you want to stand out and make the most of your sugar dating experience, follow these tips when using sugar baby websites:

    Optimize Your Profile

    Use high-quality photos and write a compelling, honest bio. Show off your personality and clearly state your expectations.

    Be Upfront About Your Goals

    Transparency helps both parties determine if the relationship is a fit. Be confident in what you’re looking for—whether it’s mentorship, support, companionship, or lifestyle upgrades.

    Stay Active

    Frequent activity increases your profile’s visibility on most sugar baby sites. Respond to messages promptly and keep your profile fresh.

    ⇒ Find your perfect arrangement today on the best free sugar baby site!

    Practice Online Safety

    Even on the best platforms, it’s important to:

    • Use in-platform messaging
    • Avoid sharing personal contact info early on
    • Verify profiles before meeting
    • Meet in public spaces first

    ⇒ Connect now with real sugar babies and daddies – it’s free to start!

    Top Benefits of Using Sugar Baby Websites in 2025

    Still wondering if sugar baby websites are right for you? Here are the benefits that keep users coming back:

    1. Financial Empowerment – Sugar babies can receive financial support for education, lifestyle, or goals.
    2. Emotional Fulfillment – Many sugar babies enjoy attention, support, and even romantic partnerships.
    3. Luxury Opportunities – Travel, fine dining, and upscale experiences are common in sugar dating.
    4. Mentorship & Guidance – Benefactors often provide life and career mentorship.

    Keep reading to learn how sugar baby websites work, how to find a sugar baby, and what makes these sites so effective when done right.

    ⇒ Elite sugar dating starts here – click to join the best sugar baby site!

    What Is a Sugar Baby?

    The sugar baby is normally younger and engages in a relationship with an older, more financially successful partner. Such relationships are founded on respect, clarity, and reciprocal terms. It is mostly the case that the sugar baby gets money, mentorship, or lifestyle benefits and, in turn, provides time, emotional connection, or companionship.

    Then, what is a sugar baby now? Not the kind who would ask for money. A modern sugar baby would be self-conscious, self-assured, and particular about company. It is about finding something where both parties know that they’re both contributing to and expecting something out of it.

    It is a matter of understanding the real definition of sugar baby beyond worn-out clichés. These are not unequal relationships. They are grounded in real connections established on honesty and equity.

    ⇒ Real people, real connections – join the best sugar baby website today!

    Why People Choose the Sugar Baby Lifestyle

    There are many reasons someone might choose to become a sugar baby. Some are students dealing with rising tuition costs. Others are entrepreneurs, creatives, or single parents who want more financial flexibility. A few are just tired of the stress that comes with traditional dating.

    One key motivation is mentorship. A sugar baby might be drawn to someone who has real-world experience and wisdom to share. On the flip side, sugar daddies and mommies often enjoy the energy, perspective, and companionship that younger partners bring to the relationship.

    Whether financial support or lifestyle upgrades, sugar baby dating arrangements are built on direct communication and shared goals.

    ⇒ Find elite sugar daddies on the best sugar baby site!

    Who Can Be a Sugar Baby?

    There’s no official mold for who qualifies as a sugar baby. While many are in their 20s or 30s, age isn’t the main factor. Confidence, emotional maturity, and strong communication matter far more. People from all backgrounds become sugar babies—artists, professionals, students, and even travelers looking to expand their horizons.

    How Sugar Baby Websites Help Foster Genuine Interactions

    These types of arrangements were harder to find in the past. These sugar baby websites and apps make it all easy and secure. These websites are designed for people searching for this type of arrangement and feature filters, privacy settings, and upfront profile elements where you can indicate exactly what you are looking for.

    Unlike casual dating sites, sugar baby sites attract people yearning for transparency. You’ll notice members dedicated to mutual respect and gain on a good sugar baby site—no games or confusion.

    One of the top sugar baby websites even has safety advice, verification processes, and built-in messaging systems to keep everything safe.

    ⇒ Meet your match, upgrade your life – all on the best sugar baby site!

    How to Become a Sugar Baby

    If you’re wondering how to become a sugar baby, it’s not as hard as you think. It starts by finding a good sugar baby website and making a genuine, appealing profile. Post some nice pictures, state your expectations, and be honest about what you have to offer and what you’re looking for.

    A proper sugar baby dating site allows you to connect with like-minded people. And once settled, the experience can be empowering. You dictate the boundaries, pace, and expectations.

    So, if you’re interested or even half-serious about a sugar lifestyle, here’s the thing: there’s nothing wrong with knowing your worth and choosing a relationship that fits into your life.

    ⇒ Meet generous singles on the best free sugar baby website!

    Understanding Sugar Baby Websites

    If you’ve wondered about sugar dating, you’ve probably heard of sugar baby websites. These sites aim to match sugar babies—people searching for lifestyle assistance, mentorship, or true companionship—with successful individuals open to offering money, experience, and something honest in exchange.

    Unlike conventional dating sites, sugar baby websites are based on open communication and honest intentions. There is no beating around the bush. Both parties are open about their intentions from the beginning, which leads to more solid, respectful relationships.

    ⇒ Want results? Use the best sugar baby websites trusted by millions!

    What Are Sugar Baby Sites All About?

    A sugar baby site is not your average dating site. The sites are designed to cater to mutually beneficial arrangements. Sugar babies usually provide companionship, emotional support, or even good conversation. Their partners, in return, might provide financial support, gifts, career guidance, or access to a better lifestyle.

    What is so refreshing about these sites is that they are so open about the transaction. There’s no expectation of fitting into old dating norms or games of guessing. Individuals join these communities because they want adult discussions regarding what they need and can give.

    The best sugar baby websites provide a more streamlined opportunity to meet like-minded individuals willing to accept this arrangement. There’s a huge range of users, from students and entrepreneurs to established professionals, but everyone is looking for a real partnership with clear objectives.

    ⇒ No fake profiles – just real matches on the best sugar baby site!

    The Core Principles: Privacy, Consent, and Clarity

    One of the greatest advantages of sugar baby dating websites is how they emphasize privacy and respect. Users control how much information about themselves is made available, who can reach out to them, and how they want to be contacted.

    These platforms take consent seriously. Every step in the relationship-building process is based on mutual agreement. No assumptions. No blurred lines. Just clear communication from start to finish.

    Individuals who are interested in this kind of relationship enjoy the boundaries and individual autonomy that sugar baby websites enable. You establish the parameters, set your requirements, and connect with individuals who accept your lifestyle. This method contributes to safer, more comfortable experiences for all parties involved.

    ⇒ sugardaddy.com is the #1 sugar baby site – try it for free today!

    How Sugar Baby Sites Differ From Traditional Dating Apps

    The difference between sugar baby sites and other dating sites is honesty and format. Traditional dating is always a guessing game. What are they looking for? Serious or casual? Will they be honest about what they want?

    All of those questions have been answered on a sugar baby website. Every person on the site knows they’re there and why and what type of arrangement they’re seeking. That mutual understanding eliminates the guesswork that too often accompanies conventional dating apps.

    The second main difference is in user intent. Most users of sugar baby sites aren’t here to fool around. They’re direct, normally successful, and anticipatory. That applies to sugar babies as well—they’re confident, educated, and clear about the type of life they’d wish to live.

    Thanks to this framework, sugar baby websites are respectful and safe environments. As moderation and privacy are integrated, members can communicate without worrying about harassment or misinterpretation.

    ⇒ Don’t miss your chance to meet real sugar daddies – join free now!

    Why More Individuals Are Relying on Sugar Baby Sites in 2025

    As attitudes toward relationships and dating evolve, increasing numbers of individuals look for relationships that are clear-cut and rewarding. The growth of sugar baby websites is indicative of a trend for what individuals desire—greater openness, choice, and less judgment.

    As public perception shifts, so does the popularity of the sugar lifestyle. People embrace the idea that there’s more than one method of forming meaningful connections. Sugar baby websites provide the venue for people looking for more customized, upfront relationships, with often long-lasting impact.

    Looking to experiment with something different or prepared to fully embrace the sugar lifestyle, the correct website can help open the door.

    ⇒ Try the sugar baby site that actually works – sugardaddy.com is live!

    How to Find a Sugar Baby

    Finding the ideal sugar baby is not about appearance or luxury but compatibility, integrity, and shared expectations. Most sugar mommies and daddies these days begin browsing through sugar baby websites, but offline encounters are still part of the package. Let’s break down finding a sugar baby online and offline.

    ⇒ Find serious sugar daddies on the best sugar baby sites online now!

    Steps to Find a Sugar Baby Online

    Finding a sugar baby online is easier than ever before, with numerous websites popping up that connect like-minded adults. But blind diving can lead to missed opportunities or miscommunications. Here’s how to do it the right way—step by step.

    1. Select a Reputable Sugar Baby Website

    Start by selecting a credible platform. The best sugar baby websites are designed with transparency, privacy, and user safety in mind. A good sugar baby site will offer you active profiles, filters to narrow down your options, and communication tools.

    Avoid general dating sites that aren’t meant for sugar dating. Look for sites specifically created for that kind of arrangement instead. Sites created for the sugar lifestyle attract more serious and respectful people.

    ⇒ Why settle? Join the best free sugar baby website for real rewards!

    2. Create an Honest and Appealing Profile

    Once you have chosen the right sugar baby website, take the time to develop your profile. It is your first impression. Upload a recent, good-quality photo and include a short but honest description of yourself and what you are looking for.

    Be clear about expectations. Sugar babies like someone who knows their boundaries and speaks up sooner rather than later. Being upfront also attracts people whose goals are aligned with yours.

    3. Apply Filters and Read Profiles Carefully

    Most sugar baby sites offer search functions to filter your options. Set preferences based on age, location, lifestyle, and interests. Read each profile carefully. Look for consistency in photographs, grammar, and tone—it is most likely an indication of a person serious about their profile on the site.

    4. Start Conversations with Respect and Sincerity

    When reaching out, skip the generic greetings. Be polite and personalized. Ask questions that show you have read their profile and be inquisitive. Be professional and never rush the conversation.

    A good start leads to more matches. Most people on sugar baby dating sites are looking for more than small talk—they desire connection, respect, and understanding.

    ⇒ Don’t pay to connect – the best sugar baby site lets you chat for free!

    5. Set Expectations Early

    Before anything progresses, discuss what you’re both looking for. This is the key to any successful sugar baby dating arrangement. Defining roles, boundaries, and desires upfront helps avoid confusion later.

    Be specific about your boundaries and what you’re providing. The most successful connections are made through openness and respect for one another—two cornerstones that characterize contemporary sugar dating. When both parties understand what they can expect, things usually go more smoothly and last longer.

    ⇒ The best sugar baby site is trending – don’t get left behind!

    How to Build the Perfect Sugar Baby Profile

    Creating a great profile on sugar baby sites like SugarDaddy.com can make or break your success. Here’s how to do it right:

    • Use Real, High-Quality Photos: Avoid heavy filters. Authenticity attracts more genuine offers.
    • Describe What You Want: Be upfront about your ideal arrangement and lifestyle expectations.
    • Highlight Personality and Interests: Talk about your hobbies, career goals, and values.
    • Stay Active: Update your profile regularly and log in often to show you’re engaged.

    A good sugar baby website facilitates finding matches that are present for the sake of everything, not just money. Be realistic in your expectations, and find someone who brings you true value, not merely a person searching for a free ride.

    ⇒ Click here to find real success on the best sugar baby website!

    Benefits of Sugar Baby Sites

    Sugar baby sites are designed to enable actual relationships between people who have common goals, and they do this with convenience and discretion in mind.

    Let us take a closer glance at why using sugar baby sites is typically the most secure and smartest choice.

    1. Clearly Defined Format for Meaningful Dating

    Unlike traditional apps where a lot is left to assumption, sugar baby websites offer a platform where people are open about what they require. There is no speculation or concealed agendas. Profiles typically contain open statements of expectations, lifestyle, and what the person wants to gain in the relationship. This arrangement spares both sugar daddies and sugar babies from time-wasting relationships.

    Some sites even permit people to select their preferred arrangement type—mentorship, companionship, travel, or financial support. This openness is especially useful for those wondering how to be a sugar baby or how to locate someone who truly understands the lifestyle.

    ⇒ Find what you’re looking for on the best sugar baby websites – join free!

    2. Enhanced Safety and Privacy

    Privacy is a big concern for most in the sugar baby dating scene. The best websites take this seriously. Top sugar baby websites use encryption, discreet billing, and internal messaging systems so that users are not required to divulge personal information right away.

    Some even provide reporting tools, profile verification, and photo screening to reduce scams or fake profiles. That kind of online protection is hard to come by outside the niche world of sugar baby dating sites.

    3. Better Screening and Matchmaking

    Not every match will be a connection—and that’s okay. But filtering options on most sugar baby websites get you one step closer to what you’re looking for. You can filter based on age, location, lifestyle habits, and more.

    This is a big reason why most consider these to be the best sugar baby websites—they eliminate the guessing and make it easier.

    ⇒ The best free sugar baby website is just one step away – join free!

    4. Tools of Working Communication

    Most sugar baby sites have instant messaging features, icebreakers, and filters for chat. These allow you to build more respectful, meaningful conversations from the start. They also allow you to control the pace, especially when you’re exploring the possibility of a sugar relationship.

    5. Lifestyle Compatibility

    These websites appeal to a broad audience: young professionals, students, entrepreneurs, travelers, and retirees. Regardless of where you are in life, you can locate someone whose pace and ambitions match yours.

    Some of those sites let you connect to social profiles and interests or share your ideal date with us, making it more enjoyable and intimate to find a match.

    ⇒ Join the sugar baby site everyone’s talking about – it’s 100% free!

    Sugar Baby Etiquette and Best Practices

    Navigating the space comes with its own set of social expectations. Those who understand and respect the etiquette involved in sugar dating tend to build longer-lasting, drama-free arrangements. Whether you’re new to the scene or looking to refine your approach, a few best practices go a long way when using sugar baby sites or meeting someone in person.

    Start With Respect and Honesty

    The foundation of any successful sugar baby dating connection is mutual respect. This begins with being honest about your intentions. If you’re looking for companionship, mentorship, or a financial arrangement, state it clearly—but respectfully.

    People on sugar baby websites are quite open about what they desire, so there is no use beating around the bush. Respect for the other person’s time and boundaries is a simple yet often overlooked sign of class and seriousness.

    ⇒ This is where sugar babies and daddies connect – join now!

    Communicate Clearly and Consistently

    Open communication sets expectations and keeps misunderstandings at bay. Once you’ve connected on a sugar baby site, make the first move to discuss what you want and listen to what they want. Clearly define boundaries from the start: how often you will meet, what relationship is convenient for both of you, and how you will communicate.

    If something does, tell them. This sort of honesty is what will differentiate a considerate partner from someone who just wants to exploit the arrangement.

    Be Considerate With Gifts and Compensation

    Gift-giving is generally a component of sugar dating, but it should never be coerced or come off as a transaction. It isn’t about showing off—it’s about appreciation. Give thoughtful gifts that apply to your sugar baby’s aspirations or hobbies. Some will enjoy designer gifts, while others will appreciate tuition help or the ability to travel.

    Sugar baby websites can help set the tone for those expectations because most websites allow users to specify what they are willing to accept. That openness saves confusion or embarrassment later.

    ⇒ Want luxury and love? Start with the best sugar baby websites here!

    Always Prioritize Consent

    Consent is not just physical boundaries. It’s emotional and financial boundaries, too. If you’re offering support or expecting certain things in return, those terms must be discussed and mutually agreed upon—never assumed. Healthy sugar baby dating starts and ends with enthusiastic, ongoing consent.

    Stay Wary of and Avoid Scams

    As with all online interactions, it’s best to stay cautious on sugar baby dating sites. Be cautious of members who ask for money first, avoid video chat, or refuse to meet in public. A reputable sugar baby website will have reporting features for suspicious behavior—don’t be afraid to use them if something doesn’t feel quite right.

    Go with your gut and do not be hasty. Scammers oftentimes rely on urgency and emotional manipulation, and ongoing open communication keeps you secure.

    ⇒ Find elite sugar daddies on the best sugar baby site!

    Final Thought

    Choosing the right platform can make all the difference in your sugar dating experience. With so many sugar baby websites and sugar baby sites online, it’s easy to feel overwhelmed. But the best outcomes come from using a verified, secure, and transparent sugar baby website—one that values consent, communication, and connection.

    A quality sugar baby site goes beyond flashy designs and bold promises. It provides safety features, identity verification, privacy options, and filtering tools to help users find real compatibility. These aren’t just platforms—they’re spaces where clear expectations, respectful conversations, and mature arrangements can thrive.

    The best sugar baby websites attract people who are serious about the lifestyle. This includes both experienced sugar babies and those still learning how to become a sugar baby. From profile design to personalized matches, a trusted site supports your goals without compromising safety or authenticity.

    For anyone exploring this lifestyle seriously, choosing the right sugar babies website isn’t just smart—it’s essential.

    FAQs

    This FAQ section addresses the most common questions about sugar baby sites, including details on free sugar baby websites, safety, and what makes a site the best.

    What are sugar baby websites?

    Sugar baby websites are platforms where individuals can find mutually beneficial relationships involving companionship and lifestyle support.

    What’s the best sugar baby site in 2025?

    SugarDaddy.com is considered the best sugar baby site in 2025 due to its safety features, verified profiles, and high-quality user base.

    Are sugar baby sites legal?

    Yes, sugar baby sites are fully legal and function within the bounds of consensual adult relationships.

    Can I join sugar baby sites for free?

    Yes, free sugar baby websites like SugarDaddy.com allow users to sign up and use basic features without cost.

    Is SugarDaddy.com a real sugar baby website?

    Absolutely. SugarDaddy.com is one of the most reputable sugar baby sites in the world.

    Are there legit free sugar baby websites?

    While many claim to be free, SugarDaddy.com is one of the few legitimate platforms offering functional free access.

    How do sugar baby apps work?

    Sugar baby apps are mobile-optimized versions of dating platforms that let users message, browse, and match on their phones.

    How do I stay safe on sugar baby websites?

    Use the platform’s messaging system, don’t share financial info, and always meet in public places.

    What should I write in my sugar baby profile?

    Include your lifestyle preferences, relationship expectations, and a few personal interests to stand out.

    Is SugarDaddy.com good for beginners?

    Yes, SugarDaddy.com is beginner-friendly and provides tools and guidance for new users.

    Can I use SugarDaddy.com without paying?

    Yes, the site offers a free tier that includes essential features like profile browsing and messaging.

    Are sugar baby relationships real relationships?

    Yes, many sugar relationships lead to lasting emotional connections and long-term arrangements.

    How old do you have to be to join sugar baby sites?

    You must be 18 years or older to use sugar baby websites like SugarDaddy.com.

    Do sugar baby apps offer real matches?

    Yes, especially on vetted platforms like SugarDaddy.com, where verified users are active and engaged.

    What is the difference between sugar dating and traditional dating?

    Sugar dating is based on clear, upfront expectations involving support and companionship, unlike traditional romance-based dating.

    Are sugar baby websites safe for women?

    Yes, when using trusted platforms like SugarDaddy.com that provide safety features and verification tools.

    Can I find international sugar daddies on sugar baby websites?

    Yes, SugarDaddy.com allows international connections across various countries and cities.

    What is expected from sugar babies?

    Clear communication, companionship, and respect are the most commonly expected attributes in sugar relationships.

    Is SugarDaddy.com a sugar baby app?

    While not a standalone app, SugarDaddy.com offers full mobile functionality that works like an app.

    Can I remain anonymous on sugar baby websites?

    Yes, SugarDaddy.com provides privacy settings to control what others see on your profile.

    Media Contact

    Company: Sugar Daddy

    Contact Person: Christopher A. Waldo

    Email: support@sugardaddy.com

    Address: 29 Roseburn Place, Highland Park, Manukau 2010, New Zealand

    URL: https://www.sugardaddy.com/

    Phone: +64-29-4659-632

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    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
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    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
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    The MIL Network –

  • MIL-OSI: Sharc Energy Featured in Ottawa’s LeBreton Flats Redevelopment District Energy Project

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce that two SHARC 880 Wastewater Energy Transfer (“WET”) systems will be used to power a district energy system (also referred to as thermal energy network), in the Canadian capital of Ottawa, Ontario, serving the LeBreton Flats redevelopment.

    A new era of sustainable energy is dawning in Ottawa with the formation of the LeBreton Community Utility Partnership, a joint venture between Envari Holding Inc. (a subsidiary of Hydro Ottawa Holding Inc.) and Theia Partners. Together with the City of Ottawa, the partners have formalized a landmark agreement to implement an advanced WET system.

    “The formation of the LeBreton Community Utility partnership marks a significant step in realizing a truly sustainable energy model for urban development. Our WET technology, powered by SHARC Energy’s Canadian innovation, will provide reliable, efficient, and environmentally responsible thermal energy to the LeBreton community, starting with DREAM’s Odenak development,“ stated Scott Demark, Partner at Theia Partners.

    “This is more than just a project; it’s a testament to Ottawa’s dedication to leading the way in sustainable energy solutions. Hydro Ottawa is proud to be at the forefront of this innovation, demonstrating the power of collaboration and forward-thinking technology, including the highly efficient and Canadian-made SHARC Energy WET System, in building a sustainable future for the community we serve. We are especially pleased that this project supports vital affordable housing and aligns with our commitment to ensuring all customers can participate in a smart and equitable energy future,” says Bryce Conrad, President and CEO of Hydro Ottawa Holding Inc.

    This groundbreaking energy project will harness the untapped thermal potential of wastewater to provide 9 Megawatts (MW) of sustainable and efficient building heating and cooling to the LeBreton Flats redevelopment including DREAM’s Odenak development at 665 Albert Street, the inaugural customer for LeBreton Community Utility’s WET system. Odenak is a 600-unit, two-tower project adjacent to the Pimisi light rail transit (LRT) station. It features a mix of market-rate and affordable residential units as well as retail spaces. The WET system utilizes highly efficient heat pumps and operates entirely without fossil fuel, marking a significant step towards a cleaner energy future for the city.

    “HTS is incredibly proud to be involved in this monumental project, which sets a new standard in sustainability. We are honored to contribute to such an innovative solution that not only pushes the boundaries of technology but also fosters a more sustainable future. This project reflects our commitment to advancing environmentally responsible practices and delivering the most advanced HVAC solutions,” said Wael Khalaf, P.Eng. HTS, SHARC Energy’s Ontario representative.

    By utilizing SHARC Energy’s WET system, the LeBreton Community Utility estimates a reduction of approximately 5,066 tonnes of greenhouse gas (GHG) emissions annually compared to traditional buildings relying on boilers and chillers. To visualize 5,066 tonnes, it is the equivalent of the electricity used by 3,387 homes for a full year (as calculated by the Natural Resources Canada’s Greenhouse Gas Equivalencies Calculator).

    “Almost 95 per cent of Ottawa’s greenhouse gases emissions are not within the City’s direct control. Instead, they require community action and commitment to achieve our reduction targets. In partnering on this innovative sewage energy project at LeBreton Flats, the City is supporting other local businesses and organizations to help us achieve a clean energy future for all of Ottawa,” said Mayor Mark Sutcliffe, City of Ottawa

    Construction to connect to the City’s sewer infrastructure is slated to begin later this year, following a collaborative design phase between the City of Ottawa and the LeBreton Community Utility partners. SHARC Energy anticipates commencing submittals for the SHARC WET systems in 2025 with equipment build and delivery expected during 2026.

    The LeBreton Community Utility Partnership is also engaged in discussions with the National Capital Commission (NCC) to explore the potential for the WET network to serve additional land parcels at the LeBreton Flats redevelopment, to take advantage of economies of scale. This forward-thinking approach positions the site as a model for sustainable community energy infrastructure in Canada. Moreover, this presents additional opportunities for the implementation of SHARC WET equipment.

    About SHARC Energy

    SHARC International Systems Inc. is a world leader in energy transfer with the wastewater we send down the drain every day. SHARC Energy’s systems exchange thermal energy with wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    About HTS

    HTS is North America’s largest independent distributor of built-to-order, full-service commercial and industrial HVAC solutions. HTS is dedicated to driving shared success by collaborating with all those involved in the design, selection, installation, and maintenance of the ideal HVAC solution for each project.

    ON BEHALF OF THE BOARD

    Freid Andriano
    Chairman

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8dbc469-7d83-4929-8402-906d4e192f12

    The MIL Network –

  • MIL-OSI: Kaltura Announces Partnership With Magna Systems & Engineering To Support Growth in Asian and Pacific Markets

    Source: GlobeNewswire (MIL-OSI)

    New York, May 09, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the AI Video Experience Cloud, and Magna Systems and Engineering, a leading systems integration specialist and technology supplier for the broadcast and telecommunication industries, today announced a new partnership with Magna supporting Kaltura in Australia, New Zealand, Singapore, and Hong Kong.   

    This collaboration comes as part of Kaltura’s expansion of its media & telecom activities in the Asian and Pacific markets, with Magna as the first of several APAC partnerships. The growing network of Kaltura partners will bring new value to existing customers, supporting their technological and business evolution with new technologies, and provide a local presence for sales and market development.  

    Kaltura’s services for the media and telecommunications industries are based on the company’s robust TV Content Management system and TV streaming application, as well as advanced AI-powered capabilities that reshape content strategies. Using metadata enrichment, AI user-controlled chat, real-time translation and dubbing in multiple languages, highlighting and chaptering for VOD and live content, AI-powered content curation, and more, providers can increase engagement and grow viewership as they expand into new markets.  

    Kaltura’s recent addition, the AI-powered Kaltura TV Genie, which won the Product of the Year for Streaming at the 2025 NAB Show Award, enables companies to offer AI-powered, hyper-personalized lean-forward viewing experiences for audiences. Beyond recommendations for users, TV Genie automatically curates content in real-time for editors based on their catalogue and current trends, streamlining operations and driving continuous, ongoing engagement.  

    Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products, and solutions to the broadcast and telecommunication industries. The company’s focus is on partnering with and providing best-of-breed technology and solutions, such as Kaltura, for their clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings, and they offer both across the entire Asia Pacific region from offices in Australia, Hong Kong, Indonesia, New Zealand, and Singapore.

    “Partnering with Kaltura aligns with our strategy of connecting our customers with the latest, world-leading technology solutions and providers, enabling them to innovate and maintain a competitive advantage in the media and telecom sector. In short, we will provide our clients in the region with Kaltura AI Video Experience Cloud solutions that will add real and tangible value and efficiency to their organisations. Our new partnership with Kaltura is a very positive one that will bring many benefits to the industry as a whole,” said Matthew Clemesha, group CEO of Magna Systems.  

    “Magna is well known in APAC for its commitment to providing top-notch services, support, and solutions to its customers in the media and telecommunications industry, a brand that perfectly reflects our values and vision,” said Natan Israeli, Chief Customer Officer at Kaltura. “We are excited to work with Magna Systems to expand our reach and improve streaming experiences for more customers with our AI-powered products in this market”. 

    About Kaltura 
    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; entertainment and monetization. For more information, visit www.corp.kaltura.com. 

    About Magna Systems & Engineering 
    Founded in 1968, Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products and solutions to the broadcast and telecommunication industries. Our focus is on partnering with and providing best-of-breed technology and solutions for our clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings for our clients, and we offer both across the entire Asia Pacific region from our offices in Australia, Hong Kong, Indonesia, New Zealand and Singapore. 

    The MIL Network –

  • MIL-OSI Security: Evolving threat of chemical weapons calls for united front

    Source: Interpol (news and events)

    AMMAN, Jordan – The Fifth Plenary Meeting of the Global Congress on Chemical Security and Emerging Threats has concluded with recommendations to boost global action against chemical security threats. These include strengthening regional networks, developing a centralized chemical database, and addressing challenges posed by emerging technologies and artificial intelligence (AI).

     

    Chemical weapon threats continue to undermine the security landscape, with technological advancements increasing accessibility to chemicals of concern and advanced chemical dispersal mechanisms.

    Emerging technologies, particularly artificial intelligence, pose significant concerns. Non-state actors are already using AI to create propaganda and plan attacks. Chemical synthesis and cyberattacks against chemical facilities are potential AI-facilitated threats.

    The proliferation of weapons of mass destruction, with non-state actors exploiting vulnerabilities and trafficking hazardous materials, poses a significant threat. Fragmented regulatory controls exacerbate the illegitimate diversion of chemical precursors, and new technologies, including uncrewed systems such as drones, increase their range and threat potential.

    Major General Al-Maaytah of Jordan’s Public Security Directorate emphasized the global nature of chemical security:

    “Chemical security is no longer only a national or regional responsibility, but rather a global priority requiring significant cooperation between governments and institutions.”

    Gathering 300 delegates from over 100 countries and six international organizations to forge a united front against these evolving threats, the four-day meeting (5 – 8 May) underscored the need for enhanced cooperation, public-private partnerships, and information sharing through a unified global platform coordinated by INTERPOL.

    INTERPOL President Ahmed Naser Al-Raisi highlighted the importance of collective strength and partnerships:

    “Chemical security is a global responsibility that demands our collective attention and action. We must commit to fostering a culture of shared responsibility and strengthen partnerships across borders, sectors, and disciplines to create a safer, more secure future for all.”

    The Global Congress, co-implemented by INTERPOL, Global Affairs Canada, the US Cybersecurity and Infrastructure Security Agency (CISA), the US Defense Threat Reduction Agency (DTRA), and the FBI, aims to cultivate a global and multi-sectoral culture of chemical security. Launched in 2018, it brings together international stakeholders to share expertise, develop innovative strategies, and promote cooperation and information sharing against chemical security threats.

    MIL Security OSI –

  • MIL-OSI: Plains All American Reports First-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

    First-Quarter Results

    • Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
    • Delivered Adjusted EBITDA attributable to PAA of $754 million
    • Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
    • Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

    Business Highlights

    • Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
    • Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
    • Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
    • Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

    “Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

    Plains All American Pipeline

    Summary Financial Information (unaudited)
    (in millions, except per unit data)

        Three Months Ended
    March 31,    		   %
    GAAP Results   2025
    		   2024
    		   Change
    Net income attributable to PAA (1)   $ 443     $ 266       67 %
    Diluted net income per common unit   $ 0.49     $ 0.29       69 %
    Diluted weighted average common units outstanding     704       701       — %
    Net cash provided by operating activities   $ 639     $ 419       53 %
    Distribution per common unit declared for the period   $ 0.3800     $ 0.3175       20 %
                             
        Three Months Ended
    March 31,    		   %
    Non-GAAP Results (2)   2025   2024   Change
    Adjusted net income attributable to PAA (1)   $ 375     $ 354       6 %
    Diluted adjusted net income per common unit   $ 0.39     $ 0.41     (5 )%
    Adjusted EBITDA   $ 881     $ 847       4 %
    Adjusted EBITDA attributable to PAA (1)   $ 754     $ 718       5 %
    Implied DCF per common unit and common unit equivalent   $ 0.66     $ 0.67     (1 )%
    Adjusted Free Cash Flow (3)   $ (308 )   $ 70     **
    Adjusted Free Cash Flow after Distributions (3)   $ (639 )   $ (217 )   **
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (3)   $ (169 )   $ 262     **
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (3)   $ (500 )   $ (25 )   **

    _____________________

    ** Indicates that variance as a percentage is not meaningful.
    (1) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
    (2) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
    (3) The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.
       

    Summary of Selected Financial Data by Segment (unaudited)
    (in millions)

      Segment Adjusted EBITDA
      Crude Oil   NGL
    Three Months Ended March 31, 2025 $ 559     $ 189  
    Three Months Ended March 31, 2024 $ 553     $ 159  
    Percentage change in Segment Adjusted EBITDA versus 2024 period   1 %     19 %
                   

    First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

    First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

    Plains GP Holdings

    PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

    Conference Call and Webcast Instructions

    PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

    To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

    Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

    Non-GAAP Financial Measures and Selected Items Impacting Comparability

    To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

    Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

    Non-GAAP Financial Performance Measures

    Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

    Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

    Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

    Non-GAAP Financial Liquidity Measures

    Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

    We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
        2025       2024  
    REVENUES $ 12,011     $ 11,995  
           
    COSTS AND EXPENSES      
    Purchases and related costs   10,761       10,917  
    Field operating costs   368       358  
    General and administrative expenses   100       96  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Total costs and expenses   11,478       11,625  
           
    OPERATING INCOME   533       370  
           
    OTHER INCOME/(EXPENSE)      
    Equity earnings in unconsolidated entities   103       95  
    Gain on investments in unconsolidated entities, net   31       —  
    Interest expense, net (1)   (127 )     (95 )
    Other income/(expense), net (1)   26       (5 )
           
    INCOME BEFORE TAX   566       365  
    Current income tax expense   (46 )     (53 )
    Deferred income tax (expense)/benefit   (4 )     39  
           
    NET INCOME   516       351  
    Net income attributable to noncontrolling interests   (73 )     (85 )
    NET INCOME ATTRIBUTABLE TO PAA $ 443     $ 266  
           
    NET INCOME PER COMMON UNIT:      
    Net income allocated to common unitholders — Basic and Diluted $ 343     $ 203  
    Basic and diluted weighted average common units outstanding   704       701  
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED BALANCE SHEET DATA
    (in millions)
           
      March 31,
    2025    		   December 31,
    2024
    ASSETS      
    Current assets (including cash and cash equivalents of $427 and $348, respectively) $ 4,735     $ 4,802  
    Property and equipment, net   16,062       15,424  
    Investments in unconsolidated entities   2,745       2,811  
    Intangible assets, net   1,675       1,677  
    Linefill   988       968  
    Long-term operating lease right-of-use assets, net   321       332  
    Long-term inventory   289       280  
    Other long-term assets, net   244       268  
    Total assets $ 27,059     $ 26,562  
           
    LIABILITIES AND PARTNERS’ CAPITAL      
    Current liabilities $ 4,691     $ 4,950  
    Senior notes, net   8,131       7,141  
    Other long-term debt, net   73       72  
    Long-term operating lease liabilities   301       313  
    Other long-term liabilities and deferred credits   1,003       990  
    Total liabilities   14,199       13,466  
           
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Noncontrolling interests   3,228       3,283  
    Total partners’ capital   12,860       13,096  
    Total liabilities and partners’ capital $ 27,059     $ 26,562  
                   

    DEBT CAPITALIZATION RATIOS
    (in millions)

      March 31,
    2025    		   December 31,
    2024
    Short-term debt $ 478     $ 408  
    Long-term debt   8,204       7,213  
    Total debt $ 8,682     $ 7,621  
           
    Long-term debt $ 8,204     $ 7,213  
    Partners’ capital excluding noncontrolling interests   9,632       9,813  
    Total book capitalization excluding noncontrolling interests (“Total book capitalization”) $ 17,836     $ 17,026  
    Total book capitalization, including short-term debt $ 18,314     $ 17,434  
           
    Long-term debt-to-total book capitalization   46 %     42 %
    Total debt-to-total book capitalization, including short-term debt   47 %     44 %
                   
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT (1)
    (in millions, except per unit data)
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (1 )
    Impact from repurchase of Series A preferred units (2)   (43 )     —  
    Other   1       1  
    Net income allocated to common unitholders $ 343     $ 203  
           
    Basic and diluted weighted average common units outstanding (3) (4)   704       701  
           
    Basic and diluted net income per common unit $ 0.49     $ 0.29  

    _____________________

    (1) We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
    (3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (4) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATED CASH FLOW DATA
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Net income $ 516     $ 351  
    Reconciliation of net income to net cash provided by operating activities:      
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Deferred income tax expense/(benefit)   4       (39 )
    Equity earnings in unconsolidated entities   (103 )     (95 )
    Distributions on earnings from unconsolidated entities   125       132  
    Other   (13 )     8  
    Changes in assets and liabilities, net of acquisitions   (139 )     (192 )
    Net cash provided by operating activities   639       419  
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Net cash provided by/(used in) financing activities (1)   590       (273 )
           
    Effect of translation adjustment   (1 )     (4 )
           
    Net increase/(decrease) in cash and cash equivalents and restricted cash   79       (119 )
           
    Cash and cash equivalents and restricted cash, beginning of period   348       450  
    Cash and cash equivalents and restricted cash, end of period $ 427     $ 331  

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
       

    CAPITAL EXPENDITURES
    (in millions)

      Net to PAA (1)   Consolidated
      Three Months Ended
    March 31,    		   Three Months Ended
    March 31,
      2025
    		   2024
    		   2025
    		   2024
    Investment capital expenditures:              
    Crude Oil $ 89     $ 65     $ 120     $ 90  
    NGL   41       14       41       14  
    Total Investment capital expenditures   130       79       161       104  
    Maintenance capital expenditures   38       53       41       57  
      $ 168     $ 132     $ 202     $ 161  

    _____________________

    (1) Excludes expenditures attributable to noncontrolling interests.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP RECONCILIATIONS
    (in millions, except per unit and ratio data)
       
    Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1):
       
      Three Months Ended
    March 31,
      2025   2024
    Basic and Diluted Adjusted Net Income per Common Unit      
    Net income attributable to PAA $ 443     $ 266  
    Selected items impacting comparability – Adjusted net income attributable to PAA (2)   (68 )     88  
    Adjusted net income attributable to PAA $ 375     $ 354  
    Distributions to Series A preferred unitholders   (39 )     (44 )
    Distributions to Series B preferred unitholders   (18 )     (19 )
    Amounts allocated to participating securities   (1 )     (2 )
    Impact from repurchase of Series A preferred units (3)   (43 )     —  
    Other   1       1  
    Adjusted net income allocated to common unitholders $ 275     $ 290  
           
    Basic and diluted weighted average common units outstanding (4) (5)   704       701  
           
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
    (2) See the “Selected Items Impacting Comparability” table for additional information.
    (3) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
    (4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
    (5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.
       

    Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

      Three Months Ended
    March 31,
      2025   2024
    Basic and diluted net income per common unit $ 0.49     $ 0.29  
    Selected items impacting comparability per common unit (1)   (0.10 )     0.12  
    Basic and diluted adjusted net income per common unit $ 0.39     $ 0.41  

    _____________________

    (1)   See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:
       
      Three Months Ended
    March 31,
      2025   2024
    Net income $ 516     $ 351  
    Interest expense, net of certain items (1)   107       95  
    Income tax expense   50       14  
    Depreciation and amortization   262       254  
    Gain on asset sales, net   (13 )     —  
    Gain on investments in unconsolidated entities, net   (31 )     —  
    Depreciation and amortization of unconsolidated entities (2)   20       19  
    Selected items impacting comparability – Adjusted EBITDA (3)   (30 )     114  
    Adjusted EBITDA $ 881     $ 847  
    Adjusted EBITDA attributable to noncontrolling interests   (127 )     (129 )
    Adjusted EBITDA attributable to PAA $ 754     $ 718  
           
    Adjusted EBITDA $ 881     $ 847  
    Interest expense, net of certain non-cash and other items (4)   (104 )     (90 )
    Maintenance capital   (41 )     (57 )
    Investment capital of noncontrolling interests (5)   (30 )     (25 )
    Current income tax expense   (46 )     (53 )
    Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (6)   (2 )     12  
    Distributions to noncontrolling interests (7)   (132 )     (100 )
    Implied DCF $ 526     $ 534  
    Preferred unit distributions paid (7)   (64 )     (64 )
    Implied DCF Available to Common Unitholders $ 462     $ 470  
           
    Weighted Average Common Units Outstanding   704       701  
    Weighted Average Common Units and Common Unit Equivalents   767       772  
           
    Implied DCF per Common Unit (8) $ 0.66     $ 0.67  
    Implied DCF per Common Unit and Common Unit Equivalent (9) $ 0.66     $ 0.67  
           
    Cash Distribution Paid per Common Unit $ 0.3800     $ 0.3175  
    Common Unit Cash Distributions (7) $ 267     $ 223  
    Common Unit Distribution Coverage Ratio 1.73x   2.11x
           
    Implied DCF Excess $ 195     $ 247  

    _____________________

    (1) Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (2) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
    (3) See the “Selected Items Impacting Comparability” table for additional information.
    (4) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
    (5) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
    (6) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
    (7) Cash distributions paid during the period presented.
    (8) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
    (9) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit (1) (2)   0.17       0.38  
    Implied DCF per common unit $ 0.66     $ 0.67  
           
    Basic net income per common unit $ 0.49     $ 0.29  
    Reconciling items per common unit and common unit equivalent (1) (3)   0.17       0.38  
    Implied DCF per common unit and common unit equivalent $ 0.66     $ 0.67  

    _____________________

    (1)  Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
    (2)  Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
    (3)  Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:
       
      Three Months Ended
    March 31,
        2025       2024  
    Net cash provided by operating activities $ 639     $ 419  
    Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:      
    Net cash used in investing activities (1)(2)   (1,149 )     (261 )
    Cash contributions from noncontrolling interests   4       12  
    Cash distributions paid to noncontrolling interests (3)   (132 )     (100 )
    Proceeds from the issuance of related party notes (1)   330       —  
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (4) (6) $ (639 )   $ (217 )
           
      Three Months Ended
    March 31,
        2025       2024  
    Adjusted Free Cash Flow (4) $ (308 )   $ 70  
    Changes in assets and liabilities, net of acquisitions (7)   139       192  
    Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (8) $ (169 )   $ 262  
    Cash distributions (5)   (331 )     (287 )
    Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (8) $ (500 )   $ (25 )

    _____________________

    (1) PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
    (2) The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
    (3) Cash distributions paid during the period presented.
    (4) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (5) Cash distributions paid to preferred and common unitholders during the period.
    (6) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
    (7) See the “Condensed Consolidated Cash Flow Data” table.
    (8) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED ITEMS IMPACTING COMPARABILITY
    (in millions)
       
      Three Months Ended
    March 31,
      2025   2024
    Selected Items Impacting Comparability: (1)      
    Derivative activities and inventory valuation adjustments (2) $ 34     $ (159 )
    Long-term inventory costing adjustments (3)   3       33  
    Deficiencies under minimum volume commitments, net (4)   7       12  
    Equity-indexed compensation expense (5)   (9 )     (9 )
    Foreign currency revaluation (6)   —       9  
    Transaction-related expenses (7)   (5 )     —  
    Selected items impacting comparability – Adjusted EBITDA $ 30     $ (114 )
    Gain on investments in unconsolidated entities, net   31       —  
    Gain on asset sales, net   13       —  
    Tax effect on selected items impacting comparability   (3 )     30  
    Aggregate selected items impacting noncontrolling interests   (3 )     (4 )
    Selected items impacting comparability – Adjusted net income attributable to PAA $ 68     $ (88 )

    _____________________

    (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
    (2) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
    (3) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
    (4) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
    (5) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
    (6) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
    (7) Primarily related to acquisitions completed during the first quarter of 2025.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    SELECTED FINANCIAL DATA BY SEGMENT
    (in millions)
             
      Three Months Ended
    March 31, 2025    		     Three Months Ended
    March 31, 2024
      Crude Oil   NGL     Crude Oil   NGL
    Revenues (1) $ 11,439     $ 638       $ 11,582     $ 507  
    Purchases and related costs (1)   (10,488 )     (339 )       (10,665 )     (346 )
    Field operating costs (2)   (292 )     (76 )       (266 )     (92 )
    Segment general and administrative expenses (2) (3)   (79 )     (21 )       (73 )     (23 )
    Equity earnings in unconsolidated entities   103       —         95       —  
                     
    Other segment items: (4)                
    Depreciation and amortization of unconsolidated entities   20       —         19       —  
    Derivative activities and inventory valuation adjustments   (24 )     (10 )       37       122  
    Long-term inventory costing adjustments   —       (3 )       (28 )     (5 )
    Deficiencies under minimum volume commitments, net   (7 )     —         (12 )     —  
    Equity-indexed compensation expense   9       —         9       —  
    Foreign currency revaluation   —       —         (17 )     (4 )
    Transaction-related expenses   5       —         —       —  
    Segment amounts attributable to noncontrolling interests (5)   (127 )     —         (128 )     —  
    Segment Adjusted EBITDA $ 559     $ 189       $ 553     $ 159  
                     
    Maintenance capital expenditures $ 31     $ 10       $ 46     $ 11  

    _____________________

    (1)   Includes intersegment amounts.
    (2)   Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
    (3)   Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
    (4)  Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
    (5)  Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
       
    OPERATING DATA BY SEGMENT (1)
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Crude Oil Segment Volumes              
    Crude oil pipeline tariff (by region)              
    Permian Basin (2)   6,869       6,428  
    South Texas / Eagle Ford (2)   492       378  
    Mid-Continent (2)   415       486  
    Gulf Coast (2)   214       202  
    Rocky Mountain (2)   495       499  
    Western   247       259  
    Canada   354       348  
    Total crude oil pipeline tariff (2)   9,086       8,600  
                   
    NGL Segment Volumes              
    NGL fractionation   157       128  
    NGL pipeline tariff   234       214  
    Propane and butane sales   147       128  

    _____________________

    (1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
    (2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.
       
    PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    NON-GAAP SEGMENT RECONCILIATIONS
    (in millions)
       
    Supplemental Adjusted EBITDA attributable to PAA Reconciliation:
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Crude Oil Segment Adjusted EBITDA $ 559     $ 553  
    NGL Segment Adjusted EBITDA   189       159  
    Adjusted other income, net (1)   6       6  
    Adjusted EBITDA attributable to PAA (2) $ 754     $ 718  

    _____________________

    (1)    Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
    (2)    See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
    (in millions, except per share data)
             
      Three Months Ended
    March 31, 2025    		     Three Months Ended
    March 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    REVENUES $ 12,011     $ —     $ 12,011       $ 11,995     $ —     $ 11,995  
                             
    COSTS AND EXPENSES                        
    Purchases and related costs   10,761       —       10,761         10,917       —       10,917  
    Field operating costs   368       —       368         358       —       358  
    General and administrative expenses   100       1       101         96       1       97  
    Depreciation and amortization   262       —       262         254       —       254  
    Gain on asset sales, net   (13 )     —       (13 )       —       —       —  
    Total costs and expenses   11,478       1       11,479         11,625       1       11,626  
                             
    OPERATING INCOME   533       (1 )     532         370       (1 )     369  
                             
    OTHER INCOME/(EXPENSE)                        
    Equity earnings in unconsolidated entities   103       —       103         95       —       95  
    Gain on investments in unconsolidated entities, net   31       —       31         —       —       —  
    Interest expense, net   (127 )     20       (107 )       (95 )     —       (95 )
    Other income/(expense), net   26       (20 )     6         (5 )     —       (5 )
                             
    INCOME BEFORE TAX   566       (1 )     565         365       (1 )     364  
    Current income tax expense   (46 )     —       (46 )       (53 )     —       (53 )
    Deferred income tax (expense)/benefit   (4 )     (23 )     (27 )       39       (14 )     25  
                             
    NET INCOME   516       (24 )     492         351       (15 )     336  
    Net income attributable to noncontrolling interests   (73 )     (335 )     (408 )       (85 )     (209 )     (294 )
    NET INCOME ATTRIBUTABLE TO PAGP $ 443     $ (359 )   $ 84       $ 266     $ (224 )   $ 42  
                             
    Basic and diluted weighted average Class A shares outstanding     198                 197  
                             
    Basic and diluted net income per Class A share   $ 0.42               $ 0.21  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       

     

    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)
    CONDENSED CONSOLIDATING BALANCE SHEET DATA
    (in millions)
             
      March 31, 2025     December 31, 2024
          Consolidating             Consolidating    
      PAA   Adjustments (1)   PAGP     PAA   Adjustments (1)   PAGP
    ASSETS                        
    Current assets $ 4,735     $ (6 )   $ 4,729       $ 4,802     $ (26 )   $ 4,776  
    Property and equipment, net   16,062       —       16,062         15,424       —       15,424  
    Investments in unconsolidated entities   2,745       —       2,745         2,811       —       2,811  
    Intangible assets, net   1,675       —       1,675         1,677       —       1,677  
    Deferred tax asset   —       1,199       1,199         —       1,220       1,220  
    Linefill   988       —       988         968       —       968  
    Long-term operating lease right-of-use assets, net   321       —       321         332       —       332  
    Long-term inventory   289       —       289         280       —       280  
    Other long-term assets, net   244       —       244         268       —       268  
    Total assets $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  
                             
    LIABILITIES AND PARTNERS’ CAPITAL                        
    Current liabilities $ 4,691     $ (7 )   $ 4,684       $ 4,950     $ (26 )   $ 4,924  
    Senior notes, net   8,131       —       8,131         7,141       —       7,141  
    Other long-term debt, net   73       —       73         72       —       72  
    Long-term operating lease liabilities   301       —       301         313       —       313  
    Other long-term liabilities and deferred credits   1,003       —       1,003         990       —       990  
    Total liabilities   14,199       (7 )     14,192         13,466       (26 )     13,440  
                             
    Partners’ capital excluding noncontrolling interests   9,632       (8,276 )     1,356         9,813       (8,462 )     1,351  
    Noncontrolling interests   3,228       9,476       12,704         3,283       9,682       12,965  
    Total partners’ capital   12,860       1,200       14,060         13,096       1,220       14,316  
    Total liabilities and partners’ capital $ 27,059     $ 1,193     $ 28,252       $ 26,562     $ 1,194     $ 27,756  

    _____________________

    (1)  Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.
       
    PLAINS GP HOLDINGS AND SUBSIDIARIES
    FINANCIAL SUMMARY (unaudited)    		  
    COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
    (in millions, except per share data)
       
      Three Months Ended
    March 31,
      2025
    		   2024
    Basic and Diluted Net Income per Class A Share      
    Net income attributable to PAGP $ 84     $ 42  
    Basic and diluted weighted average Class A shares outstanding   198       197  
           
    Basic and diluted net income per Class A share $ 0.42     $ 0.21  
                   

    Forward-Looking Statements

    Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

    • general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
    • declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
    • fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
    • unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
    • the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
    • the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
    • the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
    • environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
    • negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
    • the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
    • weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
    • the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
    • negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
    • the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
    • the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
    • loss of key personnel and inability to attract and retain new talent;
    • disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
    • the effectiveness of our risk management activities;
    • shortages or cost increases of supplies, materials or labor;
    • maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
    • our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
    • the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
    • failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
    • tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
    • the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
    • the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
    • the currency exchange rate of the Canadian dollar to the United States dollar;
    • the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
    • significant under-utilization of our assets and facilities;
    • increased costs, or lack of availability, of insurance;
    • fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
    • risks related to the development and operation of our assets; and
    • other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

    About Plains:

    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

    PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

    Contacts:

    Blake Fernandez
    Vice President, Investor Relations
    (866) 809-1291

    Michael Gladstein
    Director, Investor Relations
    (866) 809-1291

    The MIL Network –

  • MIL-OSI: Best 5 Tribal Loans Direct Lender Guaranteed Approval For Bad Credit with No Credit Check – Payday Ventures

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Payday Ventures, a leading provider of online payday loans, owns multiple providers offering tribal loans direct lender guaranteed approval with no credit check, helping Americans with urgent financial needs get fast access to cash even with poor or no credit history. These providers specialize in tribal payday loans, tribal installment loans direct lenders no credit check, and tribal loans for bad credit, ensuring borrowers can secure up to $5000 with instant approval, flexible terms, and no teletrack verification. Whether you need $500 tribal installment loans or higher amounts, applications are 100% online and take just minutes to complete.

    Easiest Tribal Loans to Get Online for Bad Credit 2025

    • Heart Paydays – Best for Tribal Loans Online Up to $50,000 with Guaranteed Approval
    • Low Credit Finance – Top Choice for Tribal Payday Loans No Credit Check with Fast Payout
    • Green Dollar Loans – Easiest Tribal Loans to Get Online with Direct Lender Matching
    • Viva Payday Loans – Ideal for Tribal Installment Loans for Bad Credit with No Teletrack
    • Loan Raptor – Quick and Easy Tribal Loans for Bad Credit and Self-Employed Borrowers

    In 2025, online tribal loans have emerged as one of the easiest tribal loans to get, thanks to relaxed eligibility criteria and fast turnaround times. Since these guaranteed tribal loans are offered by lenders on Native American tribal land, they are not bound by traditional state regulations—allowing for more lenient terms for people with low credit scores. In this guide, we cover the top 5 best tribal loans direct lender guaranteed approval, including platforms that specialize in easy tribal loans for bad credit, tribal loans no credit check, and tribal loans online guaranteed approval.

    Click Here to Apply for Tribal Loans >>

    What Are Tribal Loans?

    Tribal loans are short-term or installment loans provided by lenders operating under the sovereign laws of Native American tribes. Unlike traditional loans, tribal loans direct lender guaranteed approval options often have relaxed requirements, making them ideal for borrowers with bad credit.

    Features of Guaranteed Tribal Loans Offered by These Providers

    The top tribal loan platforms like Super Personal Finder, Viva Payday Loans, and Green Dollar Loans offer fast, flexible, and hassle-free loan options. Borrowers can get tribal loans no credit check with approval in minutes and funding in 24 – 48 hours. These platforms support tribal installment loans for bad credit, allow loan amounts up to $50,000.

    Click Here to Apply for Tribal Loans >>

    Types of Direct Tribal Loans USA

    $500 Tribal Installment Loans Direct Lenders Only – Great for short-term needs. Get up to $500 with no credit check and repay over several months.

    Tribal Payday Loans No Credit Check – Perfect for emergencies. Fast approval with minimal eligibility requirements and no hard credit pull.

    Tribal Installment Loans for Bad Credit – Ideal for borrowers with poor credit scores. Borrow up to $5,000 and repay in affordable monthly installments.

    Tribal Loans Online Guaranteed Approval No Teletrack – Avoid credit databases like Teletrack. Get approved based on your income and repayment ability.

    Easy Tribal Loans for Bad Credit Self-Employed – Designed for gig workers and freelancers. Use bank statements or tax returns to qualify.

    Online Tribal Loans with Same Day Deposit – Apply online and receive funds as soon as the same business day after approval.

    Name: Mukesh Bhardwaj
    Email: mukesh@paydayventures.com

    Disclaimer: This announcement contains general information about Payday Ventures loan services and should not be considered financial advice. Loans are available to US residents only.

    The MIL Network –

  • MIL-OSI Russia: /China Spotlight/ Integrating Futuristic Robotics into Scenic Natural Landscapes Helps Renew China’s Tourism Experience

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, May 9 (Xinhua) — It’s so exciting to see how China’s tourism industry embraces technology! Robot-assisted walking tours and artificial intelligence (AI) tours are just the beginning. Such futuristic travel experiences are becoming more common across the country, and they are making the travel experience more exciting than ever!

    This year’s May Day holiday, which ran from May 1 to 5, was one of the busiest tourism periods of the year in China, with many tourist attractions using cutting-edge technology to offer visitors unique and unforgettable experiences, from virtual reality equipment providing digital tours to drones creating dramatic patterns in the sky or monitoring crowd density at scenic spots.

    At the Shichuan Ancient Pear Garden, an incredible pear blossom attraction located in the remote inland county of Gaolan, Gansu Province, northwest China, you will be amazed to see robots developed by Chinese startup Unitree Robotics guiding tourists around the garden’s iconic landmarks. These advanced robots demonstrate dynamic obstacle avoidance and terrain-crossing skills that are truly impressive.

    The tech company, based in the bustling eastern Chinese city of Hangzhou, has taken the world by storm with its humanoid robots, which made a splash at the 2025 Spring Festival (Chinese Lunar New Year) gala, leaving everyone in awe.

    At the Gaolan Museum of Agriculture, robots can be seen interacting with traditional farming tools. It is a fascinating dialogue between ancient and modern times, showing visitors how China’s ancient agricultural civilization has evolved to embrace modern technology.

    “It was a wonderful surprise! I didn’t expect to befriend high technology in an ancient pear orchard,” said one visitor surnamed Zhang, who got a first-hand look at the cutting-edge technology by shaking hands with a robot.

    “His movements were incredibly flexible and he seemed to be listening to me carefully. It was like communicating with a real person,” he said.

    Under the “AI Plus Consumption” initiative outlined in the State Council’s recently released special action plan to promote consumption in the country, the use of AI applications has become ubiquitous in numerous scenarios both online and offline.

    The tourism industry, which is usually associated with scenic views and cultural heritage, is undergoing significant changes thanks to the integration of robotics and advanced technologies.

    A striking illustration of this integration is the recent introduction of exoskeleton robots, which have become particularly popular among mountain climbers and mountaineers. These devices saw a significant surge in demand during the aforementioned vacations on Mount Taishan, a famous scenic area in eastern China’s Shandong Province.

    Li Gang, a senior official with Taishan Cultural Tourism Group, which organizes trips to Mount Taishan, said that in the last few days of the May Day holiday, rentals of exoskeleton robots were particularly busy every day, with some visitors waiting for two hours.

    The use of wearable and lightweight intelligent devices such as exoskeleton robots can reduce the burden on humans as they recognize the user’s intentions and dynamically apply mechanical force to key body parts. Such devices have an instantaneous traction force of 200 kg and an eight-hour endurance.

    With Mount Tai’s scenic beauty and cultural heritage evident on the steepest sections of its hiking trails, exoskeleton robots have proven effective in alleviating the discomfort associated with intense physical activity, cutting the expected three-hour climb up the steep mountainside in half.

    As Li Gang noted, during the holiday period, all available exoskeleton robots were fully booked in advance, with a rental price of 80 yuan (about $11) for three hours of “work.” The devices were designed not only to assist with walking, but also to monitor a person’s physical condition in real time and have functions such as emergency calls and landmark information.

    It is no secret that similar robots have been installed at other mountain tourist attractions in provincial-level administrative units such as Hebei, Anhui, Shaanxi, Jiangxi and Ningxia Hui Autonomous Region.

    Chinese travelers made an estimated 314 million domestic trips during the five-day holiday period, with a significant proportion expressing deep satisfaction with new experiences using AI or human-robot interactions.

    In Guangdong province alone, 42 events organized by tech companies or telecom operators showcasing new AI applications attracted more than 2.1 million people.

    The integration of robotics into the tourism industry extends beyond entertainment and support functions and is finding applications in the areas of safety and security.

    A four-wheeled robot named Xiaoyu is currently being tested for patrol and safety inspection in the Grand Canal Cultural and Tourism Zone in Beijing’s Tongzhou District.

    Xiaoyu was designed to provide tourists with timely safety alerts, and can detect smoke and locate fire sources using its built-in thermal imaging and heat-sensing camera. The technology used in the robot can assess the health of trees and detect signs of pests or disease. In the event of an emergency, tourists can press the SOS button on the robot’s shoulder to contact the facility’s staff.

    These innovations are having a profound impact on how Chinese people travel and experience the world around them, from enhancing experiences to improving safety and efficiency. The May Day holiday provided a glimpse into an exciting future where the boundaries between people and technology become blurred, opening up new opportunities for the travel industry.

    An article published recently on the China News Service website quoted Guo Qiang, a sales manager at a humanoid robot company in central China’s Hunan Province, as saying that the company had received more than 100 orders from tourist sites across the country for tasks such as performing Tai Chi, serving tea, or assisting with hiking.

    “The presence of robots in China’s scenic areas is growing rapidly and on a large scale. This phenomenon can serve as a catalyst for the upgrading of cultural tourism services,” Guo Qiang shared his opinion. -0-

    MIL OSI Russia News –

  • MIL-OSI Europe: Advocating for Social Sciences in Higher Education: Sciences Po at the CIVICA Global Forum

    Source: Universities – Science Po in English

    On 6 and 7 May, Sciences Po joined a prominent European event on social sciences in higher education, organised through our European university alliance, CIVICA. The CIVICA Global Forum 2025 was hosted by one of the 10 members of the alliance, IE University (Madrid, Spain).

    The theme of this two-day event, “Leveraging Social Sciences in Higher Education: Navigating Global Challenges and Complexities”, draw high-level speakers, including prominent figures in academia but also representatives from industry and politics. This European debate on the future of higher education included the important topics of European
    competitiveness and the role of AI in enriching the academic ecosystem.

    Sciences Po took its part in those pressing discussions through 6 speakers that made the journey to Madrid:

    > Discover our selection of 6 inspiring quotes from key speakers at the forum:

    MIL OSI Europe News –

  • MIL-OSI: Bitdeer Announces April 2025 Production and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 09, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today announced its unaudited mining and operations updates for April 2025.

    Operational Update

    • Self-mined Bitcoin: 166 Bitcoins, increase of 45.6% from March 2025 on higher average self-mining hashrate from energization of SEALMINERs.
    • Mining Rig Manufacturing and R&D:
      • SEALMINER A1: 3.7 EH/s are energized with remaining 0.1 EH/s to be energized in Q2 2025.
      • SEALMINER A2:
        • Total of 3.3 EH/s mining rigs have been manufactured and 1.2 EH/s are in assembly as of the end of April.
        • Of the 3.3 EH/s mining rigs that have been manufactured:
          • External-sales: 1.3 EH/s of mining rigs have been shipped to external customers.
          • Self-mining:
            • 0.5 EH/s have been deployed in Texas and Tydal, Norway.
            • 0.4 EH/s are in-transit to Bitdeer’s site in Texas and Tydal, Norway.
            • 1.1 EH/s are being prepared for shipping.
      • SEALMINER A3:
        • Beyond the initial testing result of an energy efficiency of 9.7 J/TH at the chip level while running at low voltage, ultra power-saving mode, Bitdeer ​successfully completed testing several dozen of its prototype models in April 2025, with all the test results meeting expectations.
        • Machine level testing is expected to be finalized by late Q2 2025.
      • SEALMINER A4:
        • SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q4 2025.
    • HPC/AI:
      • Discussions are ongoing with multiple development partners and potential end users for selected large scale sites in the U.S. for HPC/AI.
    • Hosting:
      • Client-hosted mining rigs increased by 3,000 units or 0.6 EH/s in April 2025, due to existing customers increasing hosted mining rigs.
    • Infrastructure:
      • Tydal, Norway: 70 MW of available power capacity was energized in April 2025. The remaining 105 MW are expected to be energized by end of Q2 2025.
      • Jigmeling, Bhutan: 132 MW of available power capacity was energized in April 2025. The remaining 368 MW are on track to be energized in phases by the end of Q2 2025. Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025. Construction of datacenter infrastructure and cooling systems are in progress and also expected to be completed in June 2025.
      • Clarington, Ohio: Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (Phase 1 and 2) as a result of advancing HPC/AI discussions.
    • Financing:
      • In April 2025, Bitdeer entered into a loan agreement with Matrixport Group, a related party of the Company, for a financing facility of up to US$200.0 million. Loans drawn under the facility bear a variable interest rate equal to 9.0% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over a 24-month term and is secured by a pledge of SEALMINERs.

    Management Commentary

    “In April 2025, we successfully energized 70 MW and 132 MW of power capacity at our Tydal, Norway expansion and Jigmeling, Bhutan sites, respectively, bringing Bitdeer’s global available power capacity to nearly 1.1 GW,” said Matt Kong, Chief Business Officer at Bitdeer. “By the end of June 2025, we expect to energize the remaining 473 MW at Tydal and Jigmeling, increasing our global available power capacity to 1.6 GW—of which more than half will be located outside the U.S. Our early investment in global diversification is now yielding meaningful strategic benefits. Our international footprint enhances our operational flexibility, particularly as we navigate evolving global trade dynamics. In the near term, we are prioritizing deployments of our SEALMINER A2s in Norway and Bhutan, which we expect will drive our self-mining hashrate to over 40 EH/s in 2025. Further, we made the strategic decision to pause Bitcoin mining related construction at our 570 MW site in Clarington, Ohio due to advancing discussions with multiple development partners and end users for HPC/AI. The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.”

    Production and Operations Summary

    Metrics Apr 2025 Mar 2025 Apr 2024
    Total hash rate under management1(EH/s) 25.1 24.2 22.3
    – Proprietary hash rate 12.4 12.1 8.4
    • Self-mining 12.4 11.5 6.7
    • Cloud Hash Rate – – 1.7
    • Delivered but not hashing – 0.6 –
    – Hosting 12.7 12.1 13.9
    Mining rigs under management 179,000 175,000 224,000
    – Self-owned2 98,000 97,000 86,000
    – Hosted 81,000 78,000 138,000
    Bitcoins mined (self-mining only) 166 114 265
    Bitcoin held3 1,246 1,156 103

    1Total hash rate under management as of April 30, 2025 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.

    • Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
    • Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
    • Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.

    2Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
    3Bitcoins held do not include the Bitcoins from deposits of the customers.

    Infrastructure Construction Update

    Site / Location Capacity (MW) Status Timing4
    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 1,0985    
    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    

    4 Indicative timing. All timing references are to calendar quarters and years.
    5 Figures represent total available electrical capacity.

    Rockdale, Texas – 100 MW Hydro-cooling conversion energization commenced:

    • All cooling system delivered and installed.
    • Energization in accordance with the phased of delivery of mining rigs.
    • Approximately 1.4 EH/s of SEALMINER A1 hydro mining rigs have been energized.

    Tydal, Norway – 175 MW site expansion has commenced energization and is expected to be fully energized by end of Q2 2025:

    • 70 MW was energized in April.
    • Remaining 105 MW is expected to be energized in phases by end of Q2 2025.
    • Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.

    Massillon, Ohio – 221 MW site on track for completion in H2 2025:

    • Substation construction is underway and is expected to be completed in Q3 2025.
    • Building design completed and construction has begun earlier than expected.
    • Estimated energization is expected to be completed in phases between Q3 and Q4 2025.

    Clarington, Ohio – Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (both Phase 1 and 2) as a result of advancing HPC/AI discussions.

    • The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.

    Jigmeling, Bhutan – 500 MW site has commenced energization and is expected to be fully energized in phases by end of Q2 2025:

    • 132 MW was energized in April.
    • Remaining 368 MW is expected to be energized in phases by end of Q2 2025.
    • Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025.
    • Delivery of containers and hydro-cooling systems are in progress and is expected to be completed in phases by Q2 2025.

    Fox Creek, Alberta – 101 MW site acquired in Alberta, sitting on 19 acres, is fully licensed and permitted:

    • Site includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
    • Bitdeer will develop and construct the power plant in partnership with a leading engineering, procurement and construction (“EPC”) company and is expected to be energized by Q4 2026.

    Oromia Region, Ethiopia – Signed an SPA and a turnkey agreement for the acquisition and construction of a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million:

    • Acquisition includes local Ethiopian company with a mining permit, connected to a neighboring transmission substation at 33kV interconnection.
    • This local Ethiopian company has signed a Power Purchase Agreement (PPA) with Ethiopian Electric Power Company for a duration of 4 years at an electricity price of approximately US$0.036/ kWh.
    • Bitdeer is working closely with an EPC contractor with specialized experience in Bitcoin mining and this mining project is expected to be energized in Q4 2025.

    Upcoming Conferences and Events

    • May 14 – 15, 2025: Macquarie Asia Conference 2025 in Hong Kong
    • May 19 – 20, 2025: Barclay 15th Annual Emerging Payments and Fintech Forum in New York City
    • May 20, 2025: Benchmark Virtual Digital Asset Seminar
    • May 21 – 22, 2025: B. Riley 25th Annual Investor Conference in Marina Del Rey, California
    • May 28, 2025: Orange Group & Blockware Sell-side and Buy-side Conference in Las Vegas, Nevada
    • June 24 – 26, 2025: Roth 15th Annual Conference in London
    • June 25, 2025: Northland Virtual Growth Conference 2025

    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, 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.

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    BlocksBridge Consulting
    Nishant Sharma
    bitdeer@blocksbridge.com

    The MIL Network –

  • MIL-OSI: TeraWulf Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025.

    Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026.

    Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year.

    Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s.

    Held $219.6 million in cash and bitcoin holdings as of March 31, 2025.

    Repurchased $33 million of Common Stock to date in 2025.

    EASTON, Md., May 09, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 GAAP Operational & Financial Highlights

    • Revenue was $34.4 million, compared to $42.4 million in Q1 2024.
    • Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.
    • Self-mining capacity grew 52.5% year-over-year to  12.2 EH/s.
    Key GAAP Metrics ($ in thousands) Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Revenue $ 34,405   $ 42,433  
     Cost of revenue (exclusive of depreciation) $ 24,553   $ 14,408  
     Cost of revenue as % of revenue   71.4 %   34.0 %
                 

    First Quarter 2025 Non-GAAP Operational and Financial Highlights

    • Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.
    • Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024.
    • Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.
    • Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024.
    Key Non-GAAP Metrics2 Three Months Ended Q1 2025 Three Months Ended Q1 2024
     Bitcoin Self-Mined3   372     1,051  
     Value per Bitcoin Self-Mined4 $ 92,600   $ 53,750  
     Power Cost per Bitcoin Self-Mined $ 66,084   $ 15,501  
     Avg. Operating Hash Rate (EH/s)5   7.3     8.0  
                 

    Management Commentary

    “TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42’s contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026,” said Paul Prager, Chief Executive Officer of TeraWulf.

    “We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.”

    Prager added, “We continue to see robust medium- and long-term demand for high-density, energy-efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.”

    Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.”

    First Quarter 2025 GAAP Financial Results

    Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity.

    Cost of revenue, exclusive of depreciation, increased 70%  year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company’s 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding.

    As part of the Company’s regular review of its capital management activities, our Board of Directors recently approved:

    • A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility.
    • A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate.

    These programs are intended to preserve flexibility in managing the Company’s capital structure and liquidity position.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors: 
    Investors@terawulf.com

    Media: 
    media@terawulf.com

    CONSOLIDATED BALANCE SHEETS
    AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
    (In thousands, except number of shares, per share amounts and par value)

      March 31,
    2025    		   December 31,
    2024
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 218,162     $ 274,065  
    Digital currency   1,400       476  
    Prepaid expenses   4,799       2,493  
    Other receivables   5,101       3,799  
    Other current assets   585       598  
    Total current assets   230,047       281,431  
    Property, plant and equipment, net   509,888       411,869  
    Operating lease right-of-use asset   85,299       85,898  
    Finance lease right-of-use asset   7,200       7,285  
    Other assets   8,728       1,028  
    TOTAL ASSETS   841,162       787,511  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   54,901       24,382  
    Accrued construction liabilities   19,526       16,520  
    Accrued compensation   1,512       4,552  
    Accrued interest   5,997       2,559  
    Other accrued liabilities   6,432       2,414  
    Other amounts due to related parties   571       1,391  
    Current portion of deferred rent liability   31,960       —  
    Current portion of operating lease liability   26       25  
    Current portion of finance lease liability   2       2  
    Total current liabilities   120,927       51,845  
    Deferred rent liability, net of current portion   58,040       —  
    Operating lease liability, net of current portion   3,420       3,427  
    Finance lease liability, net of current portion   291       292  
    Convertible notes   488,109       487,502  
    TOTAL LIABILITIES   670,787       543,066  
           
    Commitments and Contingencies (See Note 10)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively   408       404  
    Additional paid-in capital   705,897       685,261  
    Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively   (151,509 )     (118,217 )
    Accumulated deficit   (393,694 )     (332,276 )
    Total stockholders’ equity   170,375       244,445  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 841,162     $ 787,511  
                   
                   

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands, except number of shares and loss per common share)

      Three Months Ended March 31,
      2025   2024
    Revenue $ 34,405     $ 42,433  
           
    Costs and expenses:      
    Cost of revenue (exclusive of depreciation shown below)   24,553       14,408  
    Operating expenses   1,144       785  
    Operating expenses – related party   1,748       888  
    Selling, general and administrative expenses   46,573       12,289  
    Selling, general and administrative expenses – related party   3,571       2,620  
    Depreciation   15,574       15,088  
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Total costs and expenses   94,033       44,749  
           
    Operating loss   (59,628 )     (2,316 )
    Interest expense   (4,049 )     (11,045 )
    Loss on extinguishment of debt   —       (2,027 )
    Interest income   2,259       500  
    Loss before income tax and equity in net income of investee   (61,418 )     (14,888 )
    Income tax benefit   —       —  
    Equity in net income of investee, net of tax   —       5,275  
    Net loss $ (61,418 )   $ (9,613 )
           
    Loss per common share:      
    Basic and diluted $ (0.16 )   $ (0.03 )
           
    Weighted average common shares outstanding:      
    Basic and diluted   383,149,511       290,602,725  
                   
                   

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
    (In thousands)

      Three Months Ended March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   607       7,593  
    Stock-based compensation expense   38,674       6,931  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Revenue recognized from digital currency mined and hosting services   (34,417 )     (41,537 )
    Loss (gain) on fair value of digital currency, net   870       (1,329 )
    Proceeds from sale of digital currency   —       54,391  
    Loss on extinguishment of debt   —       2,027  
    Equity in net income of investee, net of tax   —       (5,275 )
    Changes in operating assets and liabilities:      
    (Increase) decrease in prepaid expenses   (2,306 )     567  
    Increase in other receivables   (1,302 )     (667 )
    Decrease (increase) in other current assets   13       (67 )
    (Increase) decrease in other assets   (7,700 )     22  
    Increase (decrease) in accounts payable   13,844       (1,686 )
    Increase (decrease) in other accrued liabilities   4,359       (3,906 )
    (Decrease) increase in other amounts due to related parties   (990 )     67  
    Increase in deferred rent liability   90,000       —  
    Decrease in operating lease liability   (6 )     (12 )
    Net cash provided by operating activities   56,487       22,846  
           
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchase of and deposits on plant and equipment   (93,687 )     (46,979 )
    Proceeds from sale of digital currency   32,623       —  
    Net cash used in investing activities   (61,064 )     (46,979 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Principal payments on long-term debt   —       (33,412 )
    Payments of prepayment fees associated with early extinguishment of long-term debt   —       (314 )
    Principal payments on insurance premium and property, plant and equipment financing   —       (827 )
    Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0   —       50,722  
    Purchase of treasury stock   (33,292 )     —  
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (18,034 )     (651 )
    Net cash (used in) provided by financing activities   (51,326 )     15,518  
           
    Net change in cash and cash equivalents   (55,903 )     (8,615 )
    Cash and cash equivalents at beginning of period   274,065       54,439  
    Cash and cash equivalents at end of period $ 218,162     $ 45,824  
           
    Cash paid during the period for:      
    Interest $ 5     $ 3,726  
    Income taxes $ —     $ —  
                   

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company’s general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Three Months Ended March 31,
      2025   2024
    Net loss $ (61,418 )   $ (9,613 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Equity in net (income) loss of investee, net of tax   —       (5,275 )
    Distributions from investee, related to Nautilus   —       12,022  
    Income tax benefit   —       —  
    Interest income   (2,259 )     (500 )
    Loss on extinguishment of debt   —       2,027  
    Interest expense   4,049       11,045  
    Depreciation   15,574       15,088  
    Amortization of right-of-use asset   685       252  
    Stock-based compensation expense   38,674       6,931  
    Non-GAAP Adjusted EBITDA $ (4,695 )   $ 31,977  

    1 Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

    2 The Company’s share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within “Equity in net income (loss) of investee, net of tax” in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates.

    3 Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company.

    4 Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned.

    5 While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

    The MIL Network –

  • MIL-OSI: Top Tribal Loans with Guaranteed Approval for Bad Credit – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

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    2. No Credit Check Requirement: Unlike conventional loan providers, the advances from iOnline Payday Loans are not determined by credit scores. It enables people with bad credit or no credit to get a loan, so even though it is not always applicable, it is sometimes the best option for people whose applications have been denied elsewhere because of their credit.

    3. Flexible Loan Options: iOnline is a direct lender that has a range of loan options (payday, instalment, personal, and auto loans) to fit everyone’s financial needs. A variety of choices in repayments and loan amounts gives borrowers the ability to select a loan structure they can afford and manage.

    4. Fast Fund Disbursement: After a loan is approved, iOnline Payday Loans guarantee immediate delivery of funds, usually on the same or following business day. This speed is perfect for prospective borrowers who need access to cash right away due to an emergency expense like medical fees or urgent home repair.

    5. Wide Variety of Borrowers are Eligible: iOnline does consider applications from people with a range of financial circumstances, including people on low incomes, those who are self-employed and applicants with previous credit issues. Their accessible lending requirements allow more people to qualify, as not only do they cater to more than just a traditional financial borrower with a 40-hour week job, but they have multiple guidelines for different borrowers.

    6. Clear and simple terms: The details of all loan costs and interest rates are displayed on the iOnline platform so that borrowers can make well-informed decisions. This high level of transparency means there are no hidden costs or shady clauses, a prerequisite for trust between the parties and preventing future repayment disputes.

    7. Secure and Confidential: iOnline Payday Loans is extremely concerned about your security. The site is built with strong encryption and privacy features to keep your personal and financial data secure. Borrowers can rest assured that their information is dealt with safely as they go through the application, approval and repayment process.

    How to Apply for Tribal Payday Loans at iOnline Payday Loans?

    It is quick and easy to apply for a tribal payday loan through iOnline Payday Loans, and the process was created to make it easy for those with bad credit to get approved. It’s all done online and just takes a couple of basic steps:

    1. Visit the Official Website: Go to https://ionlinepaydayloans.com/. This is the site for processing all tribal loans. Please make sure you are on the right site to apply for a safe and secure application.

    2. Click on “Apply Now”: Click the big “Apply Now” button on the homepage. This will direct you to their official application page, from which you can start the process of applying for a tribal loan.

    3. Fill Out the Online Form: Fill out the online loan application form by providing us with all the personal details. They’ll likely ask for:

    • Name and contact 
    • Full Address
    • Current employment status
    • Monthly income estimate
    • Bank account info

    4. Choose Loan Amount: Choose the amount of loan you would like to apply for. iOnline will get you connected to a network of tribal loan providers, so ensure you are borrowing an amount you are comfortable paying back.

    5. Submit the Form for Review: After you fill out the form correctly, click to send. The service will then search through its network of tribal lenders to find the one that best fits your needs.

    6. Receive Loan Offer and Review Terms: If you are matched with a lender, you’ll be presented with a loan offer that includes APR, loan amount, repayment period, fees and any other terms that are specific to the loan. Please read these terms and conditions carefully before you accept them.

    7. E-sign and Accept the Loan: If you are happy with the lender’s terms, you can sign the agreement digitally to accept the loan. Documents don’t have to be sent by fax or mail — it’s all processed online.

    8. Get Money in your Bank Account: Upon approval, your money will be transferred to your bank account by the next business day. It may take your bank a little time to process the disbursement.

    Pros & Cons of Best Tribal Loans: iOnline Payday Loans

    Pros:

    • Fast Funds Access: iOnline Payday Loans provides fast approvals and faster processing times of your loan, so that you can receive your money on the same or next business day.
    • Minimal Documentation: Their application process has less paperwork than normal loans, making it more user-friendly and resulting in faster approval and payout of money.
    • Flexibility & Accessibility: iOnline Payday Loans offers loan amounts and repayment schedules that can be customised to fit borrowers’ specific needs.
    • Consideration of Bad Credit: You can be accepted for a loan if you have a poor credit history in many instances.
    • Quick & Fast: This type of loan is called an unsecured loan, meaning you do not have equity, and they are not protected by a financial institution that grants you the loan, and this type of loan can be as little as $1000 or as much as $25,000.
    • Online Convenience: The whole loan application process is purely online, providing ease and convenience to borrowers.

    Cons:

    • High-Interest Rates & Costs: Payday loans can also be costly, as they generally come with extremely high interest rates and fees.
    • Short Repayment Period: Borrowers who are unable to repay a payday loan when they get paid may require assistance in repaying the loan by the time they receive their next paycheck.
    • Potential Debt Cycle: Some borrowers end up in a “debt trap”, meaning that they continually take out new cash advance loans to cover the costs of previous ones (due to the high fees and the extremely short terms of repayment).
    • Limited Consumer Protections: Because of tribal sovereignty, some tribal loans could have fewer consumer protections than classic loans.

    Other Types of Loans for Bad Credit at iOnline Payday Loans

    iOnline Payday Loans specialises in providing a variety of bad credit loans. Every type of credit loan is made to help you in a financial emergency with minimum qualifications. The following is the type of loan:

    1. Best Payday Loans for Bad Credit: The best payday loan for bad credit is a short-term loan designed to help you handle your current financial commitments. Unlike long-term loans there are fast payout, with a short-term period and an applicant is not stuffed with collateral. They’re dependent on the borrower’s work, paid back if they reach their next wage. Payday loans are available to needy industrious and those with blemishes on their credit.

    2. Personal Loans: Top Personal loans no credit check provide a huge sum of cash that can be used for any purpose, like debt consolidation, medical expenses, or large purchases. These loans often have longer terms for repayment and may have either fixed or variable interest rates. There is a personal loan for borrowers who need a moderate amount of loan with an easy repayment plan.

    3. Installment Loans: best Installment loans no credit check lend you a certain amount of money, to be repaid in a set series of scheduled payments. These loans are great for people who want a simple repayment plan with a set monthly payment and repayment timeline. You can use installment loans however you need them — just like the loans for bad credit.

    4. Auto Loans: Auto loans are meant for anyone wishing to buy a car. These are loans that have competitive interest rates and a great repayment plan. Borrowers can buy a new or used car with the loan, and the vehicle is used as collateral for the purchase. Also, Car financing for all types of credit.

    Eligibility Criteria & Details For Tribal Loans At iOnline Payday Loans

    To be approved in iOnline Payday Loans application process you need to be eligible and to give right information using the online form. The process is meant to be easy, quick, and open to people with bad credit.

    Eligibility Criteria:

    1. Age Criteria: You should have 18 years of age.
    2. Residence: Must have a legal U.S. residence and a verifiable residential address.
    3. Proof of income: You have to be able to demonstrate verifiable income (employment, benefits or self-employment).
    4. Active Bank Account: You must have an account under your name to get the loan amount disbursed.
    5. Real Contact Information: Include a phone number and email to be able to communicate.

    Details Needed

    1. Full legal name.
    2. Date of birth.
    3. Social Security Number (SSN).
    4. Housing (whether you rent or own, ZIP code).
    5. Source of income.
    6. Monthly gross income.
    7. Desired loan amount.

    Conclusion

    If you have bad credit and are in need of a quick and dependable financial assistance, iOnline Payday Loans is a reliable service to consider. Their connection with tribal lenders afford them the ability to accept your loan application fast, fund fast, and control the whole loan process online. For ease and inclusivity, iOnline puts you in touch with the right loan – without all the credit checks or traditional red tape. Whether it is a short-term payday loan, installment loan, or convenient Title loan, they guarantee a hassle free experience that fits your financial situation.

    Frequently Asked Questions—Best Tribal Loans For Bad Credit

    What are tribal payday loans?

    Tribal payday loans are loans offered by lenders that are based on Native American tribal land and that operate under tribal law. Unlike standard loans, they may even have more flexible credit requirements and terms that are ideal for borrowers who have little or no credit.

    Can I qualify for a tribal loan if I have a bad credit at iOnline Payday Loans?

    Yes, iOnline Payday Loans is a lender connecting service, and most of the lenders in its network consider applications from individuals who have bad credit. The decision is more about income and ability to repay than it is about credit score.

    How much can I borrow with a tribal loan?

    The amount of the loan differs by lender and can be any amount from $100 to $5,000. The specific offer will vary based on your income and other eligibility factors.

    Are tribal loans legal and regulated?

    Yes, tribal loans are legal. They are subject to the sovereignty-based tribal law of the Native American tribe that issues them, not state lending laws. But whether or not it is actually legal can depend on rules specific to each state.

    Do I have to fax documents to apply?

    No faxing is needed. iOnline Payday Loans IOnline Payday Loans has a completely online application that can provide all the information that you need to the lender.

    Media Contact:
    Company Name: IOnline Payday Loans
    Registered Office Address: 1095 Sugar View Dr Ste 500 Sheridan, WY 82801
    Company Website: https://ionlinepaydayloans.com/
    Email: mria@ionlinepaydayloans.com
    Phone: 307-777-7311
    Contact person name: Mria

    Disclaimer: This announcement contains general information about IOnline payday loan services and should not be considered financial advice. Ionline Payday Loans does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c02c7d42-6784-4504-889d-e2bf3bff1469

    https://www.globenewswire.com/NewsRoom/AttachmentNg/05822a34-ec00-4f97-9ae1-9f589c4117f7

    The MIL Network –

  • MIL-OSI United Kingdom: ‘Digital Excellence Programme helped me connect the dots on AI’

    Source: United Kingdom – Executive Government & Departments

    Case study

    ‘Digital Excellence Programme helped me connect the dots on AI’

    Julie Fitzpatrick is putting her learning into action and sharing best practice with others.

    Julie Fitzpatrick, Programme Director, DWP

    As programme director at the Department for Work and Pensions,  Julie Fitzpatrick is tasked with helping to implement the Government’s Fraud Error and Debt Bill.

    The bill, which is expected to become law later this year, will introduce a raft of new powers – all with the aim of recouping funds for the taxpayer.

    But Julie also believes there are efficiencies and cost savings to be gained within the Civil Service too – through increased use of digital technology and AI.

    This was one of the reasons behind her decision to sign up for Government Skills’ Digital Excellence Programme.

    “As a government department you have to keep moving forward, be innovative and create efficiencies and I wanted to have the skills and knowledge to do that,” said Julie.

    “Every time we come up with a proposal, my goal now, more than ever, is to ask- how can we create efficiencies? where can we use AI? which manual processes can we digitise?”  

    Connecting the dots

    The Digital Excellence Programme is designed for senior civil servants as well as Grade 6s and Grade 7s and can be completed in 22 hours, although Julie opted to stagger her learning over a number of weeks. The programme also signposts learners to further reading and learning opportunities.

    “It’s good to link up to that expertise and knowledge,” said Julie.

     “People think AI is brand new but it has been around forever and the course really made me think about that fact.  For years we have had digital programmes assessing our risk potential when we apply for insurance, which is similar – but before I did the course I hadn’t connected the dots.

    “I found the course easy to follow and you can pick it up and put it down. Being given examples of how long it has been around and how to use it yourself, is really useful. I went on to do two further courses and join the discussion groups to be a part of the conversation.”

    Spreading the word

    As a result of the programme, Julie is keen to spread the word about the scale of the impact that tech can achieve. She runs a community practice within DWP for the Portfolio Management Office for grades from AO to Grade 6. The use of Copilot  has been particularly beneficial for staff as it reduces the admin burden, Julie believes.

    “Last week I ran a session and got one of my Copilot experts to come along,” she said. “We discussed how we can incorporate Copilot into our ways of working. The more we can educate people the better. 

    “It’s the kind of small-scale efficiency that, when rolled out across government, creates efficiencies and gives people much more fulfilling roles.”

    Julie, who has helped drive a number of key projects across multiple government departments, including at Defra and the Home Office, added: “As a result of what I know now, I’m convinced better use of digital applications is going to give us better jobs 

    “We have to embrace the possibilities, work more efficiently and use the tools that are available.” 

    Full details of  the Digital Excellence Programme

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Kugler, Assessing Maximum Employment

    Source: US State of New York Federal Reserve

    Thank you, Francine, and thank you to the Central Bank of Iceland for the invitation to speak to you today.1
    My subject is the Federal Reserve’s mandate of maximum employment. In the Fed’s monetary policymaking, maximum employment and stable prices are linked in the mandate assigned to the Federal Reserve by U.S. law, which we refer to as the dual mandate. Icelanders, I know, are a seafaring people, and those here will understand what I mean when I say that the dual mandate is our “lodestar,” a word our two languages share. It is our goal and our guide in setting monetary policy.
    There is an important distinction between our dual-mandate goals. For reasons that I will explain, while the Federal Open Market Committee (FOMC) has defined “stable prices” as 2 percent annual inflation, such numerical precision is not possible in defining maximum employment.
    To achieve price stability, the Fed adopted a numerical target for inflation in 2012 that hasn’t changed. It has remained unchanged because the Committee has repeatedly reaffirmed the judgment that it made in 2012 that 2 percent inflation is the rate most consistent with its statutory mandate. In contrast, the Federal Reserve has not spelled out a numerical goal for the unemployment rate or some other measure of employment because maximum employment can move up and down over time and is not directly measurable, and also because the different factors that determine it are either difficult or impossible to measure in real time.
    Plan of the TalkThe unemployment rate is the statistic that the public most often uses to form views about labor market conditions, and it is also the statistic that economists most often use to try to infer maximum employment. And economists frequently refer to u* as the unemployment rate that corresponds to maximum employment. That said, in my speech today, I would like to offer historical examples of why u* varies over time and why it would be a mistake to assume that it is a fixed number.2 Then, I will review the evolution of the unemployment rate over the past two decades and show that this rate has varied over time, moved by the interplay of myriad factors such as demographics, labor market regulations, changes in business or consumer confidence, or cyclical changes in aggregate demand and monetary policy shocks. In contrast, u* is moved mostly by either structural changes, such as skill deterioration or capital depreciation, or by long-run factors in the labor market, such as the demographic and skill composition of the population. As a result, u* does not move as much as the unemployment rate over time.3 This is significant because monetary policy is aimed at managing the business cycle to minimize deviations from maximum employment.
    In reviewing the unemployment rate, I will also note that it certainly bears valuable information, but, in many cases, this needs to be complemented with other labor market indicators to have a fuller picture of the state of the economy.
    As I have noted, maximum employment is not directly measurable. Likewise, we cannot observe u* directly, and it has to be inferred by statistical techniques, which I’ll review.4 One element common to all the approaches that I review is that they use a number of labor market indicators in addition to the unemployment rate in forming their estimates of maximum employment. Another element in common to some of the approaches is that they try to separate transient factors, or higher-frequency variation, from a more permanent, long-run feature of the economy that can be interpreted as u*.
    Case Study: The Assumption of a Fixed Maximum Employment in the 1970sA common assumption in the economics profession during the 1960s was that u* was 4 percent.5
    While this number might have been a decent approximation of u* during that period, it did not consider the possibility of meaningful changes in that value and, specifically, changes due to the rapid growth in labor supply from the post–World War II baby boomers entering the workforce. Especially because younger workers have higher levels of unemployment, the advent of the baby boomers meant that u* in the 1970s was surely higher than 4 percent. The Federal Reserve was slow in revising its estimate of u*. The high unemployment rate and too low fixed estimate of u* minimum unemployment, in conjunction with the failure to recognize the slowdown in trend productivity, led the Federal Reserve to exaggerate the estimate of slack in the economy and maintain monetary policy that was too loose, adding to other factors driving persistently high inflation over that decade.6 This experience led the Federal Reserve to recognize that a fixed 4 percent value for u* was a poor basis for understanding the cyclical position of the economy.
    The experience of the 1960s and 1970s made it clear that demographic changes need to be considered in estimating u*—a topic I will explore further in my speech.
    The U.S. Labor Market over the Past Two DecadesThe U.S. labor market over the past two decades provides some valuable circumstantial evidence for how maximum employment can change over time. Let me start by discussing the Great Recession, which began in late 2007 and was driven by a severe financial crisis. In the months before the recession began, the unemployment rate reached a low of 4.4 percent and then peaked at 10 percent in October 2009. Although the unemployment rate is a useful metric of the severity of that event, an additional variable that reflects the depth and persistence of the downturn in the labor market after the Great Recession was the share of long-term unemployed—the percentage of unemployed people out of work for 27 weeks or more—which was nearly twice as high as during the deep recession of the 1980s. Longer spells of unemployment can generate persistence because the longer the duration of unemployment for workers, the more their skills erode and the harder it is to become reemployed, leading, in turn, to higher unemployment, a phenomenon known as hysteresis. While some have argued that only workers unemployed for shorter durations should be counted in estimating the slack in the economy, hysteresis is an important part of slack during periods with high unemployment.7 Instead, the experience of the Great Recession reinforced the value of consulting other useful measures of slack.
    After the Great Recession, it took eight years for the unemployment rate to reach the pre-recession low, but when it did, in 2016, it continued to fall, reaching 3.5 percent in 2019 and remaining close to this level until the beginning of the COVID-19 recession in 2020. One thing that was remarkable about this period was that this low level of unemployment occurred without any escalation of inflation. Personal consumption expenditures inflation ran well below an annual rate of 2 percent for almost all of the decade after the Great Recession, when monetary policy was highly accommodative. One could infer that u* had moved down over this period.
    Turning to the pandemic recession, the unemployment rate rose to nearly 15 percent in two months, but a distinguishing feature of this increase was that a large fraction of the unemployed were temporarily laid off.8 Economic research suggests that those who lose their jobs via temporary layoffs have a high likelihood of being recalled, with the latest estimates suggesting a 60 percent probability.9 Considering this, it was not surprising that the post-pandemic recovery was characterized by a fast decline in the unemployment rate.10 In this sense, the unemployment rate alone was not a sufficient indicator of the true state of the labor market. In the post-pandemic recovery, the unemployment rate fell to 3.4 percent by April 2023. Again, for a second time we saw the unemployment rate falling to levels that were in the past associated with price pressures, whereas in this case inflation was also falling.
    In summary, the past two recessions underscored that there are useful statistics beyond the unemployment rate that help inform a reading of maximum employment, and the past two recoveries suggest that the U.S. economy may sustain unemployment as low as 3.5 percent.
    Turning to the current state of the labor market, the unemployment rate has risen only very slowly, and it has moved within a tight range of around 4.2 percent, which is its current reading. In addition, temporary layoffs are back at their pre-pandemic level, and vacancies and quits have leveled off. As a consequence, I judge the labor market to be stable. Most likely, the labor market is also close to maximum employment given that the estimates of u* from some of the models that I will consider in the rest of this speech are in the vicinity of 4.2 percent.
    I have used some historical examples to illustrate how the unemployment rate has changed over time, and I have made some informal inference on the movements of u* in certain periods. Now let me explore different ways of estimating maximum employment. I will cover three separate methods: a method that uses the demographic composition of the population; a definition that considers the unemployment rate in conjunction with inflation in order to get closer to a definition of u* consistent with stable prices; and, lastly, a definition that focuses on maximum employment that one can obtain by taking into account that workers take time to find jobs and firms take time to fill job openings. Some of the models that I review also consider the labor force participation rate, as structural variation in this rate also affects maximum employment. Historical experience with the different forces that can move around maximum employment indicates that all three of these approaches could be helpful in the future when trying to estimate maximum employment.11
    Estimation of Maximum Employment Using DemographicsIn describing the impact of the baby boomers on the labor market, I have already provided an example of how the demographic composition of the workforce may affect maximum employment. More generally, the age distribution in the population or educational attainment or skill distribution are always important factors in evaluating the potential workforce. Beyond the composition of the workforce, developments within specific demographic subgroups also may be relevant for maximum employment. For instance, the increase in labor force participation of women over the past 50 years has been an important factor that has augmented the available workforce. Granular data from the Labor Department’s monthly survey of household employment known as the Current Population Survey, sometimes in conjunction with data on job openings and flows in and out of employment, can add demographic details to the estimation of maximum employment.
    The models that exploit demographic data separate the trend or structural factors in both the unemployment rate and labor force participation rate from transient factors in individual demographic groups, allowing an estimate of maximum employment.12 I think of this as a “bottom up” approach.13
    One can add an additional layer of complexity in working with demographic groups. One important aspect of the unemployment rate is its characteristic countercyclical dynamics—that is, the way this rate increases at the onset of recessions due to an increase in the flow out of employment or layoffs, and its decline in expansions as more unemployed workers find jobs and flow into employment. In recognition of the importance of these flows, one alternative to extracting trends by demographic group is to extract trends in the flows by demographic groups and reconstruct u* dynamics from those flows. The implicit assumption is that the trend components of flows into and out of unemployment capture structural characteristics of the labor market, including market imperfections and the cost of job searches for both workers and employers.14 The models in this class estimate a trend unemployment rate in the range between 4.1 and 4.3 percent in the fourth quarter of 2024.15
    Estimation of Maximum Employment Consistent with Stable PricesAs I mentioned, the dual mandate includes stable prices. The models that I have just described do not contain information on prices. However, one may include price information by adding inflation as a measure of aggregate price pressures in order to come up with an estimate of maximum employment consistent with stable prices.16 A higher unemployment rate signals more workers are available to work, indicating more slack. As more workers are employed, the economy is moving to a situation of fewer resources being available for additional output and most likely to more price pressures. Maximum employment consistent with stable prices ideally strikes a balance between additional workers being hired and additional increases in prices. I have alluded to this concept in an informal way when arguing that in the period after the Great Recession, u* may have moved down through 2019.
    In practice, inflation information is folded into the model by adding a relationship between prices and the unemployment rate known as the Philips curve. There is a long tradition in extracting trend employment consistent with stable prices using a various labor market and output measures. I will draw upon that heritage and briefly describe a model that like the statistical methods that I have already reviewed also aims at estimating maximum employment by separating the unemployment rate from cyclical factors, but it does so by using numerous output and labor market indicators in conjunction with price information.17 Output indicators include both gross domestic product and gross domestic income. Among labor market indicators, in addition to the unemployment rate, there are payrolls, the workweek, and labor force participation, which means that the model is not limited to just the unemployment rate in inferring trend unemployment. The purpose of using many indicators is the belief that all of them follow the same cycle, and that it is easier to identify and separate the cycle from trend using a large set of indicators. Coming back to the Phillips curve, I would note that models that estimate u* are somewhat sensitive to the specification of the Phillips curve. For instance, the model that I have just described has a u* estimate of about 5 percent in the fourth quarter of 2024, but alternative Phillips curve specifications may lower it below 5 percent.18
    Estimation of the Efficient Level of EmploymentA third, often less mentioned concept of full employment is the “efficient” level of unemployment. This concept starts with the idea that it is inefficient for society to have unemployed workers and job openings. Society as a whole would gain by matching those workers with those job openings in a productive way. Of course, it is impossible to instantaneously reduce unemployed workers and job openings to zero. Newly unemployed workers take time to find a job, and vacancies take time to fill as firms find and screen applicants with the right skills. The empirical relationship between the unemployment rate and the job openings rate is summarized by the Beveridge curve, a downward-sloping curve along which more unemployed workers are associated with fewer job openings. The Beveridge curve is a structural aspect of the labor market, and it is effectively a constraint on the relationship between the unemployment rate and the job openings rate. However, given the Beveridge curve, monetary policymakers can try to move the economy along the curve closer to a point at which the total number of vacancies plus unemployed is minimized. One can show that this happens somewhere in between the two, precisely around a value of the unemployment rate equal to the geometric average of the unemployment and vacancy rate.19 The current estimate of this full employment concept places the unemployment rate at 4.2 percent in the fourth quarter of 2024.
    Conclusion and Policy MessageI want to draw some conclusions from the points I have made today.
    My discussion has touched upon many different statistics of the labor market, including the possibility of using data that exploits the heterogeneity of different demographic groups, which I judge to be very informative about u*. The reason is that different business cycles are generated by different shocks that affect the economy in different ways, so that useful indicators of slack in past cycles may not be as insightful in the future. For instance, when there is slack in the labor market, measures taking into account unemployment duration can be more informative about the persistence of unemployment and future slack. By contrast, when labor markets are tight, measures of flows into, out of, and across jobs will give a better measure of the job opportunities for workers and potential upward pressures on wages. Similarly, the vacancy and unemployment ratio combination used in the definition of efficient u* can provide an alternative measure of maximum employment.
    Of course, any one of the estimation techniques that I have reviewed has limitations. For instance, there are constraints on the number of indicators that each model can process. This implies that some models will be better at capturing some drivers of maximum employment than others. That is why I cannot point to the best statistic or best model of maximum employment. I can only acknowledge that a rich set of models and indicators only benefits the policymaker. Given the uncertainty in estimating maximum employment in real time and the many options available, I consider it undesirable to adopt one particular measure to guide monetary policy. This is something to bear in mind as I approach the current review of the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which we call our framework.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. In fact, early on, economists have embarked to estimate the time-varying maximum employment in the economy. At least since Perry (1970), it was noted that u* can vary over time; see George L. Perry (1970), “Changing Labor Markets and Inflation,” (PDF) Brookings Papers on Economic Activity, no. 3, pp. 411–48. Return to text
    3. Consistent with the view that u* moves less than the unemployment rate over time, in this speech, most of the models that I review assume that u* is the trend component of the unemployment rate. For an alternative view that challenges the weaker cyclicality of u* relative to the unemployment rate, see Robert E. Hall and Marianna Kudlyak (2023), “The Active Role of the Natural Rate of Unemployment,” NBER Working Paper Series 31848 (Cambridge, Mass.: National Bureau of Economic Research, November; revised December 2024). Return to text
    4. For some early examples of the use of advanced statistical techniques such as the application of Kalman filtering techniques, see, for instance, the early examples of Peter K. Clark (1987), “The Cyclical Component of U.S. Economic Activity,” Quarterly Journal of Economics, vol. 102 (November), pp. 797–814; and Kenneth N. Kuttner (1994), “Estimating Potential Output as a Latent Variable,” Journal of Business & Economic Statistics, vol. 12 (July), pp. 361–68. For a recent summary of the literature, see Alessandro Barbarino, Travis J. Berge, and Andrea Stella (2024), “The Stability and Economic Relevance of Output Gap Estimates,” Journal of Applied Econometrics, vol. 39 (September/October), pp. 1065–81. Return to text
    5. See Arthur M. Okun (1962), “Potential GNP: Its Measurement and Significance,” Proceedings of the Business and Economics Statistics Section, pp. 98–104. Return to text
    6. See Athanasios Orphanides (2003), “The Quest for Prosperity without Inflation,” Journal of Monetary Economics, vol. 50 (April), pp. 633–63. Return to text
    7. See, for instance, Olivier J. Blanchard and Lawrence H. Summers (1987), “Hysteresis in Unemployment,” European Economic Review, vol. 31 (February–March), pp. 288–95. Return to text
    8. In addition, the rise in temporary layoffs was considered by the Bureau of Labor Statistics to be understated, because many respondents to the Current Population Survey misreported their status as employed but not at work—that is, the properly measured unemployment rate would have risen by much more than was actually reported; see, for example, page 6 of the May 2020 Employment Situation report, which is available on the Bureau of Labor Statistics’ website at https://www.bls.gov/news.release/archives/empsit_06052020.pdf. Return to text
    9. See the classic study of David M. Lilien (1980), “The Cyclical Pattern of Temporary Layoffs in United States Manufacturing,” Review of Economics and Statistics, vol. 62 (February), pp. 24–31. For a more recent paper that makes use of matched employer–employee data, see Arash Nekoei and Andrea Weber (2015), “Recall Expectations and Duration Dependence,” American Economic Review, vol. 105 (May), pp. 142–46. Return to text
    10. Moreover, academic research also suggests that the extent of firms’ recourse to temporary layoffs is correlated with firms’ expectations of near-term economic activity. This would have suggested in real time that a sharp rise in temporary layoffs was not as worrisome as a similar increase in permanent job losses. See Arash Nekoei and Andrea Weber (2020), “Seven Facts about Temporary Layoffs,” CEPR Discussion Paper 14845 (London: Centre for Economic Policy Research, June 3). Return to text
    11. Some studies distinguish long-run unemployment, which would fall in the first category of models that use demographic information, from stable price unemployment, which also adds a Phillips curve to the model. For a recent review, see Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2020), “Unemployment Rate Benchmarks,” Finance and Economics Discussion Series 2020-072 (Washington: Board of Governors of the Federal Reserve System, August). Return to text
    12. The resulting unemployment rate trend can be thought of as a “natural rate.” The first reference to a “natural rate” of unemployment is from Milton Friedman in 1968. Friedman made it clear that he used the term to try and separate real forces from monetary forces, which are assumed to be more transient; therefore, it seems appropriate to use the term “natural rate” for estimates from demographic trends. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17. That said, such a concept is controversial; see Richard Rogerson (1997), “Theory Ahead of Language in the Economics of Unemployment,” Journal of Economic Perspectives, vol. 11 (Winter), pp. 73–92. Return to text
    13. See, for instance, Stephanie Aaronson, Bruce Fallick, Andrew Figura, Jonathan Pingle, and William Wascher (2006), “The Recent Decline in the Labor Force Participation Rate and Its Implications for Potential Labor Supply,” (PDF) Brookings Papers on Economic Activity, pp. 69–154; Daniel Aaronson, Luojia Hu, Arian Seifoddini, and Daniel G. Sullivan (2015), “Changing Labor Force Composition and the Natural Rate of Unemployment,” Chicago Fed Letter 338 (Chicago: Federal Reserve Bank of Chicago); Andreas Hornstein and Marianna Kudlyak (2019), “Aggregate Labor Force Participation and Unemployment and Demographic Trends,” February 28, https://ssrn.com/abstract=3347310; and Didem Tüzemen (2019), “Job Polarization and the Natural Rate of Unemployment in the United States,” Economics Letters, vol. 175 (February), pp. 97–100. Return to text
    14. See, for instance, Mary C. Daly, Bart Hobijn, Ayşegül Şahin, and Robert G. Valletta (2012), “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” Journal of Economic Perspectives, vol. 26 (Summer), pp. 3–26. Return to text
    15. See Murat Tasci (2012), “The Ins and Outs of Unemployment in the Long Run: Unemployment Flows and the Natural Rate,” Working Paper 12-24 (Cleveland: Federal Reserve Bank of Cleveland, November). See also Richard K. Crump, Stefano Eusepi, Marc Giannoni, and Ayşegül Şahin (2019), “A Unified Approach to Measuring u*,” (PDF) BPEA Conference Drafts, March 7–8. Ahn adds unemployment duration in conjunction with flows to estimate u*; see Hie Joo Ahn (2023), “Duration Structure of Unemployment Hazards and the Trend Unemployment Rate,” Journal of Economic Dynamics and Control, vol. 151 (June), 104664. Return to text
    16. Estimates that use prices are sometimes referred to as the non-accelerating inflation rate of unemployment, or NAIRU, although NAIRU is somewhat of a misnomer. In fact, the inflation process in the Great Moderation is not described well by an accelerationist Phillips curve but rather by a mean reverting process around a stable trend, conveniently proxied by long-run inflation expectations. In that case, it would be more accurate to talk about “NIRU,” or non-inflationary rate of unemployment. Return to text
    17. The estimate that I report are from a variant of the model in Charles A. Fleischman and John M. Roberts (2011), “From Many Series, One Cycle: Improved Estimates of the Business Cycle from a Multivariate Unobserved Components Model,” (PDF) Finance and Economics Discussion Series 2011-46 (Washington: Board of Governors of the Federal Reserve System, October). Return to text
    18. For instance, the Phillips curve could be non-linear as in Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
    19. The efficient level of unemployment is also referred to as the “full employment rate of unemployment” or FERU; see Pascal Michaillat and Emmanuel Saez (2024), “u* = √uv: The Full-Employment Rate of Unemployment in the United States,” (PDF) BPEA Conference Draft, September 26–27. Return to text

    MIL OSI USA News –

  • MIL-OSI: Hyperscale Data Subsidiary Bitnile.com Launches Nile Coin on the Solana Blockchain   

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 09, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its indirectly owned subsidiary BitNile.com, Inc. (“Bitnile.com”), officially launched the Nile Coin (NILE) (“Nile Coin”) on the Solana Blockchain on May 3, 2025.

    Bitnile.com, a U.S.-based social gaming platform, minted 500 billion Nile Coin and the current market capitalization as of May 8, 2025, is approximately $164.5 million, based upon a recent price of $0.000329 on Solana-based decentralized exchanges, supported by its primary liquidity pool on Raydium. BitNile.com initially provided 100 million Nile Coin and 11 SOL to the liquidity pool, from which Bitnile.com has sold approximately 76.6 million Nile Coin of the total amount minted to date; the remaining approximately 23.4 million NILE and 47 SOL in the pool are still represented by the Company’s liquidity pool tokens.

    Some additional facts about the Nile Coin:

    • Whitepaper URL — Whitepaper – BitNile.com, Inc.;
    • Link to Nile Coin — NILE/SOL Real-time On-chain Raydium (CPMM) DEX Data
    • Coin Mint Address — 7evZ2P7uyerbqtVMjvFav4Gr4KnmPtYEGALJoRKVpgFz (Solana SPL);
    • Initial Liquidity Seed — Pool began with 100 million NILE paired against ≈ 11 SOLANA;
    • Token Supply & Specifications — Fixed supply 500 billion NILE, 6 decimals, mint & freeze authorities revoked;
    • Bitnile.com Current Treasury Balance — as of May 8, 2025, the treasury wallet holds 3,229,851,188.29 Nile Coin; and

    Vesting schedule — ≈ 498.9 B NILE (99.8 % of supply) secured in a Streamflow-audited smart contract, vesting linearly with ~0.46 B NILE released daily over 36 months back to the treasury wallet.

    “We are very pleased with the initial launch of the Nile Coin and are excited to integrate the Nile Coin into our social gaming platform,” said Joe Spaziano, Chief Executive Officer of Bitnile.com. “By accepting the Nile Coin as a form of payment on Bitnile.com, we hope to provide users with an additional onboarding option and enhance the accessibility of the offerings on the platform. We expect to begin accepting the Nile Coin as a form of payment on or around June 1, 2025.”

    This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Nile Coins in any state or other jurisdiction in which such offer, solicitation or sale or such assets or securities would be unlawful under the laws of any such state or other jurisdiction.

    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 –

  • MIL-OSI: Outbrain Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand following Outbrain’s acquisition of Teads in February 2025, announced today financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Key Financial Metrics1:

      Three Months Ended
    March 31,
    (in millions USD)   2025       2024     % Change
    Revenue $ 286.4     $ 217.0     32  %
    Gross profit   82.7       41.6     99  %
    Net loss   (54.8 )     (5.0 )   NM
    Net cash (used in) provided by operating activities   (1.0 )     8.6     (111 )%
               
    Non-GAAP Financial Data*          
    Ex-TAC gross profit   103.1       52.2     98  %
    Adjusted EBITDA   10.7       1.4     665  %
    Adjusted net loss   (15.3 )     (4.9 )   (211 )%
    Free cash flow   (6.6 )     4.6     (242 )%

    _____________________________

    1 Incorporates the results of operations for legacy Teads from February 3, 2025 through March 31, 2025
    * See non-GAAP reconciliations below
    NM Not meaningful

    “We are off to a strong start following the completion of the combination with Teads. In the first quarter, we delivered financial results above the mid-range of our guidance, while closing the acquisition, issuing five-year senior secured notes, and reaching many major milestones of integration and synergy realization. We are in the early days, but the feedback to our brandformance platform strategy from the hundreds of advertisers and media owners we have met has been highly encouraging,” said David Kostman, CEO of Teads.

    First Quarter 2025 Business Highlights:

    • Completed the acquisition of Teads, for total consideration of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company is operating under the name Teads.
    • Expect to realize approximately $65 million to $75 million of synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 90% of the estimated compensation-related synergies already actioned. For 2025, expect to realize a benefit from cost synergies of approximately $40 million, which represents an increase from initial expectations.
    • Initial cross-selling of legacy Outbrain performance solutions to legacy Teads enterprise brand customers launched in Q2 with several campaigns sold.
    • New strategic Joint Business Partnerships (JBPs) with Ferrero, Haleon, Philip Morris International, and Beiersdorf.
    • ~500 advertisers spending at least a half a million dollars on a rolling 12 month basis, with an average spend of over $2 million annually, which represents approximately 70% of total customer spend.
    • CTV experienced more than 100% year-over-year growth in Q1 2025, and now represents approximately 5% of total ad spend.
    • Continued strong adoption of Moments vertical video offering launched in Q3 2024 and is now live on over 70 publishers, including Axel Springer, Fox News, and Webedia.
    • Premium supply competitive wins include Godo (Spain) WWS (Japan), and renewals include Conde Nast and TMZ (US), Ansa (Italy), Webedia (France) and Sankei (Japan).

    First Quarter 2025 Financial Highlights:

    • Revenue of $286.4 million, an increase of $69.4 million, or 32%, compared to $217.0 million in the prior year period primarily due to the acquisition, including net unfavorable foreign currency effects of approximately $2.6 million.
    • Gross profit of $82.7 million, an increase of $41.1 million, or 99%, compared to $41.6 million in the prior year period. Gross margin increased to 28.9%, compared to 19.2% in the prior year period, reflecting the higher gross margin profile of the acquired business.
    • Ex-TAC gross profit of $103.1 million, an increase of $50.9 million, or 98%, compared to $52.2 million in the prior year period, primarily due to the acquisition. Our Ex-TAC gross margin increased to 36.0%, compared to 24.0% in the prior year period, reflecting the higher margin profile of the acquired business.
    • Net loss of $54.8 million, compared to net loss of $5.0 million in the prior year period. Net loss in the current period includes pre-tax acquisition-related costs of $16.4 million, impairment charges of $15.6 million primarily related to the discontinuance of the vi product offering, restructuring charges of $7.3 million related to our previously announced restructuring plan to streamline operations and reduce duplicative roles post-acquisition, and bridge facility related costs of $12.0 million.
    • Adjusted net loss of $15.3 million, compared to adjusted net loss of $4.9 million in the prior year period.
    • Adjusted EBITDA of $10.7 million, compared to Adjusted EBITDA of $1.4 million in the prior year period.
    • Net cash used in operating activities of $1.0 million, compared to net cash provided by operating activities of $8.6 million in the prior year period. Free cash flow was $(6.6) million, as compared to $4.6 million in the prior year period, primarily related to cash outflows related to transaction costs and restructuring charges of $16.2 million.
    • Cash, cash equivalents and investments in marketable securities were $155.9 million, comprised of cash and cash equivalents of $136.3 million and short-term investments in marketable securities of $19.6 million as of March 31, 2025.
    • Total debt obligations were $627.0 million, including the $610.8 million carrying value of the 10% senior secured notes due 2030 issued in February 2025 (principal amount of $637.5 million, net of unamortized discount and deferred financing costs) and $16.2 million outstanding under a short-term overdraft facility assumed in the acquisition.
    • Entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility, which expires on February 3, 2030, which may be used for working capital and other general corporate purposes. The prior revolving credit facility with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021 was terminated.

    Second Quarter Guidance

    The following forward-looking statements reflect our expectations for the second quarter and full year of 2025.

    For the second quarter ending June 30, 2025, we expect:

    • Ex-TAC gross profit of $141 million to $150 million
    • Adjusted EBITDA of $26 million to $34 million

    For the full year ending December 31, 2025, we continue to expect:

    • Adjusted EBITDA of at least $180 million

    The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

    Conference Call and Webcast Information

    Outbrain will host an investor conference call this morning, Friday, May 9 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13753068. The replay will be available until May 23, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Non-GAAP Financial Measures

    In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with GAAP.

    Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

    The Company is also providing second quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

    Ex-TAC Gross Profit

    Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

    We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with GAAP.

    Adjusted EBITDA

    We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, acquisition-related costs, restructuring, and impairment charges. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

    We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Diluted EPS

    Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with GAAP.

    Free Cash Flow

    Free cash flow is defined as cash flow provided by (used in) operating activities, less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with GAAP.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; our ability to attract and retain customers, management and other key personnel; the volatility of the market price of the Common Stock, $.001 par value per share (the “Common Stock”); overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, tariffs and trade wars and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in the U.S., and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing conflict between Israel and Hamas and any conflicts with other terrorist organizations or other countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company

    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 36 countries.

    Media Contact
    press@outbrain.com

    Investor Relations Contact
    IR@outbrain.com
    (332) 205-8999

    OUTBRAIN INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
    Revenue   $ 286,357     $ 216,964  
    Cost of revenue:        
    Traffic acquisition costs     183,235       164,810  
    Other cost of revenue     20,472       10,559  
    Total cost of revenue     203,707       175,369  
    Gross profit     82,650       41,595  
    Operating expenses:        
    Research and development     13,979       9,193  
    Sales and marketing     53,737       23,617  
    General and administrative     36,477       15,215  
    Impairment charges     15,614       —  
    Restructuring charges     7,279       167  
    Total operating expenses     127,086       48,192  
    Loss from operations     (44,436 )     (6,597 )
    Other (expense) income:        
    Interest expense     (23,124 )     (937 )
    Other (expense) income and interest income, net     (484 )     1,405  
    Total other (expense) income, net     (23,608 )     468  
    Loss before income taxes     (68,044 )     (6,129 )
    Benefit from income taxes     (13,201 )     (1,088 )
    Net loss   $ (54,843 )   $ (5,041 )
             
    Weighted average shares outstanding:        
    Basic     77,954,579       49,265,012  
    Diluted     77,954,579       49,265,012  
             
    Net loss per common share:        
    Basic   $ (0.70 )   $ (0.10 )
    Diluted   $ (0.70 )   $ (0.10 )
    OUTBRAIN INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except for number of shares and par value)
     
      March 31,
    2025    		   December 31,
    2024
      (Unaudited)    
    ASSETS:      
    Current assets:      
    Cash and cash equivalents $ 136,312     $ 89,094  
    Short-term investments in marketable securities   19,567       77,035  
    Accounts receivable, net of allowances   328,386       149,167  
    Prepaid expenses and other current assets   49,817       27,835  
    Total current assets   534,082       343,131  
    Non-current assets:      
    Property, equipment and capitalized software, net   47,879       45,250  
    Operating lease right-of-use assets, net   26,874       15,047  
    Intangible assets, net   391,022       16,928  
    Goodwill   587,494       63,063  
    Deferred tax assets   49,957       40,825  
    Indemnification asset   26,556       —  
    Other assets   24,176       24,969  
    TOTAL ASSETS $ 1,688,040     $ 549,213  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    Current liabilities:      
    Accounts payable $ 274,060     $ 206,920  
    Accrued compensation and benefits   50,760       19,430  
    Deferred revenue   13,066       6,932  
    Short-term debt   16,202       —  
    Accrued and other current liabilities   118,457       56,189  
    Total current liabilities   472,545       289,471  
    Non-current liabilities:      
    Long-term debt   610,816       —  
    Operating lease liabilities, non-current   20,356       11,783  
    Deferred tax liabilities   62,099       1,554  
    Contingent tax liabilities   36,632       9,343  
    Other liabilities   10,927       5,719  
    TOTAL LIABILITIES $ 1,213,375     $ 317,870  
           
    STOCKHOLDERS’ EQUITY:      
    Common stock, par value of $0.001 per share − one billion shares authorized; 94,349,511 shares issued and 94,293,190 shares outstanding as of March 31, 2025; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024   94       64  
    Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024   —       —  
    Additional paid-in capital   674,442       484,541  
    Treasury stock, at cost − 56,321 shares as of March 31, 2025 and 13,413,160 shares as of December 31, 2024   (242 )     (74,289 )
    Accumulated other comprehensive income (loss)   24,707       (9,480 )
    Accumulated deficit   (224,336 )     (169,493 )
    TOTAL STOCKHOLDERS’ EQUITY   474,665       231,343  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,688,040     $ 549,213  
    OUTBRAIN INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net loss   $ (54,843 )   $ (5,041 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
    Depreciation and amortization of property and equipment     1,935       1,639  
    Amortization of capitalized software development costs     2,472       2,409  
    Amortization of intangible assets     8,466       852  
    Amortization of discount on marketable securities     (425 )     (642 )
    Stock-based compensation     2,941       2,927  
    Non-cash operating lease expense     2,307       1,195  
    Provision for credit losses     298       1,693  
    Amortization of debt issuance costs     12,843       —  
    Deferred income taxes     (17,786 )     (174 )
    Impairment of assets     15,614       —  
    Unrealized foreign currency transaction (gains) losses     1,688       312  
    Other     30       26  
    Changes in operating assets and liabilities:        
    Accounts receivable     37,605       30,398  
    Prepaid expenses and other current assets     5,901       7,262  
    Accounts payable and other current liabilities     (22,374 )     (31,875 )
    Operating lease liabilities     (2,614 )     (1,205 )
    Deferred revenue     (830 )     (1,471 )
    Other non-current assets and liabilities     5,806       300  
    Net cash (used in) provided by operating activities     (966 )     8,605  
             
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Acquisition of a business, net of cash acquired     (598,319 )     (181 )
    Purchases of property and equipment     (2,921 )     (1,335 )
    Capitalized software development costs     (2,699 )     (2,627 )
    Purchases of marketable securities     (16,602 )     (31,578 )
    Proceeds from sales and maturities of marketable securities     74,221       31,492  
    Net cash used in investing activities     (546,320 )     (4,229 )
             
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from the Bridge Facility     625,000       —  
    Repayments of borrowings under the Bridge Facility     (625,000 )     —  
    Proceeds from senior secured notes     625,305       —  
    Payment of deferred financing costs     (28,155 )     —  
    Payment of stock issuance costs     (775 )     —  
    Treasury stock repurchases and share withholdings on vested awards     (355 )     (4,015 )
    Principal payments on finance lease obligations     —       (255 )
    Proceeds from bank overdrafts, net     74       —  
    Net cash provided by (used in) financing activities     596,094       (4,270 )
    Effect of exchange rate changes     (57 )     363  
    Net increase in cash, cash equivalents and restricted cash   $ 48,751     $ 469  
    Cash, cash equivalents and restricted cash — Beginning     89,725       71,079  
    Cash, cash equivalents and restricted cash — Ending   $ 138,476     $ 71,548  
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Revenue $ 286,357     $ 216,964  
    Traffic acquisition costs   (183,235 )     (164,810 )
    Other cost of revenue   (20,472 )     (10,559 )
    Gross profit   82,650       41,595  
    Other cost of revenue   20,472       10,559  
    Ex-TAC gross profit $ 103,122     $ 52,154  
           
    Gross margin (gross profit as % of revenue)   28.9 %     19.2 %
    Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)   36.0 %     24.0 %
     
    The following table presents the reconciliation of net loss to Adjusted EBITDA, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2025       2024  
    Net loss $ (54,843 )   $ (5,041 )
    Interest expense   23,124       937  
    Other expense (income) and interest income, net   484       (1,405 )
    Benefit from income taxes   (13,201 )     (1,088 )
    Depreciation and amortization   12,873       4,900  
    Stock-based compensation   2,941       2,927  
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Adjusted EBITDA $ 10,689     $ 1,397  
           
    Net loss as % of gross profit (66.4 )%   (12.1 )%
    Adjusted EBITDA as % of Ex-TAC Gross Profit   10.4  %     2.7  %
    OUTBRAIN INC.
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
    The following table presents the reconciliation of net loss and diluted EPS to adjusted net loss and adjusted diluted EPS, respectively, for the periods presented:
     
    ​ Three Months Ended March 31,
    ​   2024       2023  
    Net loss $ (54,843 )   $ (5,041 )
    Adjustments:      
    Acquisition-related costs   16,418       —  
    Restructuring charges   7,279       167  
    Impairment charges   15,614       —  
    Bridge facility costs   11,996       —  
    Total adjustments, before tax   51,307       167  
    Income tax effect   (11,759 )     (41 )
    Total adjustments, after tax   39,548       126  
    Adjusted net loss $ (15,295 )   $ (4,915 )
           
    Basic and diluted weighted-average shares   77,954,579       49,265,012  
           
    Diluted net loss per share – reported $ (0.70 )   $ (0.10 )
    Adjustments, after tax   0.50       —  
    Diluted loss per share – adjusted $ (0.20 )   $ (0.10 )
    The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:
     
      Three Months Ended March 31,
        2025       2024  
    Net cash (used in) provided by operating activities $ (966 )   $ 8,605  
    Purchases of property and equipment   (2,921 )     (1,335 )
    Capitalized software development costs   (2,699 )     (2,627 )
    Free cash flow $ (6,586 )   $ 4,643  

    The MIL Network –

  • MIL-OSI: Bitget Wallet Launches EIP-7702 Detection Tool Upon Ethereum’s Pectra Upgrade

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, May 09, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has introduced a new detection feature for EIP-7702, a key component of Ethereum’s latest Pectra upgrade. The tool allows users to check whether their wallet is bound to this new functionality and disable it with one click, enhancing safety as wallets adopt more advanced capabilities.

    EIP-7702 enables externally owned accounts (EOAs) to temporarily function like smart contracts, allowing features such as stablecoin-based gas payments, third-party fee sponsorship, and batch transactions. These improvements are designed to streamline blockchain interactions and lower technical barriers for everyday users.

    Bitget Wallet plans to fully support EIP-7702 in future releases, viewing it as a step toward broader crypto accessibility. By eliminating the need to hold ETH for gas fees and enabling multiple actions in a single transaction, the standard offers a more efficient and user-friendly experience. However, its added flexibility also requires new safeguards to prevent misuse and protect user assets.

    To address these concerns, Bitget Wallet’s detection feature offers real-time visibility and control, reducing the risk of unintended approvals from malicious contracts. Additional EIP-7702-based tools, including support for stablecoin gas payments, are expected to roll out in future product updates.

    “The shift toward smart account functionality requires wallets to rethink both user experience and security from the ground up,” said Alvin Kan, COO of Bitget Wallet. “EIP-7702 introduces meaningful flexibility, but it also demands clearer visibility and control. Our goal is to ensure users can adopt these new features with confidence, not complexity.”

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, seamless and secure for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5c494-6e25-43e7-922e-27cfae4e8302

    The MIL Network –

  • MIL-OSI Banking: Huawei’s ADN Level 4 Solution Won Autonomous Network Operations Award at FutureNet World 2025

    Source: Huawei

    Headline: Huawei’s ADN Level 4 Solution Won Autonomous Network Operations Award at FutureNet World 2025

    [London, United Kingdom, May 9, 2025] At FutureNet World 2025 in London, Huawei was honored as the first vendor to receive the Autonomous Network Operations award, reflecting the growing momentum of Autonomous Networks (AN) in the communications industry. FutureNet World is an industry platform dedicated to network automation and AI. The 2025 event brought together over 700 industry leaders from global leading CSPs, standards organizations, and suppliers to explore the future of network transformation. Huawei won the award for its Autonomous Driving Network (ADN) Level 4 solution.
    Huawei’s ADN Level 4 solution won the Autonomous Network Operations award

    Huawei’s ADN Level 4 solution empowers CSPs to achieve Autonomous Networks Level 4 by optimizing their operations and maintenance (O&M) capabilities centered around agents. Targeting high-value scenarios in network maintenance, experience optimization, and service operations, the solution features the Mate-series copilots for four roles and the Spirit-series agents for seven scenarios. Deployed worldwide, it has already delivered positive results across IP, core, optical, and wireless networks.
    Sam Wang, General Manager of Huawei ADN Solution, said in his keynote speech that Huawei will double down on high-value scenarios, drive device-native innovation, and extend the leadership of ADN Level 4 solution. This will support global CSPs in advancing their AN level and achieving commercial success in the 5G-A era, thereby laying a solid foundation for the advent of 6G.

    MIL OSI Global Banks –

  • MIL-OSI: Bitget Announces Strategic Partnership with SWEAT to Boost Movement Economy in Web3

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, May 09, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced its strategic partnership with SWEAT, the pioneering movement economy ecosystem, lowering entry barriers for Web2 audiences while seamlessly connecting them to Web3. The alliance was unveiled at Dubai Esports Festival 2025 (DEF), where attendees experienced the future first-hand through interactive activities that turn physical activity into crypto rewards.

    From Dubai Airport to Sheikh Zayed Road, the city’s most prominent billboards now carry a powerful message: Walk into Crypto—Step. Sweat. Score. “We’re turning physical activity into financial empowerment,” declared SWEAT Co-founder and CEO Oleg Fomenko. “This is about rewarding the most natural human behavior, movement, with digital ownership.”

    Bitget COO Vugar Usi Zade added, “Our mission has always been to bridge Web2 and Web3, and what better way than through something as universal as movement? This partnership makes crypto accessible in the most human way possible—through the natural movement we do every day,” he added.

    The collaboration debuts cutting-edge innovations, including SWEAT’s AI movement coach, Mia, and expanded multi-chain wallet capabilities. At the same time, for Bitget, this partnership represents another strategic step in its vision to seamlessly connect traditional and decentralized digital economies. “We’re building bridges, not walls,” emphasized Vugar. “By meeting users where they already are, in this case, through their daily movement, we’re creating the most natural on-ramps to Web3. Whether you’re a fitness enthusiast or crypto curious, this partnership makes the transition effortless and rewarding.”

    This isn’t just another industry collaboration—it’s a fitness-meets-finance movement that redefines how people interact with digital assets. SWEAT and Bitget are writing the next chapter of mainstream crypto adoption by transforming routine activity into financial opportunity. As Dubai’s skyline lights up with SWEAT x Bitget billboards, one thing’s clear: The future of Web3 isn’t just about sitting and staring at charts. Sometimes, you’ve gotta move it to prove it.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    About SWEAT

    SWEAT is a Web3 platform that encourages physical activity by rewarding users for moving. It uses $SWEAT, a token earned through steps, to turn movement into value to be used, grown, traded and spent in the Movement Economy. The token is stored in the SWEAT Wallet, a mobile app with 20+ million downloads and over 3 million monthly active users. By downloading SWEAT Wallet for free, users globally can start to earn $SWEAT and join the Movement Economy, where every step counts.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e37dd931-a554-44f4-a1e6-35fb8a75835d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c91c386f-00b7-4219-9ff7-d9aa4e90def2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d44445dc-c37e-4e45-9984-adc3d21e757f

    The MIL Network –

  • MIL-Evening Report: USP World Press Freedom Day warnings over AI, legal reform and media safety

    World Press Freedom Day is not just a celebration of the vital role journalism plays — it is also a moment to reflect on the pressures facing the profession and Pacific governments’ responsibility to protect it.

    This was one of the key messages delivered by two guest speakers at The University of the South Pacific (USP) Journalism’s 2025 World Press Freedom Day celebrations this week, the UN Human Rights Adviser for the Pacific, Heike Alefsen, and Fiji Media Association’s general secretary, Stanley Simpson.

    In her address to journalism students and other attendees on Monday, chief guest Alefsen emphasised that press freedom is a fundamental pillar of democracy, a human right, and essential for sustainable development and the rule of law.

    “Media freedom is a prerequisite for inclusive, rights-respecting societies,” Alefsen said, warning of rising threats such as censorship, harassment, and surveillance of journalists — especially with the spread of AI tools used to manipulate information and monitor media workers.

    UN Human Rights Adviser for the Pacific Heike Alefsen (from left), USP Journalism programme head Dr Shailendra Singh, and Fiji Media Association’s general secretary Stanley Simpson . . . reflecting on pressures facing the profession of journalism. Image: Mele Tu’uakitau

    AI and human rights
     She stressed that AI must serve human rights — not undermine them — and that it must be used transparently, accountably, and in accordance with international human rights law.

    “Some political actors exploit AI to spread disinformation and manipulate narratives for personal or political gain,” she said.

    She added that these risks were compounded by the fact that a handful of powerful corporations and individuals now controlled much of the AI infrastructure and influenced the global media environment — able to amplify preferred messages or suppress dissenting voices.

    “Innovation cannot come at the expense of press freedom, privacy, or journalist safety,” she said.

    Regarding Fiji, Alefsen praised the 2023 repeal of the Media Industry Development Act (MIDA) as a “critical turning point,” noting its positive impact on Fiji’s ranking in the RSF World Press Freedom Index.

    World Press Freedom Day at The University of the South Pacific on Monday. Image: USP — the country rose four places to 40th in the 2025 survey.

    However, she emphasised that legal reforms must continue, especially regarding sedition laws, and she highlighted ongoing challenges across the Pacific, including financial precarity, political pressure, and threats to women journalists.

    According to Alefsen, the media landscape in the Pacific was evolving for the better in some countries but concerns remained. She highlighted the working conditions of most journalists in the region, where financial insecurity, political interference, and lack of institutional support were prevalent.

    “Independent journalism ensures transparency, combats disinformation, amplifies marginalised voices, and enables people to make informed decisions about their lives and governance. In too many countries around the world, journalists face censorship, detention, and in some cases, death — simply for doing their jobs,” she said.

    Strengthening media independence and sustainability
     Keynote speaker Stanley Simpson, echoed these concerns, adding that “the era where the Fiji media could survive out of sheer will and guts is over.”

    “Now, it’s about technology, sustainability, and mental health support,” he said.

    Speaking on the theme, Strengthening Media Independence and Sustainability, Simpson emphasised the need for the media to remain independent, noting that journalists are often expected to make greater sacrifices than professionals in other industries.

    “Independence — while difficult and challenging — is a must in the media industry for it to maintain credibility. We must be able to think, speak, write, and report freely on any matter or anyone,” Simpson said.

    According to Simpson, there was a misconception in Fiji that being independent meant avoiding relationships or contacts.

    “There is a need to build your networks — to access and get information from a wide variety of sources. In fact, strengthening media independence means being able to talk to everyone and hear all sides. Gather all views and present them in a fair, balanced and accurate manner.”

    He argued that media could only be sustainable if it was independent — and that independence was only possible if sustainability was achieved. Simpson recalled the events of the 2006 political upheaval, which he said contributed to the decline of media freedom and the collapse of some media organisations in Fiji.

    “Today, as we mark World Press Freedom Day, we gather at this great institution to reflect on a simple yet profound truth: media can only be truly sustainable if it is genuinely free.

    “We need democratic, political, and governance structures in place, along with a culture of responsible free speech — believed in and practised by our leaders and the people of Fiji,” he said.

    USP students and guests at the 2025 World Press Freedom Day event. Picture: Mele Tu’uakitau

    The new media landscape
     Simpson also spoke about the evolving media landscape, noting the rise of social media influencers and AI generated content. He urged journalists to verify sources and ensure fairness, balance and accuracy — something most social media platforms were not bound by.

    While some influencers have been accused of being clickbait-driven, Simpson acknowledged their role. “I think they are important new voices in our democracy and changing landscape,” he said.

    He criticised AI-generated news platforms that republished content without editorial oversight, warning that they further eroded public trust in the media.

    “Sites are popping up overnight claiming to be news platforms, but their content is just AI-regurgitated media releases,” he said. “This puts the entire credibility of journalism at risk.”

    Fiji media challenges
     Simpson outlined several challenges facing the Fiji media, including financial constraints, journalist mental health, lack of investment in equipment, low salaries, and staff retention. He emphasised the importance of building strong democratic and governance structures and fostering a culture that respects and values free speech.

    “Many fail to appreciate the full scale of the damage to the media industry landscape from the last 16 years. If there had not been a change in government, I believe there would have been no Mai TV, Fiji TV, or a few other local media organisations today. We would not have survived another four years,” he said.

    According to Simpson, some media organisations in Fiji were only one or two months away from shutting down.

    “We barely survived the last 16 years, while many media organisations in places like New Zealand — TV3’s NewsHub — have already closed down. The era where the Fiji media would survive out of sheer will and guts is over. We need to be more adaptive and respond quickly to changing realities — digital, social media, and artificial intelligence,” he said.

    Dr Singh (left) moderates the student panel discussion with Riya Bhagwan, Maniesse Ikuinen-Perman and Vahefonua Tupola. Image: Mele Tu’uakitau

    Young journalists respond
     During a panel discussion, second-year USP journalism student Vahefonua Tupola of Tonga highlighted the connection between the media and ethical journalism, sharing a personal experience to illustrate his point.

    He said that while journalists should enjoy media freedom, they must also apply professional ethics, especially in challenging situations.

    Tupola noted that the insights shared by the speakers and fellow students had a profound impact on his perspective.

    Another panelist, third-year student and Journalism Students Association president Riya Bhagwan, addressed the intersection of artificial intelligence and journalism.

    She said that in this era of rapid technological advancement, responsibility was more critical than ever — with the rise of AI, social media, and a constant stream of information.

    “It’s no longer just professional journalists reporting the news — we also have citizen journalism, where members of the public create and share content that can significantly influence public opinion.

    “With this shift, responsible journalism becomes essential. Journalists must uphold professional standards, especially in terms of accuracy and credibility,” she said.

    The third panelist, second-year student Maniesse Ikuinen-Perman from the Federated States of Micronesia, acknowledged the challenges facing media organisations and journalists in the Pacific.

    She shared that young and aspiring journalists like herself were only now beginning to understand the scope of difficulties journalists face in Fiji and across the region.

    Maniesse emphasised the importance of not just studying journalism but also putting it into practice after graduation, particularly when returning to work in media organisations in their home countries.

    The panel discussion, featuring journalism students responding to keynote addresses, was moderated by USP Journalism head of programme Dr Shailendra Singh.

    Dr Singh concluded by noting that while Fiji had made significant progress with the repeal of the Media Industry Development Act (MIDA), global experience demonstrated that media freedom must never be taken for granted.

    He stressed that maintaining media freedom was an ongoing struggle and always a work in progress.

    “As far as media organisations are concerned, there is always a new challenge on the horizon,” he said, pointing to the complications brought about by digital disruption and, more recently, artificial intelligence.

    • Fiji rose four places to 40th (out of 180 nations) in the RSF 2025 World Press Freedom Index to make the country the Oceania media freedom leader outside of Australia (29) and New Zealand (16).

    Niko Ratumaimuri is a second-year journalism student at The University of the South Pacific’s Laucala Campus. This article was first published by the student online news site Wansolwara and is republished in collaboration with Asia Pacific Report.

    USP Journalism students, staff and guests at the 2025 World Press Freedom Day celebrations at Laucala campus on Monday. Image: Mele Tu’uakitau

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: The AAIB has sent a team of inspectors to East Fortune Airfield, near Edinburgh

    Source: United Kingdom – Executive Government & Departments

    News story

    The AAIB has sent a team of inspectors to East Fortune Airfield, near Edinburgh

    A team of inspectors has been sent to begin investigating an accident which occurred on 8 May 2025

    The AAIB has been notified of an accident involving a light aircraft which occurred yesterday evening at East Fortune Airfield, near Edinburgh. An investigation has been launched and a multidisciplinary team of inspectors has been sent to the accident site to gather evidence and begin making enquiries.

    Media enquiries:
    During office hours 01932 440015
    Out of office hours 0300 777 7878

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Barr, Artificial Intelligence and the Labor Market: A Scenario-Based Approach

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 In my remarks, I would like to address a key question facing economists, policymakers, and people all over the world: How will artificial intelligence, particularly generative artificial intelligence, or GenAI, affect workers and the labor market in the years ahead?
    Before I turn to that issue, I’d like to touch on a topic that I expect is also of interest: the outlook for the U.S. economy and the implications for monetary policy.
    The U.S. economy entered this quarter in a relatively strong position: The unemployment rate has been low and stable, and the disinflationary process has continued on a gradual, albeit uneven, path towards our 2 percent objective. Private domestic final purchases have been solid. Overall, the economy has been resilient.
    Against that backdrop, the outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment. I expect tariffs to lead to higher inflation in the United States and lower growth both in the United States and abroad starting later this year.
    In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation. Faced with substantial tariffs, businesses will likely change how they source intermediate inputs, and it will take time and investment for them to reroute their distribution networks. Conversely, global trade networks may change rapidly, and some suppliers may not be able to adapt quickly enough to survive these changes. This concern is particularly acute for small businesses, which are less diversified, less able to access credit, and hence more vulnerable to adverse shocks. Small businesses play a vital role in production networks, often providing specialized inputs that can’t easily be sourced elsewhere, and business failures could further disrupt supply chains. As we saw during the pandemic, such disruptions can have large and lasting effects on prices, as well as output.
    I am equally concerned that tariffs will lead to higher unemployment as the economy slows. Thus, the FOMC may be in a difficult position if we were to see both rising inflation and rising unemployment.
    The size and scope of the recent tariff increases are without modern precedent, we don’t know their final form, and it is too soon to know how they will affect the economy. Yet given the economy’s strong starting point and the progress we have made in bringing inflation back toward our 2 percent objective, monetary policy is in a good position to adjust as conditions unfold. Meanwhile, we will also be closely monitoring how technologies like artificial intelligence are being integrated into economic activity and analyzing the implications for how the economy will evolve.
    Let me now return to the longer-term question of how AI will affect the labor market. Debate about machines replacing workers is nothing new, and even artificial intelligence is not particularly new either. AI has, in some form, arguably been around for decades. Computer scientists have been developing machine learning algorithms for many years, and these algorithms have been widely used in commercial applications, such as fraud detection and advertising. Speech and facial recognition are already ubiquitous. These more long-standing forms of AI are continuing to improve, driving progress in domains ranging from finance to medical diagnosis, and becoming so deeply embedded in our daily lives that we scarcely notice them anymore.
    But GenAI promises to go much further. Unlike traditional machine learning techniques, which often focus on relatively simple prediction and classification tasks, the large language models that have emerged in recent years can generate new content—anything from news articles to computer code to images and video to customer service dialogue. Emerging forms of “agentic” AI can undertake complex, multistep tasks—for example, taking a customer through a transaction and then placing an automated order. As AI continues to develop, it will increasingly be combined with physical technologies like autonomous vehicles and advanced robotics, further extending its ability to interact with the real world. And AI may be shaping up to become what the esteemed economist Zvi Griliches called an “invention of a method of inventing” that speeds up the research and development process itself.2
    Growing evidence indicates that AI will be a “general purpose technology”—such as railroads, electricity, or computers—which is characterized by widespread adoption, complementary progress in many downstream applications, and ongoing improvement in the core technology.3 Past general purpose technologies have dramatically improved productivity. So, against this background, the natural question is, what about AI?
    In trying to understand how AI might transform work, it’s useful to consider how it could be applied in individual occupations, each of which comprises a range of tasks that vary in their susceptibility to automation. Like past waves of information technology, AI will substitute for human labor in some tasks, complement human labor in other tasks, and spur the creation of new tasks that humans will perform, at least initially.4 The net effects of AI on employment, both in the aggregate and across demographic and education groups, will depend on the relative size of these offsetting effects.
    A pessimistic view is that AI and robotics could become so capable and cost effective as to render most human labor obsolete, culminating in mass unemployment. Such concerns about technological advances are hardly a novel development. At least since the Luddites of the early 19th century tried to disable textile looms, people have feared that machines would bring about steep declines in employment, wages, and human welfare.5
    Economists have long been skeptical of that view, which suffers from the “lump of labor fallacy”—the presumption that there’s a fixed amount of work to be done, so if machines do it, humans will not.6 New technologies do eliminate some existing occupations, and not all workers benefit from technological change. But technology also creates new occupations, and the many waves of technological advances over the centuries haven’t rendered humans obsolete. For example, many of the tasks that were performed by humans in the 1950s are now performed by computers and robots, and yet the unemployment rate is similar to what it was back then, while the labor force participation rate is higher overall.
    However, the amazing potential capabilities and breadth of applications associated with AI—many of which are already apparent—make it worth asking whether this time may be different. AI holds enormous promise of faster economic growth, advances in human health, and a higher standard of living. But alongside the kinds of labor market disruptions seen in past episodes of revolutionary technological change, we will need to consider the possibility of more sweeping changes in the way we work.
    A Scenario ApproachIn a previous speech, I outlined two hypothetical scenarios describing how AI could evolve.7 In the first scenario, we see only incremental adoption that primarily augments what humans do today but still leads to significant and widespread productivity gains. In the second scenario, we see profound change, in which we extend human capabilities with far-reaching consequences.
    Today, I will apply the same approach to analyze the potential effects of AI on the labor market. Of course, there is tremendous uncertainty about how AI will evolve and how it will affect the economy, as well as society more broadly. Amid this uncertainty, a scenario-based approach can give us a framework for thinking about the potential effects of AI on employment, real wages, and productivity, as well as for considering the possible role that government could play in influencing this transition.
    Scenario 1: Incremental ProgressLet’s start with the “gradual” scenario, in which new AI technologies are adopted at a brisk, but not a breathless, pace or advance quickly at first and then plateau—perhaps because of constraints imposed by computing resources, the exhaustion of novel training data, and rising energy consumption.
    Under this scenario, AI primarily operates by automating some—but not all—tasks within many occupations. We’ve seen some of this task substitution happen already: Computer programmers rely on AI copilots to write code, allowing them to focus on higher-level tasks, while customer support agents can use chatbots to improve and expedite their responses.8 Lawyers draw on GenAI to conduct legal research, while AI-powered safety features improve the performance of human automobile drivers.
    Under this scenario, as foundational models improve, novel use cases are discovered, and businesses continue to integrate AI into their operations, more and more occupations will be affected, and many jobs will use AI tools more intensively. As these technologies improve, even incremental change may allow AI to become accurate and cheap enough to replace some occupations altogether. It’s hard to make predictions at this stage. But a plausible conjecture is that we could see, for example, fewer human programmers, lawyers, or commercial drivers. At the same time, most current occupations would persist in this scenario—albeit in modified and more productive forms.
    Beyond existing occupations, general purpose technologies also encourage the creation of new occupations, fueled by new products and novel ways of doing business. It’s difficult to envision the novel jobs that will replace the ones we might lose to an incremental AI scenario. But one possibility is that the future could bring us managers of AI agents, specialists in human–AI collaboration, ethicists, safety experts, and large numbers of people involved in adopting, maintaining, and educating about AI tools. Technology, and how we use a particular innovation, evolves in unpredictable ways, and we should expect to be surprised.
    Under this scenario, jobs remain plentiful, real wages are buoyed by productivity gains, and employment and labor force participation remain high and could even rise, if strong wage growth entices new labor market entrants and if improvements in health care increase work capacity among older or disabled individuals. If the widespread adoption of AI proceeds gradually, then workers will have time to adjust, reducing the disruption to the labor market—though, as with previous general purpose technologies, AI would likely imply that some groups of workers experience a painful process of dislocation and transition.
    Retraining could help here. A recent survey carried out by the Federal Reserve Bank of New York found that many businesses plan to retrain their workers to use AI rather than laying them off.9 In some cases, AI may disrupt career ladders by automating many entry-level tasks—such as reviewing legal documents or drafting code—that were historically performed by early-career workers. But if labor demand changes slowly enough, students and workers are more likely to have time to predict which skills will be marketable and to make and recoup human capital investments before their skills become obsolete.
    What about the effect of AI on inequality? Some research suggests that GenAI may help less-productive workers catch up to their more-productive peers.10 That said, the AI economy will likely put a premium on digital skills, facility with new technologies, and adaptability. The precedent of the computer revolution suggests that highly educated workers may benefit most, boosting wage inequality—a phenomenon called “skill-biased technological change.”11 Another possibility is that the labor share of income could decline, if capital owners benefit more than wage earners—for example, because the gains accruing from AI adoption go to large, highly capitalized firms whose technical capabilities, consumer networks, and training data allow them to develop state-of-the-art AI techniques.
    Scenario 2: TransformationNow let’s consider an alternative scenario in which AI completely transforms the economy. As I described in my earlier speech, in this transformative scenario, humans employ AI to unleash their imagination and creativity—combined with robust investment in research and development—to make rapid breakthroughs that have the potential to improve our lives. With growth propelled by swift technological progress, society’s resources would be vastly expanded, AI would spur revolutionary advances in health, and many individuals would enjoy more time for leisure activities.
    Indeed, transformative AI could bring about a state of affairs that John Maynard Keynes famously envisioned almost a hundred years ago, one in which there are “ever larger and larger classes and groups of people from whom problems of economic necessity have been practically removed.”12 At the same time, transformative AI could imply a much smaller role for human labor—a development that would entail sweeping social changes and profound challenges for government.
    Under this scenario, AI would take over a broad range of existing jobs. As economist Anton Korinek writes, “AI systems advance toward mastering all forms of cognitive work that can be performed by humans, including new tasks that don’t even exist yet.”13 Building on developments we are already starting to see, improved chatbots and AI agents would outperform their human counterparts in activities ranging from customer support to medical diagnosis. Along similar lines, advanced robotics could increasingly substitute for human workers in manual and production jobs. Widespread automation would bring many benefits. The availability and quality of many services could increase markedly, and many less-desirable jobs—such as those involving tedious tasks or dangerous working conditions—could be transferred to machines.
    What jobs would exist in this more transformative scenario? As in the more gradual scenario—and just as has happened in the past, when earlier general purpose technologies were adopted—we would see the emergence of new occupations. These would notably include jobs that involve managing the new AI-dominated economy. In addition, some existing occupations would likely persist, at least for some time. This would be the case for three key reasons. First, some jobs may prove especially hard to automate. For example, plumbers and mechanics rely on physical dexterity and adaptability to situations—attributes that machines may find difficult to replicate, or to replicate cheaply. Second, in some contexts, consumers may insist on a human touch. Patients may still want human doctors and therapists, while parents may want human teachers and caregivers to look after their children. Third, even when AI has the technical capability to carry out tasks, some jobs are likely to be protected by laws and regulations. For example, legal and political systems would likely continue to insist on human judges and elected officials. Eventually, however, an increasing share of current jobs may be automated. The technological frontier is moving quickly, consumers’ preferences may change as they become more comfortable interacting with AI, and the regulatory landscape could evolve to provide broader roles for AI.
    It’s difficult to say how many jobs will exist under transformative AI. On the one hand, it’s possible that—as has happened so often in the past—the economy will find inventive new ways to keep most people employed. On the other hand, there are concerns that some workers could experience a large enough decline in their earnings potential that paid work may no longer be an available option. Employment and labor force participation could fall; displaced workers may grapple with a loss of daily routines, social connectedness, and the meaning they derived from employment. The risk of a significant decline in employment looms large in many people’s concerns about AI, and it’s important for policymakers to be attentive to that risk.
    Even if AI ultimately creates as many jobs as it eliminates, we should expect that the transition will be difficult. Existing firms would likely reorganize their production, laying off workers in the process. They could also lose market share to technologically sophisticated start-ups, which could scale up with a minimal number of human workers managing AI subordinates.14 Many displaced workers would have obsolete skills, and skill mismatch could lead to a structural increase in unemployment as these workers retool for new occupations. It is possible that unemployment might rise only temporarily. It is also possible, however, that more sustained increases could be observed. That would be the case if technology continued to evolve too quickly for many workers to keep up, leading to continual churn and ongoing dislocation.
    How might transformative AI affect income inequality? Both traditionally high-wage occupations, such as lawyers and financial professionals, and lower-wage occupations, such as factory and retail workers, could be automated, and it is difficult to predict how AI would affect wage structures. But the largest wage gains would likely go to the highest-skilled workers, as they would be best positioned to implement frontier technologies and help oversee the AI economy. In addition, if capital owners are the main beneficiaries, the labor share of income could decline precipitously.
    Transformative AI could bring about profound improvements in living standards, leisure opportunities, and human health. At the same time, society would confront profound distributional changes and potential challenges. Much would depend on how broadly the economic benefits are shared, how policymakers respond, and how society adapts to the rapid pace of change.
    How Will We Know Which Future We Are Living in?The world looks very different across these two scenarios. As AI spreads throughout the economy, how will we know which world we’re living in, particularly in view of the likelihood that AI adoption will proceed at different rates in different occupations and industries?
    First, we will need to track how many businesses are using AI and how it is affecting their operations. Recent surveys give different impressions about AI adoption thus far, but they consistently show rapid increases in usage over time.15
    Second, we will need to monitor AI’s evolving technological capabilities. AI developers test their models against human performance in benchmark activities like standardized tests and visual tasks. Results of these tests will continue to provide important clues about which activities, and thus which occupations, are at risk of being automated. Along these lines, economists have already developed measures of occupations’ exposure to automation. They have based these measures on the characteristics of the tasks involved in different occupations.16 Of course, as the set of tasks that AI can perform expands, these measures can be updated accordingly.
    A third way to judge how AI is changing the economy is that data on job openings will likely be a leading indicator of changes in labor demand. What kinds of jobs are employers creating? What skills do they cite in job ads?17
    And, lastly, job growth by occupation and industry is likely to reflect the emerging effects of AI. So far, the imprint of AI is difficult to discern in the employment statistics, but that is likely to change. It may be difficult to disentangle the effects of AI from the other determinants of employment growth, especially in real time. But in the event of truly sweeping changes in the occupational structure, the effects of AI should show up in the data.
    Looking AheadWhat do these two scenarios imply for society? In scenario 1, the issues that society has to address will be more straightforward. Policymakers will have to decide how to regulate emergent technologies, education and training programs will have to be tailored to shifts in labor demand, and some labor market regulations may need to be updated. In scenario 2, the issues that society will need to address will be more profound. Questions will include how to ensure that the economic gains associated with AI are broadly shared across individuals and households, and how to adapt social institutions to a world in which many more individuals in their prime working years may be working less. Fortunately, although this second scenario would entail many difficult challenges, it also implies a world in which society has many more resources to deploy against those challenges.
    Those are some of the big questions that society may need to grapple with in the future, and most of these questions are not those that will be primarily addressed by monetary policymakers. As a central banker, I can speak more specifically about how structural changes in the economy related to AI could affect monetary policy considerations—in particular, the Federal Reserve’s dual mandate to promote maximum employment and stable prices. Monetary policy considerations could be affected in many ways; I will limit myself to two prominent possibilities.
    First, AI may require monetary policymakers to reassess our estimates of the natural rate of unemployment, which informs our assessment of the cyclical state of the economy and thus the appropriate stance of monetary policy. The natural rate, which we call u*, is the unemployment rate that corresponds to the maximum level of employment that can be maintained without producing undesirably high inflation. Among other things, u* depends on the efficiency with which matches are formed between workers and firms, and it could rise if shifts in labor demand across industries and occupations lead to skill mismatch and lengthy unemployment spells as workers retrain and switch careers. The natural rate also depends on the demographic composition of the labor force, which AI could affect. If AI shifts the workforce toward groups that have higher labor force attachment but lower unemployment rates (such as college graduates), the result could be downward pressure on u*. It should be stressed that u* is never directly observed and is difficult to discern in real time. But economists use a wide range of models to estimate the natural rate, and we can use those models to see how u* is changing as AI is adopted more widely.18
    Another related consideration relevant for monetary policy is how economic changes due to AI will affect the neutral interest rate, or r*, which is the level of the real interest rate consistent with the economy being at its potential and inflation being at our 2 percent objective. Economic theory suggests that a permanently higher growth rate of productivity, of the kind that might arise under either AI scenario, tends to raise r*. When that happens, a higher real interest rate would be required to deliver any desired monetary policy stance. A challenge that we face is that it is difficult to work out in real time how r* is evolving. But we can make judgments about developments in the behavior of r* by monitoring the relationship between economic activity and interest rates and by using financial market information to estimate longer-run real interest rates.
    ConclusionI’ll return to the broader point and conclude. AI is poised to transform our economy, likely in profound ways. But the speed and extent of that transformation are not yet clear. AI is likely to boost productivity, increase scientific discovery, and transform the nature of work. How these developments unfold will have important implications for society and for central bankers.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See page 502 in Zvi Griliches (1957), “Hybrid Corn: An Exploration in the Economics of Technological Change,” Econometrica, vol. 25 (October), pp. 501–22. See also Iain M. Cockburn, Rebecca Henderson, and Scott Stern (2019), “The Impact of Artificial Intelligence on Innovation: An Exploratory Analysis,” in Ajay Agrawal, Joshua Gans, and Avi Goldfarb, eds., The Economics of Artificial Intelligence: An Agenda (Chicago: University of Chicago Press), pp. 115–48, and Martin Neil Baily, David M. Byrne, Aidan T. Kane, and Paul E. Soto (forthcoming), “Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope,” Brookings Institution working paper. Return to text
    3. The term “general purpose technology” is typically abbreviated to GPT. To avoid confusion with ChatGPT, I will continue to use the longer term. For a definition and discussion of past general purpose technologies, see Timothy F. Bresnahan and Manuel Trajtenberg (1995), “General Purpose Technologies ‘Engines of Growth’?” Journal of Econometrics, vol. 65 (January), pp. 83–108. For a discussion of whether earlier AI techniques already meet these criteria, see Avi Goldfarb, Bledi Taska, and Florenta Teodoridis (2023), “Could Machine Learning Be a General Purpose Technology? A Comparison of Emerging Technologies Using Data from Online Job Postings,” Research Policy, vol. 52 (January), 104653. For a discussion of GenAI specifically, see Tyna Eloundou, Sam Manning, Pamela Mishkin, and Daniel Rock (2023), “GPTs Are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models,” (PDF) March 17 (revised August 22). For a contrasting view that AI will have only modest effects on productivity over the next 10 years, see Daron Acemoglu (2025), “The Simple Macroeconomics of AI,” Economic Policy, vol. 40 (January), pp. 13–58. Return to text
    4. See Daron Acemoglu and Pascual Restrepo (2019), “Automation and New Tasks: How Technology Displaces and Reinstates Labor,” Journal of Economic Perspectives, vol. 33 (Spring), pp. 3–30. Return to text
    5. As David Autor writes, “There have been periodic warnings in the last two centuries that automation and new technology were going to wipe out large numbers of middle class jobs. The best-known early example is the Luddite movement of the early 19th century, in which a group of English textile artisans protested the automation of textile production by seeking to destroy some of the machines.” See page 3 in David H. Autor (2015), “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29 (Summer), pp. 3–30. Return to text
    6. For example, see textbook discussions of automation and unemployment by Paul A. Samuelson (1964), Economics: An Introductory Analysis, 6th ed. (New York: McGraw-Hill), pp. 333–37; and James D. Gwartney and Richard Stroup (1982), Economics: Private and Public Choice, 3rd ed. (New York: Academic Press), pp. 518–19. Return to text
    7. See Michael S. Barr (2025), “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech delivered at the Council on Foreign Relations, New York, February 18. See also Anton Korinek and Donghyun Suh (2024), “Scenarios for the Transition to AGI,” NBER Working Paper Series 32255 (Cambridge, Mass.: National Bureau of Economic Research, March). Return to text
    8. For evidence that GenAI increases the productivity of human programmers, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer (2023), “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” (PDF) February 13. For similar evidence regarding customer support agents, see Erik Brynjolfsson, Danielle Li, and Lindsey Raymond (2025), “Generative AI at Work,” Quarterly Journal of Economics, vol. 140 (May), pp. 889–942. Return to text
    9. See Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman (2024), “AI and the Labor Market: Will Firms Hire, Fire, or Retrain?” Federal Reserve Bank of New York, Liberty Street Economics (blog), September 4. Among surveyed businesses in New York and New Jersey, about half of businesses that planned to use AI within the next six months expected to retrain their current staff to use AI. Return to text
    10. See Shakked Noy and Whitney Zhang (2023), “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, July 13, vol. 381 (6654), pp. 187–92. Return to text
    11. See Claudia Goldin and Lawrence F. Katz (2008), The Race between Education and Technology (Cambridge: Harvard University Press). Return to text
    12. See page 372 in John Maynard Keynes (1930), “Economic Possibilities for Our Grandchildren,” in Essays in Persuasion (New York: W.W. Norton & Company, 1963), pp. 358–73. Return to text
    13. See page 9 in Anton Korinek (2024), “The Economics of Transformative AI,” (PDF) Reporter, no. 4 (Cambridge, Mass.: National Bureau of Economic Research), pp. 9–12. Return to text
    14. See Erin Griffith (2025), “A.I. Is Changing How Silicon Valley Builds Start-Ups,” New York Times, February 20. See also Microsoft (2025), 2025: The Year the Frontier Firm Is Born, Work Trend Index Annual Report, April 23, https://www.microsoft.com/en-us/worklab/work-trend-index/2025-the-year-the-frontier-firm-is-born. Return to text
    15. For a summary of recent survey evidence on AI adoption, see Leland Crane, Michael Green, and Paul Soto (2025), “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5). Across six firm-level surveys, the share of respondents using some form of AI ranges widely—from 5 to 40 percent—likely in part reflecting differences in sample composition, question wording, and the period over which AI usage is measured. Across 10 individual-level surveys, usage of GenAI generally ranges between 20 and 40 percent, with much higher rates among computer programmers. Return to text
    16. For examples of this approach, see Carl Benedikt Frey and Michael A. Osborne (2017), “The Future of Employment: How Susceptible Are Jobs to Computerisation?” Technological Forecasting and Social Change, vol. 114 (January), pp. 254–80; Erik Brynjolfsson, Tom Mitchell, and Daniel Rock (2018), “What Can Machines Learn, and What Does It Mean for Occupations and the Economy?” AEA Papers and Proceedings, vol. 108 (May), pp. 43–47; Edward W. Felten, Manav Raj, and Robert Seamans (2018), “A Method to Link Advances in Artificial Intelligence to Occupational Abilities,” AEA Papers and Proceedings, vol. 108 (May), pp. 54–57; and Eloundou, Manning, Mishkin, and Rock, “GPTs Are GPTs” (see note 3). Return to text
    17. See Daron Acemoglu, David Autor, Jonathon Hazell, and Pascual Restrepo (2022), “Artificial Intelligence and Jobs: Evidence from Online Vacancies,” Journal of Labor Economics, vol. 40 (April), pp. S293–340. Return to text
    18. See Brandyn Bok, Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2023), “Estimating Natural Rates of Unemployment: A Primer,” (PDF) Working Paper Series 2023-25 (San Francisco: Federal Reserve Bank of San Francisco, August). One approach for estimating u* is to aggregate across demographic groups that differ in their average unemployment rates over long periods. Another common approach is to estimate state-space models that incorporate a Phillips curve relationship between unemployment and inflation, as in Thomas Laubach (2001), “Measuring the NAIRU: Evidence from Seven Economies,” Review of Economics and Statistics, vol. 83 (May), pp. 218–31. In addition, assessments of the natural rate can be informed by models that yield estimates of matching efficiency, such as Regis Barnichon and Andrew Figura (2015), “Labor Market Heterogeneity and the Aggregate Matching Function,” American Economic Journal: Macroeconomics, vol. 7 (October), pp. 222–49; and Hie Joo Ahn and Leland D. Crane (2020), “Dynamic Beveridge Curve Accounting,” Finance and Economics Discussion Series 2020-027 (Washington: Board of Governors of the Federal Reserve System, March). Return to text

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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39883acb-0c7f-4759-b3eb-1e081b48123e

    The MIL Network –

  • MIL-OSI: Himax to Debut Breakthrough Ultra-Luminous Miniature Dual-Edge Front-lit LCoS Microdisplay at SID Display Week 2025

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, May 09, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced the unveiling of its miniature ultra-luminous Dual-Edge Front-lit LCoS microdisplay at Display Week 2025. Organized by the Society for Information Display (SID), Display Week is one of the premier symposiums and exhibitions in the display industry and taking place May 11–16, 2025 in San Jose. Himax Senior Director, Simon Fan-Chiang will deliver an in-depth presentation on this cutting-edge technology during Session 3 of the symposium on May 13.

    Himax’s proprietary Dual-Edge Front-lit LCoS microdisplay integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. With a 720×720 resolution and 4.25µm pixel pitch, it delivers outstanding clarity and color vibrancy in a miniature footprint. The microdisplay’s compact and power-efficient design enables significantly smaller form factors without compromising brightness, clarity, or color, redefining the boundaries of high-performance miniature optics. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical.

    “We are proud to introduce our state-of-the-art Dual-Edge Front-lit LCoS microdisplay, a true milestone in display innovation,” said Jordan Wu, CEO of Himax. This achievement is the result of years of rigorous development, delivering an industry-leading combination of ultra-compact size, extremely lightweight design, high brightness, and exceptional power efficiency to meet the demanding needs of AR device makers. We believe this breakthrough technology will be a game-changer for next-generation AR applications.”

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:

    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –

  • MIL-OSI Asia-Pac: President Lai extends congratulations on election of His Holiness Pope Leo XIV  

    Source: Republic of China Taiwan

    Details
    2025-05-05
    President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
    On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development.    A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit.  Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit.  Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism.   Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki. 

    Details
    2025-05-02
    President Lai meets Atlantic Council delegation
    On the afternoon of May 2, President Lai Ching-te met with a delegation from the Atlantic Council, a think tank based in Washington, DC. In remarks, President Lai said that we have already proposed a roadmap for deepening Taiwan-US trade ties to achieve a common objective of reducing all bilateral tariffs. At the same time, the president said, we will expand investments across the United States and create win-win outcomes for both sides through the trade and economic strategy of “Taiwan plus the US.” The president also emphasized that Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. He expressed hope that, given shared economic and security interests, Taiwan and the US will generate even greater synergy and prove to be each other’s strongest support. A translation of President Lai’s remarks follows: I welcome you all to Taiwan. In particular, Vice President Matthew Kroenig visited Taiwan last June and now is making another trip less than a year later. He also contributed an important article supporting Taiwan to a major international publication, highlighting the concern that our international friends have for Taiwan. We are truly moved and thankful. On behalf of the people of Taiwan, I sincerely thank all sectors of the US for their longstanding and steadfast support for Taiwan. Especially, as we face the challenges arising from the regional situation, we hope to continue deepening the Taiwan-US partnership. Holding a key position on the first island chain, Taiwan faces military threats and gray-zone aggression from China. We will continue to show our unwavering determination to defend ourselves. I want to emphasize that Taiwan is accelerating efforts to enhance its overall defense capabilities. The government will also prioritize special budget allocations to increase Taiwan’s defense spending from 2.5 percent of GDP to more than 3 percent. This reflects the efforts we are putting into safeguarding our nation and demonstrates our determination to safeguard regional peace and stability. During President Donald Trump’s first term, Taiwan purchased 66 new F-16V fighter jets. The first of these rolled off the assembly line in South Carolina at the end of this March. This is crucial for Taiwan’s strategy of achieving peace through strength. In the future, we will continue to procure defense equipment from the US that helps ensure peace and stability across the Taiwan Strait. We also look forward to bilateral security collaboration evolving beyond arms sales to a partnership that encompasses joint research and development and joint manufacturing, further strengthening our cooperation and exchanges. Taiwan firmly believes in fair, free, and mutually beneficial trade ties. Indeed, we have already proposed a roadmap for deepening Taiwan-US trade ties. This includes our common objective of reducing all bilateral tariffs as well as narrowing the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. At the same time, we will expand investments across the US. We will promote our “Taiwan plus one” policy, that is, the new trade and economic strategy of “Taiwan plus the US,” to build non-red supply chains and create win-win outcomes for both sides. As the US is moving to reindustrialize its manufacturing industry and may hope to become a global manufacturing center for AI, Taiwan is willing to join in the efforts. Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. We have every confidence that, given shared Taiwan-US economic and security interests, we can generate even greater synergy and prove to be each other’s strongest support. In closing, I thank Vice President Kroenig once again for leading this delegation, demonstrating support for Taiwan. I look forward to exchanging opinions with you all in just a few moments. I wish you a smooth and successful trip. Vice President Kroenig then delivered remarks, first thanking President Lai for hosting them. He said that it is an honor to be here and to lead a delegation from the Atlanta Council, which consists of a mix of former senior US government officials with responsibility for Taiwan and also rising stars visiting Taiwan for the first time. Vice President Kroenig said that they are here at a critical moment, as there is an ongoing war in Europe, multiple conflicts in the Middle East, and increased Chinese aggression in the Indo-Pacific. Moreover, he pointed out, the regimes of China, Russia, Iran, and North Korea are increasingly working together in a new axis of aggressors. Vice President Kroenig indicated that the challenge facing the US and its allies and partners, including Taiwan, is how to deter these autocracies and maintain global peace, prosperity, and freedom, especially in Taiwan, whose security and stability matter, not only for Taiwan, but also for the US and the world. Vice President Kroenig assured President Lai and the people of Taiwan that the US is a reliable partner for Taiwan. The vice president stated that the administration under President Trump is prioritizing the deterrence of China, and that President Trump has announced an intention to have the largest US defense budget in history, more than US$1 trillion, to resource this priority. Pointing out that an America-first president will not help a country that is not helping itself, Vice President Kroenig said that their delegation has been impressed with the steps President Lai and the administration are taking to strengthen Taiwan’s security, including increasing defense spending, developing a societal resilience strategy, and using cutting edge technologies like unmanned systems to promote indigenous defense production. Vice President Kroenig said that more than money and equipment are necessary to secure a democracy against a powerful and ruthless neighbor, adding that history shows that the human factor is the most important. In the end, he said, it will be the will of the people of Taiwan to resist coercion and to defend their home which will be the most important factor determining the future fate of Taiwan and for the ability of the people of Taiwan to chart their own destiny. Vice President Kroenig emphasized that Americans are willing to support Taiwan in this endeavor, but it will be the people of Taiwan and strong and capable leaders like President Lai at the forefront of this struggle, with the firm support of America. Vice President Kroenig said that as the US and Taiwan work together on these challenges, the Atlantic Council looks forward to offering support behind the scenes. Founded in 1961 to support the Transatlantic Alliance, he said, the Atlantic Council is a global think tank, and part of its DNA is working closely with friends and allies in the Indo-Pacific, including Taiwan. He said they look forward to continuing their close and longstanding cooperation with Taiwan through visiting delegations, research and reports, and public and private events. In closing, Vice President Kroenig thanked President Lai again for hosting them and for the work he is doing to secure the free world. The delegation also included former Deputy Assistant Secretary of Defense for East Asia Heino Klinck and former Director for Taiwan Affairs at the White House National Security Council Marvin Park.

    Details
    2025-05-01
    President Lai meets Japan’s LDP Youth Division delegation
    On the morning of May 1, President Lai Ching-te met with a delegation from Japan’s Liberal Democratic Party (LDP) Youth Division. In remarks, President Lai thanked the guests for demonstrating support for deepening Taiwan-Japan ties through concrete actions. The president expressed hope that Taiwan and Japan can continue to conduct exchanges in such areas as national defense, the economy, education, culture, sports, and the arts so that bilateral relations reach even greater heights. A translation of President Lai’s remarks follows: I want to welcome our distinguished guests, who include Diet members in the LDP Youth Division and guests from Junior Chamber International (JCI) Japan, to the Presidential Office. It is also a pleasure to see LDP Youth Division Director Nakasone Yasutaka, House of Representatives Member Hiranuma Shojiro, and House of Councillors Member Kamiya Masayuki again today. I look forward to discussions with all our distinguished guests. The LDP Youth Division and JCI Japan have once again demonstrated support for deepening Taiwan-Japan ties through concrete actions. On behalf of the people of Taiwan, I also want to thank the LDP Youth Division for launching a fundraising campaign to help those affected by the earthquake in Hualien County on April 3 last year. LDP Youth Division members will be important leaders in Japan’s political arena in the future. Taiwan deeply values our exchanges with the Youth Division and hopes to bring about concrete results from such exchanges. Peace and stability in the Taiwan Strait are critical to the security and prosperity of the world, and Taiwan and Japan can work together to promote peace and stability in the Indo-Pacific region. Former Prime Ministers Abe Shinzo and Kishida Fumio, and current Prime Minister Ishiba Shigeru have repeatedly stressed the importance of peace and stability in the Taiwan Strait at important international venues. Taiwan is deeply grateful to Japan’s current and former prime ministers for their concern and support for this issue. Taiwan and Japan can also cooperate in industry and the economy. As our industries are complementary, further cooperation can create win-win outcomes. In the semiconductor industry, for instance, Taiwan’s strengths lie in manufacturing, while Japan’s strengths lie in materials, equipment, and technology. If we work together, the semiconductor industry is sure to see even more robust development. In addition to the economy and national defense, Taiwan and Japan can also conduct exchanges in such areas as education, culture, sports, and the arts. Our countries have long shared deep ties – Director Nakasone’s grandfather, former Prime Minister Nakasone Yasuhiro, was stationed in Taiwan and lived in what is now the Mingde New Residential Quarter of Kaohsiung City’s Zuoying District. I am confident that on the basis of our already solid foundations, Taiwan-Japan relations can reach even greater heights. Director Nakasone then delivered remarks, first thanking President Lai for finding time in his busy schedule to meet with the visiting delegation. He said that the LDP Youth Division sends a visiting delegation to Taiwan each year and is always granted the opportunity to meet with the president, demonstrating his high regard for the delegation, for which the director again expressed his gratitude. He remarked that he, together with House of Representatives Member Suzuki Keisuke, visited Taiwan last July, and that whenever he visits Taiwan, it feels as if he is returning home. Director Nakasone recalled President Lai’s earlier remarks, saying that he hopes the young people of Taiwan and Japan can fully engage in exchanges in the areas of national defense, the economy, culture, education, and the arts. The director said he believes that in today’s complex and difficult international situation, such directives are necessary. This is especially so, he emphasized, during United States President Donald Trump’s second term, when things once taken for granted are no longer so, and when the global economy is undergoing significant changes. Director Nakasone expressed his full support for strengthening Taiwan and Japan’s practical and strategic cooperation. He said he believes each side will be able to benefit from such cooperation and hopes that exchanges will progress toward shared goals. He pointed out that, as maritime nations, Taiwan and Japan share the goals of protecting the ocean and using marine resources wisely, goals that we ought to cooperate on and devote our full efforts to. The peace and stability of the Taiwan Strait are critical to the peace and stability of East Asia and even the world, he said, so we must ensure that the world and its leaders recognize this point, and Japan will do its utmost to advocate for it. Director Nakasone said, on the topic of semiconductors, that Taiwan Semiconductor Manufacturing Company’s new fab in Japan’s Kumamoto Prefecture has made the area very lively, adding that the Japanese government is providing more than 1.25 trillion yen in subsidies. Moving forward, the Japanese government plans to inject an additional 10 trillion yen, he said, to aid in the development of AI and other fields. Noting that Taiwan and Japan both excel in semiconductors, he expressed his hope that each can give free rein to its strengths to produce an even greater effect. Director Nakasone said that despite Taiwan’s facing formidable internal and external circumstances, it saw 4.6 percent economic growth last year under President Lai’s strong leadership, and it continued to promote measures to enhance overall societal resilience, all of which is admirable. In closing, the director thanked President Lai once again for taking the time to meet with them. Also in attendance were Japanese House of Representatives Members Nemoto Taku and Fukuda Kaoru, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-04-29
    President Lai meets NBR delegation  
    On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.  

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

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

    MIL OSI Asia Pacific News –

  • MIL-OSI: BloFin leads the pack at TOKEN2049 with 1,000+ attendees at Whale’s Rave and major growth highlights

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, May 09, 2025 (GLOBE NEWSWIRE) — At this year’s TOKEN2049, BloFin joins top exchanges including OKX, Binance, and KuCoin as a Title Sponsor, marking another milestone in its global expansion and industry recognition. From a Platinum Sponsor last year to a Title Sponsor this year, BloFin’s elevation in status reflects the brand’s growing ambition and commitment to the cryptocurrency industry. The company has also made significant strides in its offerings, showcasing multiple brand advancements, including launching sub-accounts, achieving ISO 27001 certification, and becoming the fourth exchange in the industry to complete the Unified Trading Account feature.

    BloFin’s presence was prominent throughout the venue, from the entrance and exclusive registration counter to the welcome bags and key areas across the event space. The team engaged with industry leaders, partners, traders, and KOLs, fostering insightful conversations and building meaningful relationships to drive future crypto growth.

    Finny Takes the Spotlight: BloFin’s Mascot Shines as the Star of TOKEN2049

    A standout moment at TOKEN2049 was the official debut of Finny, BloFin’s newly unveiled mascot. Designed as a meme-worthy space whale, Finny quickly became a crowd favorite and a visual symbol of BloFin’s unique brand identity. Finny symbolized BloFin’s commitment to protecting whales and embodied the brand’s aspirations to the moon. With its captivating design, Finny became the event’s most talked-about character, further solidifying BloFin’s connection with the crypto community.

    The First-ever Whale’s Rave: Arcadia Side Event of TOKEN2049 Concludes Successfully, Marking the Beginning of Exciting Collaborations with Luke Belmar

    The Whale’s Rave: Arcadia event, presented by BloFin, quickly became the most talked-about side event of TOKEN2049 Dubai 2025, drawing nearly 1,000 attendees worldwide. This year also marked a historic collaboration between BloFin and renowned crypto investor Luke Belmar, taking the event to its peak and pushing its excitement to new heights.

    Whale’s Rave: Arcadia was this exclusive event’s first edition, leaving an indelible mark on every attendee. The event redefined what crypto industry gatherings could look like, featuring premium whale-tier merchandise, an exclusive Whale’s Club-only gift, and the debut of BloFin’s beloved mascot Finny. BloFin also showcased a series of brand-defining performances, further solidifying the brand’s position as an innovator within the space.

    In line with its continued growth, BloFin unveiled its all-new 2025 merchandise collection, designed exclusively for the crypto elite. The collection features eight unique items, including the coveted BloFin Top Whales Necklace and Ring Bundle, Whale’s Trading Journal, Gym Bag, Finny T-shirts, and exclusive Whale Club-only merchandise for VIP traders.

    “We are incredibly excited about the success of the first-ever Whale’s Rave,” said Matt, CEO of BloFin. “It was an unforgettable moment to celebrate with our global community and partners. We were also pleased to share major product updates, including our Unified Trading Account, Sub-Account features, and the upcoming BloFin Card. We look forward to seeing everyone again in Singapore.” “It was the most fun and craziest party of the week!” as described by BeInCrypto and CoinTelegraph.

    As the flames of the event burned bright, BloFin remains focused on its mission to create unforgettable experiences for its community and build a future where Whales Are Made.

    With sights set on TOKEN2049 Singapore, BloFin is preparing to elevate its presence further, headlined by a large-scale, thousand-person celebration and deeper engagement with industry leaders. As BloFin expands its global reach and solidifies its role at the forefront of digital finance, the world can anticipate the next bold chapter from the brand that continues to prove: this is where whales are made.

    Follow BloFin X（Twitter）｜Instagram｜YouTube｜Telegram

    About BloFin

    ​BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers 480+ USDT-M perpetual pairs, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. ​As the constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.” For more information, visit BloFin’s official website at https://www.blofin.com.

    Contact:
    Annio W.
    annio@blofin.io

    Disclaimer: This is a paid post and is provided by BloFin. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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    The MIL Network –

  • MIL-OSI: Best Crypto Casinos: JACKBIT Picked as the Top BTC Casino Site of 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 09, 2025 (GLOBE NEWSWIRE) — The online gambling industry is undergoing a seismic shift, with crypto casinos emerging as the preferred choice for players seeking privacy, speed, and innovation. As we enter 2025, JACKBIT stands tall as the best crypto casino, celebrated for its no-KYC policy, vast game selection, rapid payouts, and cutting-edge features.

    This article dives deep into why JACKBIT is the top pick among the best crypto casinos, exploring its standout qualities and how it’s shaping the future of online gaming.

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    Why JACKBIT is the Top Choice for Crypto Gamblers

    JACKBIT, the best crypto casino, has redefined what players expect from a crypto gambling site. Its blend of privacy-focused policies, diverse gaming options, and seamless functionality makes it a favorite for both newcomers and seasoned gamblers. Here’s a closer look at what sets JACKBIT apart:

    No-KYC Policy: Privacy and Speed Combined

    JACKBIT’s no-KYC policy eliminates the need for players to submit personal identification, offering unmatched privacy and a streamlined sign-up process. This feature appeals to players who prioritize anonymity and want to dive into the action without delay. With instant account creation and no invasive verification steps, JACKBIT proves why it’s a leader among new crypto casinos.

    Extensive Game Selection: A World of Options

    Boasting over 7,000 games from 85 renowned providers, JACKBIT caters to every type of player. From slots like Wolf Gold and Mega Moolah to table games such as blackjack and roulette, and a robust sportsbook covering 140+ sports, the variety is staggering. Live dealer games and specialty titles like Plinko further enhance its appeal, making it a top contender for the best bitcoin casino crown.

    Innovative Bonuses: Rewards That Keep Coming

    JACKBIT’s bonus offerings are both generous and creative. New players enjoy a 30% Rakeback bonus plus no KYC, plus 100 free spins, while regulars benefit from weekly $10,000 giveaways, social media promotions, and a VIP program with up to 30% Rakeback. These incentives ensure JACKBIT remains a standout among crypto gambling sites.

    Payment Versatility: Flexibility for All

    Supporting 17+ cryptocurrencies like Bitcoin, Ethereum, and Solana, alongside fiat options like Visa and Google Pay, JACKBIT offers unparalleled payment flexibility. High rollers appreciate the $10,000 weekly withdrawal limit, reinforcing its status as one of the best crypto casinos for transaction convenience.

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    How to Join JACKBIT Crypto Casino

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    Best Crypto Casino Games at JACKBIT

    One of the standout features of JACKBIT is its impressive game library, boasting over 7,000 titles in a variety of categories. Whether you’re a fan of slots, table games, or live dealer experiences, there’s something for everyone.

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    Slots are a major highlight, offering everything from classic 3-reel games to modern video slots. Some popular options include:

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    Specialty Games

    For casual players or those looking for something different, JACKBIT also offers:

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    This wide variety ensures that JACKBIT remains one of the top crypto casinos for all types of players. Whether you’re into high-stakes poker or just want to have some fun with a slot game, there’s always something exciting waiting for you.

    Why JACKBIT Excels in Sports Betting

    JACKBIT’s sportsbook is a powerhouse, appealing to casual fans and pros alike:

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    • Live Betting: Real-time odds and streaming for select matches (e.g., tennis majors) let players wager as games unfold, adding thrill and strategy.
    • Betting Options: With 4,500+ types—moneylines, over/unders, player props—JACKBIT offers unmatched variety. A football match might feature 200+ unique bets.
    • Competitive Odds: Regularly refreshed to beat industry averages, ensuring better value. A $10 bet on a 2.0 odds soccer game could yield $20, outpacing many rivals.

    This depth and dynamism make JACKBIT a top-tier crypto gambling site for sports enthusiasts.

    The Role of Software Providers

    JACKBIT’s game quality stems from partnerships with elite providers:

    • NetEnt: Delivers visually rich slots like Gonzo’s Quest, known for immersive graphics and high RTPs.
    • Evolution Gaming: Powers the live casino with professional dealers and innovative titles like Lightning Roulette.
    • Pragmatic Play: Offers slots (Sweet Bonanza) and Drops & Wins, blending fun with big win potential.
    • Microgaming: Brings legendary progressives like Mega Moolah, a millionaire-maker.
    • Betsoft: Adds 3D flair with games like The Slotfather, enhancing variety.

    These collaborations ensure a premium, diverse library, solidifying JACKBIT’s rank among best bitcoin casinos.

    The Impact of Live Dealer Games

    Live dealer games bridge the gap between online and brick-and-mortar casinos, and JACKBIT excels here:

    • Authentic Experience: HD streams and real dealers (via Evolution Gaming) recreate the casino vibe. Playing Live Blackjack feels like sitting at a Vegas table.
    • Interactive Features: Chat with dealers or players, adding a social layer absent in RNG games. A dealer might congratulate a big win, boosting engagement.
    • Variety: Options span low-stakes roulette to VIP baccarat, with game shows like Crazy Time mixing entertainment and betting.
    • Trust Factor: Seeing cards dealt live builds confidence, crucial for skeptical players transitioning to crypto gambling sites.

    This immersive offering enhances JACKBIT’s reputation as a top-tier platform.

    Best Crypto Casino Payment Methods

    JACKBIT offers a wide range of payment methods, focusing on speed and security to ensure a smooth experience for players.

    Cryptocurrencies

    JACKBIT accepts over 17 cryptocurrencies, including:

    • Bitcoin (BTC): A secure and widely used option with instant deposits.
    • Ethereum (ETH): Fast transactions thanks to smart contracts.
    • Litecoin (LTC): Known for low fees and quick confirmations.
    • Ripple (XRP): Perfect for cross-border payments.
    • Tether (USDT): A stablecoin that helps reduce volatility.
    • Solana (SOL): A high-speed blockchain with minimal fees.
    • Other options: Dogecoin, Cardano, Binance Coin, and more.

    Advantages of Using Crypto:

    • Anonymity: No need to share personal details.
    • Speed: Deposits are instant, and withdrawals usually take under 10 minutes.
    • Low Fees: Transaction costs are minimal
    • Global Access: No geographic restrictions.

    Debit/Credit Cards

    For those who prefer traditional payment methods, JACKBIT also accepts Visa and MasterCard for secure deposits. However, while card deposits are quick, withdrawals may take longer to process.

    E-Wallets

    Though PayPal is not available, JACKBIT supports Google Pay and Apple Pay for easy, mobile-friendly deposits. These e-wallets provide a convenient way to deposit without sharing bank account details.

    Bank Transfer

    For larger transactions, JACKBIT, the best crypto casino, offers bank transfers, which are ideal for high rollers. Keep in mind, though, that these can take several days to process and may come with higher fees.

    Cryptocurrency vs. Fiat

    While crypto methods are the fastest and most private, fiat options like card payments and bank transfers are still reliable but slower. JACKBIT accommodates both, ensuring that players have plenty of options depending on their preferences.

    By offering such a variety of payment methods, JACKBIT ensures it meets the needs of all players, making it one of the best crypto casinos available today.

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    User Experience at the Best Crypto Casino

    A superior user experience is at the heart of JACKBIT’s success. The platform’s sleek, dark-themed design isn’t just visually appealing—it’s highly functional. Navigation is effortless, with a well-organized layout that ensures players can find what they need in seconds. Here’s what makes JACKBIT’s user experience exceptional:

    • Intuitive Design: The homepage features a clean interface with quick-access menus for games, promotions, and support. Categories like slots, live casino, and sportsbook are clearly labeled, reducing the learning curve for new users.
    • Advanced Search Functionality: A robust search bar lets players filter games by title, provider, or category. For example, typing “blackjack” instantly pulls up all available variants, saving time and enhancing convenience.
    • Mobile Compatibility: JACKBIT’s mobile-optimized site mirrors the desktop experience, offering full access to games, betting, and account management without requiring an app. Whether on iOS or Android, the platform adapts flawlessly to smaller screens.
    • Multilingual Support: Available in languages like English, Spanish, German, and French, JACKBIT ensures global players feel at home. This inclusivity enhances usability for non-English speakers.
    • 24/7 Customer Support: Live chat and email support are accessible around the clock, with multilingual agents ready to resolve issues—whether it’s a payment query or a game glitch—in real time.

    This meticulous attention to detail creates a frictionless experience, making JACKBIT a benchmark for user-friendly design among best crypto casinos.

    Why No-KYC Casinos Like JACKBIT Are Revolutionizing Online Gambling: A Game-Changer Among the Best Crypto Casinos

    No-KYC casinos are changing the way we think about online gambling, and JACKBIT is at the forefront of this movement. Traditional casinos often require players to submit sensitive documents like passports or utility bills for verification, which can be off-putting for those who value their privacy or face delays. JACKBIT’s no-KYC model turns this process on its head:

    Breaking Down Barriers

    By eliminating the KYC process, JACKBIT makes it incredibly easy to get started. Players only need to register with an email and can start playing immediately—no waiting for account approval. This is a major advantage for players tired of waiting days for traditional casinos to process their verification.

    Privacy as a Priority

    In today’s world, data breaches are a serious concern. JACKBIT prioritizes player privacy by ensuring that personal information stays off the grid. This approach is especially appealing to privacy-conscious users and those in regions with strict gambling laws, making it one of the best crypto casinos for secure, anonymous play.

    Real-World Impact

    Imagine a player in a country where online gambling is restricted—they can still join JACKBIT anonymously using cryptocurrency. This ability to bypass local regulations opens up online gambling to a much wider audience, making JACKBIT one of the most accessible new crypto casinos on the market.

    Competitive Edge

    While some other casinos only partially embrace the no-KYC model for withdrawals, JACKBIT stands out by offering a fully anonymous experience—from sign-up to cash-out. This seamless, privacy-first approach has attracted a loyal following and set JACKBIT apart as one of the best crypto casinos for those who want both freedom and security.

    By taking a bold stand on player privacy and accessibility, JACKBIT is redefining the future of online gambling. Its no-KYC model is a game-changer for new crypto casinos, providing a truly unique and innovative experience that appeals to players who demand the best of both worlds.

    Community and Social Engagement: Building Loyalty

    JACKBIT isn’t just a casino—it’s a community hub. Its social strategy fosters connection and loyalty:

    • Active Social Media: On Twitter and Telegram, JACKBIT shares updates, hosts giveaways (e.g., $10,000 weekly prizes), and interacts with players. A recent tweet offering 100 free spins for retweets saw hundreds engage.
    • Player Feedback: Direct channels let users suggest features—like adding a new slot or eSport—many of which JACKBIT implements, showing it listens.
    • Tournaments and Events: Regular leaderboards and Pragmatic Drops & Wins (€2M prize pool) unite players in friendly competition, boosting excitement and retention.
    • Loyalty Benefits: Social engagement ties into the VIP program, where active members unlock higher Rakeback and exclusive perks.

    This two-way dialogue sets JACKBIT apart from less engaged crypto gambling sites, creating a vibrant player ecosystem.

    The Importance of Mobile Gaming

    Mobile gaming is reshaping online casinos, and JACKBIT’s mobile platform is a standout:

    • Growing Trend: Over 60% of gamblers now play on mobile, per industry stats. JACKBIT meets this demand with a no-app-required, browser-based site optimized for all devices.
    • Feature Parity: From slots to live betting, every desktop feature works flawlessly on mobile. Players can deposit, claim bonuses, or chat with support on the go.
    • Performance: Fast load times and responsive design ensure smooth gameplay, even on budget phones. For example, spinning Starburst on a 4G connection feels as seamless as on Wi-Fi.
    • Convenience: Whether commuting or relaxing, players access JACKBIT anytime, anywhere, enhancing its appeal among new crypto casinos.

    This mobile-first approach cements JACKBIT’s leadership in accessibility and convenience.

    Responsible Gambling at JACKBIT

    JACKBIT balances excitement with responsibility, offering robust tools to protect players:

    • Custom Limits: Set daily, weekly, or monthly deposit caps to control spending. A player might limit themselves to $50 daily, ensuring they stay within budget.
    • Self-Exclusion: Options range from a 24-hour break to permanent account closure, giving players flexibility to step back when needed.
    • Reality Checks: Pop-up reminders track time and money spent—e.g., “You’ve played for 2 hours and spent $100”—prompting mindful play.
    • Support Resources: Links to GamCare and Gambling Therapy provide professional help, reinforcing JACKBIT’s commitment to well-being.

    These features make JACKBIT a safe haven, aligning with one of the best crypto casinos.

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    JACKBIT Conclusion: The Best Crypto Casino

    JACKBIT reigns supreme as the best crypto casino of 2025, blending innovation, accessibility, and player-centric features. Its no-KYC policy offers unmatched privacy, while 7,000+ games, a stellar sportsbook, and blockchain transparency cater to every gambling desire. Mobile optimization, community engagement, and responsible gambling tools round out a platform that’s as safe as it is thrilling. Whether you’re a slot spinner, sports bettor, or live casino fan, JACKBIT delivers. Visit JACKBIT today and see why it’s the ultimate crypto gambling destination.

    Contact Us
    Email: support@JACKBIT.com

    Legal Disclaimer
    This article is intended for informational and entertainment purposes only. It does not offer legal or financial advice. Please verify the information and ensure you are following local laws before engaging in any gambling activities.

    Casino and Gambling Disclaimer

    Online gambling involves risks and may not be suitable for everyone. Gambling laws vary by jurisdiction, and compliance is your responsibility. We do not promote gambling, and participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for any losses or disputes arising from its use. Always gamble responsibly and seek professional advice if needed.

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